Financial Valuation of Employee Stock Ownership Plan Shares

About the Editor and Author.

About the Contributing Authors.

1. Introduction to ERISA and ERISA Plans.

2. Business Owner/Management Perspective.

3. Who Is a Good Candidate for an ESOP, and Why?

4. Trustee Duties in ESOPs.

5. Beneficial Interests, Rights of Participants, and Vesting.

6. Employee Benefit Perspective.

7. Leverage and the ESOP: A Lender’s Perspective.

8. Independence, Objectivity, and Good Faith.

9. The Appraiser as a Financial Advisor.

10. Financial Analysis of the Sponsoring Corporation: Framing the Appraisal Assignment.

11. Accounting Standards and ESOPs with Debt.

12. Put Rights, Share Redemption Provisions, and Repurchase Obligations.

13. Adequate Consideration.

14. Control versus Minority Positions.

15. ESOPS and Taxes.

16. Shareholder Employment and Other Agreements: Phantom and Synthetic Equity.

17. Adjustments for Lack of Marketability.

18. Writing a Valuation Conclusion.

Appendix A: Department of Labor.

Appendix B: IRS Training Class Regarding Examination of ESOPs.

Notes.

Index.