Pre-Transaction Services:
It’s important that a company is positioned well in the market before initiating an ESOP transaction. This involves ensuring financials are in order, dealing with banks, and cleaning up any financial records or issues. He highlighted the importance of a company having a strong management team to ensure continuity after the transaction.
Support for CFOs and Accountants:
Gregg helps businesses with strong CFOs or accountants, especially regarding the complexities of ESOP accounting. Part of his role would be mentoring and training a company’s accounting team through the ESOP process, ensuring that they understand the unique financial requirements.
During the Transaction:
During the transaction, Gregg acts as an advisor, helping clients avoid mistakes, guiding them through the plan design, and bridging the gap between the company’s internal language and the technical language used by external service providers like attorneys.
Post-Transaction Support:
Post-transaction, Gregg knows the importance of mentoring new CFOs, plan administrators, and helping with employee education regarding ESOPs. He also assists with board governance, advising on selecting new board members and improving corporate governance. He can both provide advisor services for the formation of the board or serve on a board himself.