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Financial Valuation of Employee Stock Ownership Plan Shares
By: Cook, Larry R.

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Item #: 2297942
Pages: 288
Publisher: John Wiley & Sons
ISBN: 0471678473
Type: Book - Hard Cover
Publish Date : 7/15/2005

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An indispensable road map to the financial valuation of ESOPs

A must-read for accountants and professionals with a business valuation accreditation or certification, pension actuaries, ERISA lawyers, Financial Valuation of Employee Stock Ownership Plan Shares identifies, explains, and explores:

  • The ins and outs of ESOPs, with a focus on what benefits a company/shareholder/plan participant would receive by transacting shares of stock with an ESOP
  • The formula for an Employee Stock Ownership Plan
  • Stock incentives and their attractiveness to employees
  • The nature and function of ERISA, Department of Labor, and IRS, including training material and the full text of Department of Labor–proposed regulations
  • Details of important court cases, with differences in methodologies and interpretations evaluated by their respective pros and cons
  • Various examples and illustrations to be used as reference and research tools for the experienced and trained valuation professional

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Jacket Description:
From the Inside Flap
It is estimated that more than 20 million employees currently hold stock in their companies through a variety of benefit options, including employee stock ownership plans (ESOPs), broadly granted stock options, or 401(k) plans with heavy concentrations of employer stock. As more companies offer these valuable opportunities to employees, it is important for business appraisers, accountants, pension actuaries, Employee Retirement Income Security Act (ERISA) lawyers, and business leaders to understand both the implications of such processes and the valuation of companies with employee stock ownership plans.

Financial Valuation of Employee Stock Ownership Plan Shares explains the unique considerations specific to the valuation of equity interests for ESOPs of private companies, including:

--Entity structure
--Tax incentives
--Put rights
--Repurchase obligations
--ESOPs with debt
--Adjustments for voting power and market liquidity for shares

Financial Valuation of Employee Stock Ownership Plan Shares is a complete reference and research guide to valuation of transactions with stock incentives and ESOPs. It's packed with useful and practical coverage of
--The ins and outs of ESOPs, including company and shareholder benefits of selling to an ESOP
--Thorough descriptions of stock incentives and their attractiveness to employees
--The nature and function of ERISA, Department of Labor, and IRS, including training material and Department of Labor–proposed regulations
--The pros and cons of different methodologies and interpretations used in important court cases

Useful, complete, and thoroughly practical, Financial Valuation of Employee Stock Ownership Plan Shares provides business appraisers with the underlying logic, theory, laws, and principles for the financial valuation of private businesses.

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Table of Contents:

About the Editor and Author.

About the Contributing Authors.

1. Introduction to ERISA and ERISA Plans.

2. Business Owner/Management Perspective.

3. Who Is a Good Candidate for an ESOP, and Why?

4. Trustee Duties in ESOPs.

5. Beneficial Interests, Rights of Participants, and Vesting.

6. Employee Benefit Perspective.

7. Leverage and the ESOP: A Lender’s Perspective.

8. Independence, Objectivity, and Good Faith.

9. The Appraiser as a Financial Advisor.

10. Financial Analysis of the Sponsoring Corporation: Framing the Appraisal Assignment.

11. Accounting Standards and ESOPs with Debt.

12. Put Rights, Share Redemption Provisions, and Repurchase Obligations.

13. Adequate Consideration.

14. Control versus Minority Positions.

15. ESOPS and Taxes.

16. Shareholder Employment and Other Agreements: Phantom and Synthetic Equity.

17. Adjustments for Lack of Marketability.

18. Writing a Valuation Conclusion.

Appendix A: Department of Labor.

Appendix B: IRS Training Class Regarding Examination of ESOPs.



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