ESOP Radio

By Menke

ESOP Radio is the official ESOP podcast—where real stories of growth, succession, and long-term wealth building are told.

Hosted by Trevor Gilmore, CEO of Menke, and

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· Arts

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FAQs about ESOP Radio:

How many episodes does ESOP Radio have?

The podcast currently has 22 episodes available.

ESOP Radio episodes:

May 26, 2026Do ESOPs Really Increase Productivity? New Research Says Yes.
Do ESOPs actually improve company performance — or is it just theory?
In Episode 22 of ESOP Radio, Trevor Gilmore and Ben Spadt break down new research from Rutgers University showing a measurable connection between employee ownership and increased productivity.
Drawing from large-scale Bureau of Labor Statistics data and years of ESOP company analysis, the study found that ESOPs produce meaningful productivity gains across a wide range of businesses — even when management structures differ significantly.
Trevor and Ben walk through the key findings and explain what they mean for:
existing ESOP companies
business owners evaluating succession options
and leadership teams building long-term employee ownership cultures
The discussion also explores why ESOPs work best alongside strong communication, transparency, and incentive structures — not as standalone retirement plans.
In This Episode
What the new Rutgers ESOP productivity study found
Why ESOP companies showed measurable productivity gains
How ownership percentage affects employee engagement
Why ESOPs can work across different management styles
The importance of combining ESOPs with bonus incentives
How transparency and communication influence results
What business owners should know before implementing an ESOP
Key Takeaways
ESOPs were associated with productivity increases of nearly 7% overall
Larger ownership stakes correlated with even stronger gains
ESOPs performed well regardless of management sophistication
Pairing ESOPs with bonus structures produced stronger outcomes
Communication and transparency remain critical to long-term success
Send us Fan Mail
Learn more:
ESOP Radio: https://www.menke.com/esop-radio/
ESOP Boot Camp: https://www.menke.com/esop-boot-camp/
Confidential feasibility review: https://www.menke.com
...more
14min
May 11, 2026Funding Entrepreneurship Through Retirement Capital | Jeremy Ames of Guidant Financial
Entrepreneurship often begins with one major challenge: access to capital.
In Episode 21 of ESOP Radio, Trevor Gilmore sits down with Jeremy Ames, CEO and co-founder of Guidant Financial, to discuss how business owners are using retirement assets to launch and acquire companies through rollover structures commonly referred to as ROBS (Rollovers as Business Startups).
Guidant Financial has helped launch more than 35,000 businesses over the past two decades, giving Jeremy a unique perspective on entrepreneurship, ownership psychology, retirement planning, and long-term wealth creation.
The conversation explores:
How ROBS structures work
Why retirement capital is increasingly being used for entrepreneurship
The ownership mentality shared by founders and ESOP companies
The compliance and governance realities behind these structures
Why Guidant chose to become an ESOP company
The broader role ownership plays in financial empowerment
Rather than approaching ownership as a purely financial concept, the episode focuses on how ownership changes decision-making, accountability, and long-term thinking.
For business owners, advisors, and entrepreneurs, this conversation offers a practical look at alternative ownership structures and the growing overlap between entrepreneurship and employee ownership.
Send us Fan Mail
Learn more:
ESOP Radio: https://www.menke.com/esop-radio/
ESOP Boot Camp: https://www.menke.com/esop-boot-camp/
Confidential feasibility review: https://www.menke.com
...more
37min
April 27, 2026From Ultra-Endurance to ESOP Ownership: Building a Resilient Company with Dave Odell
What does it take to build a company that lasts—and a team that truly owns it?
In Episode 20 of ESOP Radio, Trevor Gilmore and Ben Spadt sit down with Dave Odell, CEO of MedBridge and CFO of Tynan Group, a 100% employee-owned company managing high-profile real estate development projects across the West Coast.
Dave shares the story behind Tynan Group’s ESOP transition, including why a traditional sale didn’t feel right—and how employee ownership ultimately checked every box.
But this episode goes deeper.
As an accomplished ultra-endurance athlete (including the 106-mile UTMB race around Mont Blanc), Dave draws powerful parallels between endurance racing and running a business: navigating uncertainty, pushing through low points, and building long-term resilience.
From ESOP structure to leadership mindset, this conversation is about playing the long game.
Key Topics
Why Tynan Group chose an ESOP over private equity or strategic buyers
What founders often misunderstand about selling their business
Early results from employee ownership (culture, retention, performance)
Lessons from ultra-endurance racing applied to business leadership
Building resilience through uncertainty, downturns, and “low miles”
The importance of team, trust, and long-term thinking
Send us Fan Mail
Learn more:
ESOP Radio: https://www.menke.com/esop-radio/
ESOP Boot Camp: https://www.menke.com/esop-boot-camp/
Confidential feasibility review: https://www.menke.com
...more
38min
April 13, 2026How M-Group Used Pre-Funding to Build an Orderly ESOP Transition
What does an ESOP transition look like when a company starts planning early?
In Episode 19 of ESOP Radio, Trevor Gilmore and Ben Spadt sit down with Jeff Bradley and Heather Hines of M-Group, a Bay Area urban planning firm that helps cities and counties shape long-term growth, land use, infrastructure, and livability
Because urban planners think in decades, M-Group approached succession the same way. In this conversation, they share why employee ownership aligned with the firm’s values, how they used ESOP pre-funding to reduce stress on the business, and what they learned about employee communication along the way
In this episode:
Why M-Group saw ESOPs as a fit for a people-driven professional services firm
How pre-funding created a more orderly transition and reduced debt pressure
What employees understood — and misunderstood — when the ESOP was introduced
Why the process increased financial transparency inside the company
How ESOP planning opened broader succession conversations across the firm
Whether employee ownership is helping with client confidence and recruiting
One of the clearest takeaways:
You cannot really start too early on succession planning.
Considering an ESOP? Request a confidential preliminary feasibility review at Menke.com.
Send us Fan Mail
Learn more:
ESOP Radio: https://www.menke.com/esop-radio/
ESOP Boot Camp: https://www.menke.com/esop-boot-camp/
Confidential feasibility review: https://www.menke.com
...more
34min
April 01, 2026Why ESOP Companies Command Higher Valuations in AEC
AEC firms—architecture, engineering, and construction—are seeing a clear trend:
ESOP companies are outperforming their peers on valuation.
In this episode, Trevor Gilmore and Ben Spadt break down the 2026 data and explain why ESOP-owned companies are commanding higher valuations—and what that means for owners considering succession.
In this episode:
Why ESOP companies see ~25% higher value relative to revenue
How backlog drives forward-looking valuation
The impact of S-Corp ESOP tax advantages on cash flow and value
How EBITDA multiples and cap rates are actually determined
Why ESOP companies often carry a lower risk profile
This is a practical, data-backed look at valuation—not theory—and why many AEC firms are rethinking how they approach ownership and exit planning.
Considering an ESOP?
Request a confidential preliminary feasibility review at Menke.com
Send us Fan Mail
Learn more:
ESOP Radio: https://www.menke.com/esop-radio/
ESOP Boot Camp: https://www.menke.com/esop-boot-camp/
Confidential feasibility review: https://www.menke.com
...more
14min
March 30, 2026From $2,000 Startup to 100% Employee-Owned: Art Hoover on Building Matrix HG
In this episode of ESOP Radio, we sit down with Art Hoover, CEO and Co-Founder of Matrix HG, to talk about his journey from starting a company with just $2,000 to building a successful HVAC business—and ultimately transitioning to 100% employee ownership through an ESOP.
Art shares why he chose an ESOP over private equity, how the transition reshaped his role as CEO, and what it takes to build a company that can thrive long-term without losing its culture.
We also dive into leadership, succession planning, and the importance of building a team that can carry the business forward—plus a few unexpected lessons from Art’s passion for racing cars.
Whether you're exploring exit options or simply want to build a stronger business, this episode offers practical, real-world insights.
🔑 What You’ll Learn
Why Art chose an ESOP instead of selling to private equity
How employee ownership preserves culture and independence
The mindset shift from founder to ESOP CEO
Why strong leadership teams are critical to ESOP success
How ESOPs impact recruiting, retention, and motivation
Lessons from navigating economic downturns and COVID
The difference between growth and profitable growth
How racing translates to leadership and business discipline
Send us Fan Mail
Learn more:
ESOP Radio: https://www.menke.com/esop-radio/
ESOP Boot Camp: https://www.menke.com/esop-boot-camp/
Confidential feasibility review: https://www.menke.com
...more
43min
March 19, 2026Why Employees Now Expect Equity — Not Just Pay
A new trend is emerging — and it’s not limited to one region.
In this episode of ESOP Radio, Trevor Gilmore and Ben Spade discuss the growing demand for employee ownership, highlighted by recent activity in California’s Central Valley.
Employees are no longer satisfied with traditional compensation. Increasingly, they expect “skin in the game” — and companies are responding by implementing ESOPs as both a growth and retention strategy.
In this episode:
Why employees are prioritizing equity over traditional benefits
How ESOPs are being used to attract and retain talent
The rise of Gen X owners proactively planning succession
Partial vs. full ESOP structures (flexibility matters)
The financial impact of employee ownership, including tax advantages
Why ESOP companies often outperform over the long term
The takeaway: employee ownership is shifting from optional to expected.
Considering an ESOP? Request a confidential preliminary feasibility review at Menke.com.
Send us Fan Mail
Learn more:
ESOP Radio: https://www.menke.com/esop-radio/
ESOP Boot Camp: https://www.menke.com/esop-boot-camp/
Confidential feasibility review: https://www.menke.com
...more
10min
March 16, 2026How EOS Strengthens an ESOP Company
What happens when an ESOP company implements EOS?
In this episode of ESOP Radio, Trevor Gilmore and Ben Spadt sit down with Dave Jaeger, CEO of Legacy Utility, and Craig Hettrich, EOS Implementer at The Hetrick Group, to explore how ownership structure and operating discipline work together.
Legacy Utility is a growing underground utility contractor that paired employee ownership with EOS to align leadership, improve accountability, and build long-term value.
In this episode:
What EOS actually is — and why it matters
How EOS complements an ESOP structure
Aligning people, performance, and equity
Leadership accountability in an employee-owned company
Ownership mindset vs. entitlement mindset
Real operational improvements (including measurable cost savings)
Why ESOPs need structure to fully unlock culture
An ESOP creates ownership. EOS creates alignment. Together, they create execution.
Considering an ESOP? Request a confidential preliminary feasibility review at Menke.com.
Learn more:
ESOP Radio: https://www.menke.com/esop-radio/

ESOP Boot Camp: https://www.menke.com/esop-boot-camp/

Menke: https://www.menke.com
Send us Fan Mail
Learn more:
ESOP Radio: https://www.menke.com/esop-radio/
ESOP Boot Camp: https://www.menke.com/esop-boot-camp/
Confidential feasibility review: https://www.menke.com
...more
38min
March 02, 2026Top 10 ESOP Predictions for 2026
As we begin 2026, what’s ahead for the ESOP market?
In this episode of ESOP Radio, Trevor Gilmore and Ben Spade share their Top 10 predictions for the year — from AI-driven owner awareness to partial liquidity strategies, private equity exits, lending trends, and the growing premium on employee ownership culture.
In this episode:
Why AI and online tools will accelerate ESOP education
The continued rise of partial ESOPs for Gen X owners
Private equity firms exploring ESOPs as an exit strategy
Increased bank appetite for ESOP financing
Employee demand for ownership as a recruiting advantage
The possibility of the first cannabis ESOP
Bipartisan legislative momentum
Why ESOPs are shifting from “last resort” to strategic tool
ESOPs are no longer niche. They’re becoming a mainstream succession and competitive strategy.
Considering an ESOP? Request a confidential preliminary feasibility review at Menke.com.
Learn more:
ESOP Radio: https://www.menke.com/esop-radio/

ESOP Boot Camp: https://www.menke.com/esop-boot-camp/

Menke: https://www.menke.com
Send us Fan Mail
Learn more:
ESOP Radio: https://www.menke.com/esop-radio/
ESOP Boot Camp: https://www.menke.com/esop-boot-camp/
Confidential feasibility review: https://www.menke.com
...more
9min
February 17, 2026ESOP vs Private Equity: Why This $XXM Contractor Chose Employee Ownership
What happens when a fast-growing contractor reaches a crossroads: private equity… or employee ownership?
In this episode of ESOP Radio, Trevor Gilmore and Ben Spade sit down with Dave Jaeger, CEO of Legacy Utility Group, to unpack the real-world decision between selling to private equity or transitioning to an ESOP.
Dave shares:
• Why private equity didn’t align with his long-term vision
• How an ESOP created liquidity and a 10-year plan
• How pairing EOS (Entrepreneurial Operating System) with employee ownership strengthened accountability
• The cultural and recruiting impact of becoming employee-owned
• What he would tell himself 3 years before the transaction
Legacy Utility operates in a competitive, capital-intensive industry. Yet the ESOP structure allowed them to preserve culture, retain talent, and build long-term value — without sacrificing independence.
If you're a founder weighing succession options, this episode offers a candid look at what the decision actually feels like inside the boardroom.
📌 Learn more about ESOP feasibility:
Visit Menke.com
📌 Connect with Trevor Gilmore on LinkedIn
📌 Connect with Ben Spade on LinkedIn
Send us Fan Mail
Learn more:
ESOP Radio: https://www.menke.com/esop-radio/
ESOP Boot Camp: https://www.menke.com/esop-boot-camp/
Confidential feasibility review: https://www.menke.com
...more
40min

FAQs about ESOP Radio:

How many episodes does ESOP Radio have?

The podcast currently has 22 episodes available.