As members of the Baby-Boom cohort retire, local business owners are faced with choices about how to transition ownership of their companies. Too often, the companies are sold to an out-of-state entity and local control and investment is lost, or just as often, the company is closed and jobs are lost to the community. Jeff Banning just took his company, Banning Engineering, through the ‘employee stock ownership plan’ or ESOP, process as a way of keeping it in Hendricks County. Jeff joins Debbie Trocha from the Indiana Cooperative Development Center to talk about the process in this podcast.
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