This book provides a practical, detailed guide to making acquisitions in ESOP companies. Such companies have been extremely active in the merger and acquisition market in recent years. For instance, in 2021, more than 400,000 new participants were added to ESOP companies, about 70% of whom came from acquisitions by ESOP companies of other companies. There are many reasons for this, but the most important is that after ESOP companies have paid off their acquisition debt, they often accumulate significant cash and strength in the market, both through the performance improvements attributable to the ESOP as well as not having to fund federal and state income tax bills if the company is a 100% ESOP-owned S corporation. For the third edition (2024), the existing chapters were reviewed and chapter 3 was updated, and four new chapters (6 through 9) were added.