What Happens After The Exit?
Podcast: What Happens After The Exit?
Todd Goldman is the managing director of a boutique M&A firm specializing in ESOP advisory. ESOPs, or Employee Stock Ownership Plans, incentivize owners to transition their companies through Congress’ 1042 legislation, enabling them to sell tax-free. This conversation covers the challenges and opportunities of private equity transactions and ESFs. Todd also dives into the goals of ESFs, including maintaining a sense of control, stakeholder value, legacy, and market liquidity for the business.
Key Highlights
[00:01 – 07:25] Opening Segment
- ESOP stands for Employee Stock Ownership Plan
- Louis Kelso pioneered the concept in the 1970s to incentivize business owners to transition in a different way
[07:26 – 14:45] ESF Deals for Market Liquidity, Legacy, and Life of Relevance
- Private equity is seen as significant on the front end but can be challenging to work with
- The goals for ESFs include legacy, a life of relevance, culture, stakeholder value, and getting market liquidity for the business
[14:46 – 20:48] Generational Differences in Employee Ownership
- Gen Z and Millennials view work relationships differently
- Employee ownership is attractive to younger generations
- Retention rates are higher in employee-owned companies
[20:49 – 27:04] Unlocking the Benefits of ESOPs
- ESOPs are an excellent outcome for people-based businesses and are an attractive option for owners who want to transition out of their business
- ESOPs involve raising third-party financing with a bank and setting up a legal entity
[27:05 – 33:51] The Nuances of Business Transition Planning
- Having the right influencers around the table is vital for closely held businesses
- Goals must be discussed to understand what the business owner wants to accomplish
[33:52 – 35:49] Closing Segment
Additional Links:
Website: www.lazearcapital.com
Todd’s LinkedIn: https://www.linkedin.com/in/todd-goldman-81a968149/
Brian’s Linkedin: https://www.linkedin.com/in/brian-c-adams/
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