Retirement brings with it a lot of major decisions, especially for company owners who've grown a successful business over many decades like James Dow, founder, President and CEO of Diversified Plastics Inc. While there are many options, the one that Dow chose to continue the success of his 35-year-old company was to sell to the employees through an Employee Stock Ownership Plan (ESOP).
"Knowing that someday I would eventually retire and have to sell the company, the most obvious direction would have been to sell to an outside organization," Dow stated in a prepared release. "But, I found that prospective buyers had no desire in continuing the company. Their only interest was our customer list and equipment, which meant that in all probability, our employees would be out of work."