ESOP Partners, an Employee Stock Ownership Plan (ESOP) consulting and administration firm, has announced the successful completion of the sale of TRC Global Mobility to its employees via an ESOP.

An ESOP is a qualified retirement plan that buys, holds, and sells company stock for the benefit of the employees, providing them with an ownership stake in the company. TRC Global Mobility Chairman and Founder Paul Haislmaier finalized the sale in September 2016.

“As I considered a succession plan for TRC Global Mobility, I realized that selling to an ESOP would meet my objectives of keeping the company whole, the culture intact and our employees secure in their jobs,” said Haislmaier. “Plus, ESOP Partners helped me understand the significant tax benefits that selling to an ESOP provides to both the company and its shareholders.”

Read more: ESOP Partners Helps TRC Global Mobility Complete Sale To Employee Stock Ownership Plan (ESOP)