Journey to an ESOP & Beyond

Your feed feels personal for a reason, and it’s not magic. Jason Miller and Makenzie Wirth dig into the idea that the “algorithm” isn’t a villain with a secret agenda. It’s an objective system built on subjective inputs, and the input it cares about most is your attention. We share real snapshots from our own algorithms and what they might mean beneath the surface: curiosity, problem-solving, prep...

In this episode, Jason Miller and Makenzie Wirth continue the Foundations of Transition series by exploring the importance of financial fluency and clarity. This workshop-style conversation aims to help business owners better understand the numbers behind their operations and why financial confidence is essential for making informed decisions throughout the ESOP journey. This episode encourages ow...

In this episode, Jason Miller explores how advisors can recognize when an Employee Stock Ownership Plan (ESOP) deserves a place in a client’s transition planning conversation. Rather than positioning ESOPs as a one-size-fits-all solution for business owners, this 14-minute field guide offers practical advice for professionals aiming to engage in meaningful discussions with clients whose objectives...

In this episode, Makenzie Wirth sits down with David Thrush, Principal in Doeren Mayhew’s Audit Department and National ESOP Practice Leader, to break down why employee benefit plan (EBP) audits are essential for ESOP companies. With extensive experience in ERISA compliance, employee benefit plan audits, and ESOP administration, David explains how EBP audits support accurate Form 5500 reporting an...

Most business owners can name the exit they think they want, but far fewer can clearly explain the problem they are trying to solve. Jason Miller and Makenzie Wirth dig into the 10 powerful questions every owner should ask themselves before choosing an ESOP, a management buyout, or a third-party sale, because transition problems usually start with incomplete questions, not bad intentions.  From un...

In this Journey to an ESOP and Beyond podcast episode, Jason and Makenzie continue the Foundations of Transition series by exploring the sixth foundation: capacity building. Framed through the lens of leadership transfer, this conversation examines why a business is only truly transferable when leadership, decision-making, and organizational judgment can transfer as well. As owners prepare for suc...

In this podcast episode, Jason and Makenzie interview Art Smith, President of DB Engineering, about the company’s transition to 100% employee ownership. The conversation explores the decision-making process between a strategic sale, management buyout, and ESOP, along with the challenges of leadership transition, communication, and building an employee-owned culture. Drawing from firsthand experien...

In this episode of Journey to an ESOP and Beyond podcast,  Jason  and Mackenzie discuss the full lifecycle of an ESOP company. The conversation covers what changes in the first 90 days after an ESOP transaction, including new debt obligations, administrative responsibilities, and the importance of employee communication and engagement. The podcast also discusses how boards and leadership teams evo...

In this episode of Journey to an ESOP and Beyond, Makenzie breaks down the negotiation process behind an ESOP transaction. From purchase price and seller note terms to governance, SARs, board composition, and fiduciary requirements, this episode explores the key terms that are typically negotiated between the seller and the ESOP trustee. If you’re considering an ESOP or preparing for a transaction...

In this episode of the Journey to an ESOP podcast, Jason and Makenzie interview brothers Marc and John Farrell of to discuss their company’s transition to employee ownership and the multi-generational legacy behind it. The Farrell brothers share the history of their 80-year family business, why they chose an ESOP over other transition options, and what they’ve learned in the early stages of becomi...

In this Journey to an ESOP podcast episode, Jason and Makenzie continue the Foundations of Transition series, focusing on the theme of turning strategy into execution, exploring how these elements play a critical role in preparing for a successful ESOP transaction. Each workshop-style conversation in this series is designed to help business owners think more intentionally about the future of their...

In this episode, Jason Miller speaks with Steve Baker of The Great Game of Business about the critical role of financial literacy in building successful employee ownership and ESOP cultures. They explore why ownership alone does not automatically create an ownership mindset and why education is essential for helping employees understand how businesses actually work. Steve shares practical insights...

In recognition of April as Financial Literacy Month, this episode explores a critical question in employee ownership—why financial literacy matters when employees are given ownership but do not fully understand its value. Jason Miller and Makenzie Wirth discuss the role of financial literacy in employee ownership and Employee Stock Ownership Plan environments, and why understanding concepts like e...

What’s the right first question when an owner starts exploring an ESOP? It may not be “Can my company do one?” In this episode, we unpack why technical possibility and strategic fit are not the same thing. Using the metaphor of the kitchen in a family home, we explore what owners are really trying to preserve, strengthen, and pass on through transition — and why an ESOP works best when it supports...

In this episode of the Foundations of Transition series, Jason and Makenzie focus on the theme of Communication, Culture & Trust, exploring how these elements shape the success of an ESOP transaction. Each workshop-style conversation in this series is designed to help business owners think more intentionally about the future of their company and the role they play in shaping it.   This episode...

This week, Jason and Makenzie cover what could go wrong in an ESOP transaction. From concerns about overpaying for shares to the burden of debt service, unrealistic projections, and the momentum that can build during negotiations, this episode unpacks the risks that can make an ESOP feel “off track” and what causes those outcomes. Jason and Makenzie explore the difference between a deal that is tr...

In this episode, Jason and Makenzie walk listeners through the step-by-step process of an ESOP transaction, breaking down what can often feel like a complex and overwhelming journey into a clear, approachable roadmap. They cover common questions business owners often ask at the start of the process, including: How do I know if my company is a good fit for an ESOP? and who should be involved? From...

In this episode, Jason and Makenzie explore what is often one of the most challenging roles in an ESOP transition: frontline management. Immediately after a transition to employee ownership, frontline managers often take on the greatest level of responsibility as they help employees navigate change while keeping the business moving forward. Jason and Makenzie unpack six key threads that can help f...

In this episode of the Foundations of Transition Series, Jason and Makenzie focus on the theme of Strategic Direction, asking the critical question: What direction are we moving in, and how are we getting there? Each workshop-style conversation in this series is designed to help business owners think more intentionally about the future of their company and the role they play in shaping it.   This...

In this episode, Jason and Makenzie sit down with Steve Thornton and Eric Harris of Monte Sano Research Corporation (MSRC) to discuss the company’s evolution to employee ownership. They reflect on their company’s journey to an ESOP and how succession was intentionally embodied well before the formal transition, and the cultural foundations that made ESOP alignment a natural fit. The conversation a...

In this episode, Makenzie Wirth and Jason Miller explore how any employee, regardless of title or department, can help create enterprise value in an employee-owned company. They break down practical strategies to drive growth, increase profitability, and contribute to long-term company value. Whether you’re in sales, accounting, operations, or any other department, learn how your role connects to...

In this episode, Jason and Makenzie discuss the true meaning of equity, beyond financial payouts. They break down equity in terms of fairness, company ownership, home equity, and long-term value, and explain the responsibilities, risks, and mindset that come with owning equity. Learn how equity represents control, alignment, risk distribution, and strategic planning — key concepts for business own...

In this episode, Jason and Makenzie continue “The Foundations of Transition” series by highlighting the courage it takes to transition a company and its leadership. Each workshop-style episode builds on the last, offering practical guidance to help business owners move forward with confidence. This second foundation emphasizes the key components of a well-crafted transition plan, showing leaders h...

In this episode, Jason Miller explores the unsettling feeling of being enrolled in a college class you never signed up for — and suddenly realizing you are expected to know the subject matter. The fear and overwhelm hit hard. For many business owners, that is exactly what business succession planning and ESOP transitions can feel like. He explains how that anxiety often stems from delayed awarenes...

What truly drives a successful ESOP transaction? In this episode, Jason Miller sits down with Pete Schuler, Senior Vice President and Head of Consulting at Blue Ridge, to share insights from more than 30 years of specialized ESOP advisory and consulting experience. A trusted advisor on ESOP transactions and compliance, Pete has worked with companies across every stage of the ESOP lifecycle. Togeth...