NJEDA Issues RFP for Employee Stock Ownership Program

TRENTON, N.J. (September 5, 2024) – The New Jersey Economic Development Authority (NJEDA) today issued a Request for Proposal (RFP) to solicit firms interested in assisting business owners and employees in developing Employee Stock Ownership Plans (ESOP) through the NJEDA’s ESOP Assistance Program. The deadline to submit questions will be 2:00 p.m. on September 13, 2024, and the deadline for responses will be 2:00 p.m. on October 1, 2024. The RFP can be found here: Bidding Opportunities – NJEDA.   

WHAT:           The intent of this RFP is to award contracts to up to five firms that will assist New Jersey business owners in developing ESOPs for employees of their respective companies. The proposed contract term will be for one year, with an extension option of up to one year.

WHO:            The RFP seeks responses from qualified firms who have experience with the following:

• Providing Employee Ownership (EO) transition, Employee Stock Ownership Plan (ESOP) transition, or Merger and Acquisition (M&A) services, including design/development of feasibility studies and valuations;
• Assisting small businesses in New Jersey that meet the requirements as defined pursuant to N.J.A.C. 17:13-1.2.
• Employs Certified Public Accountants and/or attorneys with experience in employee ownership models and New Jersey tax codes;

For a full list of required qualifications, click here.

WHEN:            All questions must be submitted in writing no later than 2:00 p.m. on September 13, 2024, via email to EDAProcurementQA@njeda.gov. The subject line of the e-mail should read: “QUESTIONS-2024-RFP-220–EMPLOYEE STOCK OWNERSHIP PLAN ASSISTANCE PROGRAM”. Answers to questions submitted will be publicly posted on the NJEDA’s website at: Bidding Opportunities – NJEDA.

All RFP responses must be uploaded to the Authority’s ShareFile system no later than 2:00 p.m. on October 1, 2024 . The subject line of the e-mail should state: “(Proposer’s Company Name) – Bid Submission-2024-RFP-220 EMPLOYEE STOCK OWNERSHIP PLAN ASSISTANCE PROGRAM, and the (file/document title)”.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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