The Wall Street Journal recently ran a front-page article predicting the impending death of cursive writing, replaced by the need to be proficient at typing. Cursive writing will join Roman numerals on the list of what used to be taught in our public schools.
Roman numerals are still occasionally important. For example, how else would you know that Super Bowl XLVII refers to the 47th such matchup? Or that MMXIII is another way of saying 2013? Thanks to search engines such as Google, we needn't have studied Roman numerals in school to translate these numbers when we see them.
But there are other areas where search engines are much less useful. For example, a business owner trying to decide if an Employee Stock Ownership Plan is the right move for them and their company. They aren't likely to find the answer online.
Recommended For You
Yes, they can find a lot of general information about ESOPs and how they work. But when it comes to understanding what an ESOP could mean in their specific circumstances, a search engine has nothing on a real, live human expert. Business owners need the personalized guidance of ESOP professionals as they review their options. Yet many business owners are hesitant to engage these consultants, attorneys and accountants due to cost.
One of my ESOP colleagues at The Principal summarizes this situation well when he states that "it is a cheap man who often pays the most." Investing in consulting up front may lead to more effective and efficient design and lower costs long-term and help avoid potentially costly mistakes. Here are several areas where consulting can benefit the owner and the company:
- Plan design;
- benefit level modeling;
- feasibility analysis;
- education and communication;
- transaction structuring;
- tax planning.
Each ESOP is unique to the needs of the business owners, the company, and the participants. If you see 20 different ESOPS, you see 20 different ways to approach the plan. That's why it is important to have a conversation about the value of personalized consulting at the beginning of the ESOP evaluation process. Making strategic investments can help prevent falling into being penny-wise and pound-foolish.
For those of you who are really interested in Roman numerals, the following table will give you what you need for the next 2,000 years (if you need more than that, try Google).
| Symbol | Number |
| I | 1 |
| V | 5 |
| X | 10 |
| L | 50 |
| C | 100 |
| D | 500 |
| M | 1,000 |
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
