As a business owner, your company has been your life’s work, and you’ve likely spent years investing immeasurable resources into that company, strategizing for success. At some point, however, owners invariably find themselves in a situation where they need to begin thinking about a succession plan that will help them achieve their future objectives, whether that’s generating liquidity to fund the next business venture or simply retiring. Regardless of objectives, succession planning can be one of the most arduous decisions in a business owner’s life.
So how do you begin the succession planning process? One of the first steps is gaining a deeper understanding of the company sale process and specifically the different types of buyers that might be involved when selling your company. Becoming familiar with the characteristics, objectives, and processes of each type of buyer, will help align your vision for the future of the company with that of the buyer.
The following are the typical potential buyer types for your business: strategic buyers, financial buyers, and employee buyers (through an employee stock ownership plan, or “ESOP”).
A strategic buyer may be a competitor in the same industry or a company that operates in an adjacent or related field. They generally look to acquire an established business to increase market share, diversify their product or service offering, or expand into a new geography. They’re typically able to pay a “premium” for the acquired company due to perceived synergistic value, but that often comes with expectations that may conflict with those of the current owner(s). Below are some key benefits and considerations of selling to a strategic buyer.
- Highest value consideration. A sale to a strategic buyer will likely generate incremental value to the current owner compared to a sale to a financial buyer or ESOP given the synergies that may be recognized through the purchase
- Loss of strategic and operational control after the transaction is complete
- Future of existing management and employees unknown due to possible redundancies with acquiring buyer
- Intellectual property and best practices shared with competitor(s)
- Longer execution time to complete the transaction (six to nine months)
Financial buyers, which include private equity groups and other variously purposed investment firms, comprise the second primary classification of buyer. Financial buyers seek to acquire or make investments in companies principally to generate an economic return on the investment by driving growth and operational efficiency. They are in essence professional “buyers” who typically have deep experience within the industries in which they focus. Their objective is to buy and hold a company for typically a three- to seven-year period, followed by their own exit, often also a company sale. In most instances, financial buyers will keep the existing company practices and management team in place, while leveraging their own industry experience, resources, and personnel. Below are some key benefits and considerations of selling to a financial buyer.
- Well capitalized partner
- More predictable future for existing management and employees
- Opportunity for reinvestment or “rollover” into the acquiring entity, allowing participation in future growth
- May receive lower purchase price versus selling to a strategic buyer
- Potential disruption and turnover risk to existing employees
- Longer execution time to complete the transaction (six to nine months)
An employee buyout, often in the form of selling the business to an Employee Stock Ownership Plan (ESOP), is a unique exit strategy. At its core, an ESOP is a qualified retirement plan that offers business owners an exit path while also creating wealth for the company’s employees. Although the transaction requires careful planning and analysis, selling a company to an ESOP can offer an incredibly impactful exit option for owners looking to maximize cash at closing while maintaining stability for their employees and preserving the owner’s legacy. Below are some key benefits and considerations of selling to an ESOP.
- More control over your legacy. The business name and employees remain fully intact
- Attract and retain employees, while boosting employee morale
- No disruption to the business, which can occur in a third-party sale
- ESOP-owned companies are eligible for tax advantages, which among other things, make the repayment of debt associated with the transaction much easier
- Potential capital gains tax deferral for the seller through a “1042 rollover”
- The transaction can be structured in phases, so the owner does not have to sell the entire business all at once
- Shorter execution time to complete the transaction (four to six months)
- May receive lower purchase price versus selling to a strategic buyer (but still at fair market value)
- Potential for lower cash at close depending on how the transaction is financed
Clearly, selling your company is an incredibly momentous and nuanced process with ramifications that extend far beyond your own wealth and estate planning. If you are contemplating a sale, be sure you know all the options available to you so you can make the most informed (and rewarding) decision possible.
If you are interested in learning more about your potential sale options, to request a complimentary sale feasibility analysis for your business.
An Employee Stock Ownership Plan (ESOP) has always been regarded as an attractive exit strategy for business owners who are looking to defer capital gains taxes, preserve their legacy, and incent employees through employee ownership.
However, with President Biden’s proposed tax increases on the wealthiest Americans and business owners, an ESOP just got a whole lot more attractive for owners who are considering selling their company.
Let’s have a look at the numbers
President Biden’s proposed tax increase could raise capital gains taxes on the wealthiest Americans from 20% to up to as much as 39.6%. Therefore, upon an exit from a third-party sale, most business owners would wind up paying nearly twice as much in capital gains compared to what they would pay today if they sold their business.
The new tax plan would also raise the corporate tax rate on businesses in the United States from 21% to 28%, triggering $1.7 trillion in new tax revenues from C Corporations and another $370 billion from pass-through entities over the next 10 years. Business income tax collections would rise to the highest level in 40 years, according to data from the Congressional Budget Office (CBO).
Furthermore, President Biden has also proposed to phase out the section 199A deduction for individuals making more than $400,000, a 20% pass-through deduction for qualified business income (QBI) available to owners of sole proprietorships, partnerships, S corporations, and some trusts and estates engaged in qualified trades or businesses.
None of President Biden’s proposed tax changes bode well for business owners, but there is no need to panic. If you are considering a sale, the potential tax advantages available through an ESOP might be right the fit for your company.
How can an ESOP provide me with tax advantages if I’m considering selling my company?
Unlike a traditional third-party sale to private equity or a competitor, an ESOP can offer you unique tax advantages. In a third-party sale, if you sold your company for $50 million, you would pay a 20% capital gains tax (which could almost double under President Biden’s proposed tax increases), a net investment income tax of 3.8% (Affordable Healthcare Act), along with the capital gains tax for the state in which you operate your business. We will use 6% for illustrative purposes. Net proceeds to the seller in this scenario are likely around $35.1 million (not including attorney, accountant, and advisor fees). If Biden’s tax plan is passed, a business owner would be looking at around $25.3 million in net proceeds, less fees.
With an ESOP transaction, as long as an owner sells at least 30% of the company to the ESOP and reinvests the proceeds of the sale in other securities, they can defer any tax on the gain. The tax deferment is available through IRC 1042 election and reinvesting the sale proceeds in Qualified Replacement Property (QRP), which is a security issued by a domestic, taxable operating company. The securities can include stocks or bonds and often come with floating-rate notes issued by the company.
The floating rate notes were created specifically for ESOP transactions to meet the requirements of the 1042 capital gain deferral and act as collateral for a margin loan issued by your investment advisor. This means you can invest in floating-rate notes, defer capital gains from the sale for an extended time, and still access up to 90% of the proceeds from your sale. This allows the seller to defer 100% of the capital gains over the rest of their lifetime.
One caveat is that the company will need to be structured as a C Corporation to realize these tax benefits, which can be done prior to the transaction in consultation with a qualified tax advisor and legal counsel.
There are many tax advantages for the company and its employees
- Contributions used to repay a loan the ESOP takes out to buy company shares are tax-deductible.
- Contributions of stock are tax-deductible, so the company gets a current cash flow advantage by issuing new shares or treasury shares to the ESOP.
- A company can contribute cash annually on a discretionary basis and take a tax deduction while using the funds to retire obligations to current owners or to build up future reserves.
- The dividends used to repay an ESOP loan, passed through to employees, or reinvested in company stock are tax-deductible.
- Employees pay no tax on the contributions to the ESOP and can roll over their distributions into an IRA or other retirement plan upon leaving the company.
There are many other benefits and considerations you will need to weigh before deciding if an ESOP is right for you. Owners are encouraged to work with an advisor to understand the range of considerations pertaining to value, current market dynamics, liquidity needs, tax planning, and any qualitative objectives they’d like to achieve in a sale process. Analyzing all these factors may lead an owner to wait and instead pursue near-term opportunities to increase profits while capitalizing on economic trends. Working with a team of economic experts like ITR Economics can further bolster a company’s forecasts and growth plans, and with a 94.7 percent forecast accuracy, they’re one of the best resources available.
If you’re considering selling your business, one of the services we provide to business owners is our feasibility study analysis. This free service helps sellers learn more about the structure and the results for shareholders as well as the potential outcome for management and employees if you were to sell your business to private equity, a strategic buyer, or into an ESOP structure. We use the analysis to help you and your team see what ifs, and the benefits associated with each transaction type.
If you are contemplating your options or looking for a second opinion, click here to learn more about our complimentary feasibility analysis.
Most owners who are thinking about selling their business generally know of two options: you can sell your company to a private equity firm or to a competitor (strategic buyer). There is a third option that offers significant tax advantages, which every owner should be aware of before making one of the most important and critical decisions in their lifetime, an Employee Stock Ownership Plan (ESOP).
Owners should understand all three alternatives, including the financial benefits of each type of sale, and other considerations such as protecting your legacy and your employees after an exit.
When interviewing advisors, most investment banks don’t even mention ESOPs as an alternative to a third-party sale. At ButcherJoseph, we are dedicated to executing the best option for our clients, whether that be to a strategic buyer, private equity or and ESOP sale. Our goal is to ensure owners have access to all their options as well as an advisor who has expertise and can deliver on all of them. This philosophy has enabled us to help hundreds of clients get the best possible outcome available to meet their unique needs.
If you haven’t assessed each of your sale options, we’d be happy to provide you with a complimentary feasibility analysis, so you have a full understanding of all your alternatives as well as the benefits and potential drawbacks to each. Just click here to submit a request.
What Does a Feasibility Analysis Include?
- The first component of a feasibility analysis includes a preliminary valuation that provides owners with an initial assessment of your company’s potential range of value.
- The next is a transaction scenario, which provides you with details on how a sale can be structured and financed.
- The third component illustrates transaction results. The value you and your employees can likely expect after the transaction is completed.
- And lastly, process overview. This illustrates the breadth and scope of relevant transaction processes needed for a successful execution, including an outlook of what you can expect regarding timing and deal-team responsibilities.
If you are interested in learning more about your potential sale options or if you’re interested in a second opinion, click here to request a complimentary feasibility analysis for your business.
What will the new rate be? Will it be enacted retroactively? Is there any chance changes won’t go into effect until 2022?
These are some of the questions swirling the sleepless minds of business owners contemplating the sale of their company this year. Imagine being a founder who’s poured fifty-plus years into building a company from nothing, and the tax swing resulting from the sale of your $50 million business could be in the neighborhood of $11-22 million depending on the proposed changes to capital gains.
For owners who already survived the last recession and managed to keep the lights on through a pandemic, odds are they thought there was a legitimate chance at retirement soon. Unfortunately for owners, no buyer is going to gross up the purchase price to cover their taxes due on the sale proceeds. This is a real and extremely stressful predicament for owners right now. So what’s an owner to do? Sell and pay now, wait it out and pay later? Or maybe it’s possible to pursue a different plan of succession that reduces near-term stress and uncertainty?
Most owners pursuing a sale understand the common buyers likely interested in their business—family members or the company’s management team, competitors or strategic buyers, private equity funds or other investment firms; however, few owners are familiar with employee stock ownership plans (ESOPs) and their related tax advantages.
When selling a company to any buyer other than an ESOP, the seller(s) will pay capital gains tax on proceeds from the sale. When a company is sold to an ESOP, the seller(s) may be able to defer the capital gains tax. As a result, the net proceeds to a business owner from the sale to an ESOP may be more than the net proceeds available from the sale to a strategic or financial buyer after taxes are paid.
Selling to an ESOP can offer owners initial liquidity through the most tax-efficient strategy while creating a succession plan that allows them to work towards a full exit. When it comes to determining if now is the right time to sell, there are more variables to consider besides tax, and it’s important to understand that ESOPs are not a fit for every company.
Owners are encouraged to work with an advisor to understand the range of considerations pertaining to value, current market dynamics, liquidity needs, tax planning, and any qualitative objectives they’d like to achieve in a sale process. Analyzing all of these factors may lead an owner to wait and instead pursue near-term opportunities to increase profits while capitalizing on economic trends. Working with a team of economic experts like ITR Economics can further bolster a company’s forecasts and growth plans, and with a 94.7 percent forecast accuracy, they’re one of the best resources available.
A recent study conducted by the Employee Ownership Foundation and the Rutgers School of Management and Labor Relations cited that majority ESOP-owned companies outperformed non-employee owned companies during the COVID-19 pandemic in the areas of job retention, pay, benefits, and workplace safety. Economic experts have advised companies to further focus on their retention efforts in order to keep the employees they’ve already trained and developed as the demand for talent, particularly skilled workers, increases.
ESOP companies tend to have a leg up with the additional retirement benefits made available to their employees, but often wish they had additional incentive plans to offer key employees responsible for achieving meaningful growth and increased profitability. When a company is first sold to an ESOP, a management incentive plan is commonly constructed at the time of the transaction to accommodate the current executive team. As companies grow over time and see changes in command, it may make sense for an ESOP company to refresh its incentive plan and possibly realign the plan to match the company’s current benchmarks and personnel needs.
If hiring and retaining talent as an ESOP company is a top priority, it’s worth exploring the ways in which the ESOP itself and any management incentive plans may be optimized to best position the company and all stakeholders for success.
For many companies owned by a mature Employee Stock Ownership Plan (ESOP), their employee ownership is a source of pride, a central element of the company culture and a differentiator in the marketplace with clients. Maintaining employee ownership is a priority to the management team and employees. Despite its importance to company culture, the ESOP in its current form often competes with a company’s ongoing growth initiatives and demands for cash. Fortunately, ESOP ownership does not have to be an all or nothing endeavor. ESOP-owned companies can maintain the culture of employee ownership while optimizing the ESOP’s interest by updating their current ESOP structure.
Interested in learning more about recapitalizing an ESOP as an alternative to the status quo? Flip through the SlideShare below:
Understanding the process and timeline involved in updating an ESOP empowers senior management, boards of directors, and trustees to make the best decision for the company and the ESOP participants. While updating your ESOP may not necessarily include a change of control, the company will likely utilize an outside advisor to analyze and coordinate efforts amongst the corporate legal and financial teams, and the trustee’s team of legal and financial advisors. Depending on the company’s capital needs, the corporate financial advisor will devise a plan to source and secure funds from outside lenders, which is commonly referred to as a capital raise process. Based on the company’s objectives and the capital needed, the timeline to complete a recapitalization can range from four to five months to a twelve-month engagement.
Pursuing a Recapitalization
Once the board of directors approves the plan to update the ESOP, the company will need to present the plan to the ESOP trustee. Part of the trustee’s fiduciary duties involve protecting the interests of ESOP participants, so the trustee needs to explicitly understand how the proposed changes benefits the company and the account balances of all participants.
This process, much like initial ESOP transactions, involve time, effort, and thorough analysis. The benefit to the company can be tremendous and can free up capital for the company to remain competitive in the marketplace, find unique and meaningful incentives for top performers, pursue growth through acquisitions and invest in improved technology and resources, without necessarily sacrificing the culture of employee ownership. An ESOP company interested in exploring the benefits of a updating an ESOP for their situation should consult an experienced advisor.
This blog was originally published on November 10, 2015 and updated on March 12, 2021 for accuracy.
According to the ESOP Association, approximately 6,400 U.S. companies have an Employee Stock Ownership Plan (“ESOP”) in place. ESOP-owned companies are well-positioned for ongoing success, as demonstrated by statistics provided by the Employee Ownership Foundation’s most recent Annual Economic Performance Survey of ESOP-owned companies. An astounding 94% of respondents reported that establishing an ESOP was “a good business decision that has helped the company,” a statistic that has consistently remained above 85% for more than 20 years. Furthermore, 74% of the surveyed companies reported that their stock value, as appraised by an outside valuation, had increased. These compelling figures are substantiated by the real-world successes of companies such as Publix, WinCo Foods and Lifetouch, Inc., all of which have maintained ESOP ownership for over thirty years.
ESOP-owned companies often want to maintain employee ownership but have found that their employee ownership in its current form does not support the business’ ongoing initiatives and goals for growth. This scenario can play out in many different ways. The company may be interested in seeking different ways to incentivize employees, reward the management team or have more cash available for growth opportunities.
The Economic Performance Survey referenced above demonstrates that ESOPs improve employee productivity and satisfaction, both of which have an impact on the company’s bottom line. Ten years following the installation of an ESOP; however, the motivating impact of the ESOP may sometimes dwindle. Companies may also become frustrated that the ESOP rewards employees based on tenure and does not take the effort or critical contributions of newer employees into account.
Depending on a company’s compensation schedule, ESOP distributions may not result in a significant incentive for top performers, and the company may explore more substantial alternatives to benefit these key employees.
The Management Incentive Plan (“MIP”) developed at the time the ESOP was formed may have been an appropriate plan at that time, but if the company has grown significantly and the number of executives along with it, the plan may no longer fit the management team’s needs. For example, a MIP providing 10% to be divided amongst the management team might have been ample compensation for a group of five executives. If the company grows to include ten or fifteen key executives, that same 10% becomes diluted.
ESOPs constantly require cash from the company to fund repurchase obligations. Depending on a particular company’s demographics, those repurchase obligations may become burdensome. The company may also find itself with a large number of ESOP participants who are no longer employed by the company and therefore no longer actively contributing to the company’s success.
In an economy in which capital is readily available and affordable, it could make sense for the company to borrow money to buy back the stock of inactive ESOP participants, thereby decreasing the ESOP’s hold on the company and ensuring that the plan is benefiting those employees currently contributing to the company’s ongoing growth.
Interested in learning more about recapitalizing an ESOP as an alternative to the status quo? Flip through the SlideShare below:
ESOPs are not all-or-nothing
The natural evolution of industries can create an environment requiring companies to adapt to remain competitive. For ESOP-owned companies in this situation, the company’s current employee ownership structure may not support the necessary adaptations and the management team.
For example, an industry might be experiencing significant growth in international markets, industry leaders may be offering prospective candidates meaningful equity in their company, or the industry might demand advancements in technology and infrastructure.
A common misconception among management teams of ESOP-owned companies is that if they are 100% ESOP-owned, they must either maintain the same ESOP structure or terminate the plan altogether. For those companies in which the ESOP is a central part of their culture, yet is not supporting the company’s goals to remain relevant in the marketplace, that belief can put the management team in a very frustrating position.
Fortunately, a 100% ESOP-owned company can find a happy medium, and maintain its culture of employee ownership through working with financial professionals to update the plan’s structure. ESOP-owned companies can have employee ownership and augment that with a different form of employee ownership. Employees will still be invested in the business but the investment will come from outside of the ESOP.
This blog was originally published on November 1, 2015 and updated on December 10, 2020 for accuracy.
Our team has long-standing relationships with employee-owned companies, and we’ve seen first-hand the undeniable benefits that employee ownership can provide to employees, companies, local communities, and the nation. Every October we honor a month-long celebration in recognition of Employee Ownership Month (EOM). To commemorate EOM this year, we’ve compiled a list of our favorite resources for the most up-to-date information about employee ownership.
- Employee-Owned S Corporations of America (ESCA): ESCA is a leading voice in Washington, DC that advocates for employee-owned S corporation ESOPs. Since 1998, ESCA’s membership has grown to represent more than 215,000 employee owners across the nation.
- The ESOP Association (TEA): Since 1978, this association has focused on advocating for all ESOPs at the federal and national level. Their membership represents the interests of corporations that sponsor employee stock ownership plans (ESOPs) and provides advocacy and educational services on behalf of its members. TEA’s nationwide network of 18 chapters produces more than 150 educational and networking events every year.
- The National Center for Employee Ownership (NCEO): As a nonprofit supporting the employee ownership community since 1981, NCEO is one of the top places to learn about employee ownership. Each spring, the Beyster Institute and the NCEO join forces to present the Employee Ownership Annual Conference, the leading annual employee ownership event for privately held companies. Whether you are considering employee ownership, managing a plan, or advising clients, the NCEO can help. The NCEO research page has additional information about the effects of employee ownership on firms and workers.
Field Building Organizations
- Beyster Institute at UC San Diego’s Rady School of Management: The Beyster Institute works to advance the understanding and practice of employee ownership as an effective and responsible business model. They focus on education, research, and consulting to promote employee ownership and the creation of effective ownership cultures.
- Certified EO: This certification is for employee-owned companies offering its members much more beyond its core program. Certified EO helps employee-owned companies optimize the impact of employee ownership to increase sales and recruit top talent while spreading awareness.
- Democracy at Work Institute (DAWI): Created by the U.S. Federation of Cooperatives, this group ensures that worker cooperative development in economically and socially marginalized communities is adequately supported, effective, and strategically directed. The DAWI resource center produces original research on the cooperative sector, and provides technical assistance, educational programming, and consulting for cooperative businesses. An initiative of DAWI, Becoming Employee Owned, is focused on expanding the worker cooperative model to reach communities most directly affected by social and economic inequality.
- Fifty by Fifty: An initiative of The Democracy Collaborative, Fifty by Fifty is aimed at creating a more inclusive economy through employee ownership. Their goal is to catalyze a movement with the knowledge, resources, and skills to grow the number of employee owners in the U.S. from 10 million to 50 million Americans by 2050. Read their recent reports on their publications and research page.
State Employee Ownership Centers
- Employee Ownership Expansion Network: This organization is dedicated to significantly expanding employee ownership in the United States by establishing and supporting a network of independent nonprofit organizations; a few operate out of universities or state government offices.
Research & Analysis
- [Project Equity] The Case for Employee Ownership: Published in May 2020, this report summarizes the evidence that broad-based employee ownership is a great value proposition for businesses, workers and communities, making a strong case for increased investments by both government and philanthropy to help it scale.
- Rutgers School of Management & Labor Relations
- Curriculum Library for Employee Ownership: The largest online library for teaching materials on employee ownership.
- Employee Ownership Narrows Gender and Racial Wealth Gaps: This 2019 study discovered that ESOPs enable families to significantly increase their assets, therefore shrinking gender and racial wealth gaps. The research further suggests that employee ownership can reduce wealth inequality in the U.S.
- Working Papers and Programs in Progress by Research Fellows
- The Oxford University Centre for Mutual and Employee-owned Business: The Centre for Mutual and Employee-owned Business exists to develop and compile research on these alternative corporate forms, and to act as an academic hub for those interested in broadening debates about ownership and corporate governance.
- The Aspen Institute Economic Opportunities Program: The Economic Opportunities Program (EOP) advances strategies, policies, and ideas to help low- and moderate-income people thrive in a changing economy. EOP focuses on expanding individuals’ opportunities to connect to quality work, start businesses, and build economic stability that provides the freedom to pursue opportunity.
- The ESOP Podcast: This one-of-a-kind podcast invites listeners from all over the world to hear insights from the best in the ESOP business. Each episode focuses on a variety of fields in the ESOP world – including employee owners, management, and ESOP professionals.
- We the Owners [documentary]: Originally released in 2013, this film asks, what does it mean to be an owner? In We the Owners: Employees Expanding the American Dream, employee owners from New Belgium Brewing, Namaste Solar and DPR Construction answer this important question.
Did we miss one? Let us know about employee ownership resources you have found helpful.
ButcherJoseph & Co. served as exclusive financial advisor to Neighborhood LTC Pharmacy, Inc. (“Neighborhood” or the “Company”) on its sale to the Neighborhood LTC Pharmacy, Inc. Employee Stock Ownership Plan (“ESOP”). The transaction closed on September 30, 2019. Headquartered in Lincoln, Nebraska, the Company is a leading, regional institutional pharmacy that utilizes advanced robotic technology to provide advanced, pharmaceutical packaging solutions to healthcare facilities.
Scott Louderback, Neighborhood’s president shared, “We are proud to have a 100% employee-owned pharmacy where everyone will share in the experience of owning a business and allow our culture of community first to thrive for generations to come. Being truly locally owned will give our customers the confidence they have chosen a pharmacy that is invested in ensuring each person receives the utmost care.”
“Each employee having an ownership stake in the pharmacy will only increase our already top-notch customer service and care,” expressed Blake Henning, vice president of behavioral health services. “As an employee, it’s thrilling and motivating to know that we have an opportunity every day to directly affect the growth of the company,” shared Pat Christensen, pharmacist.
ButcherJoseph’s David Lake commented, “Since Neighborhood was such an attractive business, we explored several options. A leveraged ESOP sale provided both liquidities to the seller and an opportunity for employees to participate in the future growth of the Company.”
Scott will remain President of the Company, post-transaction.
About Neighborhood LTC Pharmacy
Neighborhood LTC Pharmacy is a leading technology-enabled institutional pharmacy based in the Midwest. The Company utilizes advanced robotic technology to provide weekly and monthly compliance prescription medication packaging. Neighborhood’s medication packs, which include a full-color picture of the patient and their medication, provide multiple layers of verification to optimize nurses’ administration of drugs to elderly and disabled patients.
About ButcherJoseph & Co.
ButcherJoseph & Co. is a boutique investment banking firm specializing in ESOPs, mergers and acquisitions, private capital sourcing and valuation advisory services for middle market companies. Our award-winning team of professionals has executed 200+ transactions exceeding $15 billion in total value. ButcherJoseph is headquartered in St. Louis with a presence in Chicago, Washington, DC, and Charlotte, NC.
- Preparing for a Sale: Four Key Financial Elements
- Patrick O’Neil Honored as Recipient of The M&A Advisor’s Emerging Leaders Awards
- Do You Know all Three Potential Buyer Types for Your Company?
- Potential Impact of Proposed Tax Legislation Changes on Business Owners
- ButcherJoseph Continues to Grow with the Addition of Four New Hires