Business View Magazine - Nov 2023

136 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 11 businesses prepare to change hands. Tim Garbinsky, Communications Director for the NCEO, emphasizes that “it’s important that this transfer isn’t a mere one-time event but rather a catalyst for enduring positive impact, benefiting not just future business leaders and owners but also the dedicated workforce and the communities they call home.” In truth, many American companies are grappling with the critical issue of succession planning, and transitioning ownership to the very employees who helped build these businesses emerges as both an honorable legacy and, in many cases, the financially prudent choice. Loren Rogers, Executive Director at the NCEO, encapsulates this sentiment beautifully: “Everybody owning a business is writing a book, the book of their life. The chapter where you set up a business is a big chapter of your life, and an ESOP is what could be the starting point of the next chapter. What happens to this thing you’ve created