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w w w . i n s i g h t o n b u s i n e s s . c o m M a y 2 0 15 • I NSIGH T | 39 the topic. ESOP Partners publishes a regularly-updated blog dedicated to ESOP issues and best practices. It's a tool that would be more oen used if the business community really understood its value, he says. "It is just a great solution for everyone. You can build your own exit strategy while also keeping the company local," Juckett says. "e owner is going to get full value for the sale, the employees get the stock in their retirement account and as the company continues to grow, so does that account." Since ESOPs are an approved retirement plan, the employee accounts are not taxable. In Juckett's experience, that direct tie for employees between the value of the stock and the company's growth is oen a great motivator. It can also be a powerful recruiting tool. OMNI Resources, a technology consulting firm based in Appleton, uses its employee ownership as a recruiting tool. Offering that ownership can be the deciding factor in the highly competitive information technology space, company leaders say. So why haven't more companies used ESOPs? Juckett says it's oen a matter of perception, that owners are concerned they won't get full value when selling to the employees or that the sale will mean a change in leadership. One of Juckett's principle challenges is dispelling those myths. e laws that make ESOPs possible dictate the selling owner is paid full value. In fact, it might actually be better than full value since the sale to the ESOP trust is a tax-favored transaction. As far as leadership, the same board of directors or management team that ran the company the day before the sale continue to run it the day aer, Juckett says. ere does not have to be any change. At Green Bay-based VSI, Arnold continues on in his role as president, and no management changes are planned. Juckett says that's pretty typical once the initial transaction is made. "To be a successful ESOP, you need a successful company," Juckett says. "Why would you change what made you successful?" ESOP Partners does not receive a commission from the sale of a company to an ESOP trust. Instead, it bills by the hour for assisting with the transaction or providing ongoing administration. With good growth the past several years, Juckett is optimistic business is about to get better. As more baby boomers reach retirement, many are looking to sell the businesses they have spent their lives building. He sees a lot of opportunity in that workplace shi. "It's become a popular tool for them to make the transition," Juckett says. "When we run the numbers for folks, the ESOP generally sells itself. We just have to continue to get the word out." O N T H E W E B www.esoppartners.com It's Never Too Early to Secure Peace of Mind When it comes to estate and retirement planning, there's no time like the present. At the Law Firm of Conway, Olejniczak & Jerry, we're committed to helping you structure your personal estate planning documents to ensure an enjoyable retirement and a secure future for the family, loved ones or charities to whom you pass on your legacy. You've worked hard your whole life. Now is the time to honor that hard work. Speak with one of our estate planning attorneys today. P h o n e : 9 2 0 . 4 37. 0 476 • w w w. l c o j l a w. c o m The Law Firm of Conway, Olejniczak & Jerry, S.C. provides legal services in more than twenty areas of practice. Our proactive, collaborative approach has earned the trust of businesses and individuals throughout Northeast Wisconsin.