An Employee Stock Ownership Plan (ESOP) is an employee benefit plan which makes the employees of a company owners of stock in that company.

Drake & Associates belongs to the Triangle ESOP Alliance, whose members help organizations successfully plan and implement ESOP programs. As a member of this alliance, the Drake team provides essential communication services to help your employees understand the aspects of an ESOP and assist in facilitating active and engaged employee involvement.

Many company owners and employees do not often understand ESOPs or how to successfully communicate the plan to others in the organization. The following pages briefly outline ESOPs and explain how we can help:

 

Drake & Associates, Ltd is a proud member of the Board of Directors of the Triangle ESOP Alliance.

Our preferred ESOP partners and members of the Alliance include:

President
Michael H. Womble,
CPA, ABV, CVA, BVAL
Williams Overman & Pierce, LLP

Vice President
Steven B. Long
Maupin Taylor, P.A.

Treasurer
Mike Worsham
Paragon Commercial Bank

Secretary
Mary Lou Drake, SPHR
 Drake & Associates, Ltd.


Bob Drake
 Drake & Associates, Ltd.

Steven B. Long
Maupin Taylor, P.A

.Bill Merten
McDermott Will & Emery

Meg Shrum
National Cooperative Bank

Quan Williams
Quantum Benefit Solutions

Charter Members:
Gail Brown
Geoff Hudson
Don Monroe
Jessica Standifer
Hudson, Monroe & Brown Asset Management Group
of Wachovia Securities, LLC



What is an ESOP

An Employee Stock Ownership Plan (ESOP) is an employee benefit plan which makes the employees of a company owners of stock in that company. Several features make ESOPs unique as compared to other employee benefit plans. First, only an ESOP is required by law to invest primarily in the securities of the sponsoring employer. Second, an ESOP is unique among qualified employee benefit plans in its ability to borrow money. As a result, "leveraged ESOPs" may be used as a technique of corporate finance.
Typical Candidates Most Likely to Benefit from an ESOP
An ESOP is not for all companies; however, through the Triangle ESOP Alliance's experience, we have developed general criteria which companies should meet to consider an ESOP. Show me more information
Potential Advantages of an ESOP
  An ESOP can have advantages for all involved, from the company's owners to the employees. This benefit option allows company owners to take cash out of their business at a significant tax advantage while giving employees a potentially lucrative retirement plan. Show me more information
  How the Drake Team can Assist You
To successfully implement an ESOP, your employees must understand and be engaged in the process and plan. It is only with their support that your company can continue to be successful and grow, making the ESOP profitable for all involved. The Drake Team provides your company with communication services to assist in explaining and engaging your employees in this exciting and complex benefit plan.
 
 

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