Dean Mead’s Estate and Succession Planning Department is one of the largest and most respected groups of estate planning attorneys in Florida. We are frequently…
Jay Van Heyde is quoted in the article entitled, ESOPS Give Employees and Exiting Owners ‘Skin in the Game’, published in the November 2019 edition of i4 Business magazine. The articles gives readers unique insight on how companies can benefit from an Employee Stock Ownership Program. “ESOPs work best for certain types of companies,” Van Heyde said. “They’re complicated to set up legally and financially, so they work best for companies with a minimum value of $2 million to $4 million and 20 or more employees.”
Over the years, Van Heyde has witnessed that business owners who choose to pursue an ESOP share common characteristics. “They tend to view their company as a child, and they don’t want to see their legacy taken apart by some unrelated, out-of-town buyer who is just looking at this as a financial thing and might completely destroy the culture and the image of the company,” said Van Heyde. He added, ‘This is my baby and I want that baby intact when I’m gone.’ Those are my observations after many years of doing this.”
To read the entire article, click here.