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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.
Program Agenda
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
Learning Objectives
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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