ESOP Valuation: Repurchase Obligations
BVR's Webinar Series
Thursday, August 26, 2010
12:00am-2:00am PT • 3:00am-5:00am ET
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The days of the repurchase obligation are here. As employee stock ownership plans (ESOP) age, and as the economy picks itself up from turmoil, new valuation challenges are arising in assessing the viability of ESOP plans. At the heart of the issue is the ability of the company to exercise "put" options as defined in their ESOP. As Jared Kaplan explains, though these transactions are "financially neutral," they can have serious consequences on the operation and growth abilities of the issuing company, and, in turn, its value and its ESOP.
In "ESOP Valuation: Repurchase Obligations" Kaplan and Robert Gross examine how the confluence of aging ESOPs and the current economic environment has created a new burden on appraisers to master the art of valuations for ESOPs. This thorough review of the careful balancing act of current and future repurchases is a must for anyone operating in this expanding valuation space.
- The economics of ESOP Repurchase Obligations
- Structure & organization
- Financial, fiscal, and fiduciary impact
- Repurchase obligation issues as a result of the economic environment
- Impact of repurchase obligations as ESOPs age
- Repurchase Obligations and their effects on valuation
- Funding demands on cash flow
- Operations, growth, and liquidity problems arising from repurchase obligations
- Impacts of ESOP design
- Impacts of ESOP management
- The valuation feedback loop
- How repurchase obligations affect value and vice versa
- Understand the impacts of repurchase obligations on the operations, growth, and valuation drivers of a company
- Learn how factors like the economic environment, the age of ESOPs, and their design affect value
- Understand the repurchase obligation feedback loop and what it means for both the ESOP and the company
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- Prerequisites: Knowledge of Business Valuation
- Program Level: Advanced
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- Delivery Method: QAS Self-Study
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