Tag Archives: Capital Trustees

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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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 Episode 35 – Annual Updates for ESOP Participant Statements

Rich Heeter, Brian Keisling, and Bret Keisling

The ESOP Podcast Episode 35 – Annual Updates for ESOP Participant Statements

In this week’s episode of the ESOP podcast, Capital Trustee’s Managing Directors Bret Keisling and Rich Heeter and Client Engagement officer Brian Keisling kick off the 2018 summer season– which in the world of ESOPs is also known as Annual Update season!

We step through the work ESOP trustees do in partnership with an independent qualified valuation advisor to determine the value of a (non-publically-traded) company for the annual update, which then feeds into the plan participant statements. This is a key document for employee-owners, as this is that statement that updates them on thier share of their company’s value.

Successor Trustee Due Diligence Document Request

As mentioned at the 31:43 mark in the podcast, here is a sample Successor Trustee Due Diligence Document Request list so that listeners can see the types of information requested during this phase of the process.

Rich Heeter, Brian Keisling, and Bret Keisling

Rich Heeter, Brian Keisling, and Bret Keisling


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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 Episode 26 – Internal vs. External ESOP Trustees

Brian Keisling

The ESOP Podcast Episode 26 – Internal vs. External ESOP Trustees 

In this week’s episode of The ESOP Podcast, Bret Keisling is joined by Capital Trustees’ Client Relations Associate, Brian Keisling, to discuss 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.

 

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.


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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 Episode 20 – Directed versus Discretionary ESOP Trustees

ESOP Podcast Ep 20 Periscope

The ESOP Podcast Episode 20 – Directed versus Discretionary ESOP Trustees

In this week’s episode of the ESOP podcast, recorded on Groundhog Day, February 2nd, 2018, Capital Trustee’s partners Bret Keisling and Rich Heeter outdo fellow Pennsylvania native Punxsutawney Phil and Rich predicts the winner of Super Bowl LII.  Also, as predicted on previous podcasts, they discuss the differences between directed and discretionary ESOP trustees. Other topics include how to qualify an independent valuation advisor, hiring an external trustee, and how the valuation process and other matters are handled by an external trustee.

Key takeaway: A trustee’s responsibilities and processes should be identical regardless of whether you are internal or external. A fiduciary is a fiduciary is a fiduciary!

ESOP Podcast Ep 20 Periscope
Rich Heeter and Bret Keisling at Capital Trustees’ Offices recording the podcast, as seen on Periscope on February 2nd.

Watch the live recording of the intro to Episode 20 on Periscope to see Rich Heeter’s stunning football prediction powers in action.

Speaking of Periscope, tune in live on Twitter @CapTrusteeBret on Thursday, February 8th, when we plan to Periscope our panel discussion with Mark R. Kossow, Esq., an ESOP attorney with Archer & Greiner P.C., and Rob C. Hilton, ASA, a valuation advisor at Katz, Sapper & Miller.  The theme will be “ESOP 101: What, Why, and How.”  The podcast will be released on Tuesday, February 13th, and we also plan to release the accompanying ESOP 101 Presentation slideshow to video.


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