This was my grandson’s first year of baseball. He was new to the game. I wanted him to succeed. I wanted him to love it.
As an ESOP administrator, I love working with new ESOP clients. A new ESOP can be much like a child learning baseball; they must learn the basic fundamentals when they are small.
Learn the proper techniques:
- Engage experienced ESOP administration professionals, including an employee benefits attorney, a qualified business valuation appraiser and a certified ESOP TPA.
- Define your vision of employee ownership.
Make it Fun and Challenging
- Incorporate an ESOP culture with employee involvement.
- Learn new things: attend ESOP conferences, webcasts, etc.
- Use your imagination – get in the game!
Improve and Strengthen
- Oversee the administration of the ESOP.
- Communicate with your employees (your ESOP’s children) how they impact the stock value, implement educational meetings on enrollment, vesting, distribution and diversification rights, and provide annual statements supporting the long term awards – build a team!
Dedicated to Achievement
- Yes, the responsibilities are high but to become a successful ESOP company you must love the game and play to win!