Dave Lukas Chats with Patti Plough
229: The Magic and Benefits of an ESOP and What it Can Do For Your Business with Patti Plough
This week’s Misfit Entrepreneur is Patti Plough. Patti is a serial entrepreneur and the President and CEO of Excel Legacy Group. The company works in conjunction with leaders in the ESOP advisory industry. They specialize in tailored solutions to help their clients achieve their ESOP goals. Their unique approach focuses on the goals and strategic priorities of each selling shareholder in addition to the creation of an employee-owned business.
For those of you that are not familiar with an ESOP. It is an employee stock ownership plan. The plan gives workers stock in the company as part of their compensation and they get to share in the benefits of being an owner in the company.
There are a lot of benefits to both the employees and owners of a business and this is one subject that I think every entrepreneur should know about and Patti is the go-to expert in the space.
Patti’s background is in nursing and she spent the first 15 years of her career as a bedside nurse before becoming an entrepreneur. She then had what she calls a “divine appointment.” She was contacted by the company she was working for to do an insurance screening on a VIP for a big railroad. When she got there, the gentleman asked her if the company did wellness programs. She checked into it and her company did not.
She had to find a wellness company and found the one and only around. She contacted them and found out the owner had just lost his only client to budget cuts. She decided to partner with them and bring the service to VIP. From there, she kept going and built the company into a multi-million business in the corporate wellness space and after many years, turned the company into an ESOP.
She created other businesses along the way using the same attitude and persistence.
At the 8 min mark, Patti tells the story of how they went from potentially selling their business to private equity to choosing to do an ESOP.
Take us through the entire concept of ESOP and the benefits to the employees and owners in choosing this route…
At the 21 min mark, Patti talks more about the tax side of things.
Other things we should know? Any risks?
Talk to us about how you roll out an ESOP to an organization…
What have you learned about how to build a great business?
Advice for someone starting out today in a new business?
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