ACGSD | ESOP: The Underrated Exit

Employee Stock Ownership Plans, “ESOPs” is the most popular form of employee ownership in the U.S. with over 14.9 million employees in the U.S., and ~ 900,000 in California!

Join us to discover the how you can transition your equity to an ESOP to realize your wealth goals, continue your legacy, enrich your employees’ lives, and enhance the San Diego community. Baker Electric’s CFO, Brian Miliate, will present their road to ESOP ownership: lessons learned, decision process, funding options, timeline, trials & tribulation and ultimately to the rewards of a successful company with a culture enriching the lives of San Diegans.

“The ESOP opportunity is exceptionally America:  America in terms of the given opportunity for both success and treasure, but also and predominantly because it creates the best opportunity to move America forward as an economically just nations.”  Greg Graves, retired CEO/COB of Burns & McDonnell

Key Takeaways:

1. You will gain a better understanding of the power of ESOP ownership as a possible method of transitioning your ownership to a friendly buyer retaining the company legacy and culture How banking regulations impact businesses in this industry
2. Dispel some of the myths about ESOPs including they are too complicated, you cannot realize fair market value, and the litigation risk is too great
3. Learn from leading ESOP experts and from Brian Miliate’s experience at Baker Electric to understand your fitness for utilizing an ESOP in ownership transition to meet your goals and objectives

Panelists:

Brian Miliate, Baker Electric, CFO

Larry Goldberg Company, Partner, ESOP Law Group LLP

Financing/Capital Provider: Erin Boyl, BMO Bank, Director

Moderator: Kim Blaugher, The Beyster Institute, Executive Director

BIOS/PHOTOS:

Brian Miliate, Baker Electric, CFO

As CFO at Baker Electric & Renewables and its affiliates, Brian is a distinctive leader. He oversees finance, risk management, human resources and ESOP strategy for Baker. He is trusted by his Board members, CEO, and executive team with bringing a macro perspective in navigating Baker toward long-term success and sustainability, while also being grounded in trending issues and opportunities.

Brian and his CEO architected the sale of Baker into an ESOP in 2021, transforming a 4th-generation private company into a 100% employee-owned, future-focused and highly leveraged enterprise. Post-ESOP, the employee-owners at Baker were tasked with servicing significant transaction debt and are succeeding. The company is producing industry-leading cash generation under Brian’s leadership, having turned the company’s liquidity.

Several years on Boards in the construction, education and religious industries has increased Brian’s understanding of the importance of intentionally preparing and navigating organizations for their future. One of his most memorable Board positions was for a highest-performing high school, where he learned from that team over several years that the greater good is found in leading with measured risk, not following with security.

LARRY GOLDBERG, Partner, ESOP Law Group, LLP

Mr. Goldberg focuses his practice on the design, implementation and operation of Employee Stock Ownership Plans (“ESOPs”), and he is nationally recognized for his extensive experience in structuring a wide variety of ESOP transactions. These ESOP transactions are often designed as part of a family ownership transition, management buyout, or investment diversification/liquidity strategy for shareholder groups.

Mr. Goldberg has advised numerous corporations, shareholders and directors, of both closely-held and publicly-traded companies, on the use of ESOPs and ESOP-related strategies. He regularly serves as legal counsel to ESOP trustees, and advises investors and lenders with respect to ESOP transactions. Mr. Goldberg also advises clients on various types of pension and profit sharing plans, and management incentive plans implemented in connection with an ESOP transaction.

Erin Boyl, BMO Bank, Director 

Erin Boyl is a Director at BMO Bank with more than 20 years of experience in commercial banking. She specializes in serving middle market clients across Orange County, partnering with companies generating revenues between $50 million and $2 billion.

Throughout her career, Erin has worked extensively with ESOP-owned clients across Southern California. This experience has given her practical insight into how both companies and banks navigate the opportunities and complexities of ESOP-related transactions and ongoing considerations.

Erin is a proud graduate of the University of Michigan. She holds her FINRA Series 7 and Series 63 licenses as well as Certified Treasury Professional (CTP) designation.

Kim Blaugher, The Beyster Institute, Executive Director

Kim has over 30 years of experience and has been in the retirement plan industry since 1983. His areas of expertise include ESOPs and executive compensation planning. He uses his income tax and accounting background to help companies determine the feasibility of an ESOP, forecast repurchase obligations, and craft ESOP transactions designed to address each client’s unique needs and objectives. A frequent speaker on employee benefits and ESOP related topics, Kim has also written articles on technical ESOP issues for both The ESOP Association and the NECO.

Kim accepted the position as the Executive Director of the Bester Institute at the UC San Diego Rady School of Management in March 2019. The Bester Institute’s mission is to move the employee ownership community forward through educating students, academic faculty, management, company founders, and consultants to learn about and build ESOPs and other forms of employee ownership. Prior to joining the Beyster Institute, Kim worked in the ESOP practices at Principal Financial Group, William M. Mercer & Associates, RSM and KPMG.

AGENDA

·        3:30 pm - 4:00 pm: Registration / Networking

·        4:00 pm - 4:30 pm: Keynote Address: ESOP Outlook

·        4:30 pm - 5:15 pm: Panel Discussion

·        5:15 pm - 5:30 pm: Q&A

·        5:30 pm - 6:30 pm: Happy Hour Reception

REGISTRATION OPEN NOW 

• ACG Members: $55
• Non-Members & Guests: $105

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