Featuring (click image for more information):

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

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Why You Should Attend:

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.

Agenda
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.

Group Discounts Available

For group discounts on Webinars contact Linda Mendenhall at lindam@bvresources.com 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 (cs@bvresources.com 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. www.nasba.org NASBA Sponsor

On Demand Packs: Conference Recordings & Transcripts

BVR's On Demand Packs are an indispensable addition to any valuation reference library. Use them as training tools as many times as you'd like, wherever you are: play them at your computer at work or home, in your car, or on your personal audio device.

Each On Demand Packs includes:

• Recordings and transcripts of the presentation
• All presentation visual aides and handouts
• All ancillary reading materials suggested by our presenters

For a complete list of available On Demand Packs from past webinars, click here.