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Suggest questionOn your journey to an esop - who are the ESOP advisors? Catch me if you can is an excellent movie about a high school con man that intuits at an early age the art of providing just enough true information to become believable - this is a true story. Why is he successful? This episode has philosophy and psychology even though not my specialty…I am just an ESOP guy. However - all of it makes me think of how important it is to align yourself with the rights advisors including sell-side, trustee, attorney, and valuation firms.
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<p><!--block-->[0:10] Agent hand ready FBI hello Carl you're back. <br> It's like Vegas The House Always Wins something that's flying around the country posing as a pilot called the James Bond of the sky hello pushchair, far. <br> <br> [0:26] I have ever been on these at it that's why this is a record of grams of protein every 4 hours you can crew like a dr. Harris. <br> <br> [0:35] Do you concur concur with what sir ma'am I'm sorry to have to tell you you said is fudgy checks do you concur. <br> Yes sorry I'm have to tell you your son is forging checks okay so what is this movie right listen it's Catch Me If You Can 2002. <br> And I totally totally love this movie. <br> This if you don't know this is the ESOP guy and we are on a journey to an ESOP thank you for joining today. <br> And I think for you guys that are listening it is going to be a very good episode because I've been, kicking around this idea for a little while and I do want to obviously jump on the bandwagon with Leonardo DiCaprio and Tom Hanks because I'm going to tell you right now this movie I've seen it like a lot of times it's I would say it's a Whopper. <br> It's a classic movie I believe to because it's a true story and it has meaning and other things that help us as we think about this movie is going to help us to shape. <br> What we're going to talk about today now the topic today is how to select. <br> You're right adviser choosing the right advisor deserves plural. <br> <br> [1:51] In an ESOP transaction so I know I staggered that out a little bit but I think this is a major major topic to think about in, I know that whether you've gone to a couple of conferences already or you have been researching you've been talking to your friends about hey I'm going to do a nice, this is a great idea people are going to start to say Hey you know let's talk you should talk to this person you should talk to that person right. <br> So this is not this is going to be as a resource you know our podcast is a resource to help you understand Aesop's better as a resource. <br> Completely without like trying to say who you should choose, I'm hoping as we do this day to this topic today you are better equipped to make that decision in terms of who you choose and I've touched on a lot of these topics before but I want to I want to go into this a little bit deeper, today because I think it's important and reason the reason I'm saying that is because I've talked to a lot of people all over the country. <br> Some of which you know when we go back and we evaluate the way that they started their ESOP process. <br> They have have paused that because of the way that they've selected the advisors and that kind of thing so. <br> <br> [3:04] You know and there's nothing wrong but I think sometimes that's better because you try this you tried that you know so now you have an idea or a comparison, and so I think that's really helpful but choosing the right advisor is going to include obviously the sell-side advisor trustee the valuation firm the ESOP attorney and you're in basically the whole team as you know it so this will also reinforce, for those that are wondering how a nice up transactions put together this will kind of reinforce the roles that people play our advisors play in terms of. <br> You know who's doing what in making sure that you understand how that works because it's kind of important. <br> For you to see the whole picture and not just that may be a part of the picture and so that's going to be what we're going to talk about I've rambled on a little bit at the front in our intro but I guess I want to always say this like if you're brand new to this podcast welcome, to the community of the theesopguy, podcast in hopefully you'll find this helpful if you do share it with a friend I haven't asked this in a while just because, I just been not thinking about it but if you do like this podcast go ahead and rate and review the podcast I know it takes a few minutes but I think that's not really for me more for people that you think might help you know because, because sometimes people are looking for things like this and they just want to know that. <br> Is helpful for them before they jump in so but if you don't want to do that that's cool too however. <br> <br> [4:32] So thinking about this also I forgot to mention this is I'm just all over the place by the way I'm drinking too much coffee again and you know I'm just trying to keep up with the pace I guess but. <br> So as we go forward if you do have questions please go to our website at journey to an ESOP.com super helpful I've gotten a lot of different people you know in emailing me through that I think it's a very helpful tool, to come back and say hey let's have a conversation or. <br> Hey theesopguy can you talk about this topic a little bit deeper so so that's really helpful please do that even if you don't do a review I would strongly recommend you, you connect with us just so we know what's going on or anything you're thinking about question wise so alright moving into the actual podcast today I want to start with this idea and I'm going to it's a little bit different. <br> <br> [5:25] In my Approach but I thought it needs to be so. <br> Philosophically speaking and we're going to dial back into the movie in a second but philosophically speaking what are things I've been pondering lately and I want to just say overall I'm not a philosopher right I'm not a I'm not so many that, really studies philosophy although I did take a philosophy class in college right out of the gate because my. <br> Physics teacher in high school told me, when he told me to get up and leave the room I guess I was making a big joke or something and he had me go outside in the hallway and he gave me a philosophy book and he's like sit here and read this because you're not clearly gifted with. <br> Physics which I guess was true right so I'm like I read that book and then I'm like you know when I'm College I'm just going to go ahead and take a philosophy class because maybe that's what, that's what I'm supposed to do is be a philosopher anyway. <br> So I take a philosophy class and you know I basically discovered that I didn't really like it and it was just too deep but now this is applicable as we talk about what I want to say. <br> I've I have noticed this in people and this is kind of like this. <br> I almost accepted things so I'm hopefully I'm not going to offend anybody but there are people out there that we would say are the glass is half-full people. <br> <br> [6:48] And then they are other people that we would also say hey there's a glass-is-half-empty person and so what we mean by that is that the glass is half-full people. <br> Are people that you know look at the positive like I've got a glass that's I know half full right so I could drink that and whatever I mean I'll be. <br> You know clenched or the person that think saw that have a glass that's half empty I'm not you know never going to get really what I want because I don't have enough of whatever it is so obviously there's that's the obvious literal meaning of the philosophy behind that right. <br> And so, the people that are half full people think the half empty people should be more have full and the people that are half empty people are like I don't really know what you're talking about so all of it argues or deals with the concern over contentment, you know again we're getting deeper into philosophy so I'm going somewhere with this. <br> <br> [7:42] The truth is and this is where I want to go into like what is really true right and this is where I'm not a glass half-full person and I'm not glass-half-empty person. <br> I am a person philosophically that focuses that focuses on the whole picture right the truth is that there's a whole, picture going on if I'm a person that focuses so much on the half full side and I can call myself a positive person I'm on Optimus time this some that right. <br> But I'm if I'm that person I'm completely ignoring the negative well. <br> <br> [8:19] Reality tells us that you're going to get hammered by something because it's going to creep up you're not going to expect it, if you don't have a person on your team that's looking out for you that way then your something's going to you know jump in on you right on the other side of things if I'm a person that's only looking at the negative, then the likewise is choose I'm not going to miss the opportunity like the potential opportunity so, what I would say is I boil it down to is this is that there is a reality to things and I hate to kind of use any anybody's you know words but realism is probably the major, well I would say this we're going to land here what is realism like what is it like we know that there's a real truth. <br> <br> [9:00] We don't operate it in our world with a relative truth we know there's a real truth because we all depend on that and this is where this kind of connects back to the topic today there is a truth that you have to discover when you're selecting an advisor. <br> Now if we jump into the movie review I would just start with this you have a story of a young man played by Leonardo DiCaprio phenomenal job you have a story of him growing up in a very broken home. <br> With a very dysfunctional father and mother Happy Father's Day by the way that just passed and. <br> <br> [9:33] The the this man this young man is Super Genius brilliant right he gets things quickly is very intuitive and he learns very quickly that there is a social truth. <br> <br> [9:47] And the social truth here in the story which I think applies to what we're going to talk about with ESOP advisors is that unfortunately. <br> <br> [9:57] People make assumptions in those people and people that would make assumptions and we all do this. <br> Can be manipulated so we can all be manipulated as kind of what I'm saying that's the that's the social truth now I think that deeper psychologically what's happening and again I'm getting so outside of my normal but is that people. <br> Need to label other people and say okay you, this you are this and this and so what they're looking for is fragments of information data points to try to try to solidify in their mind what kind of person that is and so when they do that they can they can now categorize their world around them. <br> Psychologically so that they can exist without feeling a fear of danger of something coming at them, so that's philosophy psychology but I think that's why this movie is so, really cool is that they is you because you see somebody that absolutely is a kid who runs away from home no way that they should be this guy should be flying all over the world as a pilot. <br> Then becomes an attorney hard becomes a doctor then he becomes an attorney. <br> There's just no way that that would even in anyone's mind but what he did is he basically just faked his way through it right and. <br> <br> [11:20] Because he knew how to manipulate people with enough truth that they would be like oh I accept everything else that you're doing. <br> Now you can kind of see where we're going with this because really all of this sets itself up no and before I leave that I want to just say fortunately for him. <br> The character that's played by Tom Hanks is the f.b.i. agent really does come in and, help this young man even though he has to arrest him eventually and you know Catch Me If You Can is the movie so he's always running around and he's trying to catch him but, I love the story because there is a there's a sincerity to the part that is played by Tom Hanks that he really does care for this kid and. <br> You know and so now we're in a whole different realm of thought before we get into the topic but the idea behind it is that is that there is a counterfeit Pratt thing happening economy and thing happening and that kid is kind of stuck in this cycle of being successful at it, and he wants to get out but he can't and the only one that can really rescue them is Tom Hanks by putting him in jail. <br> <br> [12:26] Anyway the and then the end of the story is really cool because then he becomes a good guy because he's really helping Tom Hanks you know with counterfeit issues so now that sets us up to talk about. <br> <br> [12:37] Making the right choice selecting your advisor came all the way from from Dixon I always sub for Roberta. <br> Excuse me why aren't you reading Jill's never come back to Bellamy Jefferson again you tell them not to call me what do you think it's easy for a woman my age and all the money that are closer to travel with mr. and mrs. Abagnale and this is not a question of your son's attendance I regret to inform you that for the past week Frank has been teaching mrs. glasses French class. <br> <br> [13:14] He won't your son has been pretending to be a substitute teacher. <br> <br> [13:20] Lecturing the students giving out homework mrs. Glasser has been ill and there was some confusion with the real son. <br> <br> [13:30] Your son held a teacher parent conference yesterday and was planning a class field trip to a French bread factory in Trenton. <br> <br> [13:39] Do you see the problem we have. <br> <br> [13:43] Do you see the problem we have okay so this is a scene in the movie as we start thinking about the topic. <br> He is a high school student and he figures out how to become a substitute teacher at his own high school and. <br> Makes the kid who bullies him stand up in front of the class and read and so anyway what I love about this scene as we think about the topic is that. <br> Why does this like you know this person you know this high school student why is he able to pull all of this off so it's because at people as I said before. <br> Make assumptions about. <br> People in terms of what people can do what they can't do and all that so so this is really geared as we as we start thinking about choosing the right advisor. <br> To kind of pull hopefully pull us into a reality. <br> And not get caught up with hey I think this is good I think that's that's not so good or whatever but to be able to see the whole picture is really the goal of that and so I want to start off with as we go into the deeper part of this. <br> <br> [14:52] Is of course if you're going to hire an advisor and I kind of want to set the tone of the importance here right this is something that for most people. <br> If this is their first. <br> ESOP transaction you know like let's just assume that's your first one not this your second stage or third stage which can happen but if it's your first transaction this is the first time you've ever done that number one it's the most probably the most significant thing you'll do business wise, other than build your company and other major Milestones like by a building or, you know start a whole different division stuff like that but for the most part this will be the most major thing you do, it's not something that most people have done before so they don't have the ability to go back on their historical learning of AI this is how we do it in our business so. <br> <br> [15:40] Choosing the right advisor such an important topic because it is it is for a lot of companies a lot of individual shareholders and key managers that are listening to this. <br> It is and it should be. <br> Baked with some anxiety and and in that sense of uncertainty so that you find the right person the right persons the right team that can support you so the important part of that that is to you. <br> Once you get started with somebody most of the time you're going to keep going unless you find things that are problematic. <br> Over the last I'd say a good couple months I will say that I have gotten to meet several different companies that have have run into those types of things such, I do believe our good flags for them and they and they pulled out and they said he and we're going to we're going to look at something different, and in some cases we're helping them and other cases were not so I do see this as this is one of the reasons I want to do this podcast is because I see that as a trend going on right now with some of the some of the listeners. <br> <br> [16:43] The first thing I would advise is that as you think about your who you're choosing is find out obviously who they are what is their background in so some of this in, professional advisory I'm get I'm not talking about just the sell-side advisor but of course that's a very key role. <br> And we as we talked about the different roles that we have you know the cell site advisor can be an investment banking firm, they can be maybe not called an investment banking firm maybe they're called something different but they're going to manage the operation maybe in different ways and we're going to get get into that in a minute as far as the question behind that. <br> But so who they are what is their discipline core discipline is it from a professional standpoint are they an attorney are they a CPA are they and a Rissa expert pension expert are they. <br> <br> [17:36] Are they just a good business person they have transaction and many transaction experience and that's how they're doing what they're doing. <br> Without making any judgments there I think the question is just simply like who are you like what's your resume look like what, where's your what's your background when and I'm saying this specifically only because I want to kind of point out, that I think this is such an important area to cover when I do meet somebody very first time I usually go through a quick snapshot of my background because I think it's important, to connect the dots between my skill, I've created my education my work experience and the skills that I've created that I've actually been exposed to and mastered, through you know say thirty years of working you know that's important so I'll usually put that in the introduction that would include things for me like, he had a Commercial Banking background hey I had a value I have a valuation credential evaluation background this is where I applied that, particular experience evaluation in terms of by cells and succession planning obviously, I also have a background in doing Ma work I also have a background in, legal work related to MMA work so those kind of things all have kind of culminated into a certain skill set so Under the Umbrella of who are they asked the question if you do get a nice beautiful resume and a nice beautiful. <br> <br> [19:03] You know graphical picture pictorial thing with everybody's got a nice head shots and that's great. <br> <br> [19:10] But those things are all done you know really with the intention of making it look better like Facebook or whatever so go into the details ask questions about who they are where they've been who's you know as we think about, you know and of course and of course deal experience probably is very relevant to this because you want to know what kind of deals they've done in the past does your company because did your company match up with that. <br> Advisors as well so in looking at that though as well so as we start thinking about. <br> Who they are what kind of organizations they represent and again as we were thinking about this and I'll keep restating the same thing sell-side advisor your ESOP attorney the attorney that works for the company, and writes the plan document the summary plan description in the trust document. <br> <br> [20:08] The trustee the transaction trustee who eventually probably will become the ongoing trustee. <br> Their valuation firm or financial advisor and then their tourney and so those are those are your key people, as we then Bridge into the banking side of course your commercial Banker that is going to be responsible for the transaction. <br> Who are they and then who's they're legal the legal team as well you know that's typically going to come later in the process of doing a nice job. <br> But just clearly laying out those those advisors as we go now you already have individual advisors to so one question would be for you with who you already have as it may be your existing CPA firm or attorney, I definitely would inquire. <br> As to their ESOP experience and some are going to say hey I don't have any experience which is fine others might have that and I think that can be a plus. <br> In the operation because when you're going through the process it's nice to have somebody that you already been working with if you in and really there's most transactions that doesn't happen just so you know, it is nice if that if that were to happen if you had somebody in your own backyard that. <br> Understood this and that might be why you're even listen to the ESOP podcast at this point right somebody maybe some advisor maybe told you about this anyway so. <br> So kind of surveying that a little bit in your in your group. <br> <br> [21:33] I left out one that I thought it would be important to and it is the investment advisor for the 1042 election, so how do you find those if it's not through your deal team which is probably where it's going to come from, and even if it is through the deal team you want to ask the question like who do they use, to set up a 1042 transaction and you should do some due diligence on who those firms are as well just so you can basically build build a strong group of people that know what they're doing. <br> Now the premise of this whole movie is. <br> <br> [22:08] That this guy so good at masterminding the assumptive reasoning that people have in their human nature that people just don't even see it coming right and we're talking about and this is a true story so I'm not going to say it's all true but I'm say it is a true story, and so we're talking about FBI agents that he can do piste we're talking about Professionals in the medical world we're talking about Professionals in the attorney World professionals with, with respect to you know education as we just saw this so this guy is like unbelievably gifted at that advisors, in the world that we live in of course can fall in the same category so now I don't want to paint the picture of that everybody's out to get you but I do think that it's important and that's really the driver of this this episode is to do your homework. <br> <br> [22:58] All right so the next question is obvious but I don't want to you know just throw it out there and and or just move past it too quickly and I have talked about this before but the the obvious question is. <br> Based on how what they do like explain on who they are but what they actually do in the transaction. <br> So getting them to kind of like paint the picture for you of hey what are the next steps that we take how does that really work how do you guys you know what do you do and what do I have to do as the, the selling shareholder what do I have to do is the key managers what are my responsibilities. <br> In just getting comfortable with that and I don't have a lot of comparative you know information for you to say that they should you should be doing this and they should be doing that I'm just saying that in general in this question you just want to get comfortable, with the fact that you understand what is required of you. <br> <br> [23:56] And what's required of them now this kind of is going to set something else up as we talked about it but but going into that one thing I would say is is in your timeline of doing the ESOP. <br> With what they're requiring you to do do you have the amount of time to you know be able to afford to work through this or are you going into a you know you and your team going into a very busy season of work, that is going to require that you're not going to have that much available time so so just kind of looking at that to make sure that you've understood what their expectations are going to be on your side. <br> Now as we think about what their expectations are or what your expectations are for them then that will kind of set the groundwork for the question of. <br> And based on what you're going to do how do you get paid and when do you get paid so. <br> <br> [24:47] Classic question very difficult to answer for some people because they don't necessarily want to tell you exactly how they get paid I'm not saying that to be like. <br> Conspiracy conspiracy guy but you know if you asked a very clear question I hope you get a very clear answer on that. <br> Is it in your mind a cost-benefit how do you weigh the cost benefit of what you're paying for the for the people in the transaction versus. <br> <br> [25:14] You know basically what your what you should get now let's just say if you were referred these advisors from people that you you highly trusted. <br> And a lot of times that can happen because that company that you knew the owner they did a deal and they did the deal with these people. <br> You know and that so that's going to give some credibility to whatever they're going to tell you right even if the even off the get-go you're probably not going to feel like you need to do as much due diligence, with them as much because hey my friend use these people and they were they were really good and all they had is good things to say about them and I'm not going to Discount that that's a great, having referrals like that is awesome and I do I just don't want you to. <br> Look at that and say all right well we're good to go we don't ask them these other questions that I think are really important, so how do you get paid how do they get paid and when do they get paid in really thinking about the type of transaction it is now it's an ESOP transaction, so let me make a note on this for everybody and you might have heard me say this before. <br> An ESOP transaction is is a arm's length negotiation with a buyer and a seller. <br> <br> [26:27] And that fart and that form and that that regard it is a m&a transaction which means some merger and acquisition transaction but that's kind of where it ends so what is different about this is it is regulated by the Department of Labor. <br> And so looking at that as an issue I would say that you definitely want to ask the question of if they're going to get paid a transaction fee or a success fee on the on the engagement or what percentage of whatever the total is. <br> Fact that number into what you think you're not your net number is going to be and then just start getting comfortable with the amount of time that they're going to spend on the on the actual work. <br> <br> [27:05] And where I would say that you could highlight some questions here is the amount of time it's going to take first off to Source the buyer. <br> The buyer is a trustee in the sub transaction every time all the time never changes bottom line right. <br> So how are they going to search that who are the who are the trustees are thinking about sourcing and how are they going to Source the trustees, how much time is it going to take them to do that how much time is it going to take them to put together the you know the models and things like that so asking those questions helps to kind of get a sense for you no dialing into the amount of money that you're going to be paying for all of this, and this is where I think in again highlight this I think the such a distinct difference in specific specific to sell-side advisory. <br> In that if I'm a True sell-side Advisor for a classic em a deal I don't know who the buyer is that's the whole point of hiring a broker. <br> But if I am doing an ESOP transaction then I guarantee you everybody knows who the buyer is immediately before they even get engaged to do your work, so so that's important to be just thinking about mindful of as you start your your you know your work with them your journey with them. <br> <br> [28:18] Forget so the other thing is looking at again the whole team as well I mean how does everybody else get paid so moving past the the sell-side advisor is there a fixed fee engagement going on with, with the trustee the attorneys the valuation firm, that will normally roll into for the trustee evaluation firm in an ongoing fee for next year so what is that fee going to look like those are going to be important questions to ask as well. <br> <br> [28:46] So moving into that now we can understand who they are and how they get paid what they actually do the next question I would just kind of ask the question in specially if you're in a position where. <br> <br> [28:58] You're wanting to do a little more due diligence then I certainly would not hurt to get some client references. <br> So that you can check out what has been the experience with clients now they're going to give you clients that they really really are going to like them I mean if they don't then. <br> <br> [29:16] I don't know what they're doing be crazy but so you know if they do give you some clients you're going to do is go through a couple of client calls and I think that's always good in some sense and always but I think it's always, helpful in the event that you feel like hey I just want a little more information on them. <br> That would be helpful at least they at least you know they did a transaction and you can ask these kind of client references some very pointed questions, you know what was your experience for instance upfront what you thought we were going to get what was the difference in what you thought you were going to get and what I what you actually got, and then what was the experience you know after the closing you know where were you surprised in the transaction where did you feel like, you know or where they're you know where there are things that you didn't expect to happen and they did happen and so you could you know I would just advise you if you do call the references, you know asked good questions to them to be and be very you know obviously forward through. <br> You know those questions in most people I mean you're going to see that they they're going to give you that reference because that was a good experience and if they didn't again I don't know. <br> What they would be doing a I have called and asked you know references for trustees as well you know and just hiring a trustee sometimes if you've never if your advisor is never used them which is a question I would ask the advisor, then you may want to have some due diligence with the trustee as well. <br> <br> [30:39] So as we talk about the the references and we get into the other part of this is is. <br> <br> [30:47] Understanding the deeper part of you know exactly what they do as we talked about it but what's each is approach to delivering what service they have and so defining, clearly at the front end and it's again. <br> Everybody on on the table here right so your cell said advisor your attorney your ESOP trustee transaction trustee the valuation firm what, you know you're the one that pays this people so you are the customer at the end of the day even though it's an arm's length transaction your you're paying for everything, understanding each one's approach to delivering the service. <br> And so that you can kind of properly you know have some expectations as they can board. <br> <br> [31:31] You know what one thing I would try to identify two and in the deal team structures like who is in charge of getting the transaction done. <br> And don't always assume and I do think that really it is should be the sell-side advisor but don't always assume that that's what's going to happen. <br> Who's in charge if we're going to have a timeline and I do think you should have a timeline as far as when the deal should close I should I think you should have that very clearly laid out and that should be something that the sell-side advisor helps you with. <br> But how is it deal going to get done who's going to push it and so if you kind of take all of those specific approaches to delivering the service that should they should all mesh together very nicely, as a good team would both doing the silent the sell-side really well the buy-side really well how does that all kind of come together. <br> <br> [32:23] Now keep in mind this is happening probably in stages you not going to normally hire all of these advisers all at once, normally you would hire the sell-side team the sell-side advisor first and they're going to help to bring you through this process, and and one of the reasons I was doing this episode is because I wanted you to be aware that you know they're going to bring people to the table clearly. <br> But you still want to have the opportunity to vet those people and really ask these questions so but keep in mind this is not going to happen you know day one of getting things started you're going to start with, you're going to usually start with some kind of feasibility evaluation feasibility work to make sure that, you everybody understands what you're doing and how you're doing it before you bring anybody involved there'd be no there's no sense in paying anybody until you actually really need them. <br> <br> [33:11] So in those in those things with with respect to the approaches I think the natural question around that is is how do you work do you work alone do you work as a team, where do you come in where do you not come in you know just you don't have to be overbearing on this I mean because if it's a team environment I would imagine that. <br> As their group gets busy then some people come in and some people come out so as long as they're all qualified to do the work that's not a problem, if they are working alone then I would ask the question like how do you keep up with all the different things you have going on and there should be maybe a good answer for that as well. <br> So so as we get through all of this I think the the other piece of it the final kind of question I have for the advisors who you might hire is everything becomes if you done, you know the ESOP transaction world like everything becomes so focused on the closing. <br> <br> [34:10] And I think I said this like I'm doing a closing literally tomorrow and it's been a great experience everything's kind of worked we had a few things come up. <br> <br> [34:19] But there's there's like a large group of people when you have a closing of the attorneys you have the attorney for the trustee you have the attorney for the bank you have the attorney for the company, you've got the bank you've got the valuation firm you've got the trustee you've got you know anybody that is an advisor in the whole group all these people on these phone calls, so naturally it's like everybody's so focused on the transaction and so will you be but my big question is what happens after the transaction. <br> What is your advisers role after the transaction and now we get into the other adviser who is going to be the third party administrator, and typically I would bring them on in kind of towards the end of the project when right before closing so we can kind of get things ready to go, review their proposal make sure that we're all good with them. <br> But the other part of it is that the the how do you you know get through the next post ESOP, you know transition plan like what does that really look like for you and who are who are the advisors that you're working with and how do they help you pass that closing date and some cases. <br> <br> [35:27] Everybody goes away and you're it's all you and your in your internal team and you're sitting there talking to the teepee a not sure exactly what's going to happen next, and so I think that's a very important question and I think it's really important post ESOP work is. <br> <br> [35:43] Really important because you're now having this opportunity to leverage some of the things that we've talked about on this podcast that are, the benefits of being an ESOP company but what you don't want to do is feel like hey you're going to hit the wall on this you'll do the closing and then you're left in the dark now or, you're just on your own so I asked that question and see kind of what people come back with I know like for us we work through not only the transaction but we have a post Esau. <br> Timeline that we help clients with to make sure that we addressed all kinds of things including accounting ESOP accounting ESOP Taxi, you know setting up the right schedule with the TPA then you have your whole cultural initiatives strategic messaging process where we're going to go through and help, the company with the rollout meeting and then other things that are going to come later that are going to really help the company in the next 12 months. <br> <br> [36:40] Maximize the benefit of being a Nissan. <br> So all that being said Catch Me If You Can is the movie today don't assume too much about people as kind of the Ming, idea behind this podcast do your homework Choose Wisely when you choose an advisor and, I hope that helps you and really wish you the best on your on your journey to an ESOP if you have questions about this topic or anything else please, email us at journey to an ESOP.com you go into that website and there's going to be a contact page there will get back to you right away with with an answer to any question that you might have. <br> <br> [37:18] So with all that enjoy your day enjoy your next step on your journey to an ESOP. </p>
About Journey to an ESOP & Beyond
ESOPs are gaining traction. In the "Journey to an ESOP & Beyond” podcast, Phillip Hayes explains the process of the ESOP transaction and addresses ESOPs from a business owner’s perspective. The "ESOP Guy" illuminates the simplicity of ESOPs as he debunks common misconceptions that ESOPs are immensely costly and complicated.
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