Archive 2022-165: Icky Valuation Issues with ESOPs!


Archive 2022-165: Icky Valuation Issues with ESOPs!


Archive 2022-165: Icky Valuation Issues with ESOPs!

**Webinar 165: Live Broadcast Date: March 15, 2022, 1:00-3:00 pm EDT**

VPS StraightTalk Webinar Series: Icky Valuation Issues with ESOPs! What 45 Years Working with ESOPs Have Taught Me

Presenter: Larry Cook, CPA/ABV/CFF, CBA, CVA, CDFA

In this webinar Larry Cook will discuss the broad categories concerning unique valuation issues with ESOPs. He likes to call them “things that go bump in the night.” This two-hour session provides a forum to “engage” in viewpoints. Its impact may challenge some, could support others, may possibly confuse a few, but hopefully will fulfill many on an array of mini topics that have been contested, argued, assessed, and debated over the years.

Learning Objectives:
This webinar will:

  • Assist the analyst in better quantifying unsystematic risks, influences of share transactions, and more
  • Reinforce and broaden knowledge of the workings of an ESOP from several unique perspectives
  • Provide valuation tips on engagement letters and analysts’ interviews with plan trustees and management
  • Assist in quantifying shares outstanding and assessing put rights, their impacts on share value, and adjustment for same

Webinar Outline:

  • Put Rights – “put wrong”: The stock has no special rights; it’s the plan sponsor, right? Control? Non-control? Marketability? Repurchase obligations. Do two rights make a wrong?
  • Recycle vs. Redeem: It’s the sponsoring company’s obligation to make good on the put! Isn’t it? What say does the trustee have in this?
  • Executive Computation: Reasonable – bonuses, incentives, formulas, employment agreements.
  • Forecasts: Hockey sticks, business cycles, and disasters with no relief, Department of Labor (DOL) focus.
  • Beneficial Ownership vs. Direct Ownership of shares: Why that’s important
  • Taxation: Digesting the plan, shares, and ownership.
  • Adequate Consideration: What does it really, really, really mean? Why DOL is bustin’ chops!
  • Fading Value: What does this mean and why does it matter?


  • Copy of the VPS webinar PowerPoint slides
  • Access to a video recording of the program.

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