What comes after a season of growth? For many business owners, the question isn’t just about the next opportunity — it’s about legacy, leadership, and the future of the team they’ve built.
3LS CEO Eric Strickland recently shared his perspective on Employee Stock Ownership Plans (ESOPs) in The Business Journals, including the Nashville Business Journal. He notes that an ESOP can be a meaningful path forward for owners who want to preserve the culture and success of their business for the people who helped build it.
“It’s not the right fit for everyone,” Strickland says, “but for those who care deeply about their people and what happens after the sale, it can be an incredible path forward.”
He encourages business owners to ask themselves key questions before exploring an ESOP: Do you care what happens to the business after you sell? Do you want a gradual transition or a full exit? Is your company large and profitable enough to support employee ownership? And do you have a leadership team ready to carry the business forward?
Strickland’s advice reflects the reality that employee ownership is rewarding but requires thoughtful planning:
“Employee ownership is great, but it’s complicated — just like any meaningful investment in people and the future of a company,” he says.
At 3LS, we’re grateful to share insights on ESOPs and how they can help business owners preserve their legacy, strengthen leadership, and empower their teams.
Subscribers can read the full story from The Business Journals here.