The attorneys and pension consultants at Employee Benefits Law Group realize that no one knows their business and how to make it succeed better than those who run it. We strive to give you that same control when implementing an employee stock ownership plan (ESOP) to further boost company performance. We put the business owner at the center of any ESOP process and listen to the goals they have for themselves, the company and their employees.
We understand and focus on the ESOP process that you are about to embark on, and we would be honored to guide you to your goal.
We explained what an ESOP is and its different uses. If it's the right plan for your needs, we can help you design an ESOP and structure a transaction that will meet expectations. But because we offer a full suite of benefits law and pension consulting services, we can start by evaluating whether an ESOP is the right tool for achieving your goals.
We start our Suitability Review Process by meeting with a business owner and their trusted business advisors, if applicable. We try to identify any business, technical or legal issue that may affect ESOP implementation, and can easily spot the "ESOP stoppers" and analyze feasibility issues that may need to be resolved. We work at the business owner's pace to ensure they're comfortable with the entire process. If an ESOP is not the right fit, we can explore other equity or non-equity based retirement plans, or perhaps a long-term incentive plan.
As our client, we'll supply you with relevant and accurate information to facilitate the decision-making process. The research materials and articles that our ESOP team shares will give you all the tools you need to ask the right questions and make informed decisions.
We provide business owners and their advisors with a critical path and a transparent pricing guide to guarantee they're fully aware of each issue cluster, who it affects, why it needs or doesn't need to be done, each phase of the transaction and how much it costs to perform a necessary task by the right advisor. Our goal is your complete understanding of the process so you can make the decisions that lead to a successful ESOP.
The fixed fee offered by "turnkey" or one-stop ESOP providers – that promise to provide all ESOP advice and services – can be very appealing due to its predictable pricing. But fixed pricing can work against a client. That's because it doesn't account for every one of the multifaceted needs of the multiple parties that are affected by the ESOP process.
Our most successful ESOP companies understand that their team must work through the issues affecting the company, the sellers, the fiduciaries and other constituents – and then build solutions into the strategy. If the clients have new hurdles to go over or fix, the fixed-fee advisor typically does not want to address or assist because it's not part of what they do for the price they are being paid.
Similar to fixed pricing, the "quarterback" model bundles pricing and attempts to manage providers' fees and scope of services to provide a perceived cost-controlled and coordinated service. This system too can have drawbacks. Direct interface with the service providers isn't always thorough. Dealing with sophisticated legal and financial issues through an intermediary does not always foster complete understanding and thorough examination of the nuances of the issues involved. Corners can be cut.
Our open pricing and professionalism will guide you to an ESOP that will meet objectives and avoid unpleasant surprises.
Employee Benefits Law Group can work with your trusted advisors, or supply the best team of expert advisors, to ensure your success. We'll coordinate, oversee and support this expertise every step of the way. Our experience and sophisticated and integrated relationships allow prompt and accurate issue resolution, and the best plan and transaction design.
Perhaps think of us as a "design through build" general contractor. We will build what you need – to your spec, on time, following cost-justified budgets, bringing in and overseeing only the best sub contractors to the site, for the right parts of the construction.
"For our ESOP practice, it's about teamwork. By demystifying the obscure, we empower our clients and their advisors to make their benefits programs more effective."
– Kevin Long, Employee Benefits Law Group Shareholder