CFO of YTS companies Shares their ESOP Journey, with Guest Host, Kyla Hanson of JAK CPA's!
Our episode today featured a guest co-host with Kyla Hansen, Partner at JAK CPA's and Sponsor of the Poised for Exit Show!
Kyla's client, YTS Companies, became an ESOP in 2021 with the help of JAK's team and Kyla's expertise. Kyla invited YTS CFO, Andy Yetzer to share the story of how their company pursued an ESOP transition and after facing some obstacles, successfully organized a structure for ESOP that will eventually involve all three of their companies while honoring the future exit timelines of its founders.
Andy shared that it was through the expert guidance of JAK that they were able to eventually accomplish their goal. Not only did JAK serve as their accounting firm, but also led the assembly of a collaborative advisory team and acquisition of independent Board members.
A couple of key tips they both recommended for our listeners considering ESOP were to know the current value of the business before making any transition decisions. If the value is not where it needs to be, work on strategies to grow it.
The other is to educate yourself on what an ESOP is and know the basic qualifying criteria before making any decisions. A good resource for employee ownership education is here
Listen to the episode here
Find Kyla here
Find Andy at YTS Companies here
Find Julie here
Are you ready for your best exit? There is no time like the present to prepare.
Check out these resources offered by KeyeStrategies: