How to Sell a Business That Wont Sell

Published: May 28, 2024, 9 a.m.

We\u2019re calling it a We-SOP. The term, coined by Jay Goltz, refers to a business transition that is something of a do-it-yourself ESOP, or employee stock ownership plan, but without the expense and complication and debt of a full ESOP. It\u2019s a transition that lets owners get money out of what has been their life\u2019s work. It\u2019s a transition that lets loyal employees keep their jobs and preserve the company\u2019s culture. And it\u2019s a promising solution for the Silver Tsunami of retiring Baby Boomers because it can provide a sales path even for owners who have never managed to extricate themselves from their day-to-day operations. And in this week\u2019s episode, we take you through an example of how it can work. Jay introduces us to Jill and Paul Choma, co-owners of a business, Gilded Moon Framing, that Jay recently guided through the We-SOP process. As you\u2019ll hear, all three believe that what has worked\u2014at least so far\u2014for Jill and Paul could also work for many other business owners.