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Business valuation practitioners perform private-company equity appraisals for many applications including gift/estate tax planning, transaction opinions, and financial reporting; yet ESOP valuation assignments present complex challenges. Not only is the purpose of the appraisal unique, but the particular client, an ESOP trustee (acting as a fiduciary), also has many ESOP-specific disclosures and requirements. A well-developed ESOP valuation report may not simply achieve the appraisal prescription set forth in Revenue Ruling 59-60 or USPAP compliance. Join Dan Callanan and Hillary Hughes to learn about common pitfalls and cautionary areas to address as you prepare and/or review an ESOP valuation.
Program Agenda
Scope of engagement;
Shares outstanding;
Valuation methods;
Level of value;
Earnings adjustments;
Prospective financial information;
Calibration to (financial) control;
Off-balance sheet items;
Enterprise to equity adjustments;
Annual valuation comparison;
Dilutive equity;
Discount for lack of marketability;
Calculation errors;
Purpose of the appraisal; and
Customary work product (process agreement(s)).
Learning Objectives
Properly identify the appropriate steps and protocol for handling the engagement scope, written work product as well as documentation requests from ERISA fiduciaries;
Understand the impact of cautionary areas in ESOP valuations to the per-share value conclusions;
Develop a framework for your own best practice standards in providing and/or reviewing independent ESOP valuations;
Thoughtfully consider EBITDA adjustments unique to ESOP valuation purposes; and
Understand valuation intricacies for the ESOP as a retirement plan as well as the resultant repurchase obligation liability implications.
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