# Referral opportunities for ESOP advisors

Canonical: https://refer.sourcex.si/for/esop-advisors-referral-program
Last updated: 2026-10-20

ESOP advisors can join SourceX's referral program and introduce companies they meet at the feasibility stage, when census data, financials and systems are already on the table. Companies with 50+ full-time employees at peak (contractors excluded) and years of operational records may license approved data directly to SourceX for AI training and evaluation, subject to acceptance at Closing and agreed terms. Advisors may earn 25% of the Actual Supplier Payout, capped at $100,000 cumulatively per referred company, subject to any signed Schedule A or addendum. A reward becomes payable after SourceX has paid the referred company under its signed agreement and the payout conditions in the program terms are met, including finance approval and your tax and payment details.

## Why ESOP advisors are well placed to spot data licensing candidates

Few outsiders see a company as completely, or as early, as the ESOP advisor does. A feasibility study pulls together years of financial statements, an employee census, an org chart, projections and a long conversation with the selling shareholder about what the business is and where it is heading. By the time a trustee is engaged, you already know whether the company is large enough, how long it has operated and how its work gets recorded.

That seat makes a second conversation easy: whether the company's operational records could be licensed to SourceX for a one-time payment. Ownership of the data never changes hands, the company approves what is included and at what price, and it signs only if the terms suit it. You make the introduction; SourceX is the company's direct licensing partner for approved business data for AI training and evaluation. SourceX manages qualification, inventory, the agreement, rights review, data preparation, delivery and payout, subject to acceptance at Closing and agreed terms.

The pipeline of owners considering a transition is large. McKinsey estimates that about six million US small and medium-size businesses will face ownership transitions by 2035 as baby boomers retire, and that more than half of US small-business owners are over 55 ([McKinsey, The great ownership transfer](https://www.mckinsey.com/institute-for-economic-mobility/our-insights/the-great-ownership-transfer-a-new-era-of-business-stewardship)). Some of those owners will look at an ESOP, and many of them will talk to you first.

## Which ESOP candidates fit

The companies that suit an ESOP and the companies that suit data licensing overlap: established, profitable, employee-heavy businesses with a long operating record. Most of the evidence is already in your feasibility file.

| Signal | Where you see it | Why AI labs and data users care |
|---|---|---|
| 50+ full-time employees at peak, contractors excluded | The participant census requested for plan design | More people doing real work produce more connected records |
| Several years of documented operations | Historical financials and the founder's account of the company's history | Long histories show how processes and decisions changed |
| Many business systems | Management interviews and the software lines in the general ledger | Email, chat, CRM, finance, support and project tools together show whole workflows; strong companies often run 10-15+ systems |
| Work with outcomes | Project close-outs, bid results, service tickets, quality records | Records with results attached help train and evaluate AI agents |
| Clean rights | Customer contracts and MSAs reviewed in diligence | Buyers need to know the company created the records and may license them |
| A willing sponsor | The selling shareholder, CEO or CFO | Someone with authority must agree to explore a license |

Engineering, professional services, distribution, construction, IT services and the office operations of manufacturers tend to screen well. The [who qualifies](/who-qualifies) page sets out the baseline in full.

## The census-contracts-systems screen

Run three checks against documents you already hold, then confirm the fourth in conversation. A clear no on any of them means park the company for now.

- [ ] **Census:** does the plan-design census show 50+ full-time employees at peak, with contractors left out of the count?
- [ ] **Contracts:** do customer agreements leave the company free to use the records it creates, or do clients own the deliverables and working files?
- [ ] **Systems:** can the CFO or IT lead name the systems that hold the company's history, how far back each one goes and who can export from it?
- [ ] **Sponsor:** would the selling shareholder, and later the board, consider a one-time payment for an exclusive AI-training license?

The [company fit checker](/tools/company-fit-checker) runs a preliminary, non-binding version of this screen with no contact details required.

## When to raise it in the ESOP timeline

Feasibility is the best moment because nothing is fixed yet. Valuation assumptions, transaction structure and the deal calendar are all still open, so a possible license can be discussed with the right people instead of surfacing for the first time in the trustee's diligence.

| Stage | Why it works | What to ask |
|---|---|---|
| Feasibility study | Records, headcount and owner goals are already under review | Which of your records go back the furthest, and can anyone still export them? |
| Transaction design | Structure, financing and timing are being set | Would a license fit better before the transaction, after it, or not at all? |
| Trustee engagement and valuation | The trustee and its advisers want a full picture of the business | Has the trustee's team been told about any license discussions? |
| Closing and first board meeting | Governance changes and new decision-makers take their seats | Who on the post-closing board would sponsor a license review? |
| Annual valuation and repurchase obligation updates | A recurring touchpoint with management | Have any systems been retired or replaced since last year? |
| System migrations after closing | ERP, CRM or email changes often follow a change in ownership | Is a complete export of the old system being kept? |

A license under discussion, or already signed, changes what the company has agreed to, so the trustee, its financial adviser and plan counsel should hear about it from the company early. How it bears on their work is their call.

For comparison with other exit routes, the [M&A advisors' playbook](/for/m-and-a-advisors) covers the same idea from the sell-side banker's chair, the guide to [selling a business to an independent sponsor](/guides/selling-a-business-to-an-independent-sponsor) covers a private buyer many ESOP candidates also weigh, and the [divestiture and carve-out advisors' page](/for/divestiture-advisors-referral-program) covers separations.

## How the introduction works

You stay in an advisory role throughout. The company deals with SourceX directly, and its records never pass through your hands.

1. Register as a partner, then give the selling shareholder or CFO your referral link, which opens sourcex.si/apply with your code attached, or submit the company through the referral form yourself.
2. SourceX reviews headcount, operating history, breadth of records and rights with the company's authorized sponsor.
3. The company lists its systems, the years each one covers and how it can be exported, in a data inventory.
4. SourceX and the company settle one net payout and the license terms before any buyer sees the opportunity.
5. SourceX completes its final review. Once a company is deal-ready, responses typically arrive within about two weeks.
6. The agreement is signed, the data is prepared under redaction rules the company approved and delivered, and the company usually receives a one-time payment, within 60 calendar days after SourceX receives a valid invoice following Closing.
7. A reward becomes payable after SourceX has paid the referred company under its signed agreement and the payout conditions in the program terms are met, including finance approval and your tax and payment details.

## What to say to the selling shareholder

Raise it as one item in the feasibility review, not as a pitch.

> "While we're reviewing the business, there's one more asset worth checking. Some companies your size license their operational records to SourceX for a one-time payment. The company keeps ownership, approves what's included and the price, and nothing is shared without a signed agreement. If it fits, now is the time to talk about it, before valuation work starts. Shall I set up a short screen?"

## How rewards work for ESOP advisors

Partners earn 25% of the Actual Supplier Payout: eligible licensing compensation SourceX actually pays the referred company, excluding separately itemized taxes and expense reimbursements. Rewards are capped at $100,000 cumulatively per referred company, subject to any signed Schedule A or addendum. A reward becomes payable after SourceX has paid the referred company under its signed agreement and the payout conditions in the program terms are met, including finance approval and your tax and payment details. SourceX funds rewards separately, so they never reduce what the company, and through it the plan, receives.

Check your own professional rules before you register:

- **CPAs:** the AICPA Code's commissions and referral fees rule (ET 1.520) bars accepting a commission for recommending a product or service to a client when the member or firm also performs an audit, review, certain compilations or an examination of prospective financial information for that client, and requires permitted referral fees to be disclosed ([AICPA Code of Professional Conduct](https://mn.gov/boa/assets/AICPA%20Code%20of%20Professional%20Conduct_tcm1233-764395.pdf)). State boards can be stricter.
- **Attorneys:** ABA Model Rule 1.8(a) lets a lawyer enter a business transaction with a client only on fair terms disclosed in writing, with written advice to seek independent counsel and the client's signed informed consent, and each state adopts its own version ([ABA Model Rule 1.8 and state variations](https://dev.americanbar.org/content/dam/aba/administrative/professional_responsibility/mrpc-1-8.pdf)). Whether a referral reward falls under it is a question for your state's rules.
- **Trustees and appraisers:** if you serve as the plan's trustee or as the trustee's valuation adviser, a financial interest in a license involving the company can raise independence questions. Take advice before registering, or leave the introduction to another member of the deal team.

This is general information, not legal, tax or financial advice. Confirm with your own counsel or professional body before acting. The [rewards](/rewards) page and the [program terms](/terms) have the current details.

## When not to bother

- The census never showed 50+ full-time employees at peak (contractors excluded).
- Most of the records belong to the company's clients, as at many staffing and outsourcing businesses, and those clients have not agreed.
- The data is mainly patient records, claims or consumer personal information.
- Archives were wiped in an earlier system change, or nobody can export them.
- The closing calendar is tight and the owner wants nothing that could distract from it; come back to it after closing.
- The same records have already been licensed for AI training.

## Next step

Pick one current feasibility client and run the census-contracts-systems screen against the file you already have. If it passes, [register as a partner](/register) and send the owner your referral link, or have the CFO apply directly at [sourcex.si/apply](https://sourcex.si/apply).

## Sources

- https://www.mckinsey.com/institute-for-economic-mobility/our-insights/the-great-ownership-transfer-a-new-era-of-business-stewardship
- https://mn.gov/boa/assets/AICPA%20Code%20of%20Professional%20Conduct_tcm1233-764395.pdf
- https://dev.americanbar.org/content/dam/aba/administrative/professional_responsibility/mrpc-1-8.pdf