Working with Benay for many years has allowed my company to keep its overhead lean and flexible, and has allowed Steerforth’s staff to focus on the words of our authors while Benay tends to the numbers. The people at Benay are consistently courteous, responsive, professional and thoroughly pleasant to work with.

— Chip Fleischer

Steerforth Press

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ESOP (Employee Stock Ownership Plan) Is your team ready to buy the company?

Employee stock ownership plans, or ESOPs, are the most common way that employees own businesses in the nation. Businesses establish trust funds into which they contribute money to purchase existing shares of their companies or shares themselves. In some cases, the ESOP will borrow money to purchase shares, and the business will contribute the cash needed to repay the loan. Employees who are over the age of 21 and who work full time at the business have a certain percentage of shares allocated to them. Employees become fully vested in three to six years, and when they leave, the company must repurchase their shares at the fair market value. Preparing Your Team to Buy the Company In order to i

Risk Aversion versus Risk-Taking

Many people believe that entrepreneurs are a group of people who are generally willing to take risks in order to reap big rewards. A surprising percentage of small business owners describe themselves as conservative rather than as risk-takers, however. The risk-averse definition comes from finance and means an investor who prefers to make low-risk investments that bring minimal returns because of fear of failure. The opposite would be a high-risk, or greedy investor, who is willing to make risky investments in order to potentially reap high returns. In addition to finance, risk aversion plays a role in the business world. In 2015, a study by the Hartford Group showed that only 33 percent of