ESOPs in Canada: How to Implement an Employee Share Ownership Plan to Grow and Exit your Business with your Legacy Intact

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Employee Share Ownership Plans (ESOPs) are a powerful tool in a world in which it is no longer business as usual. Whether you want to attract and retain skilled workers, create a succession plan for your business, combat the brain drain, recognize employee contributions, or need a way to turn your company around through improvements in productivity and morale, an ESOP could be the win-win solution for your company. An ESOP is a formal plan that allows employees to purchase shares in the company they work for. Employees think and act like owners because they actually hold a very real stake in the company. Not only are ESOPs financially beneficial for employees; companies that offer these plans also reap tangible rewards in improved motivation, communication, productivity, and profitability.