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-advisory
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