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Does Employee Ownership Really Make a Difference?
Beginning of article
The September CPA journal featured a panel discussion on the benefits of using ESOPs in succession and exit strategy planning in closely held businesses.As discussed in the article, the two major benefits Of using an ESOP are 1) the seller gets out tax-free and 2) the principal payments on debt created in the transaction are taxdeductible. Many financial or strategic buyers might still ask,"Does the cost of equity dilution justify sharing the future economic returns on the equity with employee-owners?"
The answer can be found in a study, done at Northwestern University IS J.L. Kellogg Graduate School of Management by Professor Hamid Mehran, now at the Federal Reserve Bank of New …
