re: Advice wanted on employee stock ownership plan

How is the dividend factor pointless? If the company is a consistent payer at a high rate, then why discount the part dividends pay? For arguments sake, say I hold 50k in company stock that I paid $42,500, receive 5% dividend...$2,500.....it's effectively paying out 6% before you take into any long term capital gains that may occur. As long as the stock is a solid company with good financials why not consider it a long term hold?
It may not work in every case....but definitely something to consider.