Purpose

Companies facing succession planning issues often struggle with the decision to stay open or sell.  An Employee Stock Ownership Plan (ESOP) is a qualified employee benefit plan that offers tax-advantages to owners, and meaningful benefits to employees.  It enables owners to get a fair price for their business and saves jobs by keeping the business open. 

Eligibility

The Labor Department will work with businesses to conduct a prefeasibility to see if the company can benefit from this program. 

Contact

Stephen Ryan
Division of Employment and Workforce Solutions - Business Service Unit
NYS Department of Labor
State Office Campus
Building 12, Room 425
Albany, NY 12240
(518) 457-0000