Category Archives: Esop Podcast

Episode 39: Employee Ownership Month

The ESOP Podcast Episode 39: Employee Ownership Month

Employee Ownership Month is in October, and so it is time to start planning!

Of course we need to support a company’s ownership culture all year long, but Employee Ownership Month – #EOMESOP18 – is the perfect time for heightened awareness of your ESOP, as well as chance to spread to word to your community and your local officials. In this episode Co-Managing Director Bret Keisling and Client Relations Associate Brian Keisling discuss some of the creative ways to celebrate and educate during employee ownership month, with some great examples from ESOP companies we know.

The ESOP Association’s 2018 press and event planning kit for employee ownership month that we reference in the podcast is available for Association Members here.

Episode 39 being recorded and broadcast Live on Periscope by @CapTrusteesBret


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Do you have feedback about this or any other episode of The ESOP Podcast? Do you have a topic that you would like for us to discuss on the show? Would you like to appear on the podcast as a featured guest or a panelist in a group presentation? Then we want to hear from you! Send us an email at podcast@captrustee.com.

Mini-cast: Empowering Employee Owners with Rob Zicaro

The ESOP Podcast Mini-cast 2: Empowering Employee Owners with Rob Zicaro

Welcome to the “ESOP Mini-cast”, a short, topical podcast that is a great way to wrap up the week! This week we share quick tips and highlights from ESOP advocate Rob Zicaro on the importance of creating a strong employee-ownership culture.

 

You can read the full transcript of this mini-cast here: The ESOP Podcast Mini-cast 17 August 17 2018.

To take a deeper dive into this topic, tune into “The ESOP Podcast Episode 22 – Rob Zicaro on Employee Ownership.


More about Rob Zicaro

Rob Zicaro [Source: RobZ Music]

Rob Zicaro is an ESOP advocate, speaker, and consultant, and a singer-songwriter. He spent 26 years as an employee-owner at Web Industries, and he shares his insider’s perspective from his years as an active employee-owner, as well as his current experience enjoying this unique benefit and continuing his career in music at RobZMusic.com . Rob offers a lot of food for thought for both current and prospective employee owners, with an emphasis on the importance of developing a culture of communication and mutual respect

You can follow @RobZicaro on Twitter and his daily ESOP food for thought here.

You can find more about Rob’s music on his webpage RobZMusic.com, or subscribe to Rob’s music on Soundcloud here.

More about Web Industries

“A 100% employee-owned company, Web Industries, Inc., is the largest and most diverse provider of flexible material converting and end-product manufacturing services for the Advanced Composites, Medical, Consumer Health & Hygiene, Multi-Layer Insulation, and Wire & Cable markets. Utilizing the widest array of slitting, spooling, winding, and ply formatting configurations in the business, Web formats composites, nonwovens, specialty films, papers, foils, laminates, and foams for downstream manufacturing. Web specializes in developing optimized material processing solutions that deliver converted materials on custom-designed spools, planetary rolls, planetary pads, and ply kits for efficient, cost-effective product manufacturing. ”

“A 100% employee-owned company, Web Industries has been a vocal proponent of EO for decades, and the company’s employee-owners have long been active within the local, regional, and national EO communities. Web’s employee-owners have even provided valuable insights on the topic to US Presidents and Congress. Every person at Web is a stakeholder in the company, and they know that the company’s success is driven by the success of our customers. This makes us stewards of their business as well as ours and drives us to constantly improve our processes, discover new efficiencies, and develop new capabilities to meet market needs.” [Source: Web Industries, Marlborough, MA]


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We Want to Hear from YOU

Do you have feedback about this or any other episode of The ESOP Podcast? Do you have a topic that you would like for us to discuss on the show? Would you like to appear on the podcast as a featured guest or a panelist in a group presentation? Then we want to hear from you! Send us an email at podcast@captrustee.com.

Episode 38: What Happens After You Engage an External ESOP Trustee

Rich Heeter, Brian Keisling, and Bret Keisling

The ESOP Podcast Episode 38 – What Happens After You Engage an External ESOP Trustee 

In Episode 26 of The ESOP Podcast, Capital Trustees’ Co-Managing Director Bret Keisling and Client Relations Associate Brian Keisling discussed internal versus external trustees, and then stepped through the engagement process for bringing on an external trustee.  As promised, this week we continue that discussion and take a deep dive into what happens after a company engages an external trustee. Topics include:

  • The due diligence document request process, and some background on why we request the documents that we do;
  • What we do with those due diligence documents after being engaged;
  • The formal valuation advisor engagement process and agreement;
  • What happens on one of our personal favorite parts of the process – a site visit;
  • How the external trustee, per their responsibility under law, sets the share price for a company;
  • The preparation of the draft and final annual update report;
  • The changes to signatories on the trust accounts when shifting from an internal to external trustees; and
  • What external trustees do and how they are engaged on an annual basis.

CapTrustees Ep 38 Periscope

Episode 38 being recorded and broadcast Live on Periscope by @CapTrusteesBrian 


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Do you have feedback about this or any other episode of The ESOP Podcast? Do you have a topic that you would like for us to discuss on the show? Would you like to appear on the podcast as a featured guest or a panelist in a group presentation? Then we want to hear from you! Send us an email at podcast@captrustee.com.

The ESOP Podcast Mini-cast 1: Fall Employee Stock Ownership Conferences

The ESOP Podcast Mini-cast 1: Fall Employee Stock Ownership Conferences

Welcome to our first “ESOP Mini-cast”, a short, topical podcast that is a great way to wrap up the week!

Summer is winding down, which means the fall ESOP conference circuit is starting up, and so we’re highlighting some upcoming employee stock ownership events. Client Engagement Officer, Brian Keisling, and Co-managing Director Bret Keisling kick things off with the conferences coming up on Capital Trustees’ calendar:

We then dial in Jason Wellman, Senior ESOP Relationship Consultant with ESOP Partners and the Chair of The ESOP Association’s advisory committee for ownership, culture, and communications. He gives us his insight on why these conferences are so valuable, and shares his conference schedule highlights:

We then call George Raftopoulos of ROI-Cubed. ROI-Cubed is the corporate sponsor of the wine and cheese reception at the aforementioned Is an ESOP Right for You? conference.

  • This conference is an in-depth look at Employee Stock Ownership Plans sponsored by the NCEO, the National Center for Employee Ownership.
  • The ROI-Cubed reception will be held the afternoon of October 17, 2018.
  • This is a perfect conference for business owners and management that have heard about ESOPs, are looking at an ESOP as a possible plan for their business, and are looking to find out more information and what an ESOP entails
  • (You can also listen to George Raftopoulous present on “Making Financial Statements Fun” at #NCEO18 in The ESOP Podcast Episode 31.)

We hope to see all of you on the conference circuit!

You can read the full transcript of this episode here: The ESOP Mini-Cast Transcript 10 August 2018


More about ESOP Partners

ESOP Partners

ESOP Partners is based in northeastern Wisconsin and serves companies across the United States.  They offer comprehensive ESOP services including ESOP administration, compliance, planning, and consulting.

More about Jason Wellman

Jason Wellman,  Senior ESOP Relationship Consultant with ESOP Partners [Photo Credit: ESOP Partners]

“Jason Wellman is a Senior Relationship Consultant with ESOP Partners. Jason helps ESOP companies by developing a comprehensive Ownership Culture through proactive educational resources for all participants to improve their understanding of ESOPs’ unique benefits.

He has over 20 years of experience in sales and sales management, specializing in internal and external training and education. Prior to working with ESOP Partners, Jason served as a Regional Sales Specialist for Ariens, a leading manufacturer of outdoor power equipment, and a Regional Sales Director for GNC, a nutritional supplement company that is the largest of its kind worldwide.

He is a member of the ESOP Association Advisory Committee on Ownership Culture and Communications and of the Minnesota & Dakotas ESOP Chapter Membership Committee. Jason is also a contributing author for the ESOP Association’s ESOP Report on Ownership Advantage topics to improve ESOP culture and communications for the Association’s members.” [Source: ESOP Partners, Our Team]

Join us in following Jason on Twitter @1_wellman, and ESOP Partners @ESOPPartners.


More about ROI Cubed

ROI Cubed

ROI Cubed is “a boutique consulting firm helping business owners like you attain maximum value thru operational excellence, value growth and planning for your eventual succession through internal transitions such as ESOP or external sale. We work with you and your company before, during and after your transition.” [Source: ROI Cubed, LLC]

More about George Raftopoulos

George Raftopoulos

“George Raftopoulos spent 25 years growing a registered investment advisory firm that became one of the largest offices by revenue in the country for a national broker/dealer. Having expanded the firm both organically and through acquisitions, he eventually sold the practice to a competitor and his passion for consulting businesses on value growth, transition planning, and mergers & acquisitions began.

Having already advised a number of successful business owners in various industries on their personal retirement and personal wealth matters, he founded ROI-Cubed as a result of his own experiences selling his firm.

George and ROI-Cubed consult business owners with a unique process and methodology that first begins with an assessment audit of the company to identify potential risks, thereby increasing profits and overall enterprise value. Their work then considers the company’s owners, company’s board, and the company’s overall financial goals in formulating the most strategic exit option for all parties involved. ROI-Cubed is industry agnostic and has worked with privately held and family-owned companies in a variety of industries with revenues between $2m and $50m across the country.

Prior to forming ROI-Cubed and after having sold his own practice, George spent several years consulting another financial firm and in the process, helped quadruple that company’s revenues.

Along with the satisfaction he gets helping businesses transform and grow or watching a business owner’s dreams become reality as they implement an exit plan or close on a merger, sale, or acquisition, George’s personal passions include spending life with his wife, basketball, biking, golfing and snowboarding in Vermont.

George serves his clients as a Corporate Value Growth Advisor (CVGA®) licensee, a Certified Mergers & Acquisitions Advisor® (CM&AA), a CERTIFIED FINANCIAL PLANNER™ Practitioner (CFP®), and a Certified Estate Planner™ (CEP®) certificant . He is a 1987 graduate of Tufts University with a BA in economics as well as having earned his MBA with a tax concentration in 1996 from Bentley University.

George volunteers time in his local Rotary Club in Kennebunk, Maine, is vice chairman of his town’s Planning Board, and is a member of the Alliance of Mergers & Acquisitions Advisors (AMAA) in Chicago and the M&A Source out of Atlanta, Georgia . He is a member of ProVisors® in Portsmouth, NH. ProVisors ® is a community of over 4,000 trusted advisors across the country who have the common goal of sharing knowledge and serving as resources to provide exceptional, multi-disciplinary solutions to clients.” [Source: About ROI Cubed]


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We Want to Hear from YOU

Do you have feedback about this or any other episode of The ESOP Podcast? Do you have a topic that you would like for us to discuss on the show? Would you like to appear on the podcast as a featured guest or a panelist in a group presentation? Then we want to hear from you! Send us an email at podcast@captrustee.com.

The ESOP Podcast Summer School – Session 6

The ESOP Podcast Summer School – Session 6: Internal vs. External ESOP Trustees 

“The ESOP Podcast Summer School” is in session! We’ve curated a special summer series of podcasts from recent conferences designed to let you sit back, relax, and get up-to-date on all things ESOP.  We’re capping off the series with a discussion of the ins and outs of internal vs. external trustees, and the engagement process for switching to an external trustee. Topics include the risks faced by all trustees, the early stages of a new relationship between company and trustee, and how making the switch may or may not affect the valuation process.

This is a great refresher course, as we’ll be back from summer break next week with Part 2 of this topic, in which we’ll discuss what happens after you engage an external trustee, with plenty of process details that will be of interest.

 

Brian Keisling

Capital Trustees’ Client Relations Associate, Brian Keisling

Bret Keisling presenting on one aspect of an external trustee’s obligations at the ESOP Multi-State Conference in September 2017.

You can bookmark the full ESOP Summer School series here.


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Do you have feedback about this or any other episode of The ESOP Podcast? Do you have a topic that you would like for us to discuss on the show? Would you like to appear on the podcast as a featured guest or a panelist in a group presentation? Then we want to hear from you! Send us an email at podcast@captrustee.com.

The ESOP Podcast Summer School – Session 5

ESOP 101

The ESOP Podcast Summer School – Session 5: ESOP 101

“The ESOP Podcast Summer School” is in session! We’ve curated a special summer series of podcasts from recent conferences designed to let you sit back, relax, and get up-to-date on all things ESOP, and this week we’re featuring one of our most popular podcasts: ESOP 101.  Learn the what, why, and how of ESOPs from a team of experts in this very accessible presentation.

Mark R. Kossow, Esq., a partner at Archer & Greiner P.C., Robert C. Hilton Jr., ASA, Director of Valuation and ESOP Services at Katz, Sapper & Miller, and Richard A. Heeter, Managing Director at Capital Trustees, LLC  gathered together at Archer & Greiner’s offices in Haddonfield, NJ to present you with a 360-degree overview of the what, why, and how of ESOPs.

DISCLAIMER: The opinions expressed in this presentation and the presentation materials are not intended to be used as legal or valuation advice. Please consult with counsel as necessary.

Click below to download the accompanying “ESOP 101 What, Why and How” slide show presentation.

ESOP 101

 

This presentation was broadcast live on Periscope on Thursday, February 8th.  Follow @CapTrusteeBret on Twitter for future live broadcasts.

ESOP 101 Presentation Panel Live

L-R: Mark R. Kossow, Esq. Archer & Greiner P.C., Robert C. Hilton Jr., ASA, Katz Sapper & Miller, and Richard A. Heeter of Captial Trustees, LLC.

Archer and Greiner Haddonfield

Archer & Greiner’s offices in Haddonfield, NJ.

You can bookmark the full ESOP Summer School series here.


More about Mark R. Kossow and Archer & Greiner PC

Mark Kossow

Archer and Greiner logo

Mark Kossow focuses his practice on employee stock ownership plans (ESOPs) and is a partner at Archer & Greiner P.C.

His practice is focused on implementing ESOP transactions and their compliance with IRS and Department of Labor requirements.  Mark’s strong tax background helps corporations, fiduciaries, and selling shareholders to maximize the tax advantages of their ESOP transactions.

He frequently speaks on topics relating to ESOPs, ERISA, and tax matters at meetings of The ESOP Association and other organizations concerned with exit planning and succession planning.

Mark is listed in Best Lawyers in America (Tax Law), and is an active member of The ESOP Association and the National Center for Employee Ownership (NCEO).

Mark is a graduate of the University of Michigan (with distinction) and Albany Law School (cum laude).  He also holds an advanced legal degree (LL.M.) in taxation from New York University Law School.

More about Robert C. Hilton Jr. and Katz Sapper & Miller

Robert Hilton

Katz Sapper and Miller Logo

Rob Hilton, ASA is Director of Valuation and ESOP Services at Katz Sapper & Miller. He is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers and is based in Rochester, NY.  As one of the top 60 CPA firms in the nation, KSM has earned a reputation as a leader in the areas of accounting, tax and consulting services. KSM is regularly named one of the “Best of the Best” accounting firms in the nation by INSIDE Public Accounting magazine.  KSM is a 100% employee owned S-corporation ESOP.

EXPERIENCE:  Rob has about 20 years of experience and has provided hundreds of valuations in a wide variety of equity classes.  Rob has extensive experience with the implementation and administration of employee stock ownership plans (ESOPs), the valuation of gift and estate planning, buy-sell agreements, recapitalization, mergers and acquisitions, purchase price allocations, financial reporting, and general corporate planning with experience in a broad range of industries. In addition, he focuses on the valuation of covenant-not-to-compete and non-solicitation agreements.

CERTIFICATIONS/EDUCATION:  He is a member of the National Center of Employee Ownership and The ESOP Association and is a regular speaker at regional and national conferences.  He is currently the Executive Vice President of the New York/New Jersey ESOP Association Chapter.

Rob has testified as an expert witness in the Superior Court of New Jersey.

Rob holds a B.A. in Chemistry and Psychology from Emory University and an M.B.A. from the University of Rochester, William E. Simon Graduate School of Business Administration.

More about Richard A. Heeter, Capital Trustees, LLC

And, of course, you can learn more about our own Managing Director, Rich Heeter, on our about page, or listen to ESOP Podcast Episode 1: Introduction.


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We Want to Hear from YOU

Do you have feedback about this or any other episode of The ESOP Podcast? Do you have a topic that you would like for us to discuss on the show? Would you like to appear on the podcast as a featured guest or a panelist in a group presentation? Then we want to hear from you! Send us an email at podcast@captrustee.com.

The ESOP Podcast Summer School – Session 4

The ESOP Podcast Summer School – Session 4: Women in ESOPs with Kimberly Jones, President of Butler/Till

“The ESOP Podcast Summer School” is in session! We’ve curated a special summer series of podcasts from recent conferences designed to let you sit back, relax, and get up-to-date on all things ESOP.  Today, we’re covering a topic you may have missed out on – an #NCEO18 session that was, to our knowledge, a first of its kind at any national ESOP conference, the April 18th, 2018, NCEO “Workshop for Women in ESOPs.”  At the end of the workshop, it was noted that the ESOP community as a whole could learn from the topics that were discussed, and so we share this session with you now, and encourage you to share it as well.

 

This workshop was led by Kimberly Jones, who is the president of Butler/Till, an employee-owned media and communications agency based in Rochester, New York.  In this session, women in the ESOP community candidly discussed the challenges they face due to their gender in a traditionally male-dominated industry. The workshop was light-hearted and productive and is hopefully only the beginning of an ongoing conversation that will help keep the ESOP community dynamic and inclusive.

Tune into The ESOP Podcast Episodes 30, 31, and 32 for further coverage of presentations at #NCEO18, the National Center for Employee Ownership (NCEO) 2018 Annual Conference, held April 18-20, 2018 in Atlanta, Georgia.

“Awesome women’s event @theNCEO. Thank you Kim Jones @ButlerTill”

Photo and quote from Value Management, Inc. () on Twitter, 2:31 PM April 18th, 2018

This episode was originally released as Episode 33 on May 15, 2018.  If this topic interests you, you should also check out Episode 36 with Susan Wilusz, Marketing Director at Value Managment, Inc., discussing Women in ESOPs. You can bookmark the full Summer School series here.


More about Kimberly Jones and Butler/Till

Butler/Till

Source: Butler/Till

“Ms. Kimberly Jones serves as the President of Butler/Till Media Services, Inc and served as its Vice President of Digital Media and Vice President of Client Services. Ms. Jones is also an expert juggler—and we’re not talking tennis balls. Account teams. Creative service teams. Client needs. Client needs they don’t even know they need yet. A family. A Martha Stewart tendency. A to-read list a mile long. And she does it all effortlessly, with not a curl out of place. Before Butler/Till, Kimberly was at Bausch + Lomb, The Wolf Group (now Partners + Napier). She earned her MBA from the Simon School of Business at the University of Rochester, and her Bachelor of Science degree in Advertising from the University of Texas at Austin.” [Source: Bloomberg Profile.]

More about NCEO

The National Center for Employee Ownership “is a nonprofit membership and research organization that was founded in 1981 to provide the most objective and reliable information possible on employee ownership at the most affordable price possible.”  [Source: About NCEO]


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We Want to Hear from YOU

Do you have feedback about this or any other episode of The ESOP Podcast? Do you have a topic that you would like for us to discuss on the show? Would you like to appear on the podcast as a featured guest or a panelist in a group presentation? Then we want to hear from you! Send us an email at podcast@captrustee.com.

The ESOP Podcast Summer School – Session 3

The ESOP Podcast Summer School – Session 3: Communicating Value to Participants

The ESOP Podcast Summer School” is in session! Summer is a great time to pause, look back over the year so far, and take stock of your goals. We’ve curated a special summer series of podcasts from recent conferences designed to let you sit back, relax, and get up-to-date on all things ESOP.

This episode of The ESOP Podcast is a recording of the “Communicating Value to Participants” presentation given at the New Jersey/New York Chapter of The ESOP Association’s 2018 Spring Conference held in Syracuse, New York on April 5th, 2018.  The presenters are Rob Hilton, Director of Valuation and ESOP Services at Katz Sapper & Miller, Andy O’Neill, Director at Prairie Capital Advisors, and Bret Keisling, Managing Director at Capital Trustees.

During the second half of the podcast there is an excellent give and take with the diverse group of ESOP companies in the audience, which makes this presentation even more valuable for ESOPs looking to continuously improve their communication and engagement.

Click below to download the accompanying “Communicating Value to Participants” slide show presentation.

DISCLAIMER: The opinions expressed in this presentation and the presentation materials are not intended to be used as legal advice. Please consult with counsel as necessary.

This episode was originally released as Episode 29 on April 10, 2018.  You can bookmark the full Summer School series here.


More about Robert C. Hilton Jr. and Katz Sapper & Miller

Robert Hilton

Katz Sapper and Miller Logo

Rob Hilton, ASA is Director of Valuation and ESOP Services at Katz Sapper & Miller. He is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers and is based in Rochester, NY.  As one of the top 60 CPA firms in the nation, KSM has earned a reputation as a leader in the areas of accounting, tax and consulting services. KSM is regularly named one of the “Best of the Best” accounting firms in the nation by INSIDE Public Accounting magazine.  KSM is a 100% employee-owned S-corporation ESOP.

EXPERIENCE:  Rob has about 20 years of experience and has provided hundreds of valuations in a wide variety of equity classes.  Rob has extensive experience with the implementation and administration of employee stock ownership plans (ESOPs), the valuation of gift and estate planning, buy-sell agreements, recapitalization, mergers and acquisitions, purchase price allocations, financial reporting, and general corporate planning with experience in a broad range of industries. In addition, he focuses on the valuation of covenant-not-to-compete and non-solicitation agreements.

CERTIFICATIONS/EDUCATION:  He is a member of the National Center of Employee Ownership and The ESOP Association and is a regular speaker at regional and national conferences.  He is currently the Executive Vice President of the New York/New Jersey ESOP Association Chapter.

Rob has testified as an expert witness in the Superior Court of New Jersey.

Rob holds a B.A. in Chemistry and Psychology from Emory University and an M.B.A. from the University of Rochester, William E. Simon Graduate School of Business Administration.

You can also get to know more about Rob Hilton in his own words by listening to The ESOP Podcast Episode 23 – Rob Hilton, Mark Kossow, and Rich Heeter.

More about Andy O’Neill and Prairie Capital Advisors (PCA)

Andy O’Neill is a Director with Prairie Capital Advisors (PCA) in Boston, Massachusetts. PCA is an employee-owned company that provides investment banking, ESOP advisory and valuation services to support the growth and ownership transition strategies of middle-market companies. PCA is based Oakbrook Terrace, with offices in Boston, Atlanta, Louisville, Cedar Rapids, and Chicago.  The company is an advisor to closely-held companies nationwide.

Andy advises companies and principals on valuation and ownership transition issues specifically Employee Stock Ownership Plan (ESOP) formation and implementation.  Mr. O’Neill has performed valuation and economic analysis services for clients in the following industries: software, retail, manufacturing, distribution, energy services and infrastructure, utilities, telecommunications, transportation, and engineering and construction management.

EXPERIENCE:  Prior to joining Prairie Capital Advisors, Mr. O’Neill was a Managing Director at independent valuation firms, a Principal with the Consulting division of Bechtel Corporation, and the successor entity Nexant, where he managed the Transaction Advisory Services practice. Additionally, Andy was Vice President of Merrill Lynch Business Advisory Services working with closely-held businesses and owners on liquidity and ownership transition issues.

EDUCATION/CERTIFICATIONS

  • Bachelor of Science in Mechanical Engineering from Cornell University.
  • FINRA Series 79 and 63 Investment Banking Registrations

PROFESSIONAL AFFILIATIONS

  • National Center for Employee Ownership (NCEO)
  • The ESOP Association
  • Association for Corporate Growth

More about Bret Keisling, Capital Trustees, LLC

And, of course, you can learn more about our own Managing Director, Bret Keisling, on our about page, or listen to ESOP Podcast Episode 1: Introduction.


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We Want to Hear from YOU

Do you have feedback about this or any other episode of The ESOP Podcast? Do you have a topic that you would like for us to discuss on the show? Would you like to appear on the podcast as a featured guest or a panelist in a group presentation? Then we want to hear from you! Send us an email at podcast@captrustee.com.

The ESOP Podcast Summer School – Session 2: Anatomy of a Live ESOP Transaction

The ESOP Podcast Summer School – Session 2: Anatomy of a Live ESOP Transaction

The ESOP Podcast Summer School” is in session! We’ve curated a special summer series of podcasts from recent conferences designed to let you sit back, relax, and get up-to-date on all things ESOP. If you have been considering employee ownership in theory, but just haven’t had the time to dive into how it all works in practice, today’s “lesson” is the perfect way to get a real understanding of the process that goes into negotiating an ESOP transaction.

We start of the podcast with a conversation with Peter Alifaris of Pendo Advisors, LLC who gives an overview of the goals of the presentation.

We then share Peter Alifaris (Managing Director / ESOP Advisory Practice Leader at Pendo Advisors), Ed Renenger (co-chair of Stevens & Lee’s Employee Benefits and Executive Compensation Group), and Rich Heeter, (Principal and Managing Director at Capital Trustees) presenting “Anatomy of a LIVE ESOP Transaction” at the National Center for Employee Ownership (NCEO) 2018 Annual Conference, #NCEO18, in Atlanta, Georgia on Wednesday, April 18th, 2018.

Peter Alifaris , Rich Heeter, and Ed Renenger

Peter Alifaris , Rich Heeter, and Ed Renenger speaking with an audience member after presenting “Anatomy of a LIVE ESOP Transaction” at the Multi-state ESOP Conference in Scranton, PA on September 17, 2017.

Click below to download the accompanying “Anatomy of a LIVE ESOP Transaction at NCEO18” slide show presentation:

Anatomy of a LIVE ESOP Transaction

DISCLAIMER: The opinions expressed in this presentation and the presentation materials are not intended to be used as legal advice. Please consult with counsel as necessary.

 

This episode was originally released as Episode 32 on May 8, 2018.  You can bookmark the full Summer School series here.


More about Peter Aliferis and Pendo Advisors, LLC

Peter Aliferis presenting "Anatomy of a LIVE ESOP Transaction" at the Multi-state ESOP Conference in Scranton, PA on September 17, 2017

Peter Aliferis presenting “Anatomy of a LIVE ESOP Transaction” at the Multi-state ESOP Conference in Scranton, PA on September 17, 2017.

Pendo Advisors, LLC

“Peter is a finance professional with experience in fairness and solvency opinions, ESOP advisory services, valuations for estate planning and financial reporting purposes, leveraged buyouts, management buyout transactions, and private placements. Peter holds an MBA with concentrations in finance, economics, and accounting from DePaul University’s Kellstadt Graduate School of Business. Peter also holds a BSc in finance from DePaul University.”

[Source: NCEO18 Session biographies]

“Pendo Advisors, LLC (“Pendo”) which takes the name from the latin word “value” is a boutique investment banking services firm focused on providing institutional quality business valuation advisory and corporate finance solutions.

Our professionals offer a unique combination of experience to clients in the lower and middle markets by leveraging capital markets, business valuation, and transaction experience from $5.0 million in transaction size to Fortune 500 and $1.0 billion dollar private equity deals.

Pendo’s professionals are focused on providing business valuation services, transaction opinions, and corporate finance solutions to:

  • private and family-owned businesses;
  • public company boards;
  • ESOP (employee stock ownership plans) and ERISA
    fiduciaries;  and
  • asset managers including private equity/venture capital firms, business development companies (BDCs), hedge funds, SBICs, pension funds, and family offices.”

[Source: Pendo Advisors, LLC – About Pendo]

More about Edward C. Renenger and Stevens & Lee P.C.

Ed Renenger and Rich Heeter

Ed Renenger and Rich Heeter presenting “Anatomy of a LIVE ESOP Transaction” at the Multi-state ESOP Conference in Scranton, PA on September 17, 2017.

Stevens Lee Griffin Logo

“Ed is co-chair of Stevens & Lee‘s Employee Benefits and Executive Compensation Group. He assists companies in navigating the complexities of ESOPs, including advising business owners on how to sell their companies to employees through an ESOP. This process involves determining the feasibility of creating an ESOP and whether it accomplishes the stakeholder’s goals, structuring the design, implementing the transaction, then assisting with the ongoing administration and compliance.”

[Source: NCEO18 Session biographies]

“Founded in 1928, Stevens & Lee is a full-service law firm of 150 attorneys and 50 non-lawyer business and consulting professionals representing clients regionally and across the nation. We regularly handle some of the most complex and challenging transactions and litigation in the country for clients of all sizes in a number of industries.”

[Source: Stevens & Lee]

More about Rich Heeter, Capital Trustees, LLC

And, of course, you can learn more about our own Managing Director, Rich Heeter, on our about page, or listen to ESOP Podcast Episode 1: Introduction.


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We Want to Hear from YOU

Do you have feedback about this or any other episode of The ESOP Podcast? Do you have a topic that you would like for us to discuss on the show? Would you like to appear on the podcast as a featured guest or a panelist in a group presentation? Then we want to hear from you! Send us an email at podcast@captrustee.com.

The ESOP Podcast Summer School – Session 1: Improving the Bottom Line

The ESOP Podcast Summer School – Session 1: Improving the Bottom Line

It’s summertime!  Time to put those extra after-work daylight hours to good use. Get out for a long bike ride, take a stroll in the park, or just sit on the porch with your feet up.  If you are looking for some good company during your summer activities, we have a great suggestion; join us for “The ESOP Podcast Summer School” now in session! We’ve curated a special summer series of podcasts from recent conferences designed to let you sit back, relax, and get up-to-date on all things ESOP.  (Check out all the “lessons” here.)

First up: “Improving the Bottom Line: A Technical Look at Culture & Value” (Episode 30, originally broadcast on April 24th, 2018). This presentation was given at the National Center for Employee Ownership (NCEO) 2018 Annual Conference – a.k.a. #NCEO18 – in Atlanta, Georgia on April 18th , 2018.  The presenters are Ed Wilusz ASA, CFA, Managing Director of Value Management, Inc, Matt Hancock of Praxis Consulting Group, and our own Bret Keisling of Capital Trustees.

 

 

Click below to download the accompanying “Improving the Bottom Line” slide show presentation:

Improving the Bottom Line

DISCLAIMER: The opinions expressed in this presentation and the presentation materials are not intended to be used as legal advice. Please consult with counsel as necessary.

Matt Hancock, Ed Wilusz, and Bret Keisling

Matt Hancock, Ed Wilusz, and Bret Keisling of Capital Trustees presenting “Improving the Bottom Line” at the Multi-state ESOP Conference in Scranton, PA on September 17, 2017.


More about Ed Wilusz and Value Managment, Inc.

[Photo Credit: Value Managment, Inc. ]

Value Management Inc.

“Ed Wilusz has been actively engaged in the appraisal profession since 1980. He has qualified as a business valuation expert witness and provided testimony in the following states: Pennsylvania, New Jersey, New York and Ohio. He is a Senior Member – Business Valuation in the American Society of Appraisers; a Chartered Financial Analyst (CFA); a past member of the ESOP Association’s Valuation Advisory Committee and Past Chairman of Sub-Committee to update Valuing ESOP Shares; Past-Director and Past-President of Bucks County Estate Planning Council; and Past-President of the Philadelphia Chapter of American Society of Appraisers. Ed is past chairman of Pearl S. Buck International and Director of the Bucks County College Foundation Board.” [Source: Value Managment, Inc. , Our Team]

For over 25 years, Value Management Inc. has acted as a financial advisor to both newly-formed and existing Employee Stock Ownership Plans (“ESOP”s) to assist the ESOP in transactions to acquire stock of the sponsor company. With over 125 years of combined valuation experience, Value Management Inc.’s team has prepared fairness opinions for dozens of ESOP transactions involving large, medium and small-sized companies. Value Management Inc.’s role is to provide the ESOP with an independent determination of the value of the stock that the ESOP is acquiring to ensure that the ESOP does not pay more than adequate consideration as defined in ERISA. It is Value Management Inc.’s consistent objectivity and independence that gives us our reputation for integrity. Our experienced analysts work closely with the ESOP attorneys and trustees throughout the transaction process. Our goal is to make the ESOP transaction process as smooth and transparent as possible.

[Source: Value Managment, About Us]

You can hear our in-depth interview with Ed Wilusz in Episode 4 of the ESOP Podcast.

More about Matt Hancock and Praxis Consulting Group

Matt Hancock

Praxis CG

Matt Hancock [Source: Praxis, Our People]

“Matt Hancock is a Consultant at Praxis, where he assists clients in developing and implementing high-engagement workforce strategies. Matt brings 12 years of domestic and global experience in education, employee ownership and change management to the team. His key competencies include leadership development, building high performance ownership cultures, process improvement, vision, strategy and governance.

Before joining Praxis, Matt served as co-founder and Executive Director of Chicago Tech Academy (ChiTech), Chicago’s first tech-focused high school serving low-income, inner-city students. Under Matt’s leadership, ChiTech achieved some of the city’s strongest test score improvements by building an organizational culture of collaboration, participation and employee empowerment.

Prior to co-founding ChiTech, Matt was the Associate Director of the Center for Labor and Community Research (CLCR) in Chicago, where he served as a trusted liaison to constituencies in manufacturing, labor, and government.

Before joining CLCR Matt lived, worked and studied in Bologna, Italy. As a consultant with Istituto per il Lavoro (Institute for Labor), Matt collaborated with major European institutes, manufacturers and labor unions on research into participatory forms of work organization, process improvement and supply-chain management.

Matt is also a recognized expert on the Italian cooperative movement, and an accomplished public speaker, writer, and thought leader. He is the author of Compete to Cooperate, a book about the cooperatives of Imola, Italy–one of the most successful, and enduring, experiences in employee ownership in history.

Matt is a past Board member of several non- and for-profit organizations including, most recently, the Freelancers Insurance Company, a for-profit insurer committed to providing affordable, effective health insurance to freelance and contingent workers in New York.

Matt earned an MBA in Cooperative Economics from the University of Bologna (Italy), where he studied governance, finance and strategy in the region’s top employee-owned firms, and a BA in history from Skidmore College.”

You can hear our in-depth interview with Matt Hancock in Episode 2 of the ESOP Podcast.

More about Bret Keisling, Capital Trustees, LLC

And, of course, you can learn more about our own Managing Director, Bret Keisling, on our about page, or listen to ESOP Podcast Episode 1: Introduction.


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Do you have feedback about this or any other episode of The ESOP Podcast? Do you have a topic that you would like for us to discuss on the show? Would you like to appear on the podcast as a featured guest or a panelist in a group presentation? Then we want to hear from you! Send us an email at podcast@captrustee.com.