Business Valuation Resources, LLC

ESOP Valuation: Repurchase Obligations

Date: Thursday, August 26, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

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Featuring (click image for more information):

Jared Kaplan
McDermott Will & Emery LLP
Robert Gross
Prairie Capital Advisors, Inc.

Why You Should Attend:

Hear Jared Kaplan
describe the program:

(Click to Play - Runtime 2'10")

The days of the repurchase obligation are here. As employee stock ownership plans (ESOP) age, and as the economy picks itself up from recent 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 will 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.

Topics to be covered

  • 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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Purchase of admission to any of BVR's webinars grants ONE phone connection and ONE computer connection per physical location per registration. Additional unregistered phone or computer connections are a violation of BVR's Webinar Usage Policy, and BVR reserves the right to withhold CPE credits from both registered and unregistered users in violation of this policy.

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For group discounts on Webinars contact Linda Mendenhall at or (503) 291-7963 ext. 125.

CPE Credits for Unlimited Listeners

Have as many eyes and ears take advantage of your registered connections as possible:CPE credit is available for an unlimited number of listeners to any registered line.

To add listeners for CPE credit, contact customer service ( or (503) 291-7963) with main registrant's name, the names of the persons to receive credit, and their email addresses. We welcome as many eyes and ears to take advantage of those connections as possible.

CPE Information

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

Business Valuation Resources, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417.
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Business Valuation Resources offers a complaint resolution and refund policy with a 100% money-back guarantee. If you are not completely satisfied with your conference experience, or have any concerns or complaints, you may contact Business Valuation Resources at (503) 291-7963 ext. 102 for a satisfactory resolution of your concern or you may submit a written request for a full refund of this program to Stephanie Crader at: or mail to BVR, LLC, 1000 SW Broadway, Suite 1200, Portland, OR 97205.