IAG is happy to announce the sale of Genesis Glass & Mirror in Tennessee to the employees through our ESOP (employee stock ownership plan) program.
Genesis Glass & Mirror has been the home for all things glass in Tennessee for over fifteen years. Their custom glass work speaks for itself!
Genesis Glass & Mirror engaged our team in mid 2021. After taking a hit from the COVID-19 Pandemic in 2020, the owners were looking for ways increase their value to exit at a higher valuation.
During 2022 we received lots of buyer interest and several LOI’s, but the seller decided that he wanted to sell the company to his employees. We found a trustee, bank, valuation firm, TPA, and legal counsels for the ESOP, the trustee and the bank to support a deal in which the owner sold 100% of his shares to a newly-formed employee trust. Going forward as an S corporation owned by its employees, neither the company nor the employees will be paying any income taxes on corporate profits.
One of many other benefits of the transaction is that the ESOP will be the obvious buyer for the real estate owned by the seller after the SBA loan is repaid.
We are pleased to announce the recent sale of our client Genesis Glass & Mirror in Tennessee. Through our ESOP plans everyone wins!
“IAG made it happen and special thanks to Tim for making it come together.”
Our Transaction Specialists work hard to ensure you cross the finish line – we have the resources, the team, and the contacts to get it done!
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