EMPLOYEE STOCK OWNERSHIP PLAN ASSISTANCE PROGRAM
The Employee Stock Ownership Plan Assistance Program will provide partially covered ESOP feasibility study services for New Jersey businesses that are interested in transitioning to employee-owned firms. The NJEDA is partnering with experienced firms to provide the consultative services to assist interested businesses in the first steps of the transition process.
Businesses, owners, and employees should consider the following when seeking feasibility study services and ultimately, an ESOP transition:
- Is the current owner seeking a cost effective means of retirement and/or succession planning?
- Does the business currently employ at least 20 full-time employees?
- Is the business structure stable and sustainable in terms of revenue and governance?
- Is the business seeking to provide additional benefits for their employee?
Interested businesses should complete the ESOP Assistance Program Application, to be made available in the coming weeks, in order to begin the process of receiving assistance from one of the qualified firms. For any questions regarding the program, please contact ESOPAssistanceSupport@njeda.gov.
NJEDA has also partnered with Rutgers University School of Management and Labor Relations (SMLR) to provide educational materials on employee ownership to the public. You can find more information on ESOPs, employee ownership structures, and more here.
