As Ellens Equipment — Farm Equipment’s 2017 Dealership of the Year in the under $75 million in revenues category — has grown in recent years, it became clear changes in the service and parts departments were needed to help improve efficiency, reduce costs and ultimately improve the dealership’s absorption rate.

Farm equipment dealers who are looking to establish a succession plan for their companies to ensure their dealerships remain viable business entities, whether or not they remain at the helm of the company, are taking a close look at the potential role that an Employee Stock Ownership Plan (ESOP) could play in the process.