EMPLOYEE STOCK OWNERSHIP
PLANS (ESOP'S)
HON. DANA ROHRABACHER
OF CALIFORNIA
IN THE HOUSE OF REPRESENTATIVES
Mr. ROHRABACHER, Mr. Speaker, employee ownership has always represented a lucrative opportunity for companies, both large and small, and their employees. In the words of Senator Russell Long, 'the wealth of our Nation should be more widely held.' But as the Senator also pointed out, 'broadened ownership will not be the result of a Robin Hood redistribution, but of enlightened, foresighted management which knows that most deals are better if employees share more fully the rewards.' Employee stock ownership plans (ESOP's) in corporations and companies allow American employees opportunities to be included in the operations of their business, while simultaneously obtaining a stake in the company's success. As a result, employees become more an integral part of their companies and can amass the capital credit they need to form investments of their own.
The number of ESOP's in the United States is estimated to be approximately 12,000, involving over 12 million employees. Since the 1970's, ESOP's have undergone dramatic growth and expansion. The need for new information sources on ESOP's has never been greater.
A book with annual yearbook supplements, 'Employee Stock Ownership Plans: Business Planning, Implementation, Law & Taxation,' authored by Robert W. Smiley, Jr., and Ronald J. Gilbert, and published by Warren Gorham Lamont, offers the American entrepreneur a comprehensive text describing the legal and practical ramifications of implementation and employee ownership.
Robert W. Smiley, Jr., is chairman of the Benefit Capital Companies Inc., headquartered in Los Angeles, CA, which he founded in 1984. Ronald J. Gilbert is the cofounder and president of ESOP Services, Inc., headquartered in Scottsville, VA. ESOP Services, Inc., also operates in central and eastern Europe and Latin America. Prior to founding ESOP Services, Inc., he was a vice president with Kelso & Co. in San Francisco. Their book, in short, is a monumental work.
Over 850 pages of text, supplemented annually by over 500 pages in the updated yearbook, illustrate practical, rather than theoretical, considerations. While the book is dedicated 'To employees throughout the world'**' it is written to appeal to everyone involved with ESOP's whether one seeks guidance as part of a management team wrestling with one of the many complex issues that deal with the feasibility of an ESOP or whether one is acting as legal or tax counsel. It would also be helpful to Members of Congress that want more information on the benefits of employee ownership.
Smiley and Gilbert's book is more complete than anything published before on the subject of ESOP'S. It combines the best of both general and technical information. I urge members of the business community and Members of Congress to study the ESOP alternative. 'Employee Stock Ownership Plans' by Smiley and Gilbert offers businessmen and Congressmen a great place to start studying.

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