Date: Thursday, June 27, 2019
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

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Featuring  (click image for bio)

James F. Joyner III

About This Program

ESOPs. DOL. Disappointed participant. Investigation. Litigation. A recent survey of DOL litigation against ESOP fiduciaries proves that ESOP valuations are the focus of ESOP litigation. Some areas of valuation continue to engender controversy and more valuation issues are looming in the background. Gain confidence with insights from James Joyner in this practical, in-depth session that doesn’t dodge the hard questions. ESOP trustees, appraisers, advisors, and auditors will come away more prepared for their next ESOP engagement with a review of 10 controversial areas in valuation, plus a review of the recent cases, current insights, and new tactics. You won't want to miss this session!


  • ESOP Enforcement
    • Employee Benefits Security Administration (“EBSA”) enforcement and insights
  • ESOP Litigation Continues
    • Notable ESOP litigation by DOL:
    • Litigation trends
  • A Non-Attorney’s Outline of ESOP Litigation
    • ERISA §404 Fiduciary duties and ERISA §406 Prohibited transactions
  • DOL Litigation Tactics
  • Fiduciary Process Agreements
    • GreatBanc fiduciary process agreement (now 4 or 5 agreements)
    • Quality of financial data
    • Choice of appraiser
    • Information in appraisal
  • Contents of ESOP Appraisal Reports
  • Controversial Valuation Topics
    • Although DOL valuation positions are unclear, ESOP appraisers must be very clear
    • Income methods: capitalization of earnings vs DCF
    • CAPEX and working capital investment
    • Excess cash and working capital
    • Nonoperating or unused assets
    • Lack of control discount
    • Marketability discount
    • What is known and knowable (Sentry Equipment ESOP vs Zander Group ESOP)
  • Suggestions to ESOP Appraisers
    • Forecasts
    • Terminal value and perpetual growth
    • Debt capacity analysis for highly leveraged ESOPs
    • Fairness opinions and adequate consideration opinions are under scrutiny
  • Appraisers Should Educate Trustees about Valuation Issues
  • Excursus on EBSA Enforcement
  • How effective can a government agency be with no ethical standing

Learning Objectives

  • Summarize three notable ESOP cases
  • Restate DOL litigation tatics
  • Describe three controversial valuation topics for ESOPS

Single Connection Policy

Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.

Multi-User CPE Policy

Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must pay a processing fee assessed at the completion of the online CE survey for this course.

CPE Processing Fees may be bypassed by entering a valid, unused CPE Authorization Code (for single event purchasers) or by logging into BVR's website (for subscribers to BVR's Training Series).

CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 2 Credit Hours (Accounting Technical)

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