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Q: We get acquisition offers frequently but don’t want to sell. We know that at some price we would have to say yes, but how can we have more control over our destiny as an ESOP?

Q. When will the new employee ownership law come into effect?

Q: We have a new ESOP and have heard about all these various committees that ESOP companies and boards have. Which ones do we need?

Q: I have heard some appraisers say they are providing a fairness opinion, but others say they are determining fair market value. What is the difference?

Q: We are a professional design firm operating in several states and a new ESOP. One of the states requires that to be licensed in the state, the company has to be owned by licensed professionals. We have an independent trustee for our ESOP.

Q: How does a generous profit-sharing plan affect an ESOP appraisal?

Q: Who sets the pay of board members in an ESOP company? Does the trustee have any role?

What makes for a successful group of people working together to accomplish their goals?

Last year, over there were 110 announced acquisitions of non-ESOP companies by existing ESOPs. That number significantly understates the actual number of acquisitions because most ESOP companies do not send out press releases or get press coverage for their acquisitions.

An ESOP administrative committee is a committee designated by the ESOP plan document. Its duties can vary from one company to another and need to be specified in its rules. In many companies, it is simply the board; others have a separate body for that function. There is no legal requirement for there to be an ESOP administrative committee, but in practice, plan documents almost always specify that there be one.