EVENT SPONSORS
NICK FRANCIA
As a partner of The Capital ESOP Group, Nick Francia focuses on educating business owners on tax-efficient exit strategies He is committed to helping clients recognize their options, understand the pros and cons of each strategy, and choose the best succession plan for themselves and their families Nick also creates tailored cash flow models comparing the taxable sale of privately held businesses and a tax-deferred sale to an ESOP under §1042 of the Internal Revenue Code. Nick earns his clients’ trust through open, transparent communication and by working with clients’ tax and legal advisors to construct an overarching strategy.
TIM GARBINSKY
Ch i i e Hurt
Timothy Garbinsky is the communications director at the NCEO In his role, Tim works with volunteers, allied organizations, and the press to creatively and effectively disseminate information about employee ownership and advance the NCEO's mission. He earned his BA from Duke University in 2009 and has since worked as a content creator and an educator, skills which he transfers to the NCEO Originally from the D C metropolitan area, Tim now lives in California's Central Valley with his wife and son.
CHRISTINE HURT
Christine Hurt is a principal and chief financial officer with more than 30 years of diverse experience managing accounting, human resources, and information technology Her expertise includes corporate accounting, financial reporting and analysis, budgeting, audit requirements, regulatory reporting, treasury management, and tax compliance. Christine’s superpower is tackling challenging strategic situations by designing and implementing consistent operating processes Christine has a passion for sharing knowledge in a clear and approachable way, especially when it comes to complex issues of financial literacy
ANDY MANCHIR
THANK YOU TO OUR SPONSORS FOR MAKING THIS EVENT POSSIBLE! POSSIBLE!
Andy Manchir is a Partner in the Business Valuation and ESOP Services groups at Katz, Sapper & Miller (KSM) and is a co-chair of the firm’s ESOP Services Group KSM professionals combine the depth of ESOP valuation and financial advisory experience with the breadth that comes from the firm’s position as a leader in the areas of audit, tax and consulting services Andy is an active member of the NCEO and The ESOP Association and is the Past Chair of The ESOP Association’s Valuation Advisory Committee. He is also a Trustee of the Employee Ownership Foundation (EOF)
Christine Hurt
Christine Hurt
MEMBER RESOURCES
ESOP TRAINING PROGRAMS
The NCEO offers live remote training programs for boards and fiduciaries. The programs are presented by NCEO Founder Corey Rosen or NCEO Executive Director Loren Rodgers Customizable training is 90 minutes long and costs $500
We also offer an online training program on how ESOPs work. Based on a series of recorded webinars, it uses adult learning model-based quizzes to turn test takers into knowledgeable ESOP committee members and fiduciaries. This training costs $100.
PUBLICATIONS
Beyond Engagement
ESOPs and Corporate Governance
Executive Compensation in ESOP Companies
Selling Your Business to an ESOP
The ESOP Company Board Handbook
Understanding ESOPs
LIVE WEBINARS & REPLAYS
Stay up to date on ESOPs and equity compensation with online presentations on legal, governance, HR, communications, and financial topics from our Compass online learning series Both live and recorded webinars are free for NCEO members
We offer approximately 45 live ESOP webinars every year. Each webinar is recorded and then placed into our Replay Library for you to re-watch at your convenience. NCEO live webinars offer continuing education credit for CPE and SHRM. Find out more information about webinars at www.nceo.org/live-webinars.
Additional Resources
1.Understanding ESOPs by Corey Rosen & Scott Rodrick: A general introductory guide to ESOPs for public and private companies.
2.Who Should Own Your Business After You?: This 8-page, full-color booklet answers frequent questions, describes the sale process, and features critical research findings on the impact of employee ownership.
3.Finance Toolkit & Lender Directory: This toolkit helps NCEO member companies secure financing, either for an ESOP transaction or commercial lending, and includes guidelines on best practices when seeking funding and a directory of bank and nonbank lenders with ESOP experience.
AGENDA: OCTOBER 20
TOPIC TIME
Registration & Refreshments
Essex A-C Foyer
Tim Garbinsky, NCEO 12:30 PM 4:10 PM
1:00 PM Welcome! What is Employee Ownership?
Tim Garbinsky, NCEO
1:40 PM An ESOP Company Perspective
Juanpablo Wright
2:50 PM
Refreshment Break
3:15 PM ESOP Transaction Structures & Assessing Feasibility
Ed Renenger, SES ESOP Strategies
Roundtable Discussions | Essex A-C
Key Considerations for Feasibility | Ed Renenger
Internal Preparations for an ESOP Transition | Juanpablo Wright
ESOP Communications | Tim Garbinsky
The Raven 5:05 PM Wrap-Up
5:30 PM Networking Cocktail Reception
Learning Objectives: You will learn how to assess whether an ESOP suits your company and, if so, how to finance it. You will also learn how to make choices concerning allocation, vesting, distribution, voting rights, and what to do with sale proceeds. You will gain the necessary information for setting up a plan, including critical legal, valuation, and administrative issues. You will also learn about creating an influential ownership culture and why that is important.
DAN MARKOWITZ
Dan Markowitz is the leader of Boulay’s ESOP practice He specializes in audit and other financial reporting engagements for ESOP-owned clients in a variety of industries including retail, engineering, professional services, and manufacturing and distribution Dan provides financial and consulting services to ESOP companies, including ESOP feasibility studies, quarterbacking of ESOP transactions, ESOP sustainability projects, repurchase obligation studies, and managing annual ESOP administration
ED RENENGER
Ed is president and CEO of SES ESOP Strategies and co-chair of the ESOP Group and the Employee Benefits and Executive Compensation Group at Stevens & Lee, an affiliated company of SES ESOP Strategies He concentrates his practice on helping companies navigate the complexities of employee stock ownership plans (ESOPs). In this capacity, Ed advises business owners on ESOPs, which typically involves working with the company to first determine the feasibility and impact of creating an ESOP, consulting on whether the ESOP accomplishes the goals of the relevant stakeholders, designing the appropriate structure to accomplish those goals, implementing the transaction, and then assisting the company with the ongoing administration and compliance of the ESOP
TIM RETTIG
Tim Rettig is a second-generation serial ESOP entrepreneur Tim started Intrust IT in 1992 while in college at the University of Cincinnati As the company grew, it was ranked on the Inc 500|5000 list six times and has been recognized as a Best Place to Work in Cincinnati twelve times. Tim transitioned the company to be employee-owned via an employee stock ownership plan (ESOP) in 2019, just like his father Jay Rettig did with his company Software Solutions in 2004 Tim has a life goal to create over 10,000 employee-owners through his advocacy of employee ownership
GINNY SALOOM
Ginny Saloom is managing director and co-head of the PNC ESOP Solutions Team Ginny has 19+ years of experience advising companies and business owners on all aspects of ESOP transactions from financing to valuation to structuring Ginny provides subject matter expertise on ESOP transactions as an ownership transition tool and liquidity solution and functions as a resource to clients and prospects advising on all aspects of lending to ESOP-owned companies Ginny holds the FINRA Series 7 and 63 licenses.
JUANPABLO WRIGHT
Talking about employee-owned businesses always gets Juanpablo’s blood pumping Great EO companies consistently and continually educate their employee-owners on the fundamentals about what it means to be an owner Recently, Axia Home Loans, an ESOP established in 2016, was acquired. This experience provides Juanpablo a unique full-cycle perspective to discuss his experience from the start of an ESOP to the successful exit of one As the director of growth and strategic planning for Axia Home Loans, Juanpablo strived to solve problems and drive value for the company by assessing challenges, collaborating with others to establish a clear path forward, and ensuring people were connected to relationships that generated solutions
AGENDA: OCTOBER 21
TOPIC TIME
7:45 AM 8:40 AM
Breakfast Roundtables | Waterview C
What to Expect After the Transaction Closes | Dan Markowitz
Open Book Management | Tim Rettig
Communicating About Valuation and Other ESOP Concepts with your Employees | Andy Manchir
Financing Considerations for New ESOPs | Ginny Saloom
Welcome & Recap | Essex A-C
Tim Garbinsky, NCEO
Plan Design & Operations
9:05 AM
Dan Markowitz, Boulay Group 9:50 AM 10:30 AM
My Multi-Generational ESOP Story
Tim Rettig, Intrust IT
Refreshment Break
Determining Stock Value Andy Manchir | KSM 10:40 AM
Financing an ESOP Ginny Saloom, PNC 11:25 AM
Lunch with ESOP Experts | Waterview C
TBD | Susan Khildahl
Tapping the Expertise of Trusted Partners | Christine Hurt
Structures | Elle Carne 12:05 PM
What are the Questions I Should Be Asking That I Don’t Know to Ask? | Nick Francia
Beyond the ESOP: Cooperatives, Trusts, and Other Ownership
Fiduciary Responsibilities
Christine Hurt, Ayers Saint Gross 1:10 PM 1:55 PM 2:35 PM 2:45 PM
Investing in the 1042 Rollover
Nick Francia, The Capital ESOP Group at UBS
Refreshment Break
Q&A/Debrief
Tim Garbinsky, NCEO
Christine Hurt
Christine Hurt
Christine Hurt