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.

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Who is a good ESOP Candidate? Start with the Two “L’s”

We have written (and linked out to) a lot of content in this space about what the profile is of a good ESOP candidate. We have referred to the numerous tax advantages such as capital gains taxation to the selling shareholder(s) (rather than ordinary income treatment), Section 1042 rollovers for C Corporations and tax-free profits for 100% ESOP-owned S Corporations. And there are other financial advantages to ESOPs including the ability of the selling shareholder(s) to stay on as employees and participate in the ESOP as employees.

But the best answer for the “profile” question? A business owner who really cares about the two “L’s” – Loyalty and Legacy. Loyalty means loyalty to employees. Where a business owner truly cares about employees and wants to see them benefit from the success of the business. And Legacy means the legacy of the business itself. Where the owner could not stand to see the business be re-branded by a strategic buyer or competitor.

Caring about the two “L’s” is not a prerequisite to being a good candidate for an ESOP. But in our experience, if that is where the desire starts, it produces the best results.

About the Author

Timothy Stewart is an attorney practicing out of our metro Milwaukee office. He is a member of the Employee Benefits, ESOP and Labor & Employment Relations practice groups. Contact Tim by email or by phone at 262.754.2869.


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.

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Madison, WI 53703
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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.

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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 – 2016
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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.

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