2022 ASA ESOP Virtual Conference

ASA Member Price: $200 | Non-Member Price $300

Don't miss ASA’s newest specialized event, diving into the intricacies of employee stock ownership plans (ESOPs) and how they affect experts in, or adjacent to, the appraisal profession. From ESOP basics to advanced valuation issues, this conference is your one-stop-shop for the best in ESOP education.  Please review the "Agenda" tab for presentation topics.  This event offers up to 5 hours of CE credit.

Conference Chairs
Chuck Coyne, ASA | Empire Valuation Consultants
Jade Palermo, ASA | Empire Valuation Consultants

Conference Sponsor

Conference Session Platform
This virtual conference is being held via Zoom. Please be sure to review Zoom's System Requirements. See the Event Access tab to join the live virtual conference after registering. 

1:00 - 1:15pm
Welcome & ASA Update
Chuck Coyne, ASA, Sr. Managing Director, ESOP Advisory Practice | Empire Valuation Consultants
Jade Palermo, Manager, ESOP Advisory Practice | Empire Valuation Consultants
Johnnie White, CEO/Executive Vice President | ASA

1:15 - 2:15pm
ESOP Basics
Chuck Coyne, ASA, Senior Managing Director | Empire Valuation Consultants
John Murphy, ASA, MCBA, CVA, President | Atlantic Management Company

This basic session will cover the unique aspects of valuing ESOP shares. We will discuss the current trends and best practices in ESOP formation transactions, valuing the shares purchased by the ESOP, and the role of the Valuation Advisor for the ESOP Trustee. Other topics will include the rendering of a transaction fairness opinion, valuation discounts and premiums, valuing C-Corp and S-Corp ESOP shares, debt amortization tax shield benefit, valuation of synthetic equity (i.e. warrants and stock appreciation rights) and the proper handling of the ESOP repurchase liability.

2:15 - 2:30pm

BREAK

2:30 – 3:30pm
ESOP Valuation: The Current State of the Law
Chelsea Mikula, Partner | Tucker Ellis LLP
Heidi Walker, ASA CPA/ABV, Senior Vice President, Financial Analyst | Greatbanc Trust Company
Kyle Wishing, ASA, CFA, Vice President and Leader of ESOP Valuation Practice | Willamette Management Associates

This session will provide an overview of the recent state of the law with respect to ESOP valuations from three different vantage points: litigation attorney, valuation professional, and trustee. We will discuss how recent court decisions and process agreements impact requirements for valuation professionals in drafting and reviewing ESOP valuations. We will discuss the key issues raised in litigation as well as how those decisions have impacted the valuation industry.

3:30 – 4:30pm
Advanced ESOP Valuation Issues
Timothy Lee, ASA, Managing Director of Corporate Valuation Services | Mercer Capital
Jeff Tarbell, ASA, CFA, Director | Houlihan Lokey

This session will cover various advanced ESOP valuation topics in a Q&A format from the perspective of two experienced practitioners. Topics to be addressed include Control Premiums, Repurchase Obligation, Synthetic Equity, Forecasts, and Marketability, as well as additional topical questions from attendees. The presenters will focus on best practices, areas of regulatory controversy, and pitfalls to avoid.

4:30 – 4:40pm
BREAK

4:40 - 5:40pm
ESOP Transactions
Tabitha Croscut, Devine Millimet
Dawn Goestenkors, Executive Vice President | TI Trust
Patrice Radogna, ASA, CPA, ABAR, Director | Marcum LLP

The co-panelists in this session will discuss an ESOP Stock Purchase Transaction, including the parties and processes involved and the valuation deliverables required to consummate an ESOP Transaction.