Broadcast Date: Tuesday, May 23, 2023
from 1:00 pm to 2:30 pm (ET)

Overview:

The enactment of the 2023 Omnibus Bill, a comprehensive spending bill funding the federal government for the fiscal year 2023, is presenting a huge advantage for Employee Stock Ownership Plan (ESOP). The Omnibus Bill enumerates several provisions aimed at educating businesses and workers and providing clarity and transparency in creating and administering an ESOP.

While ESOP is a powerful tool for business succession, especially for startups, and as more and more turn to ESOP as a viable corporate finance technique, it is crucial to understand its pros and cons and be up to date with regulatory developments to avoid potential pitfalls.

Listen as experienced employee benefits lawyers David R. Johanson (Hawkins Parnell & Young LLP) and Michelle Buckley, CPA, AIFA (Meaden & Moore) provide a dynamic discussion of the key developments and significant issues surrounding ESOP, succession planning, and their tax implications. The esteemed speakers will provide an in-depth analysis of their benefits and share insights into what makes for a valuable investment in ESOP.

Key topics that will be covered in this discussion are:

  • ESOP Structure: The Nuts and Bolts
  • Mapping Out ESOP Concepts: Qualify Your Business
  • The Big Picture: Pros and Cons of ESOPs
  • Reaping the Benefits of ESOPs: Tax Advantages
  • Regulatory Outlook, corporate governance, and fiduciary liability issues

Learning Objectives:

  • Learn about the nuts and bolts of ESOP structures, including its key components, legal requirements, and best practices.
  • Understand how to qualify your business for an ESOP and how to map out different ESOP schemes.
  • Gain an understanding of the pros and cons of ESOP for succession planning and finance needs, and how to maximize ESOP tax benefits.

Credit:

Course Level:

Intermediate

 

Advance Preparation:

Print and review course materials

 

Method of Presentation:

On-Demand Webcast

 

Prerequisite:

General Knowledge of ESOP

 

Course Code:

1410812

 

NY Category of CLE Credit:

Areas of Professional Practice

 

NASBA Field of Study:

Business Law – Technical

 

Total Credits:

1.5 CLE

1.5 CPE (Not eligible for QAS (On-demand) CPE credit)

Speaker Panel:

David R. Johanson, Senior Partner
PARTNER-IN-CHARGE, NAPA

Hawkins Parnell & Young, LLP

David assists clients in general corporate matters and in employee ownership, benefit, ERISA, and related business matters, with an emphasis on executive compensation, equity incentive plans, non-qualified deferred compensation, employee stock ownership plans (ESOPs), ESOP transactions, mergers and acquisitions (and related tax planning), and business succession and estate planning. David has served as outside general counsel to numerous corporate clients over the past 37 years. He also frequently appears on behalf of clients in business and employment-oriented defense litigation in state and federal courts throughout the country, and before regulatory agencies (e.g., U.S. Department of Labor, Internal Revenue Service, U.S. Tax Court, etc.).

Michelle Buckley, CPA, AIFA, Vice President
Practice Leader in Employee Benefits

Meaden & Moore

Michelle is a Vice President in Meaden & Moore’s Assurance Services Group with over 30 years of public accounting experience serving middle market companies focused on manufacturing, distribution and service industries.  Michelle maintains close contact with clients to develop long-term relationships and earn their confidence. As a practice leader of the firm’s employee benefits and consulting practice, Michelle has had extensive experience with qualified benefit plan audits, operational reviews, tax issues and the unique complexities of these engagements. She understands the risks to plan sponsors and continuously offers suggestions for improvement to minimize any potential fiduciary liability.As an Accredited Investment Fiduciary Analyst TM (AIFA®), Michelle also assists in consulting retirement plan sponsors in fiduciary best practices.

Agenda:

David R. JohansonPARTNER-IN-CHARGE, NAPA

Hawkins Parnell & Young, LLP

AND

Michelle Buckley, CPA, AIFA, Vice President

Meaden & Moore

  • Introduction to ESOPs as an Exit Strategy and Review of Alternative Strategies Available to Business Owners
  • Benefits to C Corporations and S Corporations of Using an ESOP as an Exit Strategy
  • Ideal Candidates for ESOPs and Poor Candidates for ESOPs
  • The Role of the Feasibility Study
  • Tax Implications to the Seller, the Corporation and the Employees of Using an ESOP as an Exit Strategy
  • How to Implement an ESOP?
  • Recent Legislative, Regulatory and Case Law Consideration for the Implementation of an ESOP
  • Fiduciary liability and regulatory considerations.

Date & Time:

Tuesday, May 23, 2023

1:00 pm to 2:30 pm (ET)

Who Should Attend:

  • Labor & Employment Lawyers
  • Employee Benefits Lawyers
  • Benefits Administrators
  • Chief Executive Officers
  • Chief Human Resource Officers
  • Chief Compliance Officers
  • Financial Advisors
  • Insurance Lawyers
  • In-House/General Counsel
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SPEAKERS

David R. JohansonSenior Partner
PARTNER-IN-CHARGE, NAPA
Hawkins Parnell & Young, LLP
Michelle Buckley, CPA, AIFAVice President
Practice Leader in Employee Benefits
Meaden & Moore

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