Varnum Attorney Weighs in on Employee Stock Ownership Plans
Varnum attorney Jeff DeVree was recently quoted in the Grand Rapids Business Journal regarding his work as legal counsel to QST Consultants, LTD on their move to become a partially employee-owned company through an Employee Stock Ownership Plan.
DeVree explains why QST was a great candidate for an ESOP and in general what a company should consider when setting up an ESOP. He states, "If the only reason you are doing this [setting up an ESOP] is for the tax benefit, you’re probably not going to be happy with it in the long run. You really have to do it for the right reason, and the right reason is that you believe in the concept of employee ownership.”
See full text of the Grand Rapids Business Journal article here - http://www.grbj.com/articles/76126-succession-plan-includes-employee-stock-ownership-program