ESOPs Today: A Powerful Tool for Realizing Business Value & Succession Planning
|
|
- Lorena Ryan
- 5 years ago
- Views:
Transcription
1 ESOPs Today: A Powerful Tool for Realizing Business Value & Succession Planning Why do a growing number of entrepreneurs at retirement sell the family business to their employees? What makes an Employee Stock Ownership Plan (ESOP) right for the times?
2 As the Silver Tsunami crests and Baby Boomers retire, America is looking at the biggest transfer of wealth in our history: trillions of dollars. Owners of closely held businesses as many as 2.3 million companies 1 are looking to sell. That s more than 90 percent of U.S. firms 2. It s also a notable trend among family businesses, as the next generation decides to follow different footsteps. New legislation makes an ESOP even more attractive The new Main Street Employee Ownership Act has made an ESOP option available to a greater population of closely held businesses, says Steve Dowe, Senior Vice President at Webster Bank. The new law, backed by strong bipartisan support, has the potential to double or even triple the growth rate 3 of ESOP companies over the next ten years. But that s just the beginning of ESOP s benefits to employers and employees alike. Why employers are taking a closer look at ESOPs An ESOP conversion is an alternative ownership transition strategy that creates significant tax benefits for the seller and the business. An ESOP can provide for full or partial liquidity for the owner of a closely held company; at the same time, it enables the tax-efficient transfer of value to the next generation of management and employees. Sellers of shares may be able to defer capital gains tax on the sale, reduce corporate taxes, and entirely eliminate the tax burden for a 100% ESOP-owned S corporation. For employers, selling to employees solves a number of problems: Continued Ownership Legacy Liquidity Sellers remain vested and maintain a meaningful stake in the business. Sellers preserve the legacy of the business and the brand they created. ESOP sales create significant liquidity in a tax advantaged manner. Management/Employee Loyalty It prevents a sale to an outsider who might move it out of state or flip it, displacing dedicated employees. It fulfills the altruistic founder s wish: to keep the business viable to support its staff and their families. It honors the owner s loyalty to the management team. They may have unique skill-sets that are hard to duplicate with a third-party buyer
3 Options for owners who want to keep their hand in the business Some sellers may be interested in only selling part of a business. They may be looking to diversify their holdings or set the stage for estate planning. In those cases, an ESOP provides structural flexibility: The seller can sell a fractional amount of the company to an ESOP to crystalize liquidity while maintaining a significant stake or potentially a controlling interest (if selling less than 50% of the company) and continuity of management. The owner doesn t have to bring in a competitor or outside buyer as a partner. (It s no small point that many entrepreneurs or owners of multi-generational businesses are not interested in working for someone else.) Rather, the company s own dedicated employees are the new partners. Given near-comparable economics to alternative forms of sale, many sellers highly value a partial sale for three reasons: They can remain active in the company; They can offer their employees an opportunity to benefit from ownership; and They can continue the legacy of the company they may have created. How ESOPs keep employee motivation high An ESOP allows the workers to build capital. That reduces income inequality and gives them a vested interest in the company s success. In fact, ESOP companies have higher productivity and revenue 4 than their competitors. Research has even revealed that customers will pay 10% more 5 for products and services of an ESOP business recognition of higher quality and the employee/owners 100% dedication to the company s success. For these and other reasons, ESOPs are a compelling solution that can be a win-win for all parties. Four crucial considerations for optimizing an ESOP 1 Developing an optimal capital structure 1. Developing an optimal capital structure Leverage must be reasonable based on the fair market value of the stock. It also must be within the company s ability to repay debt and meet other financing obligations. The tax deductibility of allowable annual plan contributions impacts cash flow and the ability to meet other funding obligations, such as repurchasing the shares of employees who leave the Owners need to plan carefully with their advisors to achieve the right balance
4 company. Both the timing of vesting of shares and of employee termination can affect the viability of an ESOP. Owners need to plan carefully with their advisors to achieve the right balance among the competing interests of the sellers, plan participants, and the trustee. That s why it is critical to work with skilled advisors who understand the fine points of ESOP transactions and can develop a feasible financing arrangement. 2 Establishing fair market value of company stock 2. Establishing fair market value of company stock Valuation is a critical ESOP issue. The ESOP cannot pay more than fair market value for stock it acquires. The advisor should establish an appropriate value for the seller that is consistent with the trustee s stock valuation. It should also be supported by an independent appraisal. Potential conflicts or inadequate assessment of fair market value can lead to disputes and potential lawsuits. In addition to the valuation when stock is sold or contributed to the ESOP, the stock also requires an ongoing annual valuation. ESOP participants selling shares must receive fair market value and the company has to meet all of its repurchase obligations to employees. There are several options to fund those obligations. An astute advisor can help you navigate them to comply with ESOP rules and avoid financial problems down the road. 3. Managing transaction costs and fees ESOP participants selling shares must receive fair market value. 3 Managing transaction costs and fees There may be significant administrative, legal, and compliance expenses with implementing and ESOP. How much can that cost a small business? Actual costs of course depend on your specific situation but getting the tightest possible fix on your ESOP transaction costs is critical to the plan s feasibility. 4. Finding a lender who understands ESOPs Senior lenders may understand asset-based or cash-flow lending but may not know much about ESOPs. In certain cases, they may only have limited knowledge of the business or market. A fundamental understanding of the business dynamics and ESOP knowledge are essential to appropriately structure and finance an ESOP transaction. Michael J. McGinley, director of Prairie Capital Advisors, who specializes in ownership transition services, makes this recommendation: Getting the tightest possible fix on your ESOP transaction costs is critical to the plan s feasibility. 4 Finding a lender who understands ESOPs Having a financial partner who has ESOP expertise and an understanding of the local market is an invaluable asset. That s especially important because ESOPs can require refinancing across the life of a deal. That calls for a strong relationship with advisors who appreciate the business real-world challenges and can respond promptly. Understanding of the business dynamics and ESOP knowledge are essential to appropriately structure and finance an ESOP transaction.
5 Webster delivers creative solutions to support your ESOP and maximize shareholder value For decades, Webster Bank has been helping privately owned businesses transition to new stages in their life cycle, including structuring and financing ESOP conversions. Webster s strong middle market platform, deep industry experience, and leveraged lending expertise have made us a go-to resource for tailored cash flow financing solutions in support of ESOP transactions. - Steve Dowe Steven Dowe sdowe@websterbank.com Office: (212) Mobile: (917) All credit facilities are subject to the normal credit approval process. The Webster symbol is a registered trademark in the U.S. Webster Bank, N.A. Member FDIC. Equal Housing Lender 2018 Webster Financial Corporation. All rights reserved.
Good Morning Truckee! Business Succession 2017 Opportunities-Options-Impact
Good Morning Truckee! Business Succession 2017 Opportunities-Options-Impact Agenda Setting the Stage - The Closely-Held Wealth Dilemma Business Succession Alternatives Employee Ownership Succession for
More informationUsing an ESOP to Continue Your Company s Legacy
Quarterly ISSUE THREE 2018 Using an ESOP to Continue Your Company s Legacy By Matthew Drake With over 90% of E&C firms not being candidates for sale to a third party, employee stock ownership plans can
More informationDIVERSIFICATION AND THE PRIVATELY HELD BUSINESS
DIVERSIFICATION AND THE PRIVATELY HELD BUSINESS STRATEGIC CONSIDERATIONS FOR A HIGHLY CONCENTRATED ASSET CLASS For many of the world s most successful entrepreneurs, the creation of significant wealth
More informationShould you consider an employee stock ownership plan (ESOP)?
Should you consider an employee stock ownership plan (ESOP)? Frequently asked questions regarding ESOP consideration Prepared by: Anne Bushman, Senior Manager, Washington National Tax, RSM US LLP anne.bushman@rsmus.com,
More informationKeeping Hometown Businesses At Home By John H. Brown and Corey Rosen
Keeping Hometown Businesses At Home By John H. Brown and Corey Rosen In the typical community, about half of all employees work for mid-sized companies owned by baby boomers, most of whom are thinking
More informationESOPs and Business Transitions: Structuring a Win-Win-Win Succession Plan
ESOPs and Business Transitions: Structuring a Win-Win-Win Succession Plan Kelly Finnell, Founder and President, Executive Financial Services Howard Kaplan, CEO, Kaplan Fiduciary Group Carla Klingler, Senior
More informationGrowing Strategically through Business Acquisition. Monday July am 12 pm
Growing Strategically through Business Acquisition Monday July 16 11 am 12 pm On the line Jessica Fialkovich, Co-Founder & President Transworld Business Advisors Rocky Mountain Jessica Stutz, Special Markets
More informationFAMILY SUCCESSION TRANSACTION KEEPING IT IN THE FAMILY
FAMILY SUCCESSION TRANSACTION KEEPING IT IN THE FAMILY A successful transition of ownership to future generations ranks high among concerns of family owned companies, yet few families understand how they
More informationEMPLOYEE STOCK OWNERSHIP PLANS (ESOP): THE ROLE ESOPS PLAY IN BANK SUCCESSION PLANNING
EMPLOYEE STOCK OWNERSHIP PLANS (ESOP): THE ROLE ESOPS PLAY IN BANK SUCCESSION PLANNING December 2017 Prepared by: Executive Benefits Network 833 East Michigan Street Suite 1480 Milwaukee, WI 53202 Phone
More informationESOP Pros & Cons Whitepaper
Whitepaper JenningsValuation.com Introduction An Employee Stock Ownership Plan, or ESOP, is a retirement plan that provides transition opportunities for a company s owners. An ESOP is not appropriate for
More informationExploring the ESOP Opportunity
Exploring the ESOP Opportunity IS IT A WINNING STRATEGY FOR YOUR BUSINESS? A Basic Description and Potential Advantages...2 Feasibility Analysis...3 Launching an ESOP...4 Employee Communication...5 An
More informationMany of the financing obstacles outlined above can be avoided through somewhat more creative capitalization of the proposed ESOP transaction.
Do ESOP transactions ever fail to close? Absolutely. ESOP transactions are not that dissimilar to M&A transactions in that both transaction types may stall as a result of various issues including valuation
More informationHIGH-NET-WORTH BUSINESS OWNERS AND CORPORATE EXECUTIVES
2014 U.S. TRUST INSIGHTS ON WEALTH AND WORTH HIGH-NET-WORTH BUSINESS OWNERS AND CORPORATE EXECUTIVES Highlights Business owners and corporate executives are a significant source of wealth creation. As
More informationEmployee Owner s Handbook
Employee Stock Ownership Plan Employee Owner s Handbook Quick Reference Guide to Employee Ownership at MJ TABLE OF CONTENTS Introduction 1 History. 1 Eligibility 2 Contributions & Allocations. 3 Vesting.
More informationBUSINESS SUCCESSION PLANNING Don t throw your business under the bus, if you get hit by one
BUSINESS SUCCESSION PLANNING Don t throw your business under the bus, if you get hit by one Presented by: Mike Gracik, CPA Managing Partner, Keiter Business Succession & Exit Planning Overview What is
More informationInstitutional Wealth Services. Helping organizations maximize institutional assets and bolster their employee financial benefits.
Institutional Wealth Services Helping organizations maximize institutional assets and bolster their employee financial benefits. 2 Morgan Stanley 2016 A Message From Marc Brookman Over the past 80 years,
More informationThursday, July WRM# 15-25
Thursday, July 9 2015 WRM# 15-25 The WRMarketplace is created exclusively for AALU Members by the AALU staff and Greenberg Traurig, one of the nation s leading tax and wealth management law firms. The
More informationEmployee Stock Ownership Plans (ESOPs)
Employee Stock Ownership Plans (ESOPs) By Keith J. Apton Senior Vice President Investments (202)585-5358 Current as of 9/29/2014 Congress and the Obama administration recently enacted legislation that
More informationThird, achieve optimal tax-efficiency and avoid triggering an immediate taxable event, if possible.
MONETIZING PRIVATELY-HELD AND FAMILY-OWNED BUSINESSES Overview Financial and wealth advisors often serve private clients who are wealthy on paper, but the bulk of whose wealth is tied up in the ownership
More informationBUSINESS OWNER SERVICES
Wealth Management Solutions BUSINESS OWNER SERVICES Business owners face unique challenges. By articulating your concerns and prioritizing your goals, you can shape a plan for the future. Whether you re
More informationESOP OPPORTUNITIES WHITE PAPER
Kyle P. Mooney, ChFC, AEP, CEPA Managing Partner/Certified Exit Planning Advisor 4190 Belfort Road, Suite 351 Jacksonville, FL 32216 (o) 904 551 3536 (e) kyle@exitadvisors.net (w) EXITadvisors.net ESOP
More informationTransaction Advisory Services. Managing capital and transactions for your private business
Transaction Advisory Services Managing capital and transactions for your private business Transaction Advisory Services in Canada 1 Staying ahead in an ever changing world Amid ever-changing variables,
More informationPrivate Banking Solutions LENDING AND MORTGAGE STRATEGIES, EXCLUSIVELY FOR HIGH-NET-WORTH CLIENTS
Private Banking Solutions LENDING AND MORTGAGE STRATEGIES, EXCLUSIVELY FOR HIGH-NET-WORTH CLIENTS Experience total wealth management for your high-net-worth clients The number of wealthy investors is growing
More informationWEALTH DIVERSIFICATION, OWNERSHIP TRANSITION
WEALTH DIVERSIFICATION, OWNERSHIP TRANSITION AND LIQUIDITY OPTIONS FOR ENTREPRENEURS A Private Equity Perspective TBD FLORIDA CAPITAL ADVISORS Our Firm Advise on growth strategies, maximizing enterprise
More informationIS AN ESOP RIGHT FOR YOU?
FEBRUARY 2018 Greg Daugherty 614.227.2005 gdaugherty@porterwright.com A guide to understanding employee stock ownership plans In recent years, ESOPs have become an increasingly popular business succession
More informationPrivate Wealth Management The Clifford Barnowski Group. Real experience. Custom solutions.
Private Wealth Management The Clifford Barnowski Group Real experience. Custom solutions. We recommend our clients look for these four attributes in a Financial Advisor: integrity, good judgment, relevant
More informationIndustry Consolidations Financing Alternatives for Acquisition-Driven Companies
Financing Alternatives for Acquisition-Driven Companies Charles A Sheffield President, Sheffield Capital Advisors This article focuses on the trends and financing opportunities for clients who are pursuing
More informationEnriching Your Tax Practice Through Diversification
THE BENEFITS OF OFFERING FINANCIAL SERVICES Enriching Your Tax Practice Through Diversification Adding financial services to your tax practice not only generates the opportunity for more revenue, increased
More informationEMPLOYEE STOCK OWNERSHIP PLANS: THE BASICS AND THE BENEFITS
CAPITAL INSIGHTS EMPLOYEE STOCK OWNERSHIP PLANS: THE BASICS AND THE BENEFITS ABOUT ESOPS Employee stock ownership plans (ESOPs) constitute an alternative option for selling a company by allowing employees
More informationThe Optimal Exit Strategy Boom-er Bust Era
The Optimal Exit Strategy Boom-er Bust Era It takes a coordinated Team of Professionals experienced in Mergers & Acquisitions, Corporate Law, Taxation and Financial Planning / Wealth Management to successfully
More informationPRESERVING YOUR LEGACY
PRESERVING YOUR LEGACY Caring for what s important to you is important to us. That s why we offer a full range of trust and estate planning services to protect your family and your legacy. PRESERVING
More informationCONFIDENCE THROUGH GUIDANCE INVESTMENTS TRUST ASSET MANAGEMENT
CONFIDENCE THROUGH GUIDANCE INVESTMENTS TRUST ASSET MANAGEMENT We provide the expertise, products, and technology of a national wealth manager with the highly personal service and attention of a boutique
More informationA MANAGEMENT BUYOUT AN OPPORTUNITY OF A LIFETIME
A MANAGEMENT BUYOUT AN OPPORTUNITY OF A LIFETIME Management teams who desire to own the businesses they run often come to KLH Capital for our capital and strategic help when they see an opportunity to
More informationGood Nonprofit Governance Starts with the Board
Good Nonprofit Governance Starts with the Board Effective governance is essential to fortifying the long-term effectiveness and sustainability of any enterprise, and nonprofits are certainly no exception.
More informationESOPs: Myths, Methods, and Mistakes
ESOPs: Myths, Methods, and Mistakes How it works The ins and outs of ESOPs Common misconceptions explained Tips and tricks Risks vs. rewards How to avoid common mistakes Contentsoduction 3 The Ins & Outs
More informationKey employee retention and retirement. Key employee benefits can be your key to success
Key employee retention and retirement Key employee benefits can be your key to success 1 The right benefits can make all the difference Take a moment to think about the success of your business. How much
More informationMaking your financial success personal
Comprehensive, customized financial solutions for individuals and businesses Making your financial success personal Registered Representative of, and Securities and Investment Advisory services offered
More informationPRIVATE BANKING SOLUTIONS TAILORED LENDING AND MORTGAGE STRATEGIES FOR HIGH-NET-WORTH INVESTORS
PRIVATE BANKING SOLUTIONS TAILORED LENDING AND MORTGAGE STRATEGIES FOR HIGH-NET-WORTH INVESTORS KEY BENEFITS TO YOUR BUSINESS Deepen Relationships. With direct access to private banking solutions, clients
More informationMaking decisions that will affect your life and the lives of those you care about is a deeply personal experience.
TD Wealth Making decisions that will affect your life and the lives of those you care about is a deeply personal experience. At TD, we believe that each client s needs and goals are truly unique, and that
More informationAn Introduction to Employee Stock Ownership Plans (ESOPs) Alexander L. Mounts, Partner Krieg DeVault LLP
An Introduction to Employee Stock Ownership Plans (ESOPs) Alexander L. Mounts, Partner Krieg DeVault LLP August 29, 2018 What is an Employee Stock Ownership Plan? Tool of CORPORATE FINANCE/SUCCESSION VEHICLE
More informationESOPS: CONTINUING A LEGACY
ESOPS: CONTINUING A LEGACY November 19, 2015 Cara Benningfield, CPA Director cbenningfield@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they are provided If you are viewing
More informationIt s easy to get started
Client Guide It s easy to get started You and your advisor create an investor profile based on your discussions and responses to the Portfolio Select Series questionnaire. Based on the profile, you and
More informationPERSONALIZED SERVICE. EXPERT GUIDANCE.
PERSONALIZED SERVICE. EXPERT GUIDANCE. BANK OF AMERICA HOME FINANCING SOLUTIONS Financing a home can impact you personally as much as it does financially. Building roots, supporting family, or securing
More informationThe Benefits of Using Strategic Finance in Estate Planning
The Benefits of Using Strategic Finance in Estate Planning Leverage strategies play an integral part in preserving and transferring your family s wealth key points Utilizing leverage strategies can help
More informationA comprehensive guide to ESOPs
A comprehensive guide to ESOPs Audit / Tax / Advisory / Risk / Performance Smart decisions. Lasting value. Contents Introduction... 3 What is an ESOP?... 5 ESOPs as a corporate financing mechanism... 6
More informationWebinar Series ESOPS: CONTINUING A LEGACY 10/31/2017. October 31, Cara Benningfield Partner
Webinar Series ESOPS: CONTINUING A LEGACY October 31, 2017 Cara Benningfield Partner cbenningfield@bkd.com Angela Fisher Manager afisher@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire webinar Answer
More informationWhy John Hancock? Partner with a leader who has the courage and conviction to put Participants 1 st
Why John Hancock? Partner with a leader who has the courage and conviction to put Participants 1 st FOR INTERMEDIARY USE ONLY. NOT FOR DISTRIBUTION WITH PLAN SPONSORS OR THE PUBLIC. At John Hancock, we
More informationESOPs: Continuing a Legacy 10/30/2018. THOUGHTWARE Manufacturing & Distribution THOUGHTWARE. Cara Benningfield Partner Bowling Green
THOUGHTWARE Manufacturing & Distribution THOUGHTWARE ESOPs: Continuing a Legacy Cara Benningfield Partner Bowling Green 270.781.0111 Angela Fisher Managing Consultant Bowling Green 270.781.0111 November
More informationUnderstanding Exit Options What Advisors Need to Know to Help Clients Make Sound Transition Decisions
Understanding Exit Options What Advisors Need to Know to Help Clients Make Sound Transition Decisions Leading Edge Alliance North America September 2017 The owner s investment portfolio without the business.
More informationPlan for tomorrow by enhancing business value today
ATB Entrepreneur's Edge Transaction Advisory Solutions Issue: May 2018 Plan for tomorrow by enhancing business value today Regardless of whether the economy is down or up, business buyers continue to search
More informationIndustry Consolidations Recognizing Banking Opportunities in Acquisition- Driven Companies
Industry Consolidations Recognizing Banking Opportunities in Acquisition- Driven Companies Business strategy is a key driver of client needs and customized banking solutions. There are many tools and techniques
More informationA LEADER IN MULTIFAMILY AND HEALTHCARE LENDING
A LEADER IN MULTIFAMILY AND HEALTHCARE LENDING Greystone will work hard to help you accomplish your financial needs. We will use our creativity, drive and passion to deliver unparalleled business solutions
More informationINSURANCE PROFESSIONALS GUIDE TO FINANCE
INSURANCE PROFESSIONALS GUIDE TO FINANCE liveoakbank.com/insurance A GUIDE TO FINANCE FOR INSURANCE PROFESSIONALS Every business needs capital. It s your stake in that big lifelong game called Success.
More informationThe UBS Donor-Advised Fund. Program guide
The UBS Donor-Advised Fund Program guide Contents Creating a donor-advised fund...1 Assets accepted...1 Tax benefits...2 Contributions...2 Account valuation...3 Grantmaking...3 Administration...4 Investments...4
More informationA LEADER IN MULTIFAMILY AND HEALTHCARE LENDING
A LEADER IN MULTIFAMILY AND HEALTHCARE LENDING Greystone will work hard to help you accomplish your financial needs. We will use our creativity, drive and passion to deliver unparalleled business solutions
More informationNavigating U.S. Wealth Management: Five Key Themes for Financial Advisors and Individual Investors
Navigating U.S. Wealth Management: Five Key Themes for Financial Advisors and Individual Investors October 25, 2017 by Eric Mogelof, Barbara Clancy of PIMCO SUMMARY Unprecedented changes are reshaping
More informationCase study 3 Part 1: The story
Case study 3 Part 1: The story Written by Professor Christine Blondel from INSEAD, Senior Advisor to KPMG Enterprise on Family Business Intelligence kpmg.com/familybusiness Part 1: The story Case study
More informationTHE U.S. MIDDLE MARKET
THE U.S. MIDDLE MARKET An alternative source of income, growth and diversification ALTERNATIVE THINKING FS Investment Solutions, LLC (member FINRA/SIPC) is an affiliated broker-dealer that serves as the
More informationIntroduction to: Business Development Companies (BDCs) and GreenLine BDC, Inc. September 2018
Introduction to: Business Development Companies (BDCs) and GreenLine BDC, Inc. September 2018 1 Forward-Looking Statements and Disclaimer This presentation contains forward-looking statements regarding
More information2017 Exit Academy. Evaluating Alternatives and Valuation
2017 Exit Academy Evaluating Alternatives and Valuation Sales Critical Issue Where is Company in Its Lifecycle? Introduction Growth & Adoption Penetration and Maturation Consolidation and Decline Debt
More informationKENSINGTON PRIVATE EQUITY FUND MANAGEMENT DISCUSSION AND ANALYSIS AND FINANCIAL STATEMENTS FOR THE QUATER ENDED JUNE 30, 2017.
KENSINGTON PRIVATE EQUITY FUND MANAGEMENT DISCUSSION AND ANALYSIS AND FINANCIAL STATEMENTS FOR THE QUATER ENDED JUNE 30, 2017 August 15, 2017 This management discussion and analysis of the Kensington Private
More informationEmployee Stock Ownership Plans: The Versatile Estate Planning Tool that is Good for Pennsylvania
Employee Stock Ownership Plans: The Versatile Estate Planning Tool that is Good for Pennsylvania Presented by: Daniel M. Zugell, CLU, ChFC, AEP, Senior Vice President Business Transition Advisors, Inc.
More informationBenefit from a new fiduciary approach
RUSSELL INVESTMENTS DEFINED CONTRIBUTION FIDUCIARY OUTSOURCING SERVICES Benefit from a new fiduciary approach INVESTED. TOGETHER. New challenges require new solutions In a world where many employees will
More informationIncreasing Shareholder Value Through Transaction Preparation
Increasing Shareholder Value Through Transaction Preparation PRESENTED BY: CHRIS DALTON, NATIONAL TRANSACTION SERVICES LEADER & KEN HIRSCH, MANAGING DIRECTOR, BKD CORPORATE FINANCE TO RECEIVE CPE CREDIT
More informationBetter bankruptcy auctions
Better bankruptcy auctions CRA s auctions and trading systems make complex transactions more efficient with better outcomes. Simple bankruptcy auctions are moving online. Online auctions have emerged to
More informationFiduciary Fundamentals
Fiduciary Fundamentals Basics and Best Practices RETIREMENT & BENEFIT PLAN SERVICES At Bank of America Merrill Lynch, we understand the important role that you, the plan fiduciary, serve in maintaining
More information11/9/15. Introduction. Agenda. Fine-Tune the Approach, Strategy, and Implementation of Charitable Giving to Maximize Donor Potential.
Fine-Tune the,, and of Charitable Giving to Maximize Donor Potential Jessica Johnson & Chad Halbur Introduction Agenda Case Studies Introduction 1 How does someone begin to consider charitable giving?
More informationThe Majauskas-Jene Group at Morgan Stanley. Guiding your family through life s financial moves
The Majauskas-Jene Group at Morgan Stanley Guiding your family through life s financial moves PAUL B. MAJAUSKAS, CIMA Executive Director Financial Advisor Senior Investment Management Consultant WILLIAM
More informationStrength you can trust
Strength you can trust RBC Wealth Management About RBC Royal Bank of Canada (RBC) is one of the world s leading diversified financial services companies. One that is distinguished by a long heritage of
More informationLife Insurance-Premium Financing BY MATT HEALY MANAGING DIRECTOR, CLIENT RISK MANAGEMENT
Life Insurance-Premium Financing BY MATT HEALY MANAGING DIRECTOR, CLIENT RISK MANAGEMENT Investment and insurance products are: NOT A DEPOSIT NOT FDIC INSURED MAY LOSE VALUE NOT BANK GUARANTEED NOT INSURED
More informationInvestments. ALTERNATIVES Build alternative investment portfolios. EQUITIES Build equities investment portfolios
Investments BlackRock was founded by eight entrepreneurs who wanted to start a very different company. One that combined the best of a financial leader and a technology pioneer. And one that focused many
More informationDEVELOPING STRATEGIES FOR CORPORATE EXECUTIVES
Wealth Management DEVELOPING STRATEGIES FOR CORPORATE EXECUTIVES Raymond James financial advisors can address the unique planning needs of corporate executives. DEVELOPING STRATEGIES FOR CORPORATE EXECUTIVES
More informationUse of ESOPs for Business Succession and Estate Planning
Dean, Mead, Egerton, Bloodworth, Capouano & Bozarth, P.A. 800 North Magnolia Avenue, Suite 1500 P.O. Box 2346 (ZIP 32802-2346) Orlando, FL 32803 407-841-1200 407-423-1831 Fax www.deanmead.com Orlando Fort
More informationPreferred Portfolio Management
Preferred Portfolio Management Separately managed fixed income accounts Personal portfolio manager Partnering with Preferred Portfolio Management brings you the power of BlackRock through your personal
More informationComplete Financial Care
CONFIDENCE SECURITY Complete Financial Care for every facet of your financial life RETIREMENT GROWTH LEGACY 1300 888 803 www.modoras.com Over 3 decades of experience. A wealth of financial intelligence.
More informationLearn More About: Glass Jacobson Financial Group 401(k) Plan Services
Learn More About: Glass Jacobson Financial Group 401(k) Plan Services NAVIGATING THE PATH TO FINANCIAL SUCCESS Glass Jacobson has played a proactive role in creating financial success for businesses and
More informationRBC United States Capabilities
RBC United States Capabilities An Ensemble of Solutions to Expand Your Opportunities and Simplify Your Life Gain Efficiencies and Accomplish More with Orchestrated Solutions. Whether you are an individual
More informationBUILDING MORE ENGAGED AND POWERFUL COMMUNITIES. Center for Urban and Regional Affairs (CURA) Impact Brief. Business Conversions to Worker Cooperatives
BUILDING MORE ENGAGED AND POWERFUL COMMUNITIES Center for Urban and Regional Affairs (CURA) Impact Brief Business Conversions to Worker Cooperatives May 2017 Overview We are at a critical moment in history.
More informationAlan Taylor. Partner Bowling Green, KY BKD, LLP.
ESOPs: Creating a Legacy June 28, 2012 Alan Taylor Partner Bowling Green, KY BKD, LLP ataylor@bkd.com To Receive CPE Credit Participate in entire webinar Answer polls when they are provided If you are
More informationBonus Gold. American Equity. Gold Standard for a Secure Retirement. The one who works for you!
American Equity Gold Standard for a Secure Retirement The one who works for you! A Good Plan is Always Better Than a Good Guess The security of your future begins today with sound planning and a dependable
More informationQ Market Report
Q3 218 Market Report Mergers & Acquisitions Private Equity Financial Advisory 441 Northside Parkway Suite 395 Atlanta, Georgia 3327 (44) 841-3131 www.croft-bender.com Member SIPC and FINRA CONTACT US Frank
More informationFinancial Solutions Tailored to Your Needs
Financial Solutions Tailored to Your Needs Welcome At WSFS Private Client, we provide wealth management strategies to families and businesses across the Delaware Valley. With more than two decades of experience,
More informationThe UBS Donor-Advised Fund program guide
The UBS Donor-Advised Fund program guide Contents Creating a donor-advised fund...1 Assets accepted...2 Tax benefits...2 Contributions...2 Account valuation...3 Grantmaking...3 Administration...4 Investments...4
More informationSOLUTIONS FOR YOUR INSURANCE BUSINESS
SOLUTIONS FOR YOUR INSURANCE BUSINESS DRIvE EFFICIENCY, ENhANCE profitability AND UNLOCK YOUR COMpANY S potential ASSEt SE Rv I CI N G the FUtURE WhAt WILL It BRING to YOUR INSURANCE BUSINESS? New challenges.
More informationA New Strategy for Downside Protection or Yield Enhancement
A New Strategy for Downside Protection or Yield Enhancement June 7, 2016 by Robert Huebscher Vest Financial Group Inc. was founded in 2012 by Jeff Chang and Karan Sood. Vest is dedicated to serving investment
More informationValufinder Group, Inc. 95 Horatio Street Suite 301 New York, New York USA
FOR OWNERS An Owner s Alternatives Valufinder Group, Inc. 95 Horatio Street Suite 301 New York, New York 10014 USA Telephone: 212-243-1133 Fax: 212-243-1838 info@valufindergroup.com www.valufindergroup.com
More informationYour Retirement Plan Strategy
Building financial security since 1958 Your Retirement Plan Strategy Expert Advice Innovative Options Personalized Service We deliver the superior service you deserve, backed by the expertise you expect.
More informationN E W Y O R K C H I C A G O H O U S T O N L O S A N G E L E S L O N D O N. December 31, 2018
N E W Y O R K C H I C A G O H O U S T O N L O S A N G E L E S L O N D O N December 31, 2018 Forward-looking Statements and Risk Factors This presentation may include forward-looking statements. These forward-looking
More informationEssential Training & Education for the Trucking Industry. ESOPs in Trucking: A Strategy for Succession Planning and Successful Ownership Transi<on
Essential Training & Education for the Trucking Industry ESOPs in Trucking: A Strategy for Succession Planning and Successful Ownership Transi
More informationExecutive Financial Services
Executive Financial Services Strategies for Managing Your Wealth At Morgan Stanley, we understand the regulatory challenges you face as an executive and key insider when trying to access the assets within
More informationREDEFINING WEALTH MANAGEMENT
REDEFINING WEALTH MANAGEMENT SIMPLIFY YOUR FINANCIAL LIFE Wealth is always accompanied by complexity whether preserving assets in the face of volatile markets, leaving a legacy without subjecting heirs
More informationMassMutual Business Owner Perspectives Study
A Guide for Business Owners MassMutual Business Owner Perspectives Study 2011 insights in an uncertain economy Contents 2 Start-up stage Reasons for owning a business Sources of business financing Views
More informationOverall M&A Market Commentary
Overall M&A Market Commentary Middle market M&A activity continued its decline in 3Q17, recording another quarter of lower deal volume and lower dollar value. While on the surface this is disconcerting,
More informationEmployee Stock Ownership Plans ESOPs 101
Employee Stock Ownership Plans ESOPs 101 Presented by: Daniel M. Zugell, CLU, ChFC, LUTCF Senior Vice President 2 0 1 5 B T A I N C. VALUE PROPOSITION What if your clients were able to Sell all or a portion
More informationTHE FIRST (AND OFTEN FORGOTTEN) RULE OF IMPACTFUL GIVING: GIVE THE RIGHT ASSET
THE FIRST (AND OFTEN FORGOTTEN) RULE OF IMPACTFUL GIVING: GIVE THE RIGHT ASSET RYAN BOLAND One of the most basic tenets of impactful giving using available tax efficiencies to maximize the contribution
More informationOwnership Succession / Transition Strategies
ship Succession / Transition Strategies Maner Costerian Solutions Conference November 2017 Tom Ziemba, PhD BDO USA, LLP tziemba@bdo.com BDO USA, LLP, a Delaware limited liability partnership, is the U.S.
More informationHedging Variable Rate Exposure in a Commercial Real Estate Debt Portfolio
Hedging Variable Rate Exposure in a Commercial Real Estate Debt Portfolio Authors Dan Hampton, Senior Vice President, Managing Director and Head of U.S. Commercial Real Estate bmo Harris Bank Timothy Huang,
More information24JAN SIMPLIFIED PROSPECTUS DATED NOVEMBER 17, 2017
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. Your simple guide to investing in Dynamic Funds. DYNAMIC TRUST FUNDS Dynamic
More informationInvesting with Impact. Creating Economic, Social and Environmental Value
Investing with Impact Creating Economic, Social and Environmental Value Delivering Value Across Multiple Dimensions The Investing with Impact Platform focuses on flexibility and engagement, allowing both
More informationThe Higgins Group at Morgan Stanley. Building relationships based on understanding, integrity, accountability and mutual trust.
The Higgins Group at Morgan Stanley Building relationships based on understanding, integrity, accountability and mutual trust. 401 East Market Street Charlottesville, Virginia 22902 434-244-0123 / MAIN
More information