Mackall, Crounse & Moore, PLC has joined Dewitt Ross & Stevens S.C.

The newly formed DeWitt Mackall Crounse & Moore S.C. will provide clients with enhanced legal services
and efficiencies as well as access to more than 100 attorneys practicing in nearly 30 areas of
law in Wisconsin and Minnesota.

Dismiss this message


News & Education

Back to ESOP News Feed

Filter by:

NCEO Reports on the State of the ESOP

On January 4, the National Center for Employee Ownership (NCEO) provided an overview of the results from its first ESOP transaction survey. Between February and September 2015, 240 companies contributed to the survey, which provides a snapshot of key ESOP design details.  Highlights reported by the NCEO include:

  • While the number of initial transactions involving 100% of a company’s shares increased significantly when comparing pre-2011 transactions to post-2010 transactions (from 38% to 56%), the number of initial transactions for a minority of shares decreased after 2010 (from 44% to 40%).
  • The responding companies reported a median time of six months for completing a transaction.
  • 72% of respondents reported leveraged transactions. For 60% of these transactions, loans funded the entire transaction.
  • 46% of respondents reported transactions using at least some seller financing.
  • 63% of respondents did not utilize the special tax treatment involving deferral of shareholder gains when selling stock to an ESOP (the Section 1042 rollover).

The NCEO cautions that developments in the ESOP field (including developments in appraisal standards, fiduciary scrutiny, and transaction structures) create different environments for the later transactions in the survey and that the survey represents a minority of all ESOP transactions.

However, the survey still provides a useful overview of key ESOP design features, and future versions of the survey will be helpful in tracking long-term trends in the design and execution of ESOP transactions.

You can find the NCEO’s survey highlights at here.

About the Author

Andrew Bezouska is an attorney practicing out of our Madison office. He is a member of the Employee Benefits, Labor & Employment and Tax & Tax Advocacy practice groups. Contact Andrew by email or by phone at 608.252.9200.


One of the best features about our website articles and blog entries is that they are timely—you get up-to-date information on the law as it exists at the time. The downside is that the law changes, but our older entries don't. That means we can't guarantee you are getting the most current law when reading through past entries.

Please don't take these articles and blog entries and rely on them as legal advice. Give us a call instead, for specific and pointed advice for your particular situation. Note that contacting us does not create an attorney-client relationship, unless you are accepted as a client of the firm.

Our Locations


Two East Mifflin Street, Suite 600
Madison, WI 53703
(608) 255-8891
Get Directions

Greater Milwaukee

13845 Bishop’s Drive, Suite 300
Brookfield, WI 53005
(262) 754-2840
Get Directions


2100 AT&T Tower,
901 Marquette Avenue
Minneapolis, MN 55402
(612) 305-1400
Get Directions

Get to know us

DeWitt Ross & Stevens S.C., including its affiliate DeWitt Mackall Crounse & Moore S.C., is one of the ten largest law firms based in Wisconsin, with an additional presence in Minnesota. It has nearly140 attorneys practicing in Madison, Metropolitan Milwaukee and Minneapolis in over 30 legal practice areas, and has the experience to service clients of all scopes and sizes.

Our People
Our Law Firm
Areas of Expertise
News & Education
Contact Us


We are an active and proud member of Lexwork International, an association of mid-sized independent law firms in major cities located throughout the Americas, Europe and Asia.


Best Lawyers 2013 – 2018
Compass Award 2012
Top 100 Lawyers: National Trial Lawyers Association

  • blf-badge-2016
  • blf-badge-2017
  • Ramac Member Logo
  • blf-badge-2018


While we would like to hear from you, we cannot represent you until we know that doing so will not create a conflict of interest. Accordingly, please do not send us any information about any matter that may involve you until you receive a written statement from us that we represent you (an “engagement letter”). You will not be a client of the firm until you receive such an engagement letter.

The best way for you to initiate a possible representation is to call DeWitt Ross & Stevens at 608-255-8891. We will make every effort to put you in touch with a lawyer suited to handle your matter. When you receive an engagement letter from one of our lawyers, you will be our client and we may exchange information freely.

Please click the “OK” button if you understand and accept the foregoing statement and wish to proceed.