ESOP Radio

Menke
  • 5.0 (2)
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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. 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

    40 min
  2. 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.

    6 min
  3. 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.

    9 min
  4. ESOP Boot Camp, Part 8: Who Works for Whom in an ESOP Transaction?

    FEB 11

    ESOP Boot Camp, Part 8: Who Works for Whom in an ESOP Transaction?

    Who works for you — and who works for the ESOP — during a transaction? In Part 8 of the ESOP Boot Camp series, Trevor Gilmore and Ben Spadt break down the key players involved in an ESOP transaction and clarify who represents whom throughout the process. This episode explains the role of the ESOP sell-side advisor (or “quarterback”), the trustee, trustee counsel, and the independent appraiser. The discussion also covers what happens after closing — including the recordkeeper, board oversight, and annual valuation requirements. In addition, Trevor and Ben outline common red flags owners should watch for when selecting advisors, including fee transparency, conflicts of interest, reinvestment structures, and overly complex or confusing explanations. Topics covered include: The ESOP sell-side advisor (“quarterback”) and their roleThe trustee’s fiduciary responsibility to plan participantsTrustee counsel and independent valuation firmsPost-transaction roles: recordkeepers and governanceBoard oversight in minority and control ESOP transactionsFee transparency and common compensation structuresRed flags and conflicts of interest to avoidThis episode is designed for owners, CEOs, and CFOs who want clarity around the structure, governance, and advisory landscape of an ESOP transaction before entering negotiations.

    11 min
  5. ESOP Boot Camp, Part 7: How an ESOP Transaction Actually Works

    FEB 11

    ESOP Boot Camp, Part 7: How an ESOP Transaction Actually Works

    How does an ESOP transaction actually work from start to finish? In Part 7 of the ESOP Boot Camp series, Trevor Gilmore explains the step-by-step process of executing an ESOP transaction once valuation, structure, and financing have been determined. This episode walks through the key players involved — including the ESOP trustee, trustee counsel, and independent appraiser — and explains how negotiations unfold between the seller and the ESOP trust. Trevor also outlines what due diligence looks like, how trustees are selected, and what actually happens at closing. Using a practical transaction example, this episode clarifies how bank financing and seller notes come together to fund an ESOP purchase. Topics covered include: The key parties representing the ESOP trustThe trustee’s fiduciary responsibilityHow trustees are selectedDue diligence and the data room processNegotiation dynamics between seller and trusteeTerm sheets and governance considerationsWhat happens at closingA real-world example of ESOP transaction fundingThis episode is designed for owners, CEOs, and CFOs who want a clear understanding of how an ESOP transaction moves from planning to closing.

    5 min
  6. ESOP Boot Camp, Part 6: ESOP Valuation Explained Simply

    FEB 11

    ESOP Boot Camp, Part 6: ESOP Valuation Explained Simply

    How is an ESOP valuation actually determined? In Part 6 of the ESOP Boot Camp series, Trevor Gilmore and Ben Spadt break down ESOP valuation in simple, practical terms. This episode explains how fair market value works in an ESOP transaction, why cash flow drives value, and who ultimately determines the final price. The discussion covers the difference between “price” and “value,” the role of independent valuation firms, and how trustees negotiate on behalf of employees to ensure transactions occur at arm’s length and at fair market value. Topics covered include: What it means for an ESOP to be a fair market value buyerWhy ESOPs are fundamentally cash flow buyersHow EBITDA multiples are built from cost of capitalThe role of projections, financial history, and market comparablesWho sets ESOP value in a transactionThe trustee’s fiduciary responsibilityThe difference between value and priceThis episode is designed for owners, CEOs, and CFOs who want a clear framework for understanding how ESOP valuations are determined before entering negotiations.

    11 min
  7. ESOP Boot Camp, Part 5: How ESOPs Are Financed

    FEB 11

    ESOP Boot Camp, Part 5: How ESOPs Are Financed

    How are ESOP transactions actually financed? In Part 5 of the ESOP Boot Camp series, Trevor Gilmore, CEO of Menke, explains the two primary ways ESOPs are financed: outside bank financing and seller financing—and how those approaches are often combined in practice. Using real-world examples, this episode walks through how lenders evaluate ESOP transactions, what makes a company “bankable,” and how seller notes can function as a long-term liquidity and estate-planning tool for selling shareholders. Topics covered include: The two primary ESOP financing methods: bank financing and seller notesHow lenders evaluate cash flow, coverage ratios, and financial qualityCombining bank financing with seller financing in ESOP transactionsSeller notes as long-term annuities for ownersWhen all–seller-financed ESOPs can make senseThe role of lender selection and ESOP-specific expertiseThis episode is designed for owners, CEOs, and CFOs who want a clear, practical overview of how ESOP financing works before diving deeper into structure or transaction planning.

    6 min
  8. ESOP Boot Camp, Part 4: The ESOP Tax Advantage Explained

    FEB 11

    ESOP Boot Camp, Part 4: The ESOP Tax Advantage Explained

    What are the real tax advantages of an ESOP—and how do they actually work in practice? In Part 4 of the ESOP Boot Camp series, Trevor Gilmore, CEO of Menke, and Ben Spadt, ESOP Investment Banking Consultant at Menke, break down the three primary tax benefits available to ESOPs and selling shareholders. This episode explains the Section 1042 rollover, the differences between C corporation and S corporation ESOP tax treatment, and how 100% S corporation ESOPs can operate without paying federal income tax. The discussion stays high-level and practical, focusing on how these tax advantages influence owner decision-making, transaction structure, and long-term strategy. Topics covered include: Section 1042 rollover basics and eligibility requirementsQualified Replacement Property (QRP) and common strategiesComparing a taxable sale versus a 1042 deferralESOP tax deductions for C corporationsHow S corporation ESOPs eliminate federal income taxPartial versus 100% ESOP ownership and tax implicationsWhy tax planning must align with long-term ownership goalsThis episode is designed for owners, CEOs, and CFOs who want a clear, plain-English explanation of how ESOP tax advantages work—and why they are often a central driver in ESOP decision-making.

    19 min
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Ratings & Reviews

5
out of 5
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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
    13
  • Rating
    Clean
  • Copyright
    © 2026 ESOP Radio
  • Show Website
    ESOP Radio