Leveraged ESOPs and Employee Buyouts, 7th Ed

A leveraged ESOP borrows money to buy shares in the sponsoring company in order to buy a major part or even all of the company. It can be used to purchase shares from retiring owners in private firms, buy out entire companies, or finance new capital. With leveraging comes additional cost and complexity. This book discusses how ESOPs work and explains those complexities, providing comprehensive coverage of ESOP financing plus chapters on legal rules, valuation, M&A, and the tax-deferred ESOP "rollover."In the seventh edition, the book has been extensively revised, with chapters updated, removed, and added to make it a more practical and straightforward guide for the business owner, executive, employee group, advisor, or lender. New chapters discuss frequently requested topics such as warrant strategies and seller financing, plus bank financing and alternative sources of capital.