Podcasts about esop

October 1, 2026 Building Leaders Underground w/ Jason Miller - DT 483 Jason Miller is the President of Midwest Mole, an employee-owned underground construction company specializing in tunneling, boring, and trenchless work. After a year at Indiana University taught him what he didn't want to do, Jason went to work in the field alongside his dad, expecting it to be temporary. Within weeks, he was hooked on doing the kind of difficult work most people couldn't—or wouldn't—do. That curiosity eventually took him from the field to estimating and project management, and into a VP role before he turned 30. He shares how Midwest Mole's transition to an ESOP forced the company to rethink growth, equipment, and decades-old ways of doing business, and why fear can quietly keep good companies from changing until they have no choice. He also explains why construction's biggest workforce challenge may not be finding more laborers and operators, but developing foremen and superintendents who know how to communicate, lead, and put the team ahead of themselves. Follow Jason Miller on LinkedIn at:  https://www.linkedin.com/in/jasonmiller8 Learn more about Midwest Mole at: https://midwestmole.com/ Want to better develop your civil construction workforce and leaders? Check out BuildWitt Improve! https://buildwitt.com Questions or feedback? Email us at dirttalk@buildwitt.com! Learn more about your ad choices. Visit megaphone.fm/adchoices

In her first 90 days running corporate development for a venture-backed acquirer, Hannah Sandmeyer closed sixty million dollars in EBITDA. The company had raised a billion dollars in a single Series D and its whole model was growth by acquisition. Then it collapsed when the promised IPO never came. That experience showed her how powerful M&A can be, and it set up the question behind everything she does now, which is what that power looks like when it serves something other than speed and price. Hannah is the founder and CEO of Up and Over Advisors, the first certified B Corporation in the world dedicated exclusively to values-aligned M&A sourcing, and the founder of Steward Market, a live three-sided marketplace for ethical business transitions. She also co-hosts the Ethical Exits podcast. WHAT YOU'LL LEARN: Why mission-driven founders belong on the buy side and not only the sell side, how shared values and trust can change a deal's structure and open the door to seller financing, how employee ownership and acquisition can work together, and how Steward Market uses values as searchable infrastructure so sellers can find a buyer by mission and hold period rather than valuation alone. HANNAH'S JOURNEY: Hannah grew up in Boise, Idaho, wanting to be a civil rights lawyer for the ACLU, studied political science, and came to see M&A as social and economic justice work because an ownership transition is a redistribution of power. She spent about 18 years in go-to-market and revenue roles before being asked in 2021 to run a corporate development team, where she learned that buying a company is just a different kind of sale. After that acquirer collapsed, she started her own firm expecting to do fractional sales work for B Corps. Instead, founders kept asking her to help them buy companies, and fractional corporate development was born. When she suggested that mission-driven founders could be acquirers too, they recoiled, which led her and her partner to launch Ethical Exits to explore what mission-driven M&A actually looks like. KEY INSIGHTS: Once you see the power of inorganic growth, you cannot unsee it as a lever. The real question is not whether acquisition is good or bad, but what you point it at. Values are a real deal variable. When a buyer and seller genuinely share goals and build trust, sellers become more open to seller financing and less fixated on all cash or the highest multiple. Employee ownership and acquisition can reinforce each other. Hannah points to a social work company that converted to an ESOP, acquired other firms, and began cutting checks north of a million dollars to retiring social workers. An ethical exit is not a partisan idea. Yvon Chouinard put Patagonia's purpose into a trust, and Eddie Smith turned down offers north of four hundred million dollars for Grady White because, as he put it, the company has a soul. The two men likely sit at opposite ends of the political spectrum. Real freedom is reciprocal. Wealth and ownership expand a person's power to make consequential decisions, and for Hannah that increases obligation rather than removing it. Perfect for founders weighing a sale, would-be buyers who assume the buy side is not for them, and advisors who want the deals they work on to protect more than price. FOR MORE ON THIS EPISODE: https://www.coreykupfer.com/blog/hannahsandmeyer FOR MORE ON HANNAH SANDMEYER: Website: https://stewardmarket.com LinkedIn: https://www.linkedin.com/in/hannahsandmeyer Podcast: Ethical Exits, https://ethicalexits.com FOR MORE ON COREY KUPFER: https://www.linkedin.com/in/coreykupfer/ https://www.coreykupfer.com/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today! Episode Highlights with Timestamps [00:02] - Introduction to Hannah Sandmeyer and the intersection of M&A and mission [05:44] - Hannah's first capital raise in fifth grade with a chess team coupon drive [12:06] - Landing in corporate development in 2021 and a billion-dollar growth-by-acquisition model[16:30] - Starting her own firm and the birth of fractional corporate development [27:32] - Patagonia and Grady White as models of the ethical exit [38:03] - The Three Legged Stool employee ownership and acquisition story [46:07] - How Steward Market works as a three-sided marketplace [01:01:11] - What freedom means to Hannah Guest Bio Hannah Sandmeyer is the founder and CEO of Up and Over Advisors, the first certified B Corporation in the world dedicated exclusively to values-aligned M&A sourcing, and the founder of Steward Market, a live marketplace for ethical business transitions. She also co-hosts Ethical Exits, a podcast exploring how ownership transitions can protect mission, workers, culture, and community. A former Peace Corps volunteer turned M&A operator, Hannah works at the intersection of ownership, capital, and moral courage. Based in Portland, Oregon, she is an avid cyclist raising a preteen and a chicken named Greta who believes she is a dog. Related Episodes Episode 325 - Kelly Finnell: How Employee Stock Ownership Plans Actually Work. A deep look at ESOPs as an exit and succession tool, and how employees become owners. Episode 293 - Sunny Vanderbeck: Building and Selling a Company Without Treating Profit and Purpose as Enemies. Conscious capitalism and value creation over short-term profit. Episode 366 - Jodi Hume: Founder Exits and the Emotional Journey Behind Major Business Decisions. The psychological weight of selling and what founders need to prepare for beyond the transaction. Keywords/Tags ethical exits, values-aligned M&A, B Corp, employee ownership, ESOP, stewardship ownership, mission-driven acquisitions, seller financing, deal structure, Steward Market, Up and Over Advisors, three-sided marketplace, buy side, legacy preservation, mission continuity, conscious capitalism

In this episode of Better Buildings for Humans, host Joe Menchefski sits down with Dr. George Guszcza, President and CEO of the National Institute of Building Sciences (NIBS), for a thought-provoking conversation about innovation, resilience, technology, and the systems shaping the future of our built environment. Drawing on a career spanning military healthcare facilities, federal service, engineering, consulting, and organizational transformation, George brings a uniquely broad perspective to why better buildings and infrastructure matter—not just for performance, but for the people and communities that depend on them.The conversation explores NIBS' role in bringing together the many groups responsible for how buildings are designed, regulated, constructed, and operated. Joe and George discuss why promising ideas can take so long to move from innovation into everyday practice, what happens when buildings and infrastructure are viewed in isolation, and why understanding the built environment as a connected "system of systems" could change how we approach resilience and risk.Joe and George also look toward the future, exploring digital twins, artificial intelligence, offsite construction, data, and the economic and cultural forces influencing how quickly the industry evolves. Along the way, they question whether our traditional focus on first cost is preventing us from recognizing the longer-term value of better-performing, more resilient buildings—and what needs to change for proven innovations to reach the mainstream.Ultimately, the episode challenges us to think beyond individual buildings and consider the larger systems, incentives, and people that determine whether innovation actually succeeds. And when Joe asks his signature question—what makes a great building?—George offers an answer that brings the entire conversation back to the reason we build in the first place.More About Dr. George GuszczaGeorge K. Guszcza, D.Eng, CPEM, CCM, is President and CEO of the National Institute of Building Sciences. Prior to NIBS, Dr. Guszcza served as Chief Transformation Officer of Michael Baker International, an Engineering News Record (ENR) Top 50 Design Firm. He was also an adjunct professor at The George Washington University and strategic advisor to the Middle East Institute's Board of Directors. He brings over 25 years of built environment experience across the public, private, and non-profit sectors in the US, UK, Europe, Middle East, and Africa. Dr. Guszcza previously served as COO (CRO) of the Neal Richards Group and EVP for Finance and Administration (CFO/CIO) of Adams and Associates, a 2400-person ESOP operating across 19 US locations. As founder/CEO of the Aedifos Group, he helped restart the Nelson Mandela Children's Hospital project on behalf of Project HOPE and the W.K. Kellogg Foundation. In 2003, as a US Army Medical Service Corp officer and National Director of Healthcare Facilities for Iraq, Dr. Guszcza led 3000 architects and engineers to restart 240 hospitals, 10 specialty centers, and 1200 clinics. Dr. Guszcza earned a BS in Sociology from West Point, an MS in Major Program Management from the University of Oxford's Said Business School, and a Doctor of Engineering in Engineering Management from The George Washington University. He has served on boards for George Mason University's Civil Engineering Institute, the Society of American Military Engineers Northern Virginia Post, and WiRED International.CONTACT:www.nibs.org https://www.linkedin.com/company/bldgsciences/ https://x.com/bldgsciences https://www.facebook.com/bldgsciences https://www.youtube.com/@bldgsciences Where To Find Us:https://bbfhpod.advancedglazings.com/www.advancedglazings.comhttps://www.linkedin.com/company/better-buildings-for-humans-podcastwww.linkedin.com/in/advanced-glazings-ltd-848b4625https://twitter.com/bbfhpod

Ryan Rutzick took a third-generation family business, helped turn it into an ESOP, and then dropped millions on a second showroom. Totally normal Tuesday, right? Mark and Ryan dig into succession, big business bets, leadership, and why sometimes the biggest risk isn't making the wrong decision, it's refusing to make one at all. Support the show - https://www.curiousbuilderpodcast.com/shop See our upcoming live events - https://www.curiousbuilderpodcast.com/events The host of the Curious Builder Podcast is Mark D. Williams, the founder of Mark D. Williams Custom Homes Inc. They are an award-winning Twin Cities-based home builder, creating quality custom homes and remodels — one-of-a-kind dream homes of all styles and scopes. Whether you're looking to reimagine your current space or start fresh with a new construction, we build homes that reflect how you live your everyday life. Sponsors for the Episode:  Pella Website: https://www.pella.com/ppc/professionals/why-wood/  Olive and Vine Socials Website- https://oliveandvinesocials.com/ RealWoodFloors Website: https://realwoodfloors.com/ Where to find the Guest:  Website: https://www.allinc.com/ Instagram: https://www.instagram.com/allincmn/ Where to find the Host:  Website - https://www.mdwilliamshomes.com/  Podcast Website - https://www.curiousbuilderpodcast.com Instagram - https://www.instagram.com/markdwilliams_customhomes/  Facebook - https://www.facebook.com/MarkDWilliamsCustomHomesInc/  LinkedIn - https://www.linkedin.com/in/mark-williams-968a3420/  Houzz - https://www.houzz.com/pro/markdwilliamscustomhomes/mark-d-williams-custom-homes-inc

On this episode of The Brand Herald, Landon sits down with Kara Klunk, Director of Marketing at C. Herman Construction, to talk about what it looks like when a company grows extremely fast but keeps the small company culture. Kara joined the Charleston office in March 2020, her first role in construction, and has watched the firm grow to a nationally ranked, employee-owned business with more than 100 employees.Kara walks us through her career jump that started with a layoff in vacation rentals, an open marketing coordinator position, and three months of learning construction virtually during COVID. Landon and Kara then discuss what C. Herman actually builds; multifamily, with a focus on affordable housing, garden, and podium projects, and why a two-state industry can still feel small when the same subcontractors and developers show up in every market.The practical half of the episode is about branded clothing as culture. After two years splitting time as director of HR and Marketing, Kara wanted an employee shop built around items people are proud to wear on the job site and on the weekend. She talks through onboarding kits, seasonal gear, a rewards program tied to safety awards and work anniversaries, and why the company carefully selects which pieces they want on their shop. Landon presses on the difference between a vendor and a partner when 100 employees start ordering.Kara closes on the idea that relationships are how C. Herman grows, and that hard conversations get easier when those relationships have been invested in first. Looking ahead, she is planning a clay shoot for The Releaf Foundation, a mid-year 10-year celebration, and a Florida expansion. Chapters:00:57: How Kara found Goodson through a peer company03:00: From Pennsylvania marketing to a layoff, then a leap into construction. 05:11: Opening the Charleston office in March 202006:43: What C. Herman builds: multifamily, affordable housing, garden, and podium.09:35: Becoming an ESOP in fall 2024, and why Chris Herman did it early. 11:12: Chris Herman's path from architecture to founding the company in 2017. 12:27: Still feeling like a small company at 100 employees and a projected $45 million. 14:43: Why the HR seat changed how Kara thinks about branded apparel. 16:47: Building an intentional shop, rewards, and gear people wear off the clock. 24:04: Relationships as the growth engine, including the hard conversations.Resources:Kara Klunk LinkedIn   C. Herman Construction LinkedIn   C. Herman Construction

On the Iowa Business Report weekend edition:*  Iowa Secretary of Agriculture and Land Stewardship Mike Naig on the agritourism aspects of the Choose Iowa program*  U.S. Sen. Charles Grassley (R-New Hartford) on expectations from the Trump/Xi meeting* In our business profile, we'll introduce you to Mike Mallaro on Waterloo-based VGM Group, which has been an ESOP since 2008The Iowa Business Report is presented by the Iowa Business Council, online at iowabusinesscouncil.org. Additional support comes from the Iowa Secretary of State, sos.iowa.gov/protectyourbusiness and ibat.iowa.gov.

Iowa Business Report Friday EditionSeptember 25, 2026       Mike Mallaro on the growth of the VGM group of companies after becoming employee-owned through ESOP conversion. 

In this episode of the Grow A Small Business Podcast host Troy Trewin interviews Chris Buttenham, founder of Reins, shares how his journey from his father's security business to selling a SaaS company shaped his mission to help small businesses. He explains how Reins makes equity-style incentives more accessible through its ESOP Lite platform. Since launching in 2024, Reins has grown to around 150 customers, processed more than $35 million in equity, and achieved roughly 300% year-over-year growth. Chris discusses the challenges of scaling a fast-growing team, learning sales, building culture, and staying agile while growing from two founders to nine employees. He also shares lessons from his previous business exit, the importance of knowing your worth, and why consistency, humility, and enjoying the journey matter in entrepreneurship. Why would you wait any longer to start living the lifestyle you signed up for? Balance your health, wealth, relationships and business growth. And focus your time and energy and make the most of this year. Let's get into it by clicking here. Troy delves into our guest's startup journey, their perception of success, industry reconsideration, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice. And a snapshot of the final five Grow A Small Business Questions: What do you think is the hardest thing in growing a small business? Chris Buttenham shares that the hardest thing in growing a small business is simply staying alive and staying in the game. He believes entrepreneurship requires persistence through the challenges and pressures that come with running and growing a business. For him, continuing to show up and keep moving forward is essential to surviving the journey. His message is simple: stay in the game and keep going. What's your favorite business book that has helped you the most? Chris Buttenham shares that his favorite business book is the Steve Jobs biography by Walter Isaacson. He explains that he simply loves stories, and this one stood out as especially compelling. That love of narrative and firsthand experiences is what made it the most helpful for him. Are there any great podcasts or online learning resources you'd recommend to help grow a small business? Chris Buttenham shares that he really likes the All In podcast, noting that while he's not sure it counts strictly as professional development, he finds it valuable, and beyond that he prefers learning by doing and seeking out real stories of failure rather than formal online courses. What tool or resource would you recommend to grow a small business? Chris Buttenham recommends Claude as a coworking tool for growing a small business, noting that if harnessed correctly it can be absolutely game-changing, but if not used properly it could waste a ton of time and money. What advice would you give yourself on day one of starting out in business? Chris Buttenham shares that the advice he would give himself on day one of starting out is to "stop and smell the roses". Book a 20-minute Growth Chat with Troy Trewin to see if you qualify for our upcoming course. Don't miss out on this opportunity to take your small business to new heights! Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey.     Quotable quotes from our special Grow A Small Business podcast guest: Consistency and showing up with old-fashioned hard work is the easiest way to differentiate yourself. — Chris Buttenham Kill your darlings, leave your ego at the door, and stay agile enough to iterate toward the real solution. — Chris Buttenham There is no such thing as balance something always has to give, and you choose what that is. — Chris Buttenham      

How do you protect a legacy without selling out the people who built it?In this episode, Jason Miller interviews Spike Lord, President of Lord and Son Construction, Inc. and Ryan Chavers, Director of Operations, about a Fort Walton Beach, Florida construction company built on decades of steady work, long careers and loyalty. They explore the family business's history, the culture that has kept people with the company for decades and why an Employee Stock Ownership Plan (ESOP) became the right path for preserving the company's legacy and preparing for the next generation.Spike and Ryan share their firsthand experience navigating the ESOP transaction, from planning and choosing experienced advisors to understanding the financial responsibility of the transition and shifting from an employee mindset to an ownership mindset. They discuss the advantages and benefits of an ESOP, including business succession and giving employees a greater stake in the future.Now on the other side of the transaction, they share lessons for business owners considering employee ownership. Their advice: educate yourself, learn from other ESOP companies, surround yourself with experienced advisors and understand the financial and operational considerations involved in the transition.Considering an ESOP for your business? Learn how thoughtful ESOP planning and experienced advisory support can help you evaluate the path to employee ownership, navigate the transition and build a stronger future for your company and its people.View Doeren Mayhew's ESOP advisory services: https://www.doeren.com/services/advisory/esop-advisoryDon't miss the latest episodes and updates. Subscribe to our podcast newsletter:https://www.doeren.com/subscribe

What happens to your business when you're ready to step away?In this episode of the Wise Divine Women Podcast, Dana Irvine speaks with Matt Middendorp of VisionPoint Capital about Employee Stock Ownership Plans, or ESOPs, and how business owners can approach succession, retirement, wealth, and legacy with greater intention.Matt explains how an ESOP can give qualifying U.S. business owners another option beyond selling to private equity or an outside buyer. Through an employee ownership structure, owners may be able to transition all or part of their company while protecting the culture, leadership, employees, and community they worked so hard to build.The conversation explores why business transitions should be deliberate rather than something that simply “happens” to an owner. Matt shares how succession planning involves much more than the sale price. Owners also need to consider control, identity, profitability, employee retention, company culture, future leadership, and the legacy they want to leave behind.Dana and Matt also discuss the potential benefits of employee ownership for team members, including increased engagement, stronger retention, and the opportunity to build long-term retirement wealth through the success of the company.Matt explains what types of businesses may be a good fit for an ESOP, why profitability and management alignment matter, and how a feasibility study can help owners understand the potential financial impact before making a decision.They also explore how employee ownership may apply to women-owned businesses, wellness practices, spas, yoga studios, retail companies, service businesses, and organizations with government contracts.Key TakeawaysBusiness succession should be intentional. Your transition should reflect your financial goals, personal values, leadership wishes, and vision for the future.Legacy is about more than money. For many owners, protecting employees, culture, and community matters just as much as the final sale price.Employee ownership can align interests. Employees may become more connected to the success of the company when they participate in its long-term value.ESOPs are not right for every business. Profitability, employee count, management alignment, business structure, and ownership goals all need to be considered.There is rarely only one path forward. Matt encourages owners to explore their options rather than assuming a traditional sale is the only choice.About Matt MiddendorpMatt Middendorp works with VisionPoint Capital, helping business owners explore employee ownership and determine whether an ESOP may align with their succession, financial, and legacy goals.Learn more and take the ESOP readiness assessment at:This conversation focuses primarily on ESOPs under U.S. law. Canadian business owners should seek guidance specific to Canadian employee ownership, tax, legal, and succession planning regulations.ESOP, Employee Stock Ownership Plan, business succession planning, employee ownership, business exit strategy, retirement planning, women business owners, selling a business, business legacy, private equity alternatives, employee retention, wealth building, business valuation, VisionPoint Capital, Matt Middendorp, women entrepreneurs

Steve Perry showed up at Sargent the Monday after his University of Maine graduation in 1975. By 6:30 that morning, he was out in the field pounding grade stakes. He retired 46 years later as the company's head of business development.In between, he worked his way through the estimating office under Dale Jellison, helped run a satellite office in New Hampshire, and eventually became one of the central figures in how Sargent evaluated, priced, and won work. He was there for the foreign ownership years, the Mid-Atlantic expansion with BFI, the rebuy in 2005, and the ESOP transition in 2013.In this episode, Steve talks about the shift from highways into utilities and then into renewable energy, and how Sargent was designing and building wind projects in 3D CAD before most of the competition even knew what was going on out in those woods. He's candid about what the foreign ownership years felt like from inside the estimating office, what the rebuy meant for the people who had stayed, and why he thinks the company's real edge has always been the ability to spot what's coming and get positioned before the market catches up.Forty-six years. One company. Steve saw all of it.If you liked this week's episode and are interested in becoming an Employee-Owner at Sargent, please visit our careers page on the Sargent website.https://sargent.us/apply/If you have an episode suggestion, please send your idea to:sbennage@sargent.us

Ed Rivera is a director with BDO Alliance USA, a network of 255 CPA firms and 180 Business Resource Network firms across the country. As an accounting firm owner or practice leader, the question Ed hears most is whether ownership structure determines success. His answer: it does not. Across the public accounting firms he works with, what separates growing practices from stalled ones is leadership alignment, not whether the firm is a traditional partnership, private equity backed, or an ESOP.In this episode, Ed and Brannon dig into the volume of private equity interest reaching CPA firm owners today, and why treating private equity as one single category misses real differences in holding period and strategy from firm to firm. They also unpack what drives a firm toward merging versus staying independent, and Ed's view that both paths are usually driven by the same underlying pressure: whether the accounting practice can invest in the systems, talent, and technology its clients now expect.The conversation also covers what alliance membership can unlock for practice management beyond training, from peer roundtables to leadership development pipelines, and why firms that build something their community is proud of tend to have an easier path through firm succession, whether that means a sale, a merger, or staying independent. Ed closes with a simple framework for any accounting firm owner weighing a succession decision: start by asking why the firm was built in the first place, and who it is really built for.The Conversation CoversHow firm leadership alignment matters more than ownership structure or capital sourceWhy the volume of private equity calls to CPA firms has changed the conversation for accounting firm ownersHow firms decide between merging, selling, or staying independent, and why the early pressures often look the sameWhy joining an alliance for one reason often uncovers value the firm didn't expectHow asking "why" before a succession decision keeps the process groundedWhy community identity and pride show up as a real differentiator for public accounting firmsEd's closing point is a useful one: the firms that build something genuinely attractive, whether they stay independent or eventually partner with someone else, are the ones that focus on the work itself and the clients and communities they serve. The structure follows from that. Getting the structure right first, without clarity on the mission and the people, rarely works in the other direction.This episode is for accounting firm owners curious about how alliance membership could support their growth strategy, practice management leaders wondering how private equity interest should factor into their long-term plans, and firm owners ready to think through firm succession, whether that means selling, merging, or staying independent. It's also a good listen for anyone exploring what makes a CPA firm attractive to a future buyer or partner.Timestamps00:00 - Welcome to The Accountant's Flight Plan with guest Ed Rivera01:32 - What the BDO Alliance is and how 255 CPA firms work within it03:10 - What's top of mind for accounting firm owners in 202605:20 - Why the pace of change in public accounting feels faster than ever06:45 - Why leadership alignment matters more than ownership structure09:15 - Mergers and acquisitions activity across Alliance member firms11:40 - Private equity call volume and why not all PE firms are the same14:05 - What drives a CPA firm to merge versus stay independent16:50 - Culture concerns firm owners raise before a merger or sale18:40 - A firm that joined for training and found unexpected value in roundtables20:30 - How one firm built a stronger leadership bench in three years22:50 - A framework for firm owners weighing sale, merger, or firm succession25:15 - Why community identity shows up in the buildings firms choose to build27:40 - A memorable travel story from earlier in Ed's career30:05 - Book recommendation: The Human ElementBook RecommendationThe Human Element: Overcoming the Resistance That Awaits New Ideas by Loran Nordgren and David Schonthal [Amazon link]Download Now: https://poegroupadvisors.com/accounting-practice-academy/increase-letter/Price increases are nothing to fear. The real challenge is effectively informing clients of these changes. Our templates will help you demonstrate your value and help clients understand the increases necessary to keep your firm afloat.*Download now and receive:*- (1) Major Fee Increase Letter Template- (1) 20% Fee Increase Letter Template

We'd love to hear from you. What are your thoughts and questions?Explore how business owners can leverage Employee Stock Ownership Plans (ESOPs) to maximize value, protect company culture, and secure a lasting legacy. Matt Middendorp shares his expert perspective on why employee ownership acts as a transition tool that avoids the pitfalls of traditional private equity sales.Main Points:Evaluate exit strategies based on four critical buckets: price, control, identity, and legacy.Maximize financial outcomes by understanding the difference between top-line price and actual take-home returns.Implement ESOP structures to qualify for significant federal and state tax benefits.Foster company growth by aligning employee financial goals with organizational success through continuous education.Create a sustainable business model that functions independently of the owner's direct daily involvement.Connect With Matt Middendorp:matt.middendorp@visionpointcapital.comwww.esopready.comhttps://www.linkedin.com/in/mattmiddendorp/

Watch on YouTube Emery Sapp & Sons is 100% employee owned, 3,000 employee owners strong, with 98 millionaires and about 600 trucks on the road every day. Jared Flinn sat down with co-CEO Robert Gillis in Columbia, Missouri to talk about what happens when a founder sells his company to the people who built it. Billy Sapp started in 1972 because the civil contractors wouldn't show up on time, so he did the work himself. In 1999 he and his partners sold the whole thing to their employees through an ESOP. Twenty six years later, 15 new millionaires were made in a single year, and most of them work in the field. Robert breaks down how the ESOP actually works, why about a quarter of every employee's salary goes into it, and why more owners don't take that path. He also gets into the $2.8 billion I-70 reconstruction between Kansas City and St. Louis, the $608 million stretch ESS won coming out of St. Louis, the broken gas tax that funds our roads, and the freight side of heavy civil, including the 600 company trucks plus the third party haulers, quarry trucks, and brokers it takes to keep aggregate moving. If you haul rock, asphalt, or aggregate, this is a look at the other end of the load. CHAPTERS 00:00 Meet Robert Gillis, co-CEO of Emery Sapp & Sons 01:55 Billy Sapp, 1972, and the problem that started the company 03:30 What an ESOP actually is, in plain terms 06:43 Why more owners don't sell to their employees 10:30 98 millionaires, and 59% of them work in the field 12:04 If it's in the dirt, on the dirt, or over the dirt 14:00 The $2.8 billion I-70 rebuild and the $608 million job 19:30 The gas tax problem nobody talks about 22:25 What trucking really means to a heavy civil contractor 23:56 600 company trucks and the third party haulers behind them 26:05 Why this company runs with two CEOs 31:08 3,000 retirements riding on your decisions

Welcome to another insightful episode of Build a Better Agency! This week, host Drew McLellan sits down with Lucy Stratton, CEO and longtime team member of AgencyEA, to explore her remarkable journey from entry-level sales assistant to sitting at the helm. If you've ever considered succession planning, agency leadership, or simply wondered what it takes to thrive within one organization for decades, this episode is tailor-made for you. Lucy Stratton shares her unique story, beginning with her move to Chicago and initial freelance work at AgencyEA, to ultimately steering the agency through an ESOP transition as CEO. Along the way, she discusses the value of deep institutional knowledge, the benefits and challenges of working with a tightly knit team, and why staying attuned to external perspectives helps avoid insularity as your agency evolves. Her first-hand account offers an authentic look at how agency culture, consistent growth, and intentional talent development contribute to long-term success. Together, Drew McLellan and Lucy Stratton unpack the practical realities of succession, including the importance of financial rigor, the surprises and challenges of moving from a specialized role into broad leadership, and how CEOs can balance the ever-present tension between creative vision and business responsibility. They explore how success metrics change for leaders, why leadership fulfillment needs to come from team development rather than individual wins, and strategies for staying innovative as an agency. Don't miss this candid conversation if you're navigating your own leadership path, pondering agency ownership, or looking for ways to foster both stability and creativity within your organization. By the end of this episode, you'll walk away with actionable insights on preparing for the top job, building great teams, and leading agencies into new, exciting chapters. A big thank you to our podcast's presenting sponsor, White Label IQ. They're an amazing resource for agencies who want to outsource their design, dev, or PPC work at wholesale prices. Check out their special offer (10 free hours!) for podcast listeners here. What You Will Learn in This Episode: Navigating the unique journey from entry-level to agency CEO The value—and challenges—of growing within a single agency Retaining culture while avoiding insularity through fresh perspectives The evolving role and impact of experiential marketing Preparing for leadership transitions and the importance of open conversations Bridging gaps in financial rigor during ownership changes Finding new sources of fulfillment as CEO beyond individual achievement

Wayne Bell's first exit happened when he was 13.It was not the sale of a company. It was the night he was forced fromchildhood into responsibility, an identity transition that shaped thegrit, urgency and relentless drive he carried into business.Decades later, after serving as a founder, investor and CEO nine timesand helping scale and sell multiple companies, Wayne learned thatevery exit contains the same two movements: a transaction and atransition.The transaction may create liquidity.The transition asks who you are when the company no longer needs you.In this episode of Your NEXT, Wayne joins Jerome Myers to examine whyexit readiness must begin with the founder. Wayne explains his beliefthat every company should remain perpetually exit ready, whether theeventual path is a sale, ESOP, family transfer, employee purchase orcontinued ownership. A company that is always ready to transfer isusually a stronger company to keep.But business readiness is only one layer.After leaving a company he had helped build for 14 years, Wayneexperienced the silence that many exited founders never anticipate.The colleagues who had filled his days moved onto the new owner'sagenda. The urgent decisions disappeared. The phone stopped ringing.Freedom arrived as unstructured time, and Wayne filled the void withanother company, board seats and work he did not actually want.His financial outcome was successful.His identity transition was not yet complete.Wayne and Jerome explore how founders can prepare differently. Theydiscuss required and preferred deal outcomes, assembling an innercircle of advisors, creating a personal creed and defining freedombefore money and time make the question unavoidable.Wayne also shares the lesson he carried home from tracking lions onfoot in Africa: you cannot see the entire path from where you stand.You take the next step carefully, observe what it reveals and remainwilling to change direction.A long term vision still matters. But analysis cannot replace movement.The conversation ultimately moves beyond selling a company. A healthscare forced Wayne to confront how often he had postponed life untilafter the next achievement, the next number or the next liquidityevent.Time became real.And freedom became the ability to choose intentionally what to do, whoto do it with and when to do it.Learn more about Wayne Bell and STS Capital Partners:https://stscapital.comContact Wayne:wbell@stscapital.comTake the Exit Readiness Assessment:https://www.exittoexcellence.com/eraLearn more about Jerome Myers:https://www.exittoexcellence.comThank you,Jerome Learn more about your ad choices. Visit megaphone.fm/adchoices

Kevin Donnelly was 44 when an unsolicited offer set in motion the sale of the telecommunications company he had spent nearly 20 years building. The business had grown to more than 600 people in 38 cities and about $50 million in revenue, and Kevin says the deal itself worked out well for him financially. But that doesn't mean he looks back on the experience without regret.What bothers him most is what happened to the people who helped him build the company. After the sale, employees started getting let go, and Kevin came to believe he should have done more—through bonuses, transition planning, or simply by thinking more carefully beforehand about his obligations to the people who had helped create the value he was selling. As he puts it, the way you treat those people can “come back to haunt you.”That experience, along with a brief post-sale detour into the restaurant business, eventually led Kevin to become an exit-planning advisor and to launch Inside Exits. His focus now is on owners who may not have an easy path to a conventional sale—often because of customer concentration, owner dependence, limited scale, or other issues that make a business less attractive to strategic buyers or private equity.His answer is not that every owner should pursue an ESOP or any other single structure. In fact, Kevin is explicitly agnostic. He talks about ESOPs, employee ownership trusts, worker co-ops, management buyouts, sales to existing employee-owned companies, and other creative arrangements. His goal is to help owners find a path that works financially, gives the business a chance to continue, takes care of the people who helped build it—and, ideally, leaves the owner with fewer reasons to look back with regret. The episode is brought to you by Grasshopper Bank.

Welcome back to The Entrepreneur's Journey. In this episode, Jason Gabrieli is joined by Vince Capone, Senior Vice President with SES ESOP Strategies, and Sean Matthew, shareholder at Stevens & Lee, to discuss employee stock ownership plans, or ESOPs, as an alternative exit strategy for business owners. They explain how ESOP transactions work, how they are financed, and why they can help owners receive fair market value while preserving company culture and creating wealth-building opportunities for employees. The conversation also covers tax advantages, seller financing, valuation, employee engagement, and how ESOPs compare with private equity and strategic buyers.Tune into this episode to also learn:● How an ESOP allows business owners to sell some or all of their company while maintaining greater control over the transition.● How ESOP transactions are financed through third-party debt and seller financing.● Why employee ownership can create stronger alignment, retention, and long-term wealth-building opportunities for employees.● How ESOP valuations and tax advantages can compare with other exit options such as private equity or strategic acquisitions.What we discussed● [00:02:11] Vince explains how SES ESOP Strategies helps middle-market companies plan, structure, finance, and implement ESOP transactions.● [00:03:13] Sean describes the legal process behind an ESOP transaction and the regulatory requirements that come with employee stock ownership plans.● [00:04:51] Vince explains the different roles an ESOP can play as a business succession tool, corporate finance tool, and wealth creation tool for employees.● [00:06:40] Sean walks through the basic ESOP transaction process, from determining fair market value and owner liquidity needs to selecting a trustee and negotiating the transaction.● [00:10:47] Vince explains how employees receive shares over time and how an independently appraised stock price can help employees think more like business owners.● [00:12:08] Sean discusses how communication, financial transparency, and an ownership culture can help companies make the most of employee ownership.● [00:13:44] Vince explains how an ESOP transaction analysis models proceeds to the seller, company cash flow, debt sustainability, and potential employee benefits.● [00:15:00] Vince breaks down how ESOP transactions are commonly financed through bank debt and seller financing, including the potential role of warrants.● [00:19:24] Vince explains that an ESOP cannot pay more than fair market value but can pay fair market value, and compares that with strategic and financial buyers.● [00:20:30] Vince discusses potential capital gains tax deferral when qualifying C-Corporation stock is sold to an ESOP and proceeds are placed into qualified replacement property.● [00:22:09] Vince addresses the misconception that selling to an ESOP necessarily means accepting a discounted valuation.● [00:23:10] Sean explains that ESOPs can be viable for a broader range of companies than many owners assume, including some businesses with approximately $1 million of EBITDA and around 20 employees.● [00:26:21] Jason compares the structure of an ESOP sale with private equity transactions, noting that many traditional deals also involve holdbacks, earnouts, or continued owner involvement.● [00:28:41] Sean discusses the evolving employee ownership market and how new capital sources can create additional options for owners with shorter exit timelines.● [00:29:24] Vince emphasizes the importance of considering every available exit option before making what may be the largest financial transaction of a business owner's life.3 Things To RememberAn ESOP can provide business owners with a flexible succession option that allows them to sell some or all of their company while helping preserve the company's identity, culture, and operations.Employees generally do not purchase the company stock out of pocket; shares are allocated to them over time as part of the ESOP benefit, creating an opportunity for long-term wealth creation.Business owners evaluating an exit should compare the total economics of each option, including valuation, taxes, financing, continued involvement, and control over the transition—not simply the headline sale price.Useful LinksLike what you've heard…Learn more about HFM HERE:https://hfmadvisors.com/working-with-hfmSchedule time to speak with us HERE:https://calendly.com/builtwealth-hfmadvisors/60minEditing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

✅ The Green Impact Report Quick take: What if the greenest building innovation isn't waiting around the corner — it's already here? New Energy Works founder Jonathan Orpin makes the case for building better now, using durable timber structures, wood-fiber insulation, off-site construction, and mass timber to tackle carbon without sacrificing craft or economics.

Your team is capable, but decisions still find their way back to your desk, and the fix usually comes down to two things: trust and follow-up. In this episode, Joe Brooks, President of Acme Truck Brake & Supply, and Martin Redilla, Education Manager at HDA Truck Pride, break down how a multi-location parts and service business builds a leadership bench that actually owns its problems instead of escalating them.Joe took the counter job at Acme in 1996 and grew alongside the business as it scaled from a 10 to 12-person shop into a multi-store ESOP operation, eventually becoming President. Martin works across dozens of HDA member companies, giving him a front-row view into what separates teams that execute from teams that stall.You'll learn:- How to hand off work with a clear deliverable, deadline, and decision authority so nothing bounces back up to you- Why trusting your team to make (and occasionally miss) decisions is what actually builds a bench that leads- How simple checklists and standard processes cut down on rework and kickbacks- A follow-up habit that keeps delegated work from quietly stalling- Why removing friction from your internal processes speeds up execution the same way it speeds up customer experienceThis is for you if you're still the one catching every dropped ball, if your team waits for direction instead of taking initiative, or if you know delegation matters but haven't built a repeatable way to do it.Listen now, and take the free Scorecard Diagnostic to find your specific leadership bottleneck: https://gpsleadership.org/scorecard/

In this episode of the Smells Like Money Podcast, host Suzan Chin Taylor welcomes back Chris Buttenham, CEO and Founder of REINS, to dive deep into succession planning and exit strategies for contractors and skilled trades businesses. Many owners spend decades building a business only to watch their legacy unravel after a rushed exit. Chris details why planning years in advance, reducing owner dependency, and weighing options like ESOPs, private equity, and alternative equity incentive programs are essential to safeguarding both company culture and long term financial value.Key Topics Covered:- The Reality of Succession Planning: Every business eventually shuts down or sells, making a three to ten year transition runway critical for maximum control and flexibility.- Reducing Owner Dependency: Establishing systems and incentivizing key personnel ensures the business thrives independently, raising company valuation.- Understanding ESOPs: Why Employee Stock Ownership Plans offer immense tax advantages but carry high administration costs best suited for businesses with 100 plus employees.- Navigating Private Equity and Rolled Equity: Balancing substantial payouts with operational trade offs when rolling equity into larger acquisition platforms.- Alternative Equity and Retention: Using non qualified or phantom equity arrangements to create golden handcuffs, protect legacy, and empower key team members without giving up immediate operational control.Connect with Chris Buttenham:CEO and Founder, REINSContact: chris@myreins.comLinkedIn: Chris ButtenhamWebsite: myreins.comI hope you find this episode as informative and as exciting as we have.Please let us know your thoughts about the episode!Connect with Suzan Chin-Taylor, host of The DooDoo Diva's Smells Like Money Podcast:Website: www.creativeraven.com | https://thetuitgroup.com/LinkedIn: https://www.linkedin.com/in/creativeraven/Email: raven@creativeraven.com Telephone: +1 760-217-8010Listen and subscribe here to your favorite platform:Apple Podcast - Google Podcast - Cast Box - Overcast - Pocket Casts - YouTube - Spotifyhttps://creativeraven.com/smells-like-money-podcast/ Subscribe to the Podcast:https://creativeraven.com/smells-like-money-podcast/Be a guest on our show:https://calendly.com/thetuitgroup/be-a-podcast-guestCheck Out my NEW Digital Marketing E-Course & Coaching Program just for Wastewater Pros:https://store.thetuitgroup.com/diy-digital-marketing-playbook-for-wastewater-pros#SmellsLikeMoney #BusinessExit #SuccessionPlanning #ESOP #PrivateEquity #AlternativeEquity #SkilledTrades #ContractorBusiness #EmployeeOwnership #CreativeRaven

We're still surprised people did this but... 50+ founders worth $10M to $4B reveal their personal finances. Here it is: https://joinhampton.com/mw-wrWhy do we do this? Because if you're an aspirational person or someone who runs a business and is making money, it's incredibly challenging to figure out what to do. Information is impossible to find — and that's what we put together: the net worth reveal and why we do this podcast, Moneywise.They turned down a $100M offer for their burger stand — now they're giving the company to their 1,800 employees.Patrick and Kathy Terry opened a 500-square-foot burger stand in South Austin in 2005 — three months into their marriage — selling $1.60 hamburgers. Kathy barely took a salary for over a decade. In 2016, with ten locations, a buyer offered them between $70 and $100 million, and they said no, pulling out just under $10M — the only money they've ever taken in 21 years. Today P. Terry's runs 37 locations, employs 1,800 people, does between $150 and $200 million a year growing 20%+ — and instead of selling, they're transferring the whole company to their employees through an Employee Ownership Trust, something fewer than 100 American companies have ever done.This episode gets into the exact numbers behind the offer they walked away from, why $10M felt like enough, the $900K in interest-free loans they've made to hourly employees (with only $5K in defaults), the "Maggie rule" that governs every company decision, and how an EOT actually works versus an ESOP — including why one protects your culture forever and the other can be forced to sell it. It ends with the question underneath it all: what a business is for when the check stops mattering.Also, this podcast is made by Hampton, which is a community for founders doing on average $20 million a year in revenue. We saw a lot of these money conversations happening privately behind closed doors and we thought, "What the heck, let's make it public." If you are a founder, apply here: http://joinhampton.com/mwTimestamps:00:00 — Cold open: "It was between 70 and $100 million and you turned it down."02:53 — Kathy's West Texas upbringing, quitting the law firm, and giving herself a 500% raise06:33 — Patrick's path: Kool-Aid stand at 5, ad agency by day, running a pizza place nights and weekends09:30 — Springing the burger stand idea on Kathy three months into their marriage: "I didn't think he'd ever do it"11:05 — Year one: $600K in revenue from 500 square feet — and still in the red after depreciation16:09 — The 2016 "dog and pony show": realizing for the first time what the business was worth17:35 — "It was between 70 and $100 million" — a 10–12x offer, and why they turned it down20:23 — Kathy's real fear: "Who's going to take care of our employees? They're not going to bake birthday cakes anymore."23:01 — Patrick was stunned to learn they had 300 employees — he thought it was 80 or 9024:27 — Why the birthday cakes matter: "For a lot of our employees, that is how they celebrate their birthday"25:59 — Barely taking a salary for 12 years, then pulling out just under $10M — the only money ever taken27:17 — The June EOT transition: gifting and selling the first ~11% to the trust via a seller's note33:36 — The origin of interest-free loans: Vinny's broken truck and $15034:05 — $900K loaned to hourly employees over 20 years — only $5,000 ever defaulted37:14 — The Maggie rule: every decision tested against the woman who's worked the grill for 21 years42:05 — Kathy explains EOT vs. ESOP — and why one protects the culture forever49:40 — Profit sharing starts next year: 5% of EBITDA now, 20% in five years, based purely on tenure54:49 — "The island sucks. This is okay." What Patrick learned about what he actually wanted59:20 — Kathy's open offer to walk any founder through the EOT modelSponsors: Daily Body Coach - achieve your dream body with https://moneywise.dailybodycoach.comSubscribe to Moneywise: https://www.youtube.com/@themoneywisepodcastFollow Daniel on X: https://x.com/danielcberkListen on Spotify / Apple Podcasts: [search "Moneywise Hampton"]

Peter Goldstein had what many founders would consider an enviable first exit.He started a specialty food distribution company at 24, builtrecurring revenue, strong margins and a respected customer base, andattracted three potential buyers by age 30.But he had never learned how to exit a business.In this episode of Your NEXT, Peter joins Jerome Myers to explain whybuilding a valuable company is not the same as building an exitableone. His first transaction included a two year earnout and a buyerwhose culture did not fit. The number looked good at closing, but thetransition revealed what the headline price had hidden.Peter and Jerome explore founder dependency, transferable enterprisevalue and the personal cost of making yourself indispensable. Theyalso examine reciprocal reliance: the business depends on the founderto solve every problem, while the founder depends on the business foridentity, purpose and importance.Peter shares how seeing a competitor's product in a customer's kitchenchanged his relationship with the company, why burnout pushed himtoward a sale and what happened when he left without a clear pictureof what came next.After four decades of entrepreneurship and several exits, Peter nowapproaches ownership differently. He does not simply build a companyto sell.He builds a company someone else would want to own.The episode also challenges founders to create more than one pathforward. A sale, recapitalization, ESOP, partnership, internaltransfer or partial exit can all be viable, but those choices must bebuilt before they are needed.As Peter puts it, his exits were not his only possible options.They were the only options he had created.Learn more about Peter:https://petergoldstein.coTake the Exit Readiness Assessment:https://www.exittoexcellence.com/eraLearn more about Jerome Myers:https://www.exittoexcellence.comThank you,Jerome Learn more about your ad choices. Visit megaphone.fm/adchoices

Your business might be profitable and still be worth less than you think. In this episode, Jason Miller and Makenzie Ragland continue their Foundations of Transition series with value creation, protection and risk awareness. They explore how business owners can begin viewing their company through the eyes of an outside buyer or ESOP trustee, focusing on what drives enterprise value, where value may be quietly leaking, and what risks could impact a future transaction. Other factors include adjusted EBITDA, management depth, customer concentration, working capital, financial reporting, key-person dependency and reputational risk. Ultimately, this episode encourages owners to identify and address potential risks before entering a transaction, while there is still time to strengthen the business, protect its value, and prepare for a successful ownership transition.

What can happen in one year when you stop waiting for the perfect moment and start taking action? In this episode, Jason Miller looks back at a year of personal and professional progress—not as a victory lap, but as evidence of what happens when you turn decisions into action and create tangible proof of progress. This episode is about more than Employee Stock Ownership Plans (ESOPs). It's about taking meaningful action when the outcome isn't guaranteed. A year from now, what will exist because you started today?

August 27, 2026 The Invisible Billion-Dollar Industry w/ David Giannetto ( DT 473 ) David Giannetto is the CEO of Felix Construction, a 500-person water and wastewater contractor based in Phoenix. He converted Felix to an ESOP in February 2025, cut turnover in half within the first year, and watched profitability follow. Follow David on LinkedIn at: https://www.linkedin.com/in/david-giannetto-882aa511/ Learn more about Felix Construction at: https://felixconstruction.com/ Want to better develop your civil construction workforce and leaders? Check out BuildWitt Improve! https://buildwitt.com Questions or feedback? Email us at dirttalk@buildwitt.com! Learn more about your ad choices. Visit megaphone.fm/adchoices

Determining if an Employee Stock Ownership Plan (ESOP) is right for your company starts with a straightforward but sometimes challenging question. Where do you see your business heading and why? In this episode, Jason Miller and Makenzie Ragland explore how ESOP planning and forecasting empower owners to prepare for a transaction and make informed decisions throughout the process. They break down the essential components of a solid forecast, including historical performance, business drivers, capacity, backlog, bonding capacity, working capital, labor, margins and other key assumptions. The discussion also covers how these projections impact valuation, transaction feasibility and the overall benefits of an ESOP.Ultimately, a strong forecast isn't about getting every number right. It's about giving owners a realistic view of where the business is going and helping them make informed decisions about what comes next. This episode provides practical insight into the advantages of an ESOP and the role of ESOP Advisory in preparing for a successful transition. For owners considering professional ESOP Advisory Services, this conversation offers a helpful foundation for understanding the planning and forecasting process.

Tim Folster started at Sargent in 1979, fresh out of college and assigned to a road crew in Kenduskeag. He retired 40 years later, having worked as a foreman, general superintendent, and head of operations through many major chapters the company has lived through.In this episode, Tim covers a lot of ground. He talks about the early days of H.E. Sargent, what it was like to work under Jim Sargent during the growth years, and what the company felt like before and after the sale to foreign ownership in 1988. He's candid about what that era did to the company and what it meant when Herb R. Sargent bought H.E. Sargent in 2005.You'll also hear Tim on the expansion into the Mid-Atlantic, the wind farm years, the early days of the ESOP, and what he thinks carries a company through the bad stretches as much as the good ones.Forty years puts you in the room for a lot.If you liked this week's episode and are interested in becoming an Employee-Owner at Sargent, please visit our careers page on the Sargent website.https://sargent.us/apply/If you have an episode suggestion, please send your idea to:sbennage@sargent.us

Long-term care isn't just a health issue. It can become a major financial and family decision. Most of us hope we'll never need extended care, but wise stewardship means preparing for possibilities before they become a crisis. And while long-term care insurance may be part of that preparation, the first step isn't necessarily buying a policy. It's having a plan. Nathan Sanow, President of LTC Consumer and MasterCare LLC, has spent more than two decades helping individuals and families navigate long-term care planning. He says the most important place to begin is understanding what would happen if you or someone you love needed care for an extended period. Start With a Long-Term Care Plan People often hear “long-term care” and immediately think about insurance premiums. But insurance is simply one potential way to fund a larger plan. A good long-term care plan begins by asking several practical questions: Who would provide your care if you needed help? Would that person be physically and emotionally able to do it? Where would you prefer to receive care? How would your care affect your family? Most importantly, how would you pay for it? These conversations can be difficult, but they are much easier to have before a crisis occurs. Planning ahead also gives family members an opportunity to understand your wishes rather than making major decisions under pressure. What Medicare, Medicaid, and Health Insurance Actually Cover One of the most common misconceptions about long-term care is that Medicare or regular health insurance will cover the cost. In most cases, they will not. Medicare may pay for certain short-term rehabilitation services after a qualifying hospital stay. For example, someone recovering from a stroke or surgery may receive temporary rehabilitative care. But Medicare generally does not pay for ongoing custodial care—the type of help someone may need with everyday activities over an extended period. Traditional health insurance generally does not cover that kind of care either. Medicaid can pay for long-term care, but eligibility requires meeting strict financial requirements. That often means spending down assets significantly before qualifying for assistance. Another common source of confusion is long-term disability insurance. Long-term disability insurance replaces a portion of your income when you are unable to work. Long-term care coverage, by contrast, helps pay for the care you need when you can no longer adequately care for yourself. Where Long-Term Care Insurance Fits Long-term care insurance is essentially a risk-transfer tool. Instead of assuming the full financial risk of an unpredictable long-term care event, you pay a predictable premium and transfer some of that risk to an insurance company. Many policies allow considerable flexibility in how benefits are used. Depending on the policy, coverage may help pay for professional care at home, assisted living, or a long-term care facility. That flexibility matters because many people would prefer to remain at home as long as possible. Some policies also provide caregiver support services. When a long-term care event occurs, families are suddenly forced to navigate providers, facilities, benefits, and major financial decisions. Having professional guidance available during that process can be valuable in itself. How Much Does Long-Term Care Insurance Cost? The cost of coverage varies significantly depending on the type of policy, age, health, benefits selected, and length of coverage. Sanow says consumers can think of long-term care insurance much like buying a vehicle: there are inexpensive options, premium options, and many choices in between. Based on his company's experience with thousands of consumers, hybrid life and long-term care policies may cost considerably more than traditional coverage, while shorter-term policies can cost less. The important point is that coverage can often be customized. Rather than asking, “How much does long-term care insurance cost?” a better question may be, “How much of this risk do I need to insure?” A household might choose insurance that covers only part of the potential cost while planning to pay the remainder from savings or other assets. The Financial Risk of Long-Term Care The potential cost of extended care is what makes planning so important. According to figures discussed by Sano, roughly half of Americans may eventually need professional long-term care services lasting 90 days or more. Women face an especially significant risk of needing care for an extended period. And the costs can add up quickly. In some areas of the country, facility-based care can cost well over $10,000 per month. Even one year of care could consume more than $100,000. For someone with substantial savings, that may simply represent an expense they have chosen to self-insure. But for many households, an extended care event could significantly alter a retirement plan, affect a surviving spouse, or reduce assets intended for other purposes. That is why every household should at least identify how those expenses would be paid. Should You Self-Insure? Not everyone needs long-term care insurance. Some households with significant assets may be comfortable paying for care themselves. Others with limited resources may ultimately depend on Medicaid. But many families fall somewhere in between. For those households, the question is whether they could comfortably absorb a long-term care expense without jeopardizing other financial priorities. If you decide to self-insure, the plan still needs to be specific. Which assets would you use? Are those funds liquid enough to access when needed? Would spending them affect the financial security of your spouse? Simply saying, “We'll use our savings,” is not the same as having a plan. When Should You Consider Coverage? For many people, the early 50s through mid-60s can be an important window for considering long-term care insurance. Waiting too long can create challenges because premiums generally increase with age, and health problems may make coverage more difficult—or impossible—to obtain. At the same time, newer insurance products have created additional options for some older consumers who might not have qualified for traditional coverage in the past. That makes it important to evaluate your options while you are still healthy rather than assuming you can purchase coverage later. What About Premium Increases? Long-term care insurance has faced criticism over the years because some traditional policies experienced significant premium increases.  Today, however, consumers may have additional choices. Some hybrid life and long-term care policies offer premiums that are contractually guaranteed not to increase. Sanow also notes that insurers now have decades of additional claims and interest-rate data that were not available when many older policies were originally priced. That information can help companies make more informed assumptions when designing newer products. Still, consumers should understand whether premiums are guaranteed or whether they could increase over time before purchasing any policy. Newer Long-Term Care Options Long-term care products have also become more flexible. One growing option is a cash-benefit policy. Once the policyholder qualifies for benefits, the insurance company provides a set cash amount that can potentially be used more freely—including paying certain family members or other caregivers, depending on the policy. Another development is the movement from daily benefit limits toward monthly benefits. That distinction can be especially helpful for people receiving home care only a few days each week. Instead of being limited to a specific amount per day, a monthly benefit provides more flexibility in how the available benefit is used throughout the month. As always, policy details vary, so understanding exactly how benefits are calculated and paid is essential. Have the Family Conversation First Long-term care planning ultimately begins with people, not policies. Before researching insurance, sit down with your spouse, children, or other family members and talk honestly about what you would want if you needed extended care. Ask: Who would provide care? Where would you want to receive it? What would that responsibility require from your family? And where would the money come from? Once you understand the answers, you can begin evaluating whether savings, investments, insurance, or some combination of those resources should fund the plan. If insurance may be appropriate, consider working with an independent professional who understands the underwriting requirements of multiple carriers. Health standards can vary significantly between insurers, and the right guidance may help you evaluate the options available to you. Long-term care insurance isn't right for every household. But long-term care planning is something every family should consider. Preparing ahead can protect more than your finances. It can give your family clarity, preserve choices, and reduce the burden of making difficult decisions during an already stressful season.  That, too, is part of wise stewardship.  To learn more about long-term care planning and explore your options, visit LTCConsumer.com. On Today's Program, Rob Answers Listener Questions: My family and I want to buy the home we've been renting, and our landlord is offering us a good price. We have about 25% saved for a down payment. Since we already know the property, who should we work with to handle the legal documents, closing, and other purchase details? I'm 39 and expect about $100,000 from an ESOP payout in 2027. My wife and I have roughly $60,000 in credit card and tax debt. Should we use the payout to eliminate the debt or roll it into my 401(k) for retirement? I'm updating my will and would like to leave part of my estate to my three children and a meaningful portion to three ministries I support. Is that a wise and God-honoring way to structure my estate? Resources Mentioned: Faithful Steward: FaithFi's Quarterly Magazine (Become a FaithFi Partner) LTC Consumer | MasterCare Splitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives by Ron Blue with Jeremy White FaithFi Field Guide: How Much Money is Enough?  Our Ultimate Treasure: A 21-Day Journey to Faithful Stewardship by Rob West Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money Look At The Sparrows: A 21-Day Devotional on Financial Fear and Anxiety Rich Toward God: A Study on the Parable of the Rich Fool Find a Certified Kingdom Advisor® (CKA) FaithFi App Remember, you can call in to ask your questions every weekday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God's resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Most CPA firms are terrified of AI. We used it to go from 2 employees to 10 in one year. In this episode of the Measure Success Podcast, I sit down with Tommy Breedlove, CPA-turned-executive-coach and bestselling author of Legendary, to talk about the fear driving business owners right now, why AI still gets the basics wrong, and why reinvesting in yourself might be the only real hedge against an uncertain economy. Episode highlights: • Why fear — not the economy — is the real threat to business owners right now • How AI gets basic accounting wrong, and why human judgment still wins • Reinvesting 10% of revenue into yourself and your business every year • Why private equity is loading CPA firms with debt, and what that means for the industry • Building an ESOP instead of selling: creating a legacy that outlasts you Watch the full episode and ask yourself: What are you doing today that you'll wish you'd done sooner? Connect with Tommy: LinkedIn: https://www.linkedin.com/in/legendarybook/ Website: https://www.livelegendary.today/ Legendary Book Link: https://www.amazon.com/Legendary-Tommy-Breedlove/dp/1642795534  

Kelly Finnell Podcast Summary:Keeping the Business in the Family: Kelly Finnell on ESOPsHow ESOPs can create liquidity, preserve family ownership, and balance the competing needs of active and inactive children In this episode of The ExitMap Podcast, ESOP expert Kelly O. Finnell, J.D., CLU, AIF®, President & CEO of EFS ESOP Consultants, LLC joins John F. Dini, CExP, CEPA, CBEC to explore how ESOPs can help solve one of the toughest family business challenges: balancing the needs of active and inactive children. They discuss how an ESOP can provide liquidity for family members who are not involved in the business while allowing the next generation of leadership to maintain operational control and position the company for continued growth. The conversation also covers ownership, governance, estate planning, and the significant tax advantages that can make ESOPs a powerful family business succession strategy.

Washington is sending new signals about employee ownership, but the headlines don't help much if you're a business owner trying to decide whether an Employee Stock Ownership Plan (ESOP) is actually doable. In this episode, Jason Miller and Makenzie Ragland welcome back Corey Rosen from the National Center for Employee Ownership (NCEO) to discuss the latest developments shaping the future of employee ownership. Corey breaks down key legislative efforts, including the Retire Through Ownership Act, the American Ownership Resilience Act, and efforts to fund the WORK Act. He also explains how the regulatory environment surrounding ESOPs continues to evolve and addresses common perceptions surrounding ESOP litigation risk and transaction costs. Other topics include the impact employee ownership can have on recruitment, retention, workplace culture, and long-term business continuity. Corey shares recent NCEO research on employee retention, explains why ownership and a strong culture work best together, and offers practical guidance for owners beginning ESOP Planning. From educating yourself on the available options to learning from existing ESOP companies, this episode provides a timely look at the Benefits of an ESOP, the Advantages of an ESOP, and what employee ownership could mean for business owners considering their next chapter. For owners seeking ESOP Advisory or professional ESOP Advisory Services, this conversation offers valuable insight into the process. 

Watch this episode on YouTube! What if selling your business didn't mean selling its future? For many entrepreneurs, the traditional exit strategy is to sell to a competitor, private equity or another outside investor. But what if the people who helped build your company could become its owners? In this episode of The Small Business Mindset, I sit down with Michael Brownrigg with Apis & Heritage and Moriah Dean with Calvert Impact to umpack the world of employee ownership. We talk about ESOP's, worker-owned cooperatives, employee owned trusts, succession planning, rural communities, employee retention, and perhaps most importantly, legacy.  Because eventually, every business owner has to answer one question: What happens to the business when you're the one no longer running it? and maybe the better question is: Who should benefit from the wealth you've created? This conversation may change the way you think about your exit strategy. Connect with Kirsten at: Instagram Facebook LinkedIn

What if the most important introduction of your career started with raking a sand bunker? In this episode, Bob Whalen, CEO of HB Global and author of Beyond Your Ownership, shares how a 112-year-old mechanical contracting company in Central Pennsylvania became one of the most powerful examples of employee ownership in America. Today HB Global has 2,500 employee owners, over $215 million in value sitting in Pennsylvania employee accounts, and a mission that Bob describes simply: serve the employees who own the company. None of it would have happened without a caddy job at a golf tournament 40 years ago, a board member named Mark Caldwell who came to Bob unsolicited, and a high school football coach who made a phone call he never had to make.   [00:06:00] What He Does and Who He Serves CEO of HB Global, an employee-owned holding company of mechanical contracting and service businesses Serves HVAC, plumbing, electrical, and construction clients across commercial and residential sectors Primary mission is serving the 2,500 employees who own the company through an ESOP [00:09:00] How He Got Here Came out of his MBA in 2004 wanting to lead a business like a sports team Got an opportunity to join H.B. McClure, a 94-year-old iconic company in Central Pennsylvania Joined in April 2008; didn't know yet that the recession had already started Bought a minority interest and used business cash flows to acquire the rest [00:11:00] The ESOP Discovery Looking for tax efficiency in the ownership transition led him to employee stock ownership plans In October 2010, sold the business to an ESOP trust; it changed his entire professional mission The median ESOP balance for employees who were there in 2010 is now over half a million dollars Over $215 million in value now sits in accounts of people living in Pennsylvania communities [00:12:00] The Book and the Mission Wrote Beyond Your Ownership to create awareness for business owners planning succession Ten million businesses are expected to need a succession plan over the next decade Selling back to employees keeps jobs local, builds community wealth, and preserves legacy Most sellers become disenchanted after selling; an ESOP keeps the legacy and culture intact [00:19:00] The Relationship That Changed Everything: Mark Caldwell Forty years ago, Bob caddied for his father-in-law and his partner at a golf tournament That partner was Mark Caldwell, who 20 years later sat on the board of H.B. McClure Mark came to Bob unsolicited and asked if he would be interested in the succession of the company That one invitation, which started on a golf course, had the biggest professional impact of Bob's life [00:22:00] What That Relationship Taught Him Relationships are built over long periods of time; short-term effort creates long-term results Bob gave more than he received throughout the relationship; Mark gave back far more than Bob ever gave Most things in life come from a disciplined, consistent approach over a long period of time His whole philosophy: give more than you receive [00:23:00] The Second Relationship: Coach Ray Erdy and Coach Bob Craig A local high school football coach reached out unsolicited to William and Mary on Bob's behalf Bob was injured most of his senior year; there wasn't much film on him, but the coach believed in him anyway His wrestling coach Bob Craig lived the same philosophy: helped any athlete who wanted his help His daughter's pole vault coach did the same; it taught Bob that giving freely is both right and rewarding [00:28:00] How to Get Involved with ESOPs Companies can either start their own ESOP or sell to an existing one like HB Global Setting up your own ESOP costs multiple hundreds of thousands of dollars and roughly $75,000 to $100,000 a year to operate There is no size threshold for selling to an existing ESOP; HB Global has acquired companies with as few as two to five employees Website is hb-global.com; Bob makes himself available to any owner interested in employee ownership   KEY QUOTES "Give more than you receive. Mark showed me that. If you figure that out early, it leads to a lot of good things down the road." - Bob Whalen "I've never turned down an introduction from a good friend. In my 56 years, not one time." - Bob Whalen CONNECT WITH BOB WHALEN Website: https://www.hb-global.com Book: https://a.co/d/0i8Xi6Rg LinkedIn: https://www.linkedin.com/in/bob-whalen-4023a21b   Thanks for tuning in! If you liked my show, please LEAVE A 5-STAR REVIEW, like, and subscribe! Find me on: Apple Podcasts | Spotify | iHeart Radio | Stitcher

Your processes can be documented, and your operations can still be fragile. In this episode of the Foundations of Transition series, Jason Miller and Makenzie Ragland explore the eighth foundation: Process Maturity and Operational Strength. They discuss why strong operations involve more than just having documented procedures and focus on building an organization that is curious enough to improve continuously. By examining how work actually flows through a business rather than relying on organizational charts or written processes, owners can uncover hidden bottlenecks, operational risks, and opportunities to create a more resilient organization. Additionally, they also explore the role of curiosity in developing a transferable business, explaining how "hero" employees, undocumented workarounds, and routine habits can quietly create dependencies that limit growth. They provide practical questions that owners can ask to gain a clearer understanding of how work is actually accomplished and explain why creating a culture of continuous improvement not only strengthens daily operations but also prepares a business for a successful ownership transition.

From a two-for-one lawn-mowing deal he negotiated with his neighbor as a kid to founding a holding company that keeps established Virginia businesses in Virginia, Andrew Dunlap shares his data-driven origin story, a fund built to avoid short-term pressure, and why he believes trust is the only currency that always matters. Andrew is the founder and CEO of Harbor, a long-term, buy-and-hold company that acquires established Virginia businesses and keeps their teams, leadership, and jobs rooted in the state. In roughly two years he has completed three deals, including a CNC machine shop and a FINRA-registered broker dealer, with an industrial services company moving toward close. He describes himself as someone who stumbled backward into this work by digging into merger and acquisition data. WHAT YOU'LL LEARN: You will learn why keeping a company's headquarters local changes how much of its revenue recirculates in the community, how an untimed fund with no AUM fees removes the pressure to make what Andrew calls caffeinated decisions, how Harbor structures flexible deals to become the buyer owners actually prefer, the earnout test that separates a real growth forecast from a wishful one, and why Andrew treats trust as the most durable asset in any market. ANDREW'S JOURNEY: Andrew grew up in Baltimore and moved to Roanoke, in Virginia's southwest, ten years ago. Coming out of a venture-backed startup in Richmond in January of 2024, he noticed how few senior roles existed in his region, then pulled the merger and acquisition databases to find out why. He discovered that 87 percent of external buyers in Roanoke, and 82 percent across Virginia, were from out of state, which meant companies and their leadership kept leaving. The research he found showed that a locally headquartered company recirculates roughly 52 to 53 cents of every revenue dollar in its community, a figure that falls to about 14 cents once the headquarters moves to a larger city. That gap became the foundation for Harbor. TRUST AS THE ONLY CURRENCY: Andrew closed the conversation on a theme he keeps returning to. Trust, he argued, is the one thing that holds when assets turn and revenue streams dry up, and he sees it as underdeveloped in a digital, globalized world where people invest too little in relationships. KEY INSIGHTS: Andrew's foundational insight is that owners care deeply about who becomes the next steward of what they built. He lays out three options for a seller, a strategic buyer, a private equity firm, or a buyer like Harbor that keeps the team in the town where it grew up, and owners consistently choose the path that protects the legacy. Harbor backs that up with flexible structures, using earnouts, seller financing, and varying equity so the deal fits the owner. His most timely insight is that trust outlasts any single asset or revenue stream. When tungsten prices spiked because of China and hit his machine shop, Harbor could call a congressman who came to walk the shop floor. Andrew credits relationships, built in part through writing openly on LinkedIn, for access that does not show up on a balance sheet. Perfect for owners weighing succession, investors interested in longer-hold alternatives to private equity, and anyone curious about how local ownership shapes a regional economy. FOR MORE ON THIS EPISODE: https://www.coreykupfer.com/blog/andrewdunlap FOR MORE ON ANDREW DUNLAP:https://harbor.capital https://www.linkedin.com/in/dunlapandrew/ FOR MORE ON COREY KUPFER https://www.linkedin.com/in/coreykupfer/ https://www.coreykupfer.com/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today! Episode Highlights with Timestamps [00:00:00] - Introduction and overview of Harbor [00:01:48] - Andrew's first deal, a two-for-one lawn-mowing bulk rate [00:02:42] - How he stumbled backward into building Harbor [00:05:05] - The recirculation research, 52 to 53 cents local versus 14 cents once a headquarters leaves [00:13:25] - The untimed fund and avoiding caffeinated decisions [00:21:00] - The Clark Precision Machine acquisition and the owner's five-year contract[00:34:54] - The red flags that kill a deal and the earnout bluff test [00:45:32] - Why trust is the only currency that always matters [00:49:40] - The freedom question Guest Bio Andrew Dunlap is the founder and CEO of Harbor, a holding company that buys established Virginia businesses to keep them in the state. He grew up in Baltimore, moved to Roanoke a decade ago, and came into acquisitions after coming out of a venture-backed startup in Richmond in early 2024, where he had helped build a software company with users in 60 countries. Harbor's leadership also includes M&A and securities attorney Tad Fisher and operations leader Krista Glassburn, who previously ran a manufacturing company in Tazewell, Virginia and grew it from 15 to 190 million dollars while acquiring seven companies. In its first two years, Harbor has acquired a CNC machine shop, a FINRA-registered broker dealer, and moved toward closing on an industrial services company. Show Description Do you want your business to grow faster? The DealQuest Podcast with Corey Kupfer reveals how successful entrepreneurs and business leaders use strategic deals to accelerate growth. From large mergers and acquisitions to capital raising, joint ventures, strategic alliances, real estate deals, and more, this show discusses the full spectrum of deal-driven growth strategies. Get the confidence to pursue deals that will help your company scale faster. Related Episodes Episode 328 - Richard Manders: How private equity roll-ups create value versus simply aggregating for a multiple arbitrage exit Episode 325 - Kelly Finnell: Using an ESOP as an exit that can preserve a company's independence and reward its people Episode 332 - John Martinka: Buying a business and transitioning from a corporate career into acquisition entrepreneurship Keywords/Tags Andrew Dunlap, Harbor, buy and hold holding company, keeping businesses local, Virginia acquisitions, mergers and acquisitions, business succession planning, alternative to private equity, earnouts, seller financing, deal structure, CNC machine shop, FINRA broker dealer, metal fabrication, economic recirculation, DealQuest Podcast, Corey Kupfer

Most construction owners think they have four exit options. Pass it to a kid. Sell to an employee. Sell to a competitor. Sell to private equity. The reality is harder. Private equity passes on most contractors. Competitors often aren't buying. That's why ESOPs are now the fastest-growing succession trend in construction. Kelly Finnell, CEO of EFS ESOP Consultants, has done 22 ESOPs for general and specialty contractors in recent years. In this episode, Kelly explains how the deal is actually structured, what the owner walks away with, and where most owners are wrong about "leaving money on the table." What you'll learn: Why construction is the fastest-growing industry for ESOPs in the country The three sources of capital that fund an ESOP: bank loan, seller note, excess cash How two contractors with $3M EBITDA sold for $25M to an ESOP after $12M offers from a strategic buyer Why an owner is not personally on the hook for the ESOP bank loan How to manage the repurchase obligation so it doesn't crush you in a down year The first two moves to make if you're 58 and seriously considering this path   Connect with Kelly Finnell on LinkedIn: https://www.linkedin.com/in/esopcoach/ Kelly's Website: www.execfin.com Kelly's Book, The ESOP Coach: https://www.amazon.com/ESOP-Coach-Ownership-Succession-Paperback/dp/B010CKUN9U National Center for Employee Ownership: https://www.nceo.org/ Free Succession Planning Guide: https://www.constructiongenius.com/free-succession-planning-guide

What if you could step away from your family business without walking away from everything you've built? What if your exit strategy could protect your people, preserve your culture, and secure your legacy for generations to come? "I've spent decades building this business. How do I leave without losing it?" "I don't want to sell to a buyer who will change everything we've worked for." "Is there a way to retire while keeping our employees and company values intact?" "How do I create an exit plan that benefits both my family and my team?" This conversation gives you the answer. In this episode of The Family Biz Show, host Michael Palumbos sits down with Tracy Till, former Chairman and co-founder of Butler Till, and Rob Brown, a nationally recognized ESOP attorney, to explore how Employee Stock Ownership Plans (ESOPs) can provide an alternative path for family business owners preparing for succession or retirement. Rather than viewing an exit as the end of the business, they explain how an ESOP can become a strategy for preserving company culture, rewarding loyal employees, and creating a lasting legacy. The discussion also highlights why trust, leadership development, and intentional succession planning are essential long before ownership changes hands. Meet the Guests Tracy Till is the former Chairman and co-founder of Butler Till, the Rochester-based marketing and communications firm that successfully transitioned to 100% employee ownership. Today, she serves on corporate and nonprofit boards and helps private companies strengthen governance and strategic leadership. Rob Brown is a nationally recognized attorney focused exclusively on employee ownership and ESOPs. For decades, he has advised closely held and family-owned businesses on succession planning, ownership transitions, and ESOP implementation across the United States. Together, they share practical insights from both the legal and leadership perspectives of employee ownership. Why This Episode Matters This conversation goes beyond the technical aspects of ESOPs. You'll discover why the strongest succession plans begin with culture, how trust creates future leaders, why founders often struggle to let go, and what family business owners should consider before choosing an exit strategy. The episode also explores the financial advantages of ESOPs, the importance of independent boards, and why preserving a company's mission can be just as valuable as maximizing the sale price. In This Episode, You'll Learn: Why an ESOP may be the right exit strategy for preserving your family business legacy. How employee ownership can strengthen culture, retention, and long-term growth. Why trust and leadership development are critical before any ownership transition. How boards of directors help family businesses navigate succession and strategic growth. What founders should consider emotionally and financially before stepping away. How ESOPs compare with selling to outside buyers or strategic acquirers. Why protecting your people can become one of the greatest measures of business success. Whether you're beginning to think about succession, evaluating exit strategies, or looking for ways to preserve the values your family business was built on, this episode offers practical guidance and real-world experience from leaders who have successfully navigated the journey. Listen now and discover how thoughtful succession planning can help you exit your business without losing the legacy you've worked so hard to build. Learn more and explore more Family Biz Show episodes: https://www.familybusinessflywheel.com/podcast

Josh Hobein, manager of cybersecurity and automation at Centrex IT, discusses how MSPs can be run like five-star restaurants by prioritizing service, empathy, and experience over mere SLA “checkbox” performance. Drawing on his background in restaurant management, he explains how hospitality skills translate to tier-one helpdesk and why culture is defined by what leaders tolerate, requiring top-down standards, accountability, recognition, and sometimes letting misaligned people go; Centrex's ESOP model also supports ownership and buy-in. On security, he describes a simplified five-stage maturity model built from cyber insurance requirements and CIS controls (favoring CIS for its programmatic implementation groups) to help non-technical owners understand progress via a roadmap. He cautions against fear-only security selling, advocating education-based conversations, and emphasizes business-decision-focused tabletop exercises (including IRGame.ai) plus the importance of cyber insurance and minimum security baselines.Check out a scene from The Bear that demonstartes what choosing excellence looks like. This episode is brought to you by Opsleader Pro. A place for MSP owners and managers to get the systems and tools they need to build a stable and growing MSP. Part group coaching, part peer group, everything you need to run a successful MSP. (00:00) - Meet Josh Hobein (00:41) - Michelin Star MSP Mindset (02:25) - Hospitality to Helpdesk (04:39) - Service That Wins Loyalty (06:56) - Beyond SLAs With XLAs (09:36) - Leading Culture and Standards (13:06) - From IT to Restaurants Back (19:13) - Frameworks Without Jargon (22:11) - Five Stage Security Maturity (23:28) - Maturity Model Roadmap (24:57) - Fear vs Education Sales (26:00) - Dark Web Scan Reality (29:02) - Trust Through Assessments (30:17) - Cyber Insurance Minimums (32:26) - Walking Away From Risk (33:04) - Waivers and Enforceability (34:41) - Minimum Standards and Compromises (36:28) - Tabletops for Executives (39:13) - Roleplay High Stakes Decisions (41:15) - Practice Like a Restaurant Rush (42:16) - Next Monday Action Steps (43:39) - Closing and Resources

ESOPs are often presented as one of the best ways for a business owner to exit. You preserve your company's independence, reward the employees who helped build it, and create a retirement benefit that can be life-changing for the people who stay with the business. What gets less attention is that ESOPs are still businesses. They can lose customers. They can hit hard times. And because employees' retirement savings are often tied to the company, the stakes can be even higher than they are at a conventionally owned business.This week, Roland Burdett tells the story of Miklos Systems, a Virginia defense contractor that became an ESOP in 2006 and spent nearly two decades building an ownership culture in which employees truly thought and acted like owners. Then came the pandemic, the Great Resignation, and, most recently, the uncertainty created by DOGE and deep cuts to federal contracting. Suddenly, Roland found himself worrying not only about his employees' jobs, but about their retirement savings as well.Rather than continue rolling the dice, Miklos made the difficult decision to sell itself to a larger defense contractor. Roland takes us inside that process—from explaining the decision to employee-owners, to working with an outside trustee who ultimately had the authority to approve the deal, to the surprising complexity of unwinding an ESOP after 20 years. Along the way, he offers a refreshingly candid look at both the strengths and the limitations of employee ownership, and why, in the end, protecting the people who had helped build the company meant giving up the independence they had worked so hard to preserve. This episode is brought to you by Grasshopper Bank.

Join the Craig and Julie as they dive deep into a jam-packed Wednesday broadcast covering the latest Q2 earnings, market trends, rail updates, and freight technology! In This Episode: Market Dynamics & Q2 Earnings Overdrive: The hosts unpack earnings season highlights across the supply chain, analyzing surging revenue metrics, tight capacity, and how asset-based carriers like Werner Enterprises, Night-Swift, and Old Dominion (posting an unheard-of 70.1 operating ratio!) are navigating the market recovery. Trailer Optimization with Repower: Chris Hines, CEO of Repowr ("The Trailer Whisperer"), discusses the launch of TOP (Trailer Optimization Platform). Learn how automating execution layers and managing trailer pools helps carriers eliminate empty miles, improve driver retention, and stop revenue leak. Inside an Employee-Owned Fleet: Brent Nussbaum, CEO of Nussbaum Transportation, shares why transitioning to an ESOP in 2018 transformed their culture, maintained an impressive ~30% turnover rate, and created sustainable growth. Plus, a look at how Nussbaum is leveraging their new pricing technology, BidRight. Rail Industry & STB Merger Updates: Bill Stevens, Editor of Trains Magazine, drops in for the weekly Association of American Railroads (AAR) report. The team breaks down carload and intermodal trends, along with key takeaways from the "Future of Rail" symposium regarding Union Pacific and Norfolk Southern's proposed transcontinental merger. OEM Market Analysis: Chris Versace (Chief Investment Officer at Tematica / Portfolio Manager at TheStreet Pro) analyzes transport stocks, UPS's restructuring struggles against Amazon Flex, and PACCAR's strong demand outlook amidst the impending EPA 2027 emissions pre-buy. ⁠Follow the FreightWaves Today Podcast⁠ ⁠Other FreightWaves Shows⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

The most common question we hear may seem simple, but it can significantly change the outcome of a deal. Should you remain an S corporation or convert to a C corporation? In this episode, Jason Miller and Makenzie Wirth break down the key differences between the two structures and how each one affects the company and its selling shareholders. They also discuss the unique tax advantages associated with each approach.From S corporation tax exemptions to Section 1042 capital gains deferral, this conversation highlights the various factors that influence your decision, including ownership goals, liquidity needs, future growth plans, financing strategy, and long-term succession objectives. Whether you are just starting to explore an Employee Stock Ownership Plan (ESOP)  or evaluating transaction structures, this episode provides a practical framework for understanding why there is no one-size-fits-all answer. The right structure depends on your specific goals and circumstances.

In this episode of the Woodpreneur Podcast, host Jennifer Alger sits down with Chris Bingaman, CEO of Bingaman & Son Lumber. The company traces back to Chris's grandfather, who logged with horses, hauled timber by truck to local sawmills, and eventually started finding new markets when the coal mine prop business dried up. Chris's father joined in, they incorporated in 1968, and today the operation spans five locations with three sawmills, though 80 percent of their lumber still comes from outside mills. It is a processing and distribution business at its core, built on relationships. Chris has been part of it since he was five years old, riding along in the truck while his dad spent six or seven hours hand-grading and hand-loading lumber at sawmills that did not even own a forklift. Every summer growing up, he worked in the company. He wanted to go to the swimming pool. His dad had other plans. That early training in work ethic and lumber grading set the foundation for everything that followed. The conversation digs into how the hardwood lumber industry has contracted and what Bingaman & Son Lumber has done to stay relevant. Chris talks about the 2008 recession as a turning point that forced the company to diversify its product offering, become nimble, and develop deep strategic partnerships with customers. More recently, they invested in a computerized grading system that processes 60 to 70 boards per minute, work that previously required three people. The system has been running about five months, and the results have been significant, though it came with more debt than they are comfortable carrying. Chris also opens up about succession planning. His father went through the painful experience of buying the company back from an estate after Chris's grandfather died suddenly, and that lesson drove decades of intentional estate planning. Chris has four daughters, and when none pursued the business full time, he transitioned the presidency to a long-tenured CFO who had been groomed for the role with the help of an advisory board. Meanwhile, an ESOP launched around 2006 now gives employees 35 percent ownership, with flexibility to go either direction in the future. The broader industry discussion covers tariffs, export markets (25 to 30 percent of volume), the growing threat of synthetic substitutes for wood, and a proposed tax incentive through the National Hardwood Lumber Association that would give homebuyers a deduction for using hardwoods. Chris also touches on mass timber research for low-grade species, biofuels as an outlet for junk wood, and the connection between healthy markets and healthy forests. His message is clear: without demand for wood, there is no economic reason to manage the resource, and unmanaged forests suffer. Chapters 00:00 From Horse Logging to Hardwood Processing 08:36 Family Business, Succession, and the ESOP 16:25 Navigating the Hardwood Market Contraction 21:03 Computerized Grading: 60 Boards a Minute 24:01 Tariffs, Exports, and Staying Nimble 28:05 Forest Health, Substitutes, and the Case for Real Wood 32:06 Thermally Modified Wood and the Architect Community The Woodpreneur Podcast brings stories of woodworkers, makers, and entrepreneurs turning their passion for wood into successful businesses - from inspiration to education to actionable advice. Hosted by Steve Larosiliere and Jennifer Alger    For blog posts and updates: woodpreneur.com   See how we helped woodworkers, furniture-makers, millwork and lumber businesses grow to the next level: woodpreneurnetwork.com   Empowering woodpreneurs and building companies to grow and scale: buildergrowth.io   Connect with us at:  Instagram: https://www.instagram.com/sawmillsnearme/ Facebook: https://www.facebook.com/woodpreneurnetwork/ Join Our Facebook Group! https://www.facebook.com/groups/woodpreneurnetwork Join our newsletter: https://substack.com/@woodpreneurnetwork   You can connect with Chris at: https://bingamanlumber.com/ https://www.instagram.com/bingaman.lumber/ https://www.linkedin.com/in/chris-bingaman-391630b/  

In this episode, Makenzie Wirth delves into the Mandela Effect and how our memories influence the stories we tell ourselves. Many business owners begin their exploration of Employee Stock Ownership Plans (ESOPs) with fragmented information they have gathered from the experiences of others—some of which may be accurate and some not. These stories can subtly influence significant decisions. Makenzie discusses the common misconceptions surrounding ESOPs, clarifies which elements are unique to each transaction, and highlights insights revealed during the ESOP process that can drastically alter how owners perceive employee ownership. 

In this Snapshot, we explore how the diverging timelines between exit horizons and employee tenure are breaking traditional ESOP models – and what you can do about it.

Host Jeremy C. Park interviews Kelly O. Finnell, Founder and President of EFS ESOP Consultants and author of "The ESOP Coach: Using ESOPs in Ownership Succession Planning," who discusses the importance and power of Employee Stock Ownership Plans (ESOPs). Kelly shares how he accidentally entered the ESOP field in 1979 while working at a law firm in Massachusetts during his first year of law school. After being assigned to research ESOPs for a white paper, he developed a passion for the topic and eventually built his consulting practice around it. Jeremy and Kelly discuss ESOPs, explaining that from a business owner's perspective it serves as an exit and succession strategy alternative to selling to private equity or strategic buyers. Kelly describes how ESOPs function as retirement plans from an employee's perspective, with the company fully funding them and the investment being limited to company stock. Jeremy notes the power of ownership, highlighting how it can transform employee perspectives and create a legacy for business leaders. Kelly discusses the performance benefits of employee-owned companies, citing academic studies and Higginbotham as examples of improved employee performance and business outcomes. Jeremy agrees with these points, sharing his firsthand experience of the positive impact on responsibility and ownership at all levels. Kelly outlines the criteria for determining if a company is a good candidate for an Employee Stock Ownership Plan (ESOP), including financial metrics like adjusted EBITDA and employee count, as well as subjective indicators such as emphasis on company culture, legacy, and philanthropy. Jeremy agrees, highlighting how outside ownership often leads to changes in culture and philanthropy, making an ESOP a viable option for preserving a business's legacy and values. Kelly advises business leaders that implementing an ESOP or any exit strategy typically requires a minimum of three years of planning and preparation. He emphasizes the importance of becoming educated about different options, including sales to private equity, and involving trusted advisors like lawyers and CPAs in the process. Kelly discusses the positive outlook for ESOPs, highlighting the bipartisan support from both Democrats and Republicans. He explains that ESOPs function as an effective wealth distribution vehicle, offering tax benefits to companies and providing a way for business owners to sell to employees with government support covering 40% of the cost through tax savings. Kelly shares contact information, including the company website www.execfin.com and LinkedIn page for EFS ESOP Consultants. He discusses his book, which was written specifically for business owners and includes case studies in plain English to explain complex ESOP topics. Visit https://execfin.com/ to learn more and connect with Kelly Finnell and EFS ESOP Consultants.

If you've owned a business for any length of time, you've probably told yourself some version of this: I'll deal with succession as soon as I solve whatever crisis my business is confronting right now. The problem, of course, is that there's always another crisis to solve or opportunity to pursue, and time has a way of passing.Jay Goltz has spent decades building a collection of successful businesses in Chicago. He knows he needs a succession plan. He knows that if something happened to him tomorrow, there'd be chaos. And he'd very much like to leave the business in the hands of the employees who helped build it. Over the years, he's considered the usual options—selling to a bigger company, to a few key employees, to an ESOP, even to an Employee Ownership Trust. But every option comes with compromises. And so, year after year, it's been easier to focus on challenges that seem more urgent—until this past April, when Jay turned 70. "I realized," he says, "I can't kick this down the road much further."This week, Jay sits down with David C. Barnett and Mel Gravely for an unusually candid conversation about what makes succession planning so difficult—even when you understand how important it is. Jay explains why he has no interest in selling, why money isn't really the issue, and why he still loves going to work every day. Mel, meanwhile, offers some tough love, suggesting that if protecting Jay's family and employees really are his priorities, then something else must be holding him back.Mel also shares an unexpected twist in his own succession journey. After stepping away from the CEO role two and a half years ago to become executive chairman, Mel found himself pulled back into operations this spring—a reminder that even well-designed succession plans don't always unfold as expected. And along the way, David offers a blunt explanation for why many aging business owners overestimate what their companies are actually worth. The episode is brought to you by Grasshopper Bank.

What does it actually take to build an executive team from nothing? This week on The Data Minute, Ashley Neville fills in for Peter and sits down with Francois Ajenstat, Founder and CEO of Golden Analytics, to talk hiring at the earliest stages of a company, from seed through Series B.Francois spent over a decade as Chief Product Officer at Tableau before leading product at Amplitude, and recently launched Golden Analytics, an AI-native BI platform that just closed $21 million in total seed funding. He walks through why he sees fundraising as less about the check and more about finding long-term partners, why he never set out to build a foundational model, and why he thinks the fear around AI replacing data analysts has it backwards. He also breaks down his approach to those first few hires: starting with people he trusts completely, using Carta's own compensation data to build trust with candidates during offer negotiations, and the three-part test he runs on every new hire around AI fluency, taste, and ownership of outcomes.The conversation also covers Golden's unconventional customer feedback loop, the surprising order in which startups actually hire across functions, and Francois's long-running framework for job satisfaction: the work, the people, and the recognition.Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta's Data Desk: https://carta.com/data-desk/Chapters: 01:17 – Announcing the $21M Seed: Fundraising Is About Partners, Not Just Capital 02:57 – Pitching Golden Analytics: Zig When Everyone Else Zags 06:06 – Why Golden Isn't Building Its Own Foundational Model 07:48 – The Privacy Question: Why Golden Never Sends Customer Data to the Models 09:17 – Will AI Replace the Data Analyst? (No, It Makes Them 10x) 10:57 – From CPO to "Solo" Founder: Why the Label Never Fit 13:14 – Hiring Employee One: The Former Tableau CTO 15:17 – Using Carta's Comp Data to Build Trust with Candidates 17:42 – Thinking About the ESOP from Day One 19:08 – The New Hiring Bar: AI Fluency, Taste, and Ownership 21:44 – Inside a Seven-Person Company Outshipping the Competition 22:46 – No Wall Between Customers and Engineers 24:33 – Making Customers Feel Like Founders 27:03 – An Unboxing: The Golden Analytics Coin 28:06 – The First Experience: What Happens When You Open Golden 29:33 – Surprising Data: Founders Hire Before They Raise 30:52 – The Order of Hires: Why CFOs Come Before Revenue 32:18 – Fractional vs. Full-Time: "Does This Make the Beer Taste Better?" 34:22 – What's Next to Hire: Engineers Ahead, Sales Behind 36:11 – Why Golden Skips the Middle: Senior Talent Paired With Junior Hunger 38:25 – Education, Fear, and Learning by Doing 41:15 – Building Carta's Own Report With AI, Faster 43:06 – Every Company Is a Data Company 44:27 – The Customer Data Francois Obsesses Over Daily 47:28 – Is SaaS Dead? Why the "Apocalypse" Headlines Miss the Point 49:21 – The Three-Factor Test for Job Satisfaction 51:47 – Redefining Appreciation: Experiences Over Titles 54:47 – What's Next for Golden Analytics 56:30 – OutroThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved. In the interest of transparency, Golden Analytics is a customer of eShares, Inc. dba Carta, Inc. ("Carta").  While we have invited them here today to discuss their journey, please note that this is not an endorsement, solicitation, or recommendation for Golden Analytics or Carta. Carta does not assume any liability for reliance on the information provided during this podcast.