Tag Archives: Nceo18

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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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 Ep 33 – Women in ESOPs with Kimberly Jones, President of Butler/Till

The ESOP Podcast Episode 33 – Women in ESOPs with Kimberly Jones, President of Butler/Till

In this week’s episode, we are excited to share an #NCEO18 session that was, to our knowledge, a first of its kind at any national ESOP conference; we’re sharing the audio from the April 18th, 2018, NCEO “Workshop for Women in ESOPs” 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


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 Episode 32 – Anatomy of a LIVE ESOP Transaction at NCEO18

The ESOP Podcast Episode 32 – Anatomy of a LIVE ESOP Transaction at NCEO18 

We kick off this episode of The ESOP Podcast with a conversation with Peter Alifaris of Pendo Advisors, LLC. He shares our goals in stepping through the “Anatomy of a LIVE ESOP Transaction” in today’s presentation; listeners will come away with a real understanding of the process that goes into negotiating an ESOP transaction.

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.

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 from 9:00 – 10:15 AM.

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.


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.


Subscribe!

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 31 – George Raftopoulos of ROI Cubed, and Making Financial Statements Fun at NCEO18

George Raftopoulos

The ESOP Podcast Episode 31 – George Raftopoulos of ROI Cubed, and Making Financial Statements Fun at NCEO18

This episode of The ESOP Podcast begins with an introduction to George Raftopoulos, principal at ROI Cubed a boutique consulting firm that helps business owners with succession planning and implementation.

We then share George Raftopoulos and Bret Keisling of Capital Trustees presenting “Making Financial Statements Fun / Fun with Numbers” at the National Center for Employee Ownership (NCEO) 2018 Annual Conference, #NCEO18, in Atlanta, Georgia on Wednesday, April 18th from 9:00 – 10:15 AM.

Click below to download the accompanying “Making Financial Statements Fun“ slide show presentation:

NCEO18 Making Financial Statements Fun

 

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.


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 Episode 17 – Capital Trustees on the Current ESOP Business Environment

The ESOP Podcast Episode 17 – Capital Trustees on the Current ESOP Business Environment

In this week’s episode of the ESOP podcast, recorded on January 15th, 2018, Capital Trustee’s partners Bret Keisling and Rich Heeter discuss the efficacy of flu shots, Dr. Martin Luther King, Jr. Day, and the business environment in light of reduced regulations and lower taxes.

Upcoming Podcast Topics:

Some of our planned upcoming podcasts topics:

  • Directed versus discretionary trustees.
  • An authoritative look at the impact of tax changes by a valuation advisor.
  • Expert advice on repurchase obligations relative to the tax rate.
  • “ESOP101” with a valuator and an ESOP lawyer.

We will also be attending and recording at a number of ESOP conferences.

Upcoming Presentations:

Capital Trustees will be at the ESOP Professionals’ Forum on March 2nd, 2018 at The Westin Canal Place in New Orleans, LA.  This valuable conference is limited to professionals and is an ideal environment to discuss best practices.   We will also be attending many of the state and regional ESOP conferences held in late February and early March.

Capital Trustees will be presenting during the concurrent sessions at the NCEO Employee Ownership Conference, #NCEO18, in Atlanta, GA on April 18th-20th, 2018:

You can see our current schedule on our News and Calendar page.

Capital Trustees would like to thank all our listeners, clients, advisors, and referral sources for this past year. We are looking forward to sharing a strong and successful 2018 with you all!

Rich Heeter and Bret Keisling at Capital Trustees’ Fifth Anniversary Reception


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