ESOP Testimonial – Weddle Brothers Construction
Like many companies, Indiana general contractor Weddle Brothers Construction was looking for the best method to plan for future succession issues. BKD’s expertise helped successfully lead the company to develop an employee stock ownership plan (ESOP).
After determining that an ESOP was the direction the company wanted to go, Weddle Brothers President Lee Carmichael worked with his BKD advisor and BKD’s ESOP experts to study the ins and outs of the process. BKD helped the company make a plan and present it to company executives—as well as banks and sureties—and answer their questions about what is involved in creating an ESOP.
Carmichael says reaction from employees was mostly positive, and BKD was able to help alleviate uncertainty among certain employees. He also noted that the process was quick and efficient; from the time discussion with BKD began to the company’s official closure on its new ESOP, the entire process took less than a year.
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