2026 ASA ESOP Conference

More About This Event

ASA Member Price: $249 | Non-Member Price: $349

Tuesday, June 9, 2026

Where ESOP Valuation Meets Fiduciary Responsibility

In an ESOP environment shaped by evolving case law, heightened regulatory scrutiny, and shifting market conditions, fiduciaries and valuation professionals must stay aligned on process, documentation, and the analytical drivers behind fair market value. The 2026 ASA ESOP Conference brings together experienced practitioners to examine current developments, practical valuation considerations, and real-world transaction challenges, helping you strengthen defensibility and navigate today’s ESOP landscape with confidence.

This year’s virtual conference will feature:

• The Fiduciary-Valuator Relationship: Roles, Responsibilities, and Effective Collaboration — Explore how trustees and valuation advisors work together to establish and support fair market value in ESOP transactions and annual updates, with a focus on roles, information flow, and effective collaboration.
• ESOP Valuation Potpourri: Current Issues and Practical Considerations — This interactive discussion examines current valuation considerations and market trends affecting ESOP valuations, including forecasting challenges, working capital adjustments, excess cash treatment, and evolving market multiples.
• Avoiding the Landmines: Common Pain Points in ESOP Transactions — Learn how trustees, valuation advisors, and attorneys navigate common negotiation challenges in ESOP transactions, highlighting key structural issues and practical strategies for resolving complex deal dynamics.
• Legal Updates and Their Impact on ESOP Fiduciary Duties and Valuation — Review recent legal and regulatory developments affecting ESOP fiduciaries and valuation advisors, and understand how these changes influence fiduciary process, documentation, and valuation review practices.

With sessions led by seasoned ESOP practitioners across the fiduciary, valuation, and legal ecosystem, attendees will gain practical insights and perspectives that can be applied immediately to transaction work and ongoing annual valuations.

Why Attend?

• Strengthen fiduciary process and valuation defensibility with practical, real-world perspectives
• Stay current on legal and regulatory developments impacting ESOP transactions and annual valuations
• Explore today’s valuation hot button: from forecasting to capital structure, excess cash, and market multiples
• Learn how to anticipate and navigate common transaction negotiation pain points beyond purchase price
• Connect with peers across the ESOP fiduciary, valuation, legal, and finance ecosystem

Whether you’re a valuation professional, ESOP trustee/fiduciary, attorney, lender, corporate finance advisor, or company stakeholder, this is a must-attend program for staying informed, aligned, and defensible in ESOP valuation and transaction work.

NASBA and Continuing Professional Education (CPE) Credit

ASA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website www.learningmarket.org

CPE Credit: Up to 4.5 CPE credits
Program Level: Intermediate
NASBA Knowledge Type: Specialized Knowledge
Delivery Method: Group Internet-Based
Prerequisites: None
Advanced Preparation: None 
Policies: ASA's Refund and Cancellation Policy and ASA's Complaint Resolution Policy 

Conference Co-Chairs

Jade Palermo | Empire Valuation Consultants
Ivy Wan-Beltejar, ASA | Empire Valuation Consultants

Conference Sponsors

Agenda

1:00 - 1:05pm
Welcome
Jade Palermo, ASA | Managing Director | Empire Valuation Consultants
Ivy Wan-Beltejar, ASA, CFA | Director | Empire Valuation Consultants

1:05 - 2:00pm
The Fiduciary-Valuator Relationship: Roles, Responsibilities, and Effective Collaboration
Brian Turner | Director | Stout
Laura Kelley | Sr. VP of Valuation | Aegis Trust Company

The relationship between the ESOP fiduciary (trustee) and the valuation advisor is central to establishing and supporting fair market value for ESOP transactions and annual updates. This session will explore the respective roles and responsibilities of each party, the information flow and analytical process behind a valuation, and the trustee’s review and diligence in evaluating the advisor’s conclusions. Panelists will discuss practical considerations, common areas of focus during the review process, and how effective collaboration between fiduciaries and valuation professionals supports a well-documented and defensible valuation.

2:00 - 2:55pm
ESOP Valuation Potpourri: Current Issues and Practical Considerations

This session will cover a range of timely and practical topics that frequently arise in ESOP valuations and annual updates. Panelists will discuss current valuation considerations such as working capital adjustments, treatment of excess cash and debt, forecasting challenges, evolving market multiples, and other issues that can influence value conclusions. The discussion will also touch on recent trends observed in ESOP transactions and valuation reviews, with an emphasis on practical insights and real-world application. Designed as an interactive conversation, the session will provide attendees with a collection of perspectives and considerations relevant to today’s ESOP valuation environment.

2:55 - 3:05pm
BREAK

3:05 - 4:00pm
Avoiding the Landmines: Common Pain Points in ESOP Transactions
Serena Amlie, CFA, ASA Vice President, ESOP Client Advisor Spinnaker Trust
Katie Wilusz, CFA, ASA Director Value Management Inc.

ESOP transactions often involve complex negotiations among multiple parties, including trustees, valuation advisors, attorneys, lenders, and company stakeholders. While purchase price is a key component of the transaction, many of the most challenging negotiations often arise around other terms and structural considerations. This session will explore common pain points encountered during ESOP transaction negotiations from the perspectives of a trustee, valuation advisor, and attorney. Panelists will discuss the issues that frequently require the most attention, why they matter to the various parties involved, and practical approaches for navigating these negotiations effectively.

4:00 - 5:00pm
Legal Updates and Their Impact on ESOP Fiduciary Duties and Valuation
Julie Govreau | Senior Vice President and General Counsel | Greatbanc Trust Company

Recent legal developments and regulatory activity continue to shape the responsibilities of ESOP fiduciaries and the expectations placed on valuation advisors. This session will provide an overview of notable legal updates, enforcement trends, and evolving guidance affecting ESOP transactions and annual valuations. Panelists will discuss how these developments influence fiduciary process, documentation, and the trustee’s review of valuation conclusions, as well as practical implications for valuation professionals. The discussion will focus on helping ESOP advisors understand the current legal landscape and how it may affect best practices in both transaction and ongoing valuation work.

Agenda subject to change.

Upon completion of this course, participants will be able to:

• Identify the respective roles and responsibilities of ESOP trustees and valuation advisors and evaluate how collaboration and information exchange support defensible fair market value conclusions.
• Recognize key valuation issues affecting ESOP transactions and annual updates, including working capital adjustments, excess cash treatment, forecasting challenges, and changing market multiples.
• Analyze common negotiation challenges and structural issues in ESOP transactions and identify practical strategies for addressing concerns among trustees, valuation advisors, attorneys, and other stakeholders.
• Review recent legal and regulatory developments affecting ESOP fiduciary duties and assess their implications for valuation process, documentation, and trustee review practices.

Group Discounts
A 10% discount off the current, applicable registration fee is available for five or more individuals registering from the same organization. Individuals must be registered as a group to qualify for the discount. For additional details and instructions on how to register, please contact ASA Member Services at +1 800-272-8258 or +1 703-478-2228 or via e-mail at asainfo@appraisers.org.