Truck Parts and Service

March 2017

Truck Parts and Service | Heavy Duty Trucking, Aftermarket, Service Info

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People are the lifeblood of the after- market. Equipment and technology play a major role but it takes employees to make a business thrive. This is one of the main reasons business owners in this industry are so fi ercely loyal to their people. They know they couldn't do what they do without them. It's this same loyalty that can make exit planning so agonizing. It's hard for business owners to walk away from people they care about — especially when they were so infl uential to their careers and success. For current business owners head- ing toward this reality and dreading it, one potentially optimal solution is an Employee Stock Ownership Plan. Commonly known as ESOPs, Em- ployee Stock Ownership Plans allow business owners to sell their company to the people most committed to its success, while also leveraging federal tax benefi ts to maximize exit earnings and develop a long-term stock-based retirement 14 T R U C K P A R T S & S E R V I C E | M a r c h 2 0 1 7 The ESOP Option Cover Story By Lucas Deal, Editor lucasdeal@randallreilly.com A sk any aftermarket business owner to name the most important asset in their business and the answer nearly always comes back 'employees.'

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