Tag Archives: The Esop Association

The ESOP Podcast Episode 29 – Communicating Value to ESOP Participants

The ESOP Podcast Episode 29 – Communicating Value to ESOP Participants

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.


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 Episode 28 – Patrice Radogna of Valuation Research Corporation

The ESOP Podcast Episode 28 – Patrice Radogna of Valuation Research Corporation (VRC)

Our guest is Patrice Radogna, ASA, CBA, CPA of Valuation Research Corporation (VRC). Patrice Radogna sat down with Bret Keisling at the 2018 Spring Conference of the New England Chapter of The ESOP Association on Friday, March 23rd in Burlington, Massachusets to discuss ESOP valuation.  She steps us through the approaches to the valuation of a company transitioning to employee ownership.

You can read the article discussed in the second half of the podcast, “Employee Stock Ownership Plans and the Tax Act“, in the March 2018 issue of Practical Tax Strategies.

You can follow Patrice Radogna on LinkedIn.  Read more of Patrice Radogna’s valuation perspective on the VRC blog; for example ESOP Trustees Should Require Peer Review in ESOP Valuations.

Watch a live excerpt of @CapTrusteesBret recording Episode 28 of The ESOP Podcast on Periscope here.

@CapTrusteesBret recording with @PRadogna of @VRCvaluation at the @ESOPAssociation New England Chapter Spring Conference.

As mentioned at the end of the podcast, not only does Patrice Radogna value companies, she also knows the value of being a good sport!
Way to come through on that Superbowl LII bet!

A warm welcome to the 2018 Spring Conference of the New England Chapter of The ESOP Association from Chapter President Amy Huot


More about Patrice Radogna, ASA, CBA, CPA

Ms. Radogna has over 17 years of experience in the valuation of privately held businesses, professional practices, pass-through entities and intangible assets. Her areas of specialty lie in the disciplines of trust and estate tax planning, ESOPs and shareholder transactional work.  Ms. Radogna has experience as a valuation advisor to clients in various industries with a particular expertise in the professional services practices.

Prior to joining VRC, Ms. Radogna was a director with Delphi Valuation Advisors for 15 years. She held consulting positions with the regional accounting and consulting firm, Tofias, P.C. and with a boutique consulting firm in New York City, Kahn Consulting, Inc. Prior to her experience as a consultant, she was employed as a credit underwriter for a large insurance company, where she performed in-depth financial analyses of mid to large size construction companies.

Ms. Radogna earned a bachelor of science degree in finance from Boston College. She subsequently received a certificate of accounting from New York University and is licensed in the State of New Hampshire as a Certified Public Accountant. Ms. Radogna is also an Accredited Senior Appraiser, Certified Business Appraiser, Certified Valuation Analyst, and Accredited in Business Appraisal Review.” [Source: About VRC Profecssionals]

More about Valuation Research Corporation (VRC)

“Since 1975, VRC has delivered supportable conclusions of value to domestic and international clients of all sizes, types and across all industries. We are a trusted partner to legal, tax and audit professionals.

VRC provides objective, practical guidance and advice to help you achieve your business objectives.”

[Source: Valuation Research Corporation, Inc., Copyright 2018]


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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 24 – Michael Keeling, President of The ESOP Association

The ESOP Podcast Episode 24 – Michael Keeling, President of The ESOP Association

Our guest is Michael Keeling, President and Chief Staff Officer of The ESOP Association.

This podcast was recorded on Friday, March 2nd, 2018 at The Westin Canal Place in New Orleans, Louisiana during the ESOP Professionals’ Forum. The Professional Forum is a unique opportunity for the vendor members of the ESOP Association to have strategic and complex discussions of the challenges facing ESOPs.  There is no other program like this in the employee stock ownership world.

In this podcast, we learn how many pieces of the bigger picture came together to bring Michael Keeling into the employee ownership community, and what makes ESOP organizations special.  ESOPs have had bi-partisan support since the start of the movement because employee ownership appeals to both our independent and communal spirit.

Michael Keeling has visited over 573 ESOP companies and has great stories to share from his visits. He invites all ESOP companies to join the national association and their local chapter. He also invites listeners to learn more about The Employee Ownership Foundation, whose mission is to fund research and educational programs to increase the level of awareness and appreciation of the benefits of employee ownership in order to educate the thought leaders of the future.

 

Watch a live excerpt of @CapTrusteesBret recording Episode 24 of The ESOP Podcast on Periscope here.

The ESOP Podcast with Rob Zicaro referenced at 35:06 in this podcast is Episode 22.


More about J. Michael Keeling, CAE

J. Michael Keeling, CAE

President, The ESOP Association
[Photo by Delane Rouse/DC, Source: The ESOP Association, Executive Bios]

“J. Michael Keeling, CAE, is the President and Chief Staff Officer of The ESOP Association, a national trade association promoting the growth of employee ownership in America through Employee Stock Ownership Plans, or ESOPs.

Since assuming his position in April 1991, the Association has experienced strong growth in membership and revenues, and is the largest organization in America dedicated to ensuring employee-owned companies are effective in operating their ESOP in an environment of ownership.

He is also President of the Association’s affiliated 501(c)(3) educational and research foundation, the Employee Ownership Foundation.

Prior to becoming President, Michael was General Counsel from 1984. Prior to 1984, he represented the Association on several legislative initiatives before Congress. While General Counsel, he maintained a private practice of law focused on legislative and administrative issues related to tax and retirement income policies.

During the 1970’s, he was Chief of Staff for former Congressman J. J. Pickle of Austin, Texas. Prior to that, he worked as an aide in several statewide campaigns in Texas, as a private consultant to labor and farm groups, and as an employee of the Texas State Legislature.

He is a graduate of Yale University and the University of Texas Law School.

The American Society of Association Executives has certified Michael as a Certified Association Executive. He is listed in Who’s Who in American Politics and Who’s Who in America.

He is married and has two children.”

More about The ESOP Association

The ESOP Association Logo

“The ESOP Association is America’s largest employer-sponsored advocacy and education association focused on employee stock ownership plans. Founded in 1978, the Association seeks to enhance federal laws governing ESOPs, provide members with expert information, and fund research via the Employee Ownership Foundation (an affiliate).

The ESOP Association is a national non-profit organization with 18 local Chapters. Its members include ESOP companies, companies considering an ESOP, and service providers that assist in setting up and maintaining ESOPs.” [Source: The ESOP Association, About the Association]

More about the Employee Ownership Foundation

Employee Ownership Foundation logo

“The Employee Ownership Foundation’s (EOF) primary purpose is to fund research and educational programs to increase the level of awareness and appreciation of the benefits of employee ownership and increase the number of employees who have access to these benefits.”

“Those who have experienced firsthand the power of employee ownership believe whole-heartedly that economic growth, employee well-being and dignity, and success of the business enterprise are common characteristics of employee-owned companies.”

[Source: The Employee Ownership Foundation, What We Do and About Employee Ownership]


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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 12 Days of ESOPs, Day 8: Cindy Turcot, COO of 100% Employee-Owned Gardener’s Supply Company

The 12 Days of ESOPs, Day 8: Cindy Turcot, COO of 100% Employee-Owned Gardener’s Supply Company

We’re celebrating the spirit of the ESOP Movement with The Twelve Days of ESOPs.

12 Days of ESOPs
 
Our guests over these twelve days hail from a variety of fields in ESOP World – from lawyers, to valuators, to CEOs, and even employee owners themselves – each bringing their own unique outlook and experience to our ongoing conversation about what makes ESOP participation so valuable to companies.
 
On the eighth day of ESOPs, our guest is Cindy Turcot, Chief Operating Officer of Gardener’s Supply Company located in Burlington, Vermont, and former Chair of The ESOP Association.  She discusses shared capitalism, employee ownership and company culture, employee ownership month, the ESOP movement… and loving your ESOP so much that you get ❤️ suits!
 .
🐄🐄🐄🐄🐄🐄🐄🐄 With the creativity and commitment of the employee-owners at Gardener’s Supply, you’ll get the supplies you need to have those eight cowpots a-planted in no time!
 .

This podcast includes some great examples of employee owner education and what participatory ownership means.  You can listen to the interview with Matt Hancock of Praxis CG referenced in this discussion here: ESOP Podcast Episode 2.

.

Cindy Turcot and Dave Fitzgerald and the Famous #iLoveMyESOP Suits mentioned in the podcast, Source: Twitter

Cowpots

Learn more about Cowpots on the helpful Gardener’s Supply Blog: Why Choose Cowpots


More About Gardener’s Supply Company

Garderner's Supply Company

Gardener’s Supply was founded in 1983 by a handful of enthusiastic Vermont gardeners. Today, they serve millions of gardeners nationwide, offering everything from seedstarting supplies and garden furniture to flower supports and garden carts.

“As of December 2009, Gardener’s Supply is 100 percent employee-owned, ensuring that customers can expect excellent products and service from people who own the company.

Vermont has long been known for its frugal, creative and independent citizens. In part that’s what fueled a decision, made 25 years ago, to invest in our employees. In 1987, after our third year in business, we adopted an Employee Stock Ownership Program (ESOP) that allows all employees to earn stock and share in company profits.

By engaging staff as owners, we unlock the creativity and commitment needed to be responsive to customers, sustain a vibrant focus on gardening and cultivate a compassionate corporate culture. Employees are encouraged to learn about all aspects of our business, so they can be active participants in shaping our business future and can contribute to our mutual success. When you do business with Gardener’s Supply, you are directly and fully supporting a Vermont business that is owned and operated by all the employees who work here.

In business, success is usually a blend of luck and hard work, and that has certainly been true for Gardener’s Supply. But we also attribute our own business success to a few other important factors.

One is the customers we serve, who are always eager to give us their feedback and good ideas. You make us better every day, and we thank you.

Second is a commitment we made from the start: to keep our feet firmly in the garden.

Third is our bright and motivated staff: the people who develop the products, create the catalogs, answer our phones, pack the boxes and pay the bills.

To learn more about employee stock ownership programs, go to the ESOP Association.”

Source: Gardner’s Supply, Proudly Employee-Owned


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The 12 Days of ESOPs, Day 2: ESOP Advocacy with Mike Shuey of Restek, Corporation

The 12 Days of ESOPs, Day 2: ESOP Advocacy with Mike Shuey of Restek, Corporation

We’re celebrating the spirit of the ESOP Movement with The Twelve Days of ESOPs.

12 Days of ESOPs
 
Our guests over these twelve days hail from a variety of fields in ESOP World – from lawyers, to valuators, to CEOs, and even employee owners themselves – each bringing their own unique outlook and experience to our ongoing conversation about what makes ESOP participation so valuable to companies.
 
On the second day of ESOPs we’re highlighting the importance of ESOP advocacy with Mike Shuey of Restek Corporation,
🐢🕊️🕊️  Just like “two turtle doves” — a symbol of peaceful teamwork — ESOP advocacy works even better when we team up and work together! Mike Shuey is an officer with the ESOP Association’s PA/DE Chapter and works with other ESOP companies to advocate for employee ownership at the state and federal level.

 More about Mike Shuey

[Photo Credit: Restek News web page.]

Mike Shuey is Restek’s International Customer Service Supervisor. He received the 2016 ESOP Outstanding Chapter Officer Award.  “Mike takes great pride in being a part of legislative efforts to support and educate our representatives to keep our ESOP benefits in place and is proud of Restek’s grassroots efforts to show the nation that our ESOP model works and is a positive business strategy for the success of our country.”

For more information on ESOP PA/DE’s work and a list of excellent advocacy resources, check out the ESOP Pennsylvania/Delaware Chapter Advocacy Page.

More about Restek

Restek

Restek Pure Chromatography is based in Bellefonte, Pennsylvania.

‘Restek is a leading developer and manufacturer of chromatography columns and accessories. We provide analysts around the world with the innovative tools they need to monitor the quality of air, water, soil, foods, pharmaceuticals, chemical, and petroleum products.

Our reputation for Plus 1 customer service and quality, innovative products is world-renowned. Plus 1 customer service means every Restek employee will work hard to exceed your expectations in helpfulness and courtesy.

Restek is an independent company in which all employees share ownership through our employee stock ownership plan. Every employee deeply cares about your satisfaction and appreciates your loyalty every time you choose a Restek product. Since 1985, we have consistently improved our quality and our customer service, and we have developed innovative products that make your job easier. Thank you for playing a key role in Turning our Visions into Reality.”

Source: About Restek


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The ESOP Podcast Episode 10

The ESOP Podcast Episode 10 – Cindy Turcot, COO of 100% Employee-Owned Gardener’s Supply Company

Our guest is Cindy Turcot, Chief Operating Officer of Gardener’s Supply Company located in Burlington, Vermont, and former Chair of The ESOP Association.  Cindy Turcot sat down with Bret Keisling of Captial Trustees, LLC at The ESOP Association’s record-setting November 2017 Las Vegas ESOP Conference and Trade Show held at the Paris hotel in Las Vegas, Nevada.  Their discussion covers shared capitalism, employee ownership and company culture, employee ownership month, the ESOP movement… and loving your ESOP so much that you get <3 suits!

This podcast includes some great examples of employee owner education and what participatory ownership means.  You can listen to the interview with Matt Hancock of Praxis CG referenced in this discussion here: ESOP Podcast Episode 2.

The ESOP Association Las Vegas

[Source: The ESOP Association 2017 Trade Show]

Cindy Turcot and Dave Fitzgerald and the Famous #iLoveMyESOP Suits, Source: Twitter


More About Gardener’s Supply Company

Garderner's Supply Company

Gardener’s Supply was founded in 1983 by a handful of enthusiastic Vermont gardeners. Today, they serve millions of gardeners nationwide, offering everything from seedstarting supplies and garden furniture to flower supports and garden carts.

“As of December 2009, Gardener’s Supply is 100 percent employee-owned, ensuring that customers can expect excellent products and service from people who own the company.

Vermont has long been known for its frugal, creative and independent citizens. In part that’s what fueled a decision, made 25 years ago, to invest in our employees. In 1987, after our third year in business, we adopted an Employee Stock Ownership Program (ESOP) that allows all employees to earn stock and share in company profits.

By engaging staff as owners, we unlock the creativity and commitment needed to be responsive to customers, sustain a vibrant focus on gardening and cultivate a compassionate corporate culture. Employees are encouraged to learn about all aspects of our business, so they can be active participants in shaping our business future and can contribute to our mutual success. When you do business with Gardener’s Supply, you are directly and fully supporting a Vermont business that is owned and operated by all the employees who work here.

In business, success is usually a blend of luck and hard work, and that has certainly been true for Gardener’s Supply. But we also attribute our own business success to a few other important factors.

One is the customers we serve, who are always eager to give us their feedback and good ideas. You make us better every day, and we thank you.

Second is a commitment we made from the start: to keep our feet firmly in the garden.

Third is our bright and motivated staff: the people who develop the products, create the catalogs, answer our phones, pack the boxes and pay the bills.

To learn more about employee stock ownership programs, go to the ESOP Association.”

Source: Gardner’s Supply, Proudly Employee-Owned


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The ESOP Podcast Episode 7

The ESOP Podcast Episode 7 – Great Lakes ESOP Conference Recap

In this special edition of the ESOP Podcast, Captial Trustees partners Bret Keisling and Rich Heeter, and Client Relations Associate Brian Keisling discuss the 3rd Annual Great Lakes Regional ESOP Conference held October 19-20, 2017 at the Kalahari Resort & Convention Center, Sandusky, OH.

 

[Logo Credit: The ESOP Association ]

Thanks again to all who celebrated our fifth anniversary with us at our three conference receptions.

Left to Right: Rich Heeter, Brian Keisling, and Bret Keisling

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The ESOP Podcast Episode 4

The ESOP Podcast Episode 4 – ESOP Valuation with Ed Wilusz of Value Managment, Inc.

Our guest is Edward A. Wilusz, Managing Director of Value Management, Inc. (VMI).  Ed sat down with Bret Keisling of Captial Trustees, LLC during the September 2017 ESOP Association Multi-State Conference – PA/DE and NY/NJ Chapter Meeting in Scranton, PA for a discussion of the ESOP valuation process.


More about Ed Wilusz

“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]

[Photo Credit: Valuation Managment, Inc. ]

 

More about Value Managment Inc.

Value Management Inc.

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.

[Soure: Value Managment, About Us]


 

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The ESOP Podcast Episode 3

The ESOP Podcast Episode 3 – Learn about ESOP Advocacy with Mike Shuey of Restek, Corporation

 

Our guest is Mike Shuey of Restek Corporation, who is an officer with the ESOP Association’s PA/DE Chapter.  Mike sat down with Bret Keisling of Captial Trustees during the September 2017 ESOP Association Multi-State Conference – PA/DE and NY/NJ Chapter Meeting in Scranton, PA and spoke about advocating for ESOPs at the state and federal level.

Mike Shuey Periscope

[Photo: @CapTrustees Twitter live broadcast.]


 More about Mike Shuey

[Photo Credit: Restek News web page.]

Mike Shuey is Restek’s International Customer Service Supervisor. He received the 2016 ESOP Outstanding Chapter Officer Award.  “Mike takes great pride in being a part of legislative efforts to support and educate our representatives to keep our ESOP benefits in place and is proud of Restek’s grassroots efforts to show the nation that our ESOP model works and is a positive business strategy for the success of our country.”

For more information on ESOP PA/DE’s work and a list of excellent advocacy resources, check out the ESOP Pennsylvania/Delaware Chapter Advocacy Page.

More about Restek

Restek

Restek Pure Chromatography is based in Bellefonte, Pennsylvania.

‘Restek is a leading developer and manufacturer of chromatography columns and accessories. We provide analysts around the world with the innovative tools they need to monitor the quality of air, water, soil, foods, pharmaceuticals, chemical, and petroleum products.

Our reputation for Plus 1 customer service and quality, innovative products is world-renowned. Plus 1 customer service means every Restek employee will work hard to exceed your expectations in helpfulness and courtesy.

Restek is an independent company in which all employees share ownership through our employee stock ownership plan. Every employee deeply cares about your satisfaction and appreciates your loyalty every time you choose a Restek product. Since 1985, we have consistently improved our quality and our customer service, and we have developed innovative products that make your job easier. Thank you for playing a key role in Turning our Visions into Reality.”

Source: About Restek


 

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