Episode 13: Tim Jamison – Vice President, Prairie Capital Advisors…Developing an ESOP Plan for Your Family Business

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Nearly 50% of successful business owners want to exit their companies within the next five years. Is an ESOP right for me?

You don’t want to miss this podcast!

On this episode of Family Business Today, Greg Lewis interviews Tim Jamison with Prairie Capital Advisors to discuss his experiences involved in developing Employee Stock Ownership Plans (ESOP) and the advantages of an ESOP for business owners.

Tim describes an ESOP as a form of business transition that gradually transfers to the employees of the business over time. Many business owners view this as a great way to reward the employees who have helped them build their business over the years and a way to help those employees with their retirement.

In today’s episode, I will ask Tim to share:

* What does an ideal company look like for an ESOP?

* Do you have to give up ownership of your business to create an ESOP?

* How you can receive tremendous tax benefits from Uncle Sam by implementing an ESOP

* Who is and what role does a Trustee play in an ESOP.

* Why valuing your business at Fair Market Value is important?

* What are the cost to implement an ESOP?

* Ways to customize an ESOP Plan for your business. If you have a question about ESOP or succession planning, contact us at info@tncfb.com.

Welcome to Family Business Today where we feature prominent local and national family business owners. We also talk to top family business experts to discuss relevant topics including communications, business culture, family relationships, succession and estate planning, values as well as conflict resolution.