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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. It includes training material, the full text of Department of Labor–proposed regulations, details of important court cases, various examples and illustrations to be used as reference and research tools for the experienced and trained valuation professional, and more.
- Sales Rank: #3394021 in Books
- Published on: 2005-06-14
- Original language: English
- Number of items: 1
- Dimensions: 9.47" h x .74" w x 6.36" l, 1.11 pounds
- Binding: Hardcover
- 272 pages
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.
From the Back Cover
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
About the Author
LARRY R. COOK, CPA, ABV, CBA, is a financial advisor actively engaged in providing business valuation and succession planning, including wealth management, asset protection, and related services, to the private business owner. He has participated as a course instructor on a wide range of subjects in the valuations area and has participated as a speaker at national conferences on programs specific to business valuation. He currently serves as a committee member on the AICPA Business Valuation/Forensic Litigation Services Executive Committee, and on the North Harris-Montgomery County Community College advisory board. He is former president of the Financial Consulting Group and former chair of the Accredited in Business Valuation (ABV) Credential Committee for AICPA, as well as a member of the Board of Directors of the Texas Society of CPAs. He has provided expert testimony in a variety of areas and has engaged clients in the sale, merger, and acquisition of business and business interests. He is the author of the "ESOP Valuation" chapter in Financial Valuation: Applications and Models (Wiley).
Most helpful customer reviews
3 of 3 people found the following review helpful.
Practical and readable advice on ESOPs
By Jim Hitchner
Larry Cook has done a wonderful job in writing a book on ESOPs that is practical, readable and understandable. He accomplishes this feat even though the formation, valuation and maintenance of ESOPs can be a difficult endeavor given the complexities and nuances surrounding this area. Although titled "Financial Valuation of Employee Stock Ownership Plan Shares," it includes good insight into the decisions that go into whether to form an ESOP and whether an ESOP is feasible for a given company. For example, chapter 2 includes a very interesting story of a CFO that went through the process with two companies. He also presents his thoughts on the controversial areas of the actual valuation of a company for ESOP purposes as well as the DOL, tax and financial reporting requirements. The two appendices include the DOL proposed regs and the IRS training class materials regarding examination of ESOPs. In summary, Mr. Cook's book is an important read for business owners, Plan Trustees, CPAs, Appraisers and Financial Advisers and should be a part of any business library.
1 of 1 people found the following review helpful.
An Important Addition to Your Business Valuation Library
By Eva M. Lang
Financial Valuation of Employee Stock Ownership Plan Shares is a great resource for anyone looking to learn about ESOPS. The book takes a business owner's perspective in walking the reader through the elements of a good plan. Often overlooked when establishing an ESOP is the question of whether an ESOP even makes sense. This book devotes an entire chapter to that very question of who makes a good ESOP candidate. But the heart of the book is the focus on determining the value of ESOP shares. In this area, Cook goes into great detail on every aspect of ESOP valuation from independence issues and governing case law to control vs. minority positions. He covers repurchase obligations, adequate consideration, and phantom equity. One thing that really sets the book apart from other valuation tomes is the great supporting material like the great 70 page Appendix containing the IRS training guide to examining ESOPS. No business valuation library will be complete without Financial Valuation of Employee Stock Ownership Plan Shares.
0 of 0 people found the following review helpful.
For advisors, business owners and valuation specialists
By M. Crain
This text is a good overview of ESOPs, when one makes sense for a business owner, how an ESOP can help motivate a company's employees, legal issues, and share valuation (required by law). It is a readable and practical text that should be of value to business advisors, business owners, and valuation specialists. ESOPs are highly regulated by the government and must follow the requirements both at formation and on a continuing basis. There is a cost to setting up and maintaining an ESOP but there can be significant benefits for the business owner. Some are financial and other benefits are non-financial such as business succession.
Even though the book's title suggests it is primarily about valuation, it has a lot of coverage on practical aspects of whether it makes sense for a business to establish an ESOP and the regulatory environment. This should be of interest to business advisors and business owners.
For the valuation specialist, the book covers factors in valuing the company's shares that are unique to ESOPs - primarily due to government regulation. Those factors include: the impact of ESOP leverage, minority/control attributes of the shares, repurchase obligations, adequate consideration, and tax issues.
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