Are you a business owner considering an Employee Stock Ownership Plan (ESOP) or exploring succession strategies?
In this episode of the Finish Big Podcast, Mark Dorman delves into ESOP financing, discussing how bank and seller financing typically work together, and the potential advantages of mezzanine loans. Gain insights into tax implications, the role of ESOP trustees, and how these plans can benefit both the business and the community.
This week’s guest, Kelly Finnell, President of Executive Financial Services Inc., offers his expertise on ESOPs. He covers essential topics such as the process, timeline, and personal satisfaction involved in executing a successful business transition.
Tune into this episode for a comprehensive guide to ESOPs and succession planning. Discover how to navigate these complex transactions and ensure your business’s legacy thrives. Don’t miss out—listen now!
Mark and Kelly discuss:
- Combining bank and seller financing, and the use of mezzanine loans.
- Differences in taxation for current pay interest and warrants in seller debt.
- Ensuring fair market value and commercially reasonable terms in ESOP transactions.
- The typical changes in the business owner’s role, salary, and benefits.
- The steps and time required for feasibility analysis and transaction implementation.
Connect with Mark Dorman:
LinkedIn: Mark Dorman
LinkedIn: Succession Plus
Facebook: Succession Plus
(330)-416-9271
mdorman@succession.plus
Connect with Kelly Finnell:
LinkedIn: Kelly Finnell
About our guest:
Kelly Finnell is a leading ESOP consultant and president of Executive Financial Services Inc. Based in Memphis, Tennessee, Kelly specializes in ownership succession planning and has authored “The ESOP Coach.” With extensive expertise in ESOP transactions, Kelly guides businesses through financing, taxation, and trustee responsibilities.
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