Does anyone have any experience with transitioning a business from a single owner corporation to an employee owned Corp?

I work for a small Corp and the owner has approached a small number of us about an ESOP. We're meeting next week to learn about potential details but I was curious if any others have experience with this on either side.

I'm anticipating some kind of buyout through salary deferrals but really don't know what to expect. Any positives, negatives, or other considerations I should keep in mind?

I work for a large S corp ESOP. ESCA is the lobbying group and big resource for this. S corp esop don't pay federal income tax as that goes into the esop in theory. When you pull out of retirement then you pay taxes like Ira.

Huge advantage as a company and creates a great culture.