Case Study

Gary Moss and Heath Holbert, the owners of 3 Rivers Logistics, were looking for a transition plan that would allow them to think about diversification of their business interests while protecting the workforce that helped build their company. They frequently received buyout offers, but they feared potential buyers would “strip the company in half” and resell it for profit, leaving their employees vulnerable.

While they identified an Employee Stock Ownership Plan (ESOP) as the ideal solution to keep their team intact, they faced hurdles:

• Cost & Fit: Initial explorations with other firms exceeded their budget and were geared toward much larger corporations.
• Complexity & Risk: The owners frankly admitted they “didn’t know enough to even be concerned” about specific compliance risks, highlighting the urgent need for a trustworthy independent Trustee to guide them.

After selecting ESOP Partners for administration, 3 Rivers Logistics needed an independent trustee.

Trust was the deciding factor. Relying on the strong recommendation of their partners, they interviewed and subsequently hired Willam Kropkof of ERISA Advisory Group.

The engagement with ERISA Advisory Group was described by the client as “fantastic”.

Key highlights of the service included:

• Clear Communication: Bill and his team excelled at explaining complex ERISA and ESOP concepts in practical terms, treating the owners “like regular people” rather than using confusing jargon.
• Personal Touch: The team made the effort to travel to Arkansas to meet in person, which helped build a strong rapport.
• Professional Rigor: While the relationship was friendly, Gary respected that Bill’s attitude shifted to being “tough” during negotiations, acknowledging that Bill was effectively doing his job to ensure a fair and compliant transaction.

The ESOP transaction successfully closed in August 2025. The move has been well-received by the employees, who have expressed gratitude for the opportunity.

There has been an Immediate Impact with a successful transition of ownership that protects the company’s culture. Additionally, the owners expect the ESOP to drive higher employee retention, increased productivity, and continued company growth.

“The transaction process, along with the work as an ongoing Trustee has been fantastic. The team explained things to us. They explained stuff to us… like we were just regular people. I would tell [anyone considering an ESOP] to make sure that their trustee is Bill.”

For 3 Rivers Logistics, the choice of trustee was critical, yet simple. They needed a partner who could navigate the complexities of an ESOP while protecting the interests of the company and its future employee-owners.

• Trusted Recommendation: The decision was driven by a strong recommendation from their administrators, ESOP Partners. Along with a robust interview process, Gary noted that this trust was the most important factor, leading them to select ERISA Advisory Group.
• Approachable Expertise: The client praised Bill and his team for their ability to explain complex compliance and financial concepts in a way that “regular people” could understand, avoiding the confusion of technical jargon.
• Fiduciary Strength: While the relationship was built on friendly, personal interactions – including face-to-face visits in Arkansas, the client respected Bill’s shift to a “tough” stance during negotiations. This demonstrated ERISA Advisory Group’s commitment to their role as an independent fiduciary, ensuring a fair and compliant transaction for all parties.

“I would tell [anyone]… make sure that their trustee is Bill Kropkof and ERISA Advisory Group.”

— Gary Moss