One of the most difficult times with regard to a business is determining what will happen with such business in the event the owner is about to retire and there are no family members who are willing or able to take over the business. There are a few ways the business owner can handle this situation, and one of those is an ESOP. An ESOP is the acronym for Employee Stock Ownership Plan, which allows employees to come into ownership of the business. This can be done several ways, such as through direct purchases, bonuses, or profit-sharing plans.
