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

October 17–18, 2018 :: Memphis, TN

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 17, 2018
1:00 PM
Welcome and Introduction
Loren Rodgers, NCEO
1:30 PM
An ESOP Company Perspective
2:00 PM
ESOP Transaction Structures
Ted Margarit Chartwell
2:45 PM
3:00 PM
Assessing ESOP Feasibility
Peter E. Jones, ESOP Plus: Schatz Brown Glassman LLP
3:45 PM
Table Talks: Roundtable Discussion Groups
4:15 PM
Plan Design and Operation
Tabitha Croscut, Devine, Millimet & Branch, PA
5:00 PM
Adjourn: Join your co-attendees and presenters for wine and cheese and get those last-minute questions answered
October 18, 2018
9:00 AM
Welcome and Recap
Loren Rodgers, NCEO
9:15 AM
Determining Stock Value
Chuck Coyne, Empire Valuation Consultants, LLC
10:00 AM
Financing an ESOP
William A.Stewart, PCE Investment Bankers
10:45 AM
11:00 AM
Fiduciary Issues
James Steiker, SES Advisors, Inc.
11:45 AM
Lunch with the Experts
12:45 PM
Incentive Compensation for ESOP Companies
Timothy J. Cleary, Chartwell
1:30 PM
Alternatives to an ESOP
Timothy Jamison, Prairie Capital Advisors, Inc.
2:15 PM
2:30 PM
Investing the 1042 Rollover
Nicholas J. Francia, UBS-The ESOP Capital Group
3:15 PM
Ownership Communications and Culture, Recent Research
Loren Rodgers, NCEO
4:00 PM


Timothy J. Cleary

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Tim leads Chartwell's Ownership Advisory practice, helping privately-held and mature ESOP-owned businesses assess and respond to the challenge of driving healthy, sustainable growth. He has been assisting business owners and ESOP companies since 1987. Tim's prior legal, tax and administrative experience allows him to design creative and practical solutions that drive performance improvements. Tim is a nationally known speaker and writer on ESOPs, and an active member of the NCEO, the ESOP Association, and ESCA.

Chuck Coyne

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Empire Valuation Consultants, LLC

For more than 25 years, Chuck has provided business valuations of privately held companies in various industries. He has prepared valuations for estate and gift tax, ESOPs, family business succession, bankruptcy and reorganizations, fairness opinions, family limited partnerships and limited liability companies, marital dissolution, shareholder and partnership disputes, allocation of purchase price among acquired assets (SFAS 141), goodwill impairment testing (SFAS 142), and mergers, acquisitions, and divestitures. Chuck provides ESOP feasibility studies and assists clients with transaction structuring.

Tabitha Croscut

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Devine, Millimet & Branch, PA

Tabitha Croscut is an attorney with the national practice firm of Devine Millimet & Branch, PA. The firm is focused on ESOPs as succession and employee compensation strategies. In addition to counseling clients regarding transactional, compliance and fiduciary issues with respect to their ESOPs, she has represented companies, sellers and internal and external trustees in ESOP transactions ranging from under a million dollars to over four hundred million dollars. She is a frequent speaker at ESOP conferences nationwide and presents regularly on how ESOPs can be an effective exit or transition planning tool for owners of closely held businesses. Tabitha serves as a director of the Vermont Employee Ownership Center (VEOC), is an active member of the NCEO, The ESOP Association, and serves on the board of trustees for the Employee Ownership Foundation

Nicholas J. Francia

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UBS- The Capital ESOP Group

Nick is a financial advisor and member of the Capital ESOP Group in the Washington, D.C. office of UBS Financial Services, Inc. Nick regularly advises on liquidity events designed to enable owners of closely-held businesses to defer and potentially avoid recognition of long-term capital gain in connection with the sale of their businesses. In addition, he provides his clients with a number of sell-side advisory solutions, including business succession strategies, estate planning, and wealth diversification strategies. He speaks nationally on leveraged ESOP transactions and section 1042 tax-deferred sales. He is a member of The ESOP Association and is a member of the National Center for Employee Ownership.

Timothy Jamison

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Prairie Capital Advisors, Inc.

Tim operates out of Prairie Capital Advisors' Louisville office. As vice president, Tim is responsible for business development and growth initiatives focused on new and mature ESOP opportunities. He advises companies and principals on valuation and ownership transition issues specifically ESOP formation and implementation. Services include adequate consideration analyses, feasibility studies, transaction financing and restructuring, fairness and solvency opinions, post-transaction cash flow analyses, and annual valuations. Tim has performed valuations and mergers and acquisitions (M&A) on a variety of companies in various industries.

Peter E. Jones

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ESOP Plus: Schatz Brown Glassman LLP

Peter is a partner with ESOP PlusŪ: 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.

Ted Margarit

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Ted is a Principal at Chartwell's corporate finance practice, where he provides holistic ownership transition strategies, including the execution of ESOP and traditional sell-side M&A processes. Previously, Ted was an investment banker at Harris Williams & Company and Lazard Middle Market, where he advised both family and private equity-held companies on their sale. Preceding his investment banking career, Ted practiced law in the areas of M&A and tax, with a particular emphasis on ESOPs.

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.

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.

William A. Stewart

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PCE Investment Bankers

A PCE partner and the head of the firm's ESOP practice, Will Stewart is considered an expert in the ESOP community. Since joining PCE in 2004, he has closed more than $2 billion in ESOP transactions and is a frequent speaker, panelist and presenter at both regional and national investment-focused conferences and events. Having a deep understanding of the benefits business owners and employees can realize through an ESOP, Will welcomes the opportunity to advise owners on all of their transaction options. He offers his clients a personalized approach in identifying, implementing and executing an ESOP suitably structured for the future well-being and sustainability of their business.

Meeting Site

The meeting will be held at the Sheraton Downtown Hotel, located at 250 North Main Street, Memphis, TN. Sleeping rooms are available for our group at a special rate of $159. To make a reservation please call reservations at 800-325-3535 by September 16, 2018. Please mention the National Center for Employee Ownership (NCEO) when making your reservation.


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.