Critchfield has decades of experience helping businesses establish and manage Employee Stock Ownership Plans (ESOPs) that provide benefits to both owners and employees.
From small, family-owned businesses to publicly-traded corporations, our team’s knowledge and experience allow us to provide an individualized assessment of the unique opportunities and challenges an ESOP presents for your business. We offer guidance for ESOPs at every stage of development, whether it be financing and structuring a new plan or managing and updating an existing plan. Our areas and expertise include:
- Advising on the unique benefits and challenges an ESOP can provide for your business
- Designing, structuring, drafting, and implementing ESOPs and trust agreements
- Providing employee education and helping promote employee buy-in
- Drafting and negotiating ESOP loan documents and related security agreements
- Preparing corporate documents related to the implementation of ESOPs
- Preparing legal opinions for lenders regarding compliance with applicable laws
- Preparing and filing favorable determination letters and handling compliance matters with the IRS
- Advising on specific business and legal issues of ESOPs
- Using ESOPs as a tax-advantaged business-planning tool
- Providing guidance on using an ESOP to finance the restructuring of a business, fund an acquisition, or ward off a hostile takeover
- Drafting loan documents and related security agreements
