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ESOP Business Valuation

The following guide provides information on books and publications which focus on business valuation for employee stock ownership plan purposes. Each entry below includes the name of the source or publisher, a brief description of the resource, and notes any information that is available free online.

Select from the following resources:

Guide to ESOP Valuation and Financial Advisory Services, 2nd Edition
Willamette Management Associates

Comprehensive guide explores and resolves many practical issues faced by valuation analysts in valuing a company for ESOP purposes, with topics covered in this guide including structuring the transaction, valuation issues, role of the independent financial advisor, specialized financial advisor issues, and valuation and financial opinion reports. Detailed table of contents is available online.

ESOP Valuation
National Center for Employee Ownership

Third edition of this publication brings together the best articles published by the National Center For Employee Ownership on valuing a company for employee stock ownership plan purposes, with topics covered in this book including introduction to ESOP valuation, ESOP valuation case study, valuing S corporations, repurchase liability and valuation effects, and valuation issues in leveraged buy-outs.

Valuing ESOP Shares
The ESOP Association

Produced by The ESOP Association's Advisory Committee on Valuation, this publication discusses the major issues to be resolved in valuing a company for employee stock ownership plan purposes, specifying where a consensus of opinion does or does not exist, with a focus on valuation issues for which there is an absence of regulatory guidance from the U.S. Department of Labor and the IRS.

Report on Valuation Considerations For Leveraged ESOPs
The ESOP Association

Publication addresses the impact of a leveraged employee stock ownership plan on a company's balance sheet and income statement, with topics covered in this guide including compensation adjustment for retirement benefits, tax and interest adjustments, the treatment of ESOP debt for valuation purposes and upon plan termination, and the effect of dividends used to pay this debt.

Financial Valuation of Employee Stock Ownership Plan Shares
Larry R. Cook, Wiley, 2005

Publication provides a detailed explanation of the considerations specific to the valuation of equity interests for private company ESOPs, with topics covered in this text including entity structure, tax incentives, put rights, repurchase obligation, ESOPs with debt, and adjustments for voting power and lack of marketability. Detailed table of contents and searchable text are available free online.

Valuing a Business: The Analysis and Appraisal of Closely Held Companies, 5th Edition
Shannon P. Pratt, Alina V. Niculita, McGraw-Hill, 2008

Topics addressed in Chapters 32 and 33 include types of ESOPs, valuation of a company for ESOP purposes, adequate consideration, independence of the appraiser and the appraiser's role, reporting requirements, valuation approaches and methods, ESOP-specific adjustments, control premiums, discount for lack of marketability, repurchase liability, IRS audit guidelines, and ESOP court cases.

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