Sharing ownership of your company can boost employee morale and increase productivity. But how do ESOPs work?
Two years ago, at an industry event, a printing company owner pulled me aside to share his experience with selling his company through an Employee Stock Option Plan (ESOP). He relayed a story about how his life dramatically changed for the better when the ESOP was in place. The company profits skyrocketed, and his 60-plus hour work weeks became a much more pleasant 40-hour-or-under commitment. Employee productivity increased, turnover decreased, morale was high, and …