Let's face it, you've been running the company a long time. Maybe you started or bought into it, or were lucky enough to inherit it. Maybe you've been the person most responsible for its success. Do you ever lie awake at night and wonder why no one cares as much about...
Here's a quick test. Crumble a piece of paper and toss it in the hallway. Then watch and wait. How many people walk by it before someone picks it up? That's your ownership culture barometer. When consultants speak of "building an ownership culture" in ESOP companies,...
Over the last year, the business community has been abuzz about Gallup's latest study on employee engagement which revealed the awful truth that only 3 in 10 American workers are truly engaged. Since then, articles about keeping employees "happy" with free perks and...
The single most important characteristic of a successful ESOP is ownership culture. Profitability and growth are assured when employees are invested and involved. Your Communications Committee can play a significant role in building employee engagement, yet in...
I rate Patrice 5/5 stars. She's an excellent communicator and responds very promptly to questions. Her valuation report was very detailed, thorough and easy to read. It addressed all the Department of Labor requirements in conjunction with the Great Bank agreement....
I’d give Patrice a "5" rating without hesitation. Patrice’s approach to our valuation was methodical, well researched, and most importantly, made sense to us. She took the time to get to know our business in great detail, both inside operations and external markets....
One of the most important fiduciary responsibilities of an ESOP trustee is to establish the annual stock price. This can be accomplished by seeking an independent valuation firm for purposes of establishing the fair market value of the sponsor's stock, since a...
When a former employee is being paid his stock from an ESOP, and he has the right to "put" the shares back to the company or the plan, the company often has to make a tough decision --- Do we retire (redeem) the shares (buying them back into the corporation's treasury...
What is rebalancing? It is peculiar to Employee Stock Ownership Plans (ESOPs). In its Response to Technical Assistance Request (#4) (http://www.irs.gov/pub/irs-tege/esop_tar4_022310.pdf), issued April, 2009, the IRS has said "… we define rebalancing as the mandatory...
Chris Kramer will join Philip J. Carstens, Jr. of K&L Gates LLP and Ted M. Becker of Drinker, Biddle & Reath LLP, in a Panel discussion of "Surviving a DOL Investigation" Friday, November 13, 2015 @ 3p PST. What if you receive a letter that says "The...