Business View Magazine Apr-2023

33 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 4 asked what advice he has for other owners considering an ESOP. “Before venturing into an ESOP I recommend hiring a team of experienced ESOP advisors, specifically the trustee, attorney, and the third party administrator. Buehlers relied on their advisors to work together to the transition as smooth as possible” The family wanted to maintain confidentiality of the potential transaction, only informing a few employees. Selecting the right professional firm with experience in these matters significantly aided the formation of the ESOP. Mr. O’Donnell stated, “In the ideal situation prior to becoming an ESOP, senior management should attend at least one ESOP conference to understand the process, alternatives to structure the ESOP plan, and compliance requirements. Attending conferences allows management to meet attendees from existing ESOP’s and ESOP professional firms to evaluate the pros and cons of becoming an ESOP. Due to the confidential nature of Buehlers transaction this didn’t happen.” BUEHLER ’ S FRESH FOODS