NextLevel is in an exciting period of growth and we are making powerful changes to enhance our already incredible offerings to our clients. One such change is the creation of an Employee Stock Ownership Plan (ESOP).
What is an ESOP?
ESOPs give employees the option to purchase interest in the company via shares of stock. The longer employees own the stock and the longer they work within NextLevel, the greater their return as they become vested. If an employee retires or chooses to pursue a different career path, their stock is repurchased and offered up to other employees.
More than 6,500 ESOPs exist in the United States, with more than 10 million employee-owners. First introduced back in 1956, ESOPs have been found to have many benefits for both the employee-owners and the companies themselves.
These benefits include:
- Boosted employee engagement
- Higher earnings and greater savings than non-ESOP employees
- Greater job stability
- Increased transparency and financial literacy
- A thriving company culture
- The ability to withstand tough economic times
- Alignment between employee and company goals
Why is NextLevel making this change?
There are many reasons to create an ESOP but one of the most critical is the exponential benefits that come with true employee buy-in. In a recent Morning Huddle Motivator email, I shared this important quote from Brian Tracy,
“Teamwork is so important that it is virtually impossible for you to reach the heights of your capabilities or make the money that you want without becoming very good at it.”
NextLevel has already achieved exceptional heights of success, but we are not about to put an unnecessary cap on our deserve level by stopping now. We spend a lot of time coaching dentists to create a unified team to drive the success of their practice. By transitioning to an ESOP, NextLevel can incentivize our already incredible team to embrace increased personal investment in our company outcomes. Even better, their investment creates tangible dividends that directly benefit them.
Our CEO Kelly Dahmer says it best:
“Only when each person feels full ownership of their responsibilities does the team produce quality results. By creating an ESOP here at NextLevel, we’re getting the opportunity to practice what we teach and take our ownership and personal investment into the company to new heights.”
We’ve seen how employee empowerment can transform a dental practice. We’ve witnessed how enhanced teamwork creates a better result for everyone. We’re applying that strategy in our own business model so we can ensure our company can keep providing essential coaching and support to our present and future clients.
What’s Next for NextLevel Practice?
NextLevel Practice will continue to provide the same stellar service our clients have come to expect. To date, we have coached more than 6,000 dental practices to new heights of success with our proven business model and strategic support.
As we grow and progress, we’re adding new ways to help dentists and their teams. Keep your eye out for more information on our second opinion service for docs interested in joining DSOs, our practice valuation service, and our NextLevel roll-up service.
In the meantime, my team and I are always here to answer your questions and help you reach your goals. If you’re ready to get started, check out our launch program where you can work with our expert coaches to supercharge your practice with record-breaking goals and a specific, actionable roadmap to help you achieve them.