Lazear Capital Partners (Lazear), a leading investment bank specializing in middle-market ownership transitions through Employee Stock Ownership Plans (ESOPs) and M&A advisory, is proud to announce that it has been selected as one of two providers by the New Jersey Economic Development Authority (NJEDA) to assist business owners in transitioning to employee ownership.
In July 2024, the NJEDA entered into an agreement with the Rutgers School of Management and Labor Relations to create educational and informational programming to increase the quantity of New Jersey businesses utilizing an ESOP. “ESOPs serve as a resource for New Jersey companies that want to craft sustainable business transition plans, create access to economic opportunity for workers and their families, and support the state’s growing, diverse, business ecosystem,” said NJEDA Chief Executive Officer Tim Sullivan.
With more than 25 years of expertise leading ownership transitions, Lazear will guide businesses through the initial steps of developing ESOPs, including conducting feasibility studies and providing critical technical assistance. This partnership is part of a larger effort to support sustainable business succession plans and foster economic growth in New Jersey’s diverse communities.
“Being selected for this important program allows us to directly contribute to the economic empowerment of New Jersey’s workers and business owners alike,” said Ashley Sarokhan, managing director at Lazear. “Our deep experience in structuring ESOPs helps businesses not only secure a robust succession plan but also reward employees, preserve company culture, and enhance the strength of local economies. We are excited to assist New Jersey businesses in building sustainable, employee-owned futures.”
ESOPs have been shown to drive greater employee engagement, increase long-term wealth for workers, and contribute to stronger company performance, making them a powerful tool for both business owners and their employees. Currently, New Jersey is home to 88 ESOPs, holding $64.9 billion in plan assets covering 423,429 current employees and retirees.
To learn about New Jersey’s efforts to create equitable economic opportunities, view NJEDA’s official announcement.
About Lazear
Headquartered in Columbus, OH, with a nationwide presence, Lazear is a premier middle-market advisory firm specializing in business ownership transitions. Since 1999, the firm has remained dedicated to helping business owners maximize wealth and preserve legacies through customized exit strategies, including ESOPs, M&A, and capital formation.
To learn more, visit www.lazearcapital.com and follow Lazear on LinkedIn.
Media Contact
Katherine Koon
Marketing Director
kk@lazearcapital.com
614-502-1411
