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

A seminar specifically designed for companies considering an ESOP

February 13–14, 2019 :: Scottsdale, AZ

About This Meeting

Learn how you can enhance your company's legacy and benefits plan with an ESOP—the most tax-efficient method of exit planning. The seminar will cover valuation, financing, legal issues and plan design, issues for selling shareholders, and communication and ownership culture.

This seminar is also an excellent way for new employees at an ESOP company to gain an understanding of how ESOPs work. To maintain the integrity of this meeting, registration is restricted to companies that either have an ESOP or are considering one (see below under "Registration").


February 13, 2019
12:30 PM
Check-in and Refreshments
1:00 PM
Welcome and Introduction
Loren Rodgers, NCEO
1:30 PM
An ESOP Company Perspective
2:00 PM
ESOP Transaction Structures
Robert F. Schatz, ESOP Plus: Schatz Brown Glassman LLP
2:45 PM
3:00 PM
Assessing ESOP Feasibility
Kenneth E. Serwinski, Prairie Capital Advisors, Inc.
3:45 PM
Table Talks: Roundtable Discussion Groups
4:15 PM
Plan Design and Operation
Tabitha Croscut, Devine, Millimet & Branch, PA
5:00 PM
Wine and Cheese
Join your co-attendees and presenters for wine and cheese and get those last-minute questions answered
February 14, 2019
8:30 AM
Check-in and Breakfast
9:00 AM
Welcome and Recap
Loren Rodgers, NCEO
9:15 AM
Determining Stock Value
Tim Knust-Graichen, Chartwell
10:00 AM
Financing an ESOP
Rose Newport, Butcher Jospeh & Co.
10:45 AM
11:00 AM
Fiduciary Issues
Merri Ash, First Bankers Trust Services
11:45 AM
Lunch with the Experts
12:45 PM
Incentive Compensation for ESOP Companies
Jamie Kwiatek, Polsinelli
1:30 PM
Alternatives to an ESOP
Christopher Michael, Christopher Michael P.C.
2:15 PM
2:30 PM
Investing the 1042 Rollover
Michael McCarthy, Wells Fargo Advisors
3:15 PM
Ownership Communications and Culture, Recent Research
Loren Rodgers, NCEO
4:00 PM


Merri E. Ash

presenter photologo

First Bankers Trust Services

Merri is the senior vice president at First Bankers Trust Services, Inc. Merri has more than 40 years' experience in employee benefits services. She is a past chairperson for the administrative advisory committee of the ESOP Association, former board member for the national ESOP Association and current board of trustees member for the Employee Ownership Foundation. Merri has been with First Bankers since 2002.

Tabitha Croscut

presenter photologo

Devine, Millimet & Branch, PA

Tabitha is a shareholder and chairperson of the ESOP team at Devine, Millimet & Branch. Tabitha's national legal practice is focused on ESOPs, counseling clients regarding transactional, compliance, and fiduciary issues, and representing companies, sellers, and trustees in transactions. Tabitha serves as a director of the Vermont Employee Ownership Center, is an active member of the ESOP Association and the NCEO, and serves as a trustee for the Employee Ownership Foundation.

Tim Knust-Graichen

presenter photologo


Tim, a senior associate at Chartwell's Orange County location, has nine years of experience providing financial advisory and valuation services to both large public companies and privately-held middle market companies, including companies with employee stock ownership plans. He performs financial advisory engagements for a variety of purposes including corporate planning, financial reporting (ASC 805, ASC 350, ASC 718), gift and estate planning, and tax planning under IRC 409a, as well as complex securities and derivatives. Tim has worked with and understands the varying needs of clients across a range of sizes and industries.

Jamie Zveitel Kwiatek

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Jamie is a shareholder with Polsinelli. Jamie helps employers who maintain ESOPs and other benefit and executive compensation plans navigate the quagmire of laws and regulations governing employee benefits and executive compensation. With more than 30 years of experience, she assists companies in the development and maintenance of creative employee benefit plans and executive compensation arrangements. She is also an advocate for clients when regulatory compliance issues arise. Jamie understands how important a productive workforce is to a client's business.

Michael McCarthy

presenter photologo

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.

Christopher Michael

presenter photo

Christopher Michael, P.C.

Chris operates a boutique law firm focusing on employee ownership trusts (EOT). He is responsible for developing the perpetual purpose trust as a new legal mechanism for employee ownership in the United States and has published articles introducing the concept in leading peer-reviewed law journals, including Tax Notes and Probate & Property. In addition to working with businesses to introduce an EOT, Chris also consults with existing ESOP companies on transitioning to an EOT, as well as on amending ESOP trusts to better accord with traditional principles of employee ownership.

Rose Newport

presenter photologo

ButcherJoseph & Co.

Rose is a director with ButcherJoseph & Co. which comprises ButcherJoseph & Co. Investment Bankers, ButcherJoseph & Co. Valuation Advisory, and ButcherJoseph Asset Management. With more than 15+ years' experience, Rose oversees business development and client relationships on behalf of ButcherJoseph and is very involved in the M&A and ESOP communities. Rose serves on the board of directors for the St. Louis chapter of the Association for Corporate Growth (ACG) while being an active member within the National Center for Employee Ownership (NCEO), the ESOP Association, and Vistage.

Loren Rodgers

presenter photologo

National Center for Employee Ownership

Loren joined the NCEO in 2005 and became its executive director in 2010. He writes extensively on employee ownership and has spoken at events around the world. Since entering 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.

Robert F. Schatz

presenter photo

Schatz Brown Glassman LLP

Rob is a partner of Schatz Brown Glassman LLP, an award-winning boutique ESOP law firm. For more than 40 years, Rob has concentrated his practice on structuring ESOP acquisition and financing transactions and advising boards of directors and trustees on corporate (and ERISA) fiduciary matters. Rob is a director of an ESOP company, a trustee of the EOF, and a fellow in the American College of Employee Benefits Counsel (ACEBC).

Kenneth E. Serwinski

presenter photologo

Prairie Capital Advisors, Inc.

Ken cofounded Prairie Capital Advisors with Robert Gross in 1996 after they recognized a universally underserved need for objective financial advisory consultation for closely held businesses. Since then, Ken has dedicated his experience to providing closely held companies with the guidance and expertise needed for some of their most critical business decisions. He continues to grow Prairie's reputation as a widely respected firm of its kind, designing, structuring, and implementing customized ownership transition strategies, including private sales, management buyouts (MBOs), employee stock ownership plans (ESOPs), and more for businesses nationwide.

Meeting Site

The meeting will be held at the Embassy Suites Scottsdale (formerly Chaparral Suites), located at 5001 North Scottsdale Road. Sleeping rooms are available for our group at the special rate of $231. Rate includes complimentary breakfast and evening reception. Please call 800-362-2779 by January 8, 2019 to make a reservation. Please mention the National Center for Employee Ownership to receive the group rate

Registration (Companies Only, Except As Provided Below)

Registration is restricted to companies that have an ESOP or are considering one, unless you are a sponsor. Service providers who are not presenting are welcome to attend the seminar if they are a non-speaking sponsor. To request to become a nonspeaking sponsor, please click here. To register, choose the number of attendees from the drop-down list below, add it to your cart, and on the first screen of checkout enter the attendee name(s) and email(s) in the box at the bottom of the form.

All meeting registrations must be prepaid.

NCEO members: $195.00 for the first person and $170.00 for each additional person through January 8; $245.00 for the first person and $220.00 for each additional person thereafter. (If you are not an NCEO member but join when you register, you will receive the member price.)

Nonmembers: $260.00 for the first person and $240.00 for each additional person through January 8; $310.00 for the first person and $290.00 for each additional person thereafter.

Number of Attendees:

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 per person administrative fee, if the request is received by the close of business on January 8, 2019. Any refunds issued more than 120 days after a credit card payment is processed will be made via check. Cancellations made after that date and before our guarantee date of February 7, 2019, will be eligible for credit toward another program, minus a $50.00 per person administrative fee. Those cancelling on or after February 7, 2019, will not receive a paper credit or a refund.