即将退休的企业主面临着一系列复杂的继任计划决策, 比如如何为企业找到买家，以及如何为转型后的成功正确定位公司. Whatever the owner’s ultimate succession planning goal, 员工持股计划(“雇员股票拥有”)应该被视为一个潜在的解决方案.
员工持股计划是一种免税的退休计划，主要用于投资雇主的股票. In a typical 雇员股票拥有 transaction, 企业所有者向员工持股计划出售股票，以换取部分现金支付和在一段时间内(通常为5 - 15年)偿还的票据, 虽然如果交易涉及外部融资，可能需要更长的付款期限). Note payments are financed by contributions from the sponsoring company, 随着票据的偿还，员工持股计划所持有的股份将逐渐转入员工持股计划参与者(即公司员工)的账户. Upon maturity, 卖方将收到销售收益的全部款项，股份的实益所有权将转移给员工, 谁有资格在退休时获得分配到其帐户的股份的现金支付. 因此，雇员股票拥有为公司所有者和员工提供了一个潜在的“双赢”解决方案:雇员股票拥有授权所有者在不需要吸引外部买家的情况下从企业中套现, 公司还为员工提供退休福利，作为留住员工和激励员工表现的有力手段.
此外，员工持股交易也为税务和遗产规划提供了机会. If eligible for 税 deferral under Section 1042 of the 税 code, 通过将出售所得再投资于合格的替代财产，所有者可以将出售股票所得的任何收益延后纳税. If the reinvested sale proceeds are held through the owner’s death, the replacement property passes to the owner’s heirs with stepped-up basis, effectively eliminating any 税ation on the 雇员股票拥有 sale altogether. An 雇员股票拥有 also presents certain 税 advantages to the company, since contributions to fund note repayments are 税-deductible. 除了, 以S公司形式组织的公司可以节省大量的税收, 因为持有S公司股份的员工持股计划不需要对公司的K-1收入征税.
Owner wants the bulk of sale proceeds to be paid up-front.
业主愿意接受卖方的证明，证明销售收益将在一段时间内延长.
Business management
在老板不在的情况下，目前的员工不具备成功经营企业的资格.
Current workforce includes capable and qualified management candidates.
Volatility of company performance
历史 of volatile performance, with unpredictable cashflow year over year.
Steady performance with predictable cashflow.
Capital expenditures
Company anticipates substantial capital expenditures in near term.
Company does not anticipate substantial capital expenditures in near term.
Size of workforce
Small workforce; 25 or fewer employees.
Larger workforce, preferably 50 or more employees.
Availability of outside financing
公司的可用信贷已经达到上限，很难获得外部融资来为员工持股交易提供资金.
在不违反现有贷款契约的情况下，公司能够获得额外融资，为至少一部分员工持股交易提供资金.
For all their potential benefits, 雇员股票拥有s also come with certain drawbacks that should be considered carefully. 员工持股交易往往涉及大量的前期费用，而其他形式的交易可能不需要这些费用. 典型的员工持股计划相关成本包括进行可行性研究，以确保公司有能力偿还员工持股计划债务, and the cost of retaining independent trustees, 评估师和其他顾问应遵守适用的禁止交易豁免. 另一个潜在的缺点是，员工持股计划可能无法提供像外部买家那样慷慨的交易条款——比如股价、利率以及出售收益中任何延期部分的支付条款. (注意, 然而, 任何不太有利的交易条款都可以通过向卖方发行认股权证与员工持股交易相结合来至少部分抵消.)
如果你对员工持股计划是否适合你的企业继任计划有任何疑问, 伸出手去 杰森。” or Shad Fagerland from the Retirement Solutions group.
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