ESOP Radio

Business owners considering an ESOP are operating in a noticeably different environment than they were a year ago. This episode covers three developments reshaping the ESOP landscape in 2026: a major shift in Department of Labor enforcement, several bills moving through Congress that address long-standing valuation and financing gaps, and new flexibility from banks that are lending to ESOP transac...

Many ESOP participants spend years accumulating meaningful wealth inside a retirement plan they cannot easily access or sell. When the time comes to diversify or retire, the decisions made in that window can have significant tax consequences and long-term effects on retirement income. This episode examines what happens after the wealth is built — and how to approach it with clear eyes. Trevor Gilm...

In Episode 23 of ESOP Radio, Trevor Gilmore and Ben Spadt discuss encouraging developments for employee ownership coming out of Washington, D.C. Ben shares insights from the ESOP Association's advocacy efforts on Capitol Hill, including proposed legislation aimed at expanding ESOP access through government-backed lending programs and increased contribution flexibility. The conversation also c...

Do ESOPs actually improve company performance — or is it just theory? In Episode 22 of ESOP Radio, Trevor Gilmore and Ben Spadt break down new research from Rutgers University showing a measurable connection between employee ownership and increased productivity.  Drawing from large-scale Bureau of Labor Statistics data and years of ESOP company analysis, the study found that ESOPs produce meaningf...

Entrepreneurship often begins with one major challenge: access to capital. In Episode 21 of ESOP Radio, Trevor Gilmore sits down with Jeremy Ames, CEO and co-founder of Guidant Financial, to discuss how business owners are using retirement assets to launch and acquire companies through rollover structures commonly referred to as ROBS (Rollovers as Business Startups). Guidant Financial has helped l...

What does it take to build a company that lasts—and a team that truly owns it? In Episode 20 of ESOP Radio, Trevor Gilmore and Ben Spadt sit down with Dave Odell, CEO of MedBridge and CFO of Tynan Group, a 100% employee-owned company managing high-profile real estate development projects across the West Coast. Dave shares the story behind Tynan Group’s ESOP transition, including why a traditional...

What does an ESOP transition look like when a company starts planning early? In Episode 19 of ESOP Radio, Trevor Gilmore and Ben Spadt sit down with Jeff Bradley and Heather Hines of M-Group , a Bay Area urban planning firm that helps cities and counties shape long-term growth, land use, infrastructure, and livability  Because urban planners think in decades, M-Group approached succession the same...

AEC firms—architecture, engineering, and construction—are seeing a clear trend: ESOP companies are outperforming their peers on valuation. In this episode, Trevor Gilmore and Ben Spadt break down the 2026 data and explain why ESOP-owned companies are commanding higher valuations—and what that means for owners considering succession. In this episode:  Why ESOP companies see ~25% higher value relati...

In this episode of ESOP Radio , we sit down with Art Hoover , CEO and Co-Founder of Matrix HG, to talk about his journey from starting a company with just $2,000 to building a successful HVAC business—and ultimately transitioning to 100% employee ownership through an ESOP .  Art shares why he chose an ESOP over private equity, how the transition reshaped his role as CEO, and what it takes to build...

A new trend is emerging — and it’s not limited to one region. In this episode of ESOP Radio, Trevor Gilmore and Ben Spade discuss the growing demand for employee ownership, highlighted by recent activity in California’s Central Valley. Employees are no longer satisfied with traditional compensation. Increasingly, they expect “skin in the game” — and companies are responding by implementing ESOPs a...

What happens when an ESOP company implements EOS? In this episode of ESOP Radio, Trevor Gilmore and Ben Spadt sit down with Dave Jaeger, CEO of Legacy Utility, and Craig Hettrich, EOS Implementer at The Hetrick Group, to explore how ownership structure and operating discipline work together. Legacy Utility is a growing underground utility contractor that paired employee ownership with EOS to align...

As we begin 2026, what’s ahead for the ESOP market? In this episode of ESOP Radio, Trevor Gilmore and Ben Spade share their Top 10 predictions for the year — from AI-driven owner awareness to partial liquidity strategies, private equity exits, lending trends, and the growing premium on employee ownership culture. In this episode: Why AI and online tools will accelerate ESOP education The continued...

What happens when a fast-growing contractor reaches a crossroads: private equity… or employee ownership? In this episode of ESOP Radio, Trevor Gilmore and Ben Spade sit down with Dave Jaeger, CEO of Legacy Utility Group, to unpack the real-world decision between selling to private equity or transitioning to an ESOP. Dave shares: • Why private equity didn’t align with his long-term vision  • How an...

Why do some business owners choose an ESOP—and why do others decide it’s not the right solution? In Part 3 of the ESOP Boot Camp series , Trevor Gilmore, CEO of Menke, and Ben Spadt, ESOP Investment Banking Consultant at Menke, walk through the real reasons owners pursue employee ownership, as well as the situations where an ESOP may not make sense. This episode is structured around three core dec...

What are the real tax advantages of an ESOP—and how do they actually work in practice? In Part 4 of the ESOP Boot Camp series , Trevor Gilmore, CEO of Menke, and Ben Spadt, ESOP Investment Banking Consultant at Menke, break down the three primary tax benefits available to ESOPs and selling shareholders. This episode explains the Section 1042 rollover , the differences between C corporation and S c...

How are ESOP transactions actually financed? In Part 5 of the ESOP Boot Camp series , Trevor Gilmore, CEO of Menke, explains the two primary ways ESOPs are financed: outside bank financing and seller financing —and how those approaches are often combined in practice. Using real-world examples, this episode walks through how lenders evaluate ESOP transactions, what makes a company “bankable,” and h...

How is an ESOP valuation actually determined? In Part 6 of the ESOP Boot Camp series , Trevor Gilmore and Ben Spadt break down ESOP valuation in simple, practical terms. This episode explains how fair market value works in an ESOP transaction, why cash flow drives value, and who ultimately determines the final price. The discussion covers the difference between “price” and “value,” the role of ind...

How does an ESOP transaction actually work from start to finish? In Part 7 of the ESOP Boot Camp series , Trevor Gilmore explains the step-by-step process of executing an ESOP transaction once valuation, structure, and financing have been determined. This episode walks through the key players involved — including the ESOP trustee, trustee counsel, and independent appraiser — and explains how negot...

Who works for you — and who works for the ESOP — during a transaction? In Part 8 of the ESOP Boot Camp series , Trevor Gilmore and Ben Spadt break down the key players involved in an ESOP transaction and clarify who represents whom throughout the process. This episode explains the role of the ESOP sell-side advisor (or “quarterback”), the trustee, trustee counsel, and the independent appraiser. Th...

What actually happens after the ESOP transaction closes? In Part 9 of the ESOP Boot Camp series , Trevor Gilmore and Ben Spadt walk through what life looks like after an ESOP is implemented — from the employee rollout to the annual compliance cycle, board evolution, and management’s new strategic focus. This episode explains how companies transition from transaction execution to long-term ownershi...

What do employees actually experience in an ESOP? In Part 10 of the ESOP Boot Camp series , Trevor Gilmore and Ben Spadt explore what employee ownership looks like from the inside — beyond transaction mechanics and tax advantages. This episode focuses on three key areas: building a true ownership culture, understanding what ESOP statements actually mean for employees, and why ownership alone does...

How do you know if an ESOP is actually a good fit for your company? In Part 2 of the ESOP Boot Camp series , Trevor Gilmore, CEO of Menke, and Ben Spadt, ESOP Investment Banking Consultant at Menke, walk through the key questions business owners should ask to determine whether their company is a strong ESOP candidate—and the warning signs that are important to understand early. This episode is str...

What exactly is an Employee Stock Ownership Plan—and how does it actually work? In this episode of ESOP Radio , Trevor Gilmore, CEO of Menke, and Ben Spadt, ESOP Investment Banking Consultant at Menke, kick off the ESOP Boot Camp series with a plain-English explanation of employee ownership. The conversation breaks down what an ESOP is, how it functions as a qualified retirement plan, and how it d...

What does it really feel like to sell your company to an ESOP—especially at 100% ownership? In this episode of ESOP Radio , Trevor Gilmore and Ben Spadt sit down with Ron Brown , CEO and former majority owner of Brown Construction , to discuss his decision to transition the company to a 100% employee-owned ESOP after more than 60 years of independent ownership. Ron shares what succession planning...

What should business owners ask before implementing an ESOP? In this first episode of ESOP Radio , Trevor Gilmore, CEO of Menke, and Ben Spadt, ESOP Investment Banking Consultant at Menke, walk through the top ten questions founders and executives should ask when evaluating employee ownership. Drawing on decades of experience advising ESOP transactions, the conversation covers feasibility analysis...