The Great Recession has forced many business owners to consider what should happen with their business as they prepare to depart.

Though many may be unaware of its benefits, there is a type of plan available to business owners to help support this transition and create business sustainability.

This plan provides a market for owners to sell their business at a fair price, spread the equity to all employees, increase the chances that the company and its employees will stay in the community, allow employees the chance to build a retirement nest egg, and – if implemented in the right fashion – create a culture in which employees are engaged and have the opportunity to benefit from their own sweat and stress on the job.

The program is called an ESOP (Employee Stock Ownership Plan). ESOPs have been around for more than 30 years and have provided many companies the opportunity to continue on after an ownership transition vs. the horror of a company shutdown.

In the current economy, many businesses face failure due to leadership issues, financing, professional counsel, market conditions, etc. Yet, the power of an ESOP is that it allows the leaders and its employee owners the opportunity to keep the business alive and grow it.

How many of us will have the opportunity to help build a company and reap the reward? As with any new business owner, there is the risk of failure and the risk of reward.

One of the most significant factors to living in the United States is the idea that there is an opportunity to build a better life. It is the opportunity that is critical.

When there is no opportunity, that is when cynicism, anger, and fear creep in. An ESOP is an opportunity for success, not a guarantee. As with any new business owner, it will take a lot of hard work to tip the scales toward success rather than failure.

The Iowa House of Representatives passed a proposed bill in support of creating more ESOPs in Iowa – 97 ayes, 2 nays. Given the political climate, this type of support for a bill is unique. The support comes from both sides of the aisle, smart people and people that represent our best interests. The proposed bill would rank Iowa as one the leading states in promoting ESOPs. Leading, not following; that is how change truly happens.

The bill is before the Iowa Senate awaiting a vote. Let us hope that bipartisanship is alive and well in the Senate. More important, let us hope that our senators believe in the power of opportunity.

Victor N. Aspengren is a vice president with Prairie Capital Advisors Inc. and a former CEO and human resources manager in ESOP companies. He also blogs on the topic of company culture at IowaBiz.com. He can be reached at vaspengren@prairiecap.com.