Newsletter Article September 2023
At the NCEO Annual Conference in Kansas City, a husband and wife who were owners of a company considering an ESOP asked if I had some time to chat. They had come to the conference excited about the idea of selling their company to an ESOP, but now, they were not so sure. They liked the idea of employees being owners, and the tax benefits were appealing, but they said that in session after session, they kept hearing about all the litigation and investigation risks, that the DOL really does not like ESOPs, and that the plans were complex. They had been told to expect to pay hundreds of thousands of dollars to set up an ESOP in a company that had about 50 employees.
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