ESOP Partners, an Employee Stock Ownership Plan (ESOP) consulting and administration firm, has announced the successful completion of the sale of TRC Global Mobility to its employees via an ESOP.
An ESOP is a qualified retirement plan that buys, holds, and sells company stock for the benefit of the employees, providing them with an ownership stake in the company. TRC Global Mobility Chairman and Founder Paul Haislmaier finalized the sale in September 2016.
“As I considered a succession plan for TRC Global Mobility, I realized that selling to an ESOP would meet my objectives of keeping the company whole, the culture intact and our employees secure in their jobs,” said Haislmaier. “Plus, ESOP Partners helped me understand the significant tax benefits that selling to an ESOP provides to both the company and its shareholders.”
“Paul was looking for an exit strategy that would provide an opportunity for the employees who built the business to continue to take it forward,” said ESOP Partners President Aaron Juckett. "Selling to an ESOP enables owners to sell their business to a trusted source—the employees—rather than an outside investor who may not share the same vision for the company. Plus, and ESOP sale is a highly tax-efficient option for owners."
ESOP Partners will continue to work with TRC Global Mobility as the company’s ESOP consultant and third-party administrator.
About TRC Global Mobility
Operating in more than 150 countries worldwide, TRC Global Mobility is a U.S.-based, independently owned and operated employee relocation company that provides talent relocation services for smaller start-up firms, up to Global 1000 companies across a range of industries. With more than 25 years of global relocation expertise, the company’s mobility professionals bring demonstrated success and a string of accomplishments in relocation, real estate, mortgage lending, finance and other areas.
About ESOP Partners
ESOP Partners is an ESOP consulting and administration firm that provides a single ESOP expert as a point of contact throughout the lifecycle of the ESOP. The company works with business owners and companies considering an ESOP to provide ESOP feasibility, plan design, and full ESOP implementation services. ESOP Partners also provides support for ongoing ESOP companies, including ESOP TPA services, distribution and repurchase obligation planning, and consulting services covering corporate governance, ESOP culture, employee communications, and second-stage transactions.
About ESOPs
Employee Stock Ownership Plans (ESOPs) are qualified retirement plans that buy, hold, and sell company stock for the benefit of the employees, providing an ownership stake in the company. ESOPs are the only retirement plan allowed to borrow money to purchase stock and are generally funded only by the company. Selling part or all of a business to an ESOP enables a business owner to sell to a built-in buyer in as little as 60-90 days at full fair market value. There are many significant tax and cash flow benefits of selling to an ESOP. An ESOP also allows for a better-managed ownership transition, preservation of local jobs, and the maintenance of a company’s legacy in the community. According to the National Center for Employee Ownership (NCEO) there are approximately 7,000 ESOPs in place in the U.S., covering 13.5 million employees.
This news release was originally published on PRWeb.