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V O L . X X X N O. X X I V § 2 O C T O B E R 2 1 , 2 0 2 4 4 C O N T E N T S Copyright 2024. All rights reserved. Mainebiz® (ISSN# 1530-0749) is published bi-weekly 29 times a year, including special issues published in July, September, October and December by New England Business Media LLC. Periodicals postage paid (USPS# 018-715) at Port land, ME and at additional entry points. Postmaster: Please send changes to: Mainebiz, PO Box 330, Congers, NY 10920-0330. Annual subscriptions are available for $84.00 and include Fact Book and Book of Lists. To subscribe, please visit our website at www.mainebiz.biz, email circulation@mainebiz.biz or call our circulation department at 845-267-3008. Mainebiz® accepts no responsibility for unsolicited manuscripts and in general does not return them to the sender. PUBLISHER Andrea Tetzlaff EDITOR Peter Van Allen MANAGING EDITOR / DIGITAL OPERATIONS William Hall SENIOR WRITERS Renee Cordes, Laurie Schreiber STAFF WRITER / SOCIAL MEDIA STRATEGIST Alexis Wells CONTRIBUTING WRITERS Mark Jeanneret, Carrie Yardley RESEARCH DIRECTOR Stephanie Meagher RESEARCH ASSISTANT Heide Martin ART DIRECTOR Matt Selva HOSPITALITY Buster HOSPITALITY EMERITUS Malcolm, Zoey A division of New England Business Media LLC C E O / GROUP PUBLISHER Peter Stanton P R E S I D E N T Tom Curtin DIGITAL DIRECTOR Jan Holder SENIOR ACCOUNT MANAGERS Ken Hanson, Kerry Rasor, Betsy VanderPloeg EVENTS AND MARKETING DIRECTOR Samantha Elliott OPERATIONS AND ADMINISTRATIVE MANAGER Allison Spies AUDIENCE DEVELOPMENT SPECIALIST Leah Allen 6 13 12 F E AT U R E S 5 The ESOP vocabulary: Terms for success — A first step to understanding an Employee Stock Ownership Plan is learning some key terminology. 6 Navigating M&A transactions with key ESOP considerations — Setting up an ESOP can present a range of challenges. Here are some solutions. 12 Employee owned and operated — How an ESOP works and what's in it for the employees. 13 Challenges turned into opportunities — While starting an ESOP might be a trend, keep in mind these pros and cons 20 How to set yourself up for ESOP success — In Maine's tight labor market, there's value in having team members take a stake in the company Maine Fiduciary Professionals Securities Disclosure: Securities offered through Valmark Securities, Inc. Member FINRA, SIPC. Investment Advisory Services offered through Valmark Advisers, Inc. a SEC Registered Investment Advisor. | 130 Springside Drive, Suite 300, Akron, OH 44333-2431 | Telephone: (800) 765-5201 | Lebel & Harriman, LLP and Lebel & Harriman Retirement Advisors are separate entities from Valmark Securities, Inc. and Valmark Advisers, Inc. Retirement Plan Management Investment Management Financial Wellness & Education Financial Planning Executive Benefits Risk Management Insurance Insurance Succession Planning Legacy Planning Employer Financial Services Personal Financial Services Eight species of wild Atlantic, certified organic seaweed and seaweed centered products, nationally distributed from Hancock, Maine. Nourishing you with responsibly- sourced seaweed since 1971. SEAVEG.C OM 207-412-0094