Even though an "ESOP" may sound like a Far Eastern rice dish or some kind of crazy wizard-varmint found in a J.K. Rowling tale, it’s actually an acronym for "Employee Stock Ownership Plan." And as Indiana businesses look for more ways to reward their employees, ESOPs are becoming more attractive for those who fit the criteria. In fact, Indiana State Treasurer Richard Mourdock is leading a charge to promote ESOPs throughout the state as a way to benefit employees and keep businesses in the state.
While many businesses in the Midwest do see ESOPs as a viable option, the adoption process can be complicated. Because of this, financial advisors stress the importance of being diligent when implementing ESOPs, as negligence in the beginning stages can beget myriad headaches in a business’ future.
For the full story in BizVoice magazine, click here.