Tag Archives: Valuation

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 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 23 – Rob Hilton, Mark Kossow, and Rich Heeter

ESOP 101 Around the Table

The ESOP Podcast Episode 23 – Rob Hilton, Mark Kossow, and Rich Heeter

This special ESOP Podcast is a companion episode to our well-received “ESOP 101” podcast (Episode 21), which presented a 360-degree overview of the “What, Why, and How” of employee stock ownership plans.  In this episode we’ll learn more about the perspective and background of each of those “ESOP 101” presenters: Robert C. Hilton Jr., ASA, Director of Valuation and ESOP Services at Katz, Sapper & Miller, Mark R. Kossow, Esq., a partner at Archer & Greiner P.C., and Richard A. Heeter, Managing Director at Captial Trustees, LLC.

ESOP 101 Around the Table

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

 

ESOP 101

Download “The ESOP Podcast Episode 21 – ESOP 101: What, Why, and How” podcast and presentation 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.

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 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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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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The 12 Days of ESOPs, Day 3: ESOP Valuation with Ed Wilusz of Value Managment, Inc.

The 12 Days of ESOPs, Day 3: ESOP Valuation with Ed Wilusz of Value Managment, Inc.

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 third day of ESOPs, we discuss the ESOP valuation process with Edward A. Wilusz, Managing Director of Value Management, Inc. (VMI).  Value Managment performs about 65 ESOP valuations annually, as well as 250 other assignments a year. So, let’s take a moment to place a value on what we’ve covered so far: 🇫🇷 🐔🐔🐔 We hear the 2017 value of three French hens is $181.50 USD, a relative bargain compared to $375.00 for those two turtle doves yesterday 🐢🕊️🕊️ and the partridge and pear tree at $219.95 🐤🍐🌳 . Working for a great ESOP? Priceless! 😀

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 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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