Is an ESOP Right for You? Find out at our October 25–26 meeting in Santa Fe

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Is an ESOP Right for You? An In-Depth Look at Employee Stock Ownership Plans

October 25–26, 2017 :: Santa Fe, NM

About This Meeting

Enhance your company's legacy and benefits plan with an ESOP—the most tax-efficient method of exit planning. You will learn: valuation and financing, legal issues and plan design, issues for selling shareholders, and communication and ownership culture.


October 25, 2017
1:00 PM
Welcome and Introduction
Loren Rodgers, NCEO
1:30 PM
An ESOP Company Perspective
Linda Henderson, JBH Construction Company, Inc.
2:00 PM
ESOP Transaction Structures
Peter E. Jones, Schatz Brown Glassman LLP
2:45 PM
3:00 PM
Assessing ESOP Feasibility
Owen Schmidt, Principal Financial Group
3:45 PM
Table Talks: Roundtable Discussion Groups
4:15 PM
Plan Design and Operation
James Steiker, SES Advisors, Inc.
5:00 PM
Adjourn: Join your co-attendees and presenters for wine and cheese and get those last-minute questions answered
October 26, 2017
9:00 AM
Welcome and Recap
Loren Rodgers, NCEO
9:15 AM
Determining Stock Value
Brad Smith, Intrinsic, LLC
10:00 AM
Financing an ESOP
Phillip Chou and Michael Harden, AmbroseAdvisors
10:45 AM
11:00 AM
Fiduciary Issues
Howard Levine, Drinker Biddle & Reath LLP
11:45 AM
Lunch with the Experts
12:45 PM
Incentive Compensation for ESOP Companies
Patrick DeCraene, GreatBanc Trust Company
1:30 PM
Alternatives to an ESOP
David M. Diehl, Prairie Capital Advisors, Inc.
2:15 PM
2:30 PM
Investing the 1042 Rollover
Michael G. McCarthy, Wells Fargo Advisors
3:15 PM
Ownership Communications and Culture, Recent Research
Loren Rodgers, NCEO
4:00 PM


Phillip Chou

presenter photologo

Ambrose Advisors

Phillip is a managing director at Ambrose Advisors. He has nearly 15 years of relevant experience in investment banking and corporate strategy/development. He has advised clients across a wide spectrum of industries in the structuring and execution of ESOP buyouts, mergers & acquisitions, capital raising and valuation projects. Phillip oversees capital raising engagements and executes corporate finance transactions for Ambrose Advisors' investment banking division.

Patrick De Craene

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GreatBanc Trust Company

Patrick joined GreatBanc Trust Company in 2001. He has extensive experience in the design and administration of qualified and nonqualified retirement plans. Prior to joining GreatBanc Trust, he held positions with major national banking and consulting firms, where he gained his expertise in the design and operation of large, complex retirement plans. At GreatBanc, he serves plan sponsors and their companies in the design and structure of their retirement plan needs.

David M. Diehl

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Prairie Capital Advisors, Inc.

Dave is the chief operating officer at Prairie Capital Advisors and oversees the day-to-day operations and the company's fairness opinion committee. On a project basis, he provides closely held businesses a complete understanding of the best available options for their ownership transition needs. He expertly executes projects for mergers and acquisitions, management buyouts, ESOPs, estate planning, and other corporate finance purposes. Dave serves as a trusted advisor to a diverse range of clients nationwide, delivering highly strategic consultation.

Michael Harden

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Ambrose Advisors

Michael Harden is a senior managing director at Ambrose Advisors. He leads Ambrose's Investment Banking division. He has more than 20 years of experience in accounting, mergers & acquisitions, financings, ESOP buyouts and valuations. He is a specialist in ESOP buyouts and therefore has experience in a wide array of industries, including energy, technology, government contracting, breweries, manufacturing, distribution, business services and construction.

Peter E. Jones

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ESOP Plus: Schatz Brown Glassman LLP

Peter is a partner with ESOP Plus®: Schatz Brown Glassman LLP. Peter structures and implements business succession transactions throughout the US with an emphasis on ESOP transactions. He designs ESOP plans and advises ESOP companies with their continuing regulatory compliance. Peter is a member of the American Bar Association, the NCEO, and the ESOP Association. He is an adjunct professor at the Moritz College of Law at The Ohio State University and frequently speaks on matters pertaining to ESOPs.

Howard Levine

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Drinker Biddle & Reath LLP

Howard Levine is a partner in the in the Chicago office of the law firm of Drinker Biddle & Reath, where he previously served as chair of the firm's national employee benefits and executive compensation practice and now serves as chair of its ESOP transactional team. He focuses his practice on all aspects of employee benefits law, including executive compensation, ESOPs and ERISA fiduciary matters. In the ESOP area, he has represented plan sponsors, selling shareholders and independent fiduciaries in the design, implementation, operation and termination of ESOPs, and in the sale of ESOP-owned companies.

Michael McCarthy

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Wells Fargo Advisors LLC

Michael McCarthy, CFP, is a managing director at Wells Fargo Advisors, LLC, with 20 years of experience specializing in leveraged ESOP transactions. Mike is the director of the financial education center for DePaul University. He is a member of the NCEO and the ESOP Association. He educates and advises clients for Wells Fargo Advisors and their affiliates, and helps to structure QRP portfolios for clients utilizing Section 1042 as a part of their ESOP transaction.

Loren Rodgers

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National Center for Employee Ownership

Loren joined the NCEO in 2005 and became its executive director in 2010. He writes extensively on employee ownership in professional and academic publications and has spoken at events around the world. Since he entered the field in 1995 as a consultant, he has worked with hundreds of companies. His expertise includes ESOPs, equity compensation, best practices for employee ownership companies, research, effective communications, employee motivation, corporate governance, ESOP transactions and operations, and business literacy.

Owen Schmidt

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Principal Financial Group

Owen is a director of consulting at Principal Financial Group® and has more than 30 years of experience. His areas of expertise include the feasibility, design, installation and administration of qualified and non-qualified plans, including ESOPs, 401(k) plans, defined benefit plans, and defined contribution plans. Owen is a member of the NCEO, The ESOP Association, and a board member of the Southwest Chapter of The ESOP Association.

Bradley R. Smith

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Brad has spent his 18-year career serving in finance and accounting roles at Arthur Andersen, the CitiGroup Private Bank, a boutique accounting firm, and his current company, Intrinsic, where he leads the tax, litigation and ESOP valuation practices. Brad is a member of the American Institute of Certified Public Accountants, the Colorado Society of Certified Public Accountants, the CFA Institute and the National Association of Certified Valuators and Analysts.

James Steiker

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SES Advisors, Inc.

Jim is chairman and CEO of SES Advisors, Inc. and founding partner and chairman of its sister law firm, Steiker, Greenapple & Fusco, P.C. Jim is a corporate, pension, and tax attorney and financial advisor with more than 30 years of experience in ESOPs and other employee ownership matters. Jim currently serves on the ESOP Association board of governors. He is also a past trustee of the Employee Ownership Foundation and a past member of the board of directors of the NCEO. He is a frequent speaker and author on ESOP matters and serves as a director of nine ESOP companies.

Meeting Site

The meeting will be held at La Fonda On the Plaza located at 100 East San Francisco Street, Santa Fe, NM. Sleeping rooms are available for our group at a special rate of $189. To make a reservation please call the hotel directly at 505-995-2326 by September 25, 2017. The Hotel La Fonda is sold out on the night of October 24. The Drury Hotel, which is about a block and a half away is offering the same rates. Use this link to book rooms online. If the website does not pull up the group information automatically, please click blue "Enter a Group Number" and enter 2320309. Then click verify group to begin making a reservation. Or, you may call the toll-free number to secure a room (800-378-7946). Please give the reservation agent the group number of: 2320309.


All meeting registrations must be prepaid.
To register, click the add-to-cart button below corresponding to (1) whether you are a member or not and, in the case of members, whether you are a company member or service provider and (2) how many people are attending. To indicate the number of attendees, choose the appropriate add-to-cart button below. For example, if you are registering two people, you will have a quantity 1 in your shopping cart for a two-person registration. You will enter attendee names in the "Enter Meeting Attendee Information" box at the bottom of the first checkout screen, below your name and address. If you are registering four or more people, contact Colleen Kearney at instead of registering online.

Two-for-one offer for NCEO company members: Register one person at $195 and bring a co-worker for no additional charge. (Just click the appropriate "Two attendees" add-to-cart button below, and keep the quantity at 1 in the shopping cart.) Additional attendees are $170 each.

NCEO Company Members (either already a member or joining with this order):

One attendee (NCEO company member): $195
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Two attendees (NCEO company member): $195
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Three attendees (NCEO company member): $365
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NCEO Service Provider Members (either already a member or joining with this order):

One attendee (NCEO service provider member): $195
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Two attendees (NCEO service provider member): $365
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Three attendees (NCEO service provider member): $535
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One attendee (nonmember): $260
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Two attendees (nonmembers): $500
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Three attendees (nonmembers): $740
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Continuing Education Credit

CPE Credit

The National Center for Employee Ownership (NCEO) 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 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:

This program is a "group-live" offering and provides 11.00 hours of CPE credit for accountants in the area of "specialized knowledge and applications." The material is basic level. No prerequisites or advanced preparation is needed. For more information regarding administrative policies such as complaint and refund, please contact the NCEO at 510-208-1300.

IRS Credit

The National Center for Employee Ownership (NCEO) is registered with the IRS as an approved provider of continuing education credit. This program provides 3.00 hours of IRS credit for Enrolled Retirement Plan Agents. Programs listed in other areas of our Web site are not approved for continuing education credit for Enrolled Retirement Plan Agents. Attendees must provide a PTIN with their registration in order to obtain IRS CE credit. Continuting education credit is not mandatory for tax return preparers.

SHRM Credit

This program is valid for 8.25 PDCs for the SHRM-CPSM or SHRM-SCPSM.

Cancellation Policy

A full refund will be issued, less a $50.00 administrative fee, if the request is received by the close of business on September 25, 2017. Cancellations made after that date and before our guarantee date of October 19, 2017, will be eligible for credit toward another program, minus a $50.00 administrative fee. Those canceling on or after the guarantee date will not receive a paper credit or a refund.