ESOP Radio

Menke

ESOP Radio is the official ESOP podcast—where real stories of growth, succession, and long-term wealth building are told. Hosted by Trevor Gilmore, CEO of Menke, and Ben Spadt, ESOP Investment Banking Consultant at Menke, the show features conversations with business owners, executives, and advisors who have navigated employee ownership as a strategic path forward. Episodes explore why companies choose ESOPs, how those decisions shape culture and continuity, and what it takes to build durable, long-term ownership structures. Alongside real-world stories, ESOP Radio examines the practical realities behind successful ESOPs, including fiduciary responsibilities, valuation, transaction structure, and regulatory considerations. ESOP Radio is educational in nature and designed for listeners seeking a clear, grounded understanding of employee ownership and long-term succession planning.

  1. APR 1

    Why ESOP Companies Command Higher Valuations in AEC

    AEC firms—architecture, engineering, and construction—are seeing a clear trend: ESOP companies are outperforming their peers on valuation. In this episode, Trevor Gilmore and Ben Spadt break down the 2026 data and explain why ESOP-owned companies are commanding higher valuations—and what that means for owners considering succession. In this episode:  Why ESOP companies see ~25% higher value relative to revenue  How backlog drives forward-looking valuation  The impact of S-Corp ESOP tax advantages on cash flow and value  How EBITDA multiples and cap rates are actually determined  Why ESOP companies often carry a lower risk profile This is a practical, data-backed look at valuation—not theory—and why many AEC firms are rethinking how they approach ownership and exit planning. Considering an ESOP? Request a confidential preliminary feasibility review at Menke.com Send us Fan Mail Learn more: ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

    14 min

  2. MAR 30

    From $2,000 Startup to 100% Employee-Owned: Art Hoover on Building Matrix HG

    In this episode of ESOP Radio, we sit down with Art Hoover, CEO and Co-Founder of Matrix HG, to talk about his journey from starting a company with just $2,000 to building a successful HVAC business—and ultimately transitioning to 100% employee ownership through an ESOP.  Art shares why he chose an ESOP over private equity, how the transition reshaped his role as CEO, and what it takes to build a company that can thrive long-term without losing its culture. We also dive into leadership, succession planning, and the importance of building a team that can carry the business forward—plus a few unexpected lessons from Art’s passion for racing cars. Whether you're exploring exit options or simply want to build a stronger business, this episode offers practical, real-world insights. 🔑 What You’ll Learn  Why Art chose an ESOP instead of selling to private equity  How employee ownership preserves culture and independence  The mindset shift from founder to ESOP CEO  Why strong leadership teams are critical to ESOP success  How ESOPs impact recruiting, retention, and motivation  Lessons from navigating economic downturns and COVID  The difference between growth and profitable growth  How racing translates to leadership and business discipline Send us Fan Mail Learn more: ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

    43 min

  3. MAR 19

    Why Employees Now Expect Equity — Not Just Pay

    A new trend is emerging — and it’s not limited to one region. In this episode of ESOP Radio, Trevor Gilmore and Ben Spade discuss the growing demand for employee ownership, highlighted by recent activity in California’s Central Valley. Employees are no longer satisfied with traditional compensation. Increasingly, they expect “skin in the game” — and companies are responding by implementing ESOPs as both a growth and retention strategy. In this episode: Why employees are prioritizing equity over traditional benefitsHow ESOPs are being used to attract and retain talentThe rise of Gen X owners proactively planning successionPartial vs. full ESOP structures (flexibility matters)The financial impact of employee ownership, including tax advantagesWhy ESOP companies often outperform over the long termThe takeaway: employee ownership is shifting from optional to expected. Considering an ESOP? Request a confidential preliminary feasibility review at Menke.com. Send us Fan Mail Learn more: ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

    10 min

  4. MAR 16

    How EOS Strengthens an ESOP Company

    What happens when an ESOP company implements EOS? In this episode of ESOP Radio, Trevor Gilmore and Ben Spadt sit down with Dave Jaeger, CEO of Legacy Utility, and Craig Hettrich, EOS Implementer at The Hetrick Group, to explore how ownership structure and operating discipline work together. Legacy Utility is a growing underground utility contractor that paired employee ownership with EOS to align leadership, improve accountability, and build long-term value. In this episode: What EOS actually is — and why it mattersHow EOS complements an ESOP structureAligning people, performance, and equityLeadership accountability in an employee-owned companyOwnership mindset vs. entitlement mindsetReal operational improvements (including measurable cost savings)Why ESOPs need structure to fully unlock cultureAn ESOP creates ownership. EOS creates alignment. Together, they create execution. Considering an ESOP? Request a confidential preliminary feasibility review at Menke.com. Learn more: ESOP Radio: https://www.menke.com/esop-radio/ ESOP Boot Camp: https://www.menke.com/esop-boot-camp/ Menke: https://www.menke.comSend us Fan Mail Learn more: ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

    37 min

  5. MAR 2

    Top 10 ESOP Predictions for 2026

    As we begin 2026, what’s ahead for the ESOP market? In this episode of ESOP Radio, Trevor Gilmore and Ben Spade share their Top 10 predictions for the year — from AI-driven owner awareness to partial liquidity strategies, private equity exits, lending trends, and the growing premium on employee ownership culture. In this episode: Why AI and online tools will accelerate ESOP educationThe continued rise of partial ESOPs for Gen X ownersPrivate equity firms exploring ESOPs as an exit strategyIncreased bank appetite for ESOP financingEmployee demand for ownership as a recruiting advantageThe possibility of the first cannabis ESOPBipartisan legislative momentumWhy ESOPs are shifting from “last resort” to strategic toolESOPs are no longer niche. They’re becoming a mainstream succession and competitive strategy. Considering an ESOP? Request a confidential preliminary feasibility review at Menke.com. Learn more: ESOP Radio: https://www.menke.com/esop-radio/ ESOP Boot Camp: https://www.menke.com/esop-boot-camp/ Menke: https://www.menke.comSend us Fan Mail Learn more: ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

    8 min

  6. FEB 17

    ESOP vs Private Equity: Why This $XXM Contractor Chose Employee Ownership

    What happens when a fast-growing contractor reaches a crossroads: private equity… or employee ownership? In this episode of ESOP Radio, Trevor Gilmore and Ben Spade sit down with Dave Jaeger, CEO of Legacy Utility Group, to unpack the real-world decision between selling to private equity or transitioning to an ESOP. Dave shares: • Why private equity didn’t align with his long-term vision  • How an ESOP created liquidity and a 10-year plan  • How pairing EOS (Entrepreneurial Operating System) with employee ownership strengthened accountability  • The cultural and recruiting impact of becoming employee-owned  • What he would tell himself 3 years before the transaction Legacy Utility operates in a competitive, capital-intensive industry. Yet the ESOP structure allowed them to preserve culture, retain talent, and build long-term value — without sacrificing independence. If you're a founder weighing succession options, this episode offers a candid look at what the decision actually feels like inside the boardroom. 📌 Learn more about ESOP feasibility:  Visit Menke.com 📌 Connect with Trevor Gilmore on LinkedIn 📌 Connect with Ben Spade on LinkedIn Send us Fan Mail Learn more: ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

    40 min
  7. ESOP Boot Camp, Part 10: What Employees Actually Experience in an ESOP

    FEB 11

    ESOP Boot Camp, Part 10: What Employees Actually Experience in an ESOP

    What do employees actually experience in an ESOP? In Part 10 of the ESOP Boot Camp series, Trevor Gilmore and Ben Spadt explore what employee ownership looks like from the inside — beyond transaction mechanics and tax advantages. This episode focuses on three key areas: building a true ownership culture, understanding what ESOP statements actually mean for employees, and why ownership alone does not automatically create engagement. The discussion explains how pride, accountability, and long-term thinking shape successful ESOP companies. It also covers how annual ESOP statements reflect accumulated retirement wealth and why leaders must continuously communicate long-term value creation to employees. Topics covered include: What ownership culture really means in practiceThe difference between working at a company and owning part of itHow ESOP statements reflect retirement wealth and vestingThe power of long-term compoundingWhy ownership alone does not guarantee engagementLeadership’s role in driving alignment and accountabilityThe importance of rowing in the same directionThis episode concludes the ESOP Boot Camp series and ties together the structural, financial, and cultural elements that make employee ownership successful over the long term. Send us Fan Mail Learn more: ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

    6 min
  8. ESOP Boot Camp, Part 9: Life After the ESOP Transaction

    FEB 11

    ESOP Boot Camp, Part 9: Life After the ESOP Transaction

    What actually happens after the ESOP transaction closes? In Part 9 of the ESOP Boot Camp series, Trevor Gilmore and Ben Spadt walk through what life looks like after an ESOP is implemented — from the employee rollout to the annual compliance cycle, board evolution, and management’s new strategic focus. This episode explains how companies transition from transaction execution to long-term ownership execution. The discussion covers how employee ownership is introduced and communicated, what recurring annual responsibilities look like, how boards often professionalize post-transaction, and how management’s focus shifts toward long-term value creation under an ESOP structure. Topics covered include: The employee rollout and ownership messagingBuilding excitement and engagement around employee ownershipAnnual ESOP lifecycle requirements (valuation, compliance, Form 5500)Independent annual appraisals and trustee approvalBoard evolution and adding independent directorsGovernance changes following a minority or control ESOPManagement’s new focus: education, scaling, and long-term ROIStrategic growth under an ESOP structureThis episode is designed for owners, CEOs, CFOs, and board members who want to understand how governance, compliance, and strategy evolve after an ESOP transaction closes. Send us Fan Mail Learn more: ESOP Radio: https://www.menke.com/esop-radio/ESOP Boot Camp: https://www.menke.com/esop-boot-camp/Confidential feasibility review: https://www.menke.com

    9 min
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About

ESOP Radio is the official ESOP podcast—where real stories of growth, succession, and long-term wealth building are told. Hosted by Trevor Gilmore, CEO of Menke, and Ben Spadt, ESOP Investment Banking Consultant at Menke, the show features conversations with business owners, executives, and advisors who have navigated employee ownership as a strategic path forward. Episodes explore why companies choose ESOPs, how those decisions shape culture and continuity, and what it takes to build durable, long-term ownership structures. Alongside real-world stories, ESOP Radio examines the practical realities behind successful ESOPs, including fiduciary responsibilities, valuation, transaction structure, and regulatory considerations. ESOP Radio is educational in nature and designed for listeners seeking a clear, grounded understanding of employee ownership and long-term succession planning.

Information

  • Creator
    Menke
  • Years Active
    2K
  • Episodes
    18
  • Rating
    Clean
  • Copyright
    © 2026 ESOP Radio
  • Show Website
    ESOP Radio