Employee Stock Ownership Plans:
ESOP Planning, Financing, Implementation, Law and Taxation

Robert W. Smiley, Jr., Ronald J. Gilbert, David M. Binns, Ronald L. Ludwig, and Corey M. Rosen, Editors

Published by the Beyster Institute at the Rady School of Management, University of California, San Diego

(The original book was sold out and has been completely revised and updated. )
Order your 2-volume set now at http://www.esopbook.org or click here to order.
For a PDF version and a printable order form, click here.

The Editors and Authors are among the world's leading ESOP experts.

About the Editors:

Robert W. Smiley, Jr., Managing Editor, is the founder and chairman of The Benefit Capital Companies Inc., headquartered in Logandale in Southeastern Nevada. He is the managing general partner of Benefit Capital Partners. Mr. Smiley is a founder and past president of The ESOP Association, and a lifetime member of its Board of Governors. He is an immediate past director of The National Center for Employee Ownership, and a former trustee of The Employee Ownership Foundation. He serves on several boards of directors.

Ronald J. Gilbert is the co-founder and president of ESOP Services, Inc., headquartered in Scottsville, Virginia. Previously, he was a vice president with Kelso & Company in San Francisco. Mr. Gilbert serves on The ESOP Association's Board of Governors, its Legislative & Regulatory Committee, as well as the boards of directors of several ESOP companies. He has extensive international privatization experience and is a frequent ESOP lecturer.

David M. Binns is the associate director in the Washington, D.C. office of the Beyster Institute at the Rady School of Management, University of California, San Diego. He is also the past executive director of The ESOP Association. A frequent author and speaker on ESOPs, he has lectured extensively around the world. He is a former public relations account executive as well as a former congressional aide.

Ronald L. Ludwig is a retired lawyer who specialized in ESOP law for almost 30 years. He has lectured and written extensively on ESOPs and has been actively involved in the development of the federal laws and regulations which govern ESOPs. He was a founding member of The ESOP Association, the founding chair of its Legislative and Regulatory Advisory Committee, and a recipient of the Association's Life Service Award. He currently serves on the boards of directors of a number of ESOP companies.

Corey M. Rosen is executive director of The National Center for Employee Ownership, which he co-founded in 1981. The NCEO is a nonprofit membership, information, and research organization based in Oakland, California. He served five years as a professional staff member in the U.S. Senate, where he helped draft legislation on employee stock ownership plans. He is the author or co-author of several books and over 100 articles on employee ownership. He has a Ph.D. in Political Science from Cornell University.

Two Volumes--Comprehensive Coverage of the Business, Legal, Tax and Practical Ramifications of Employee Ownership--over 1,700 pages.

Research has shown that companies with employee stock ownership plans (ESOPs) have more highly motivated employees, greater profits, sales and employment growth, and greater ability to weather recessions than otherwise comparable companies. Employee Stock Ownership Plans provides A-to-Z coverage of ESOPs. It starts with what an ESOP is, how it works, and how to decide whether or not an ESOP makes sense for a particular company, its officers and directors, employees and shareholders. It then continues through how to implement your ESOP, how to maintain it, and beyond.

Whether you are part of a management team wrestling with the many complex issues that impact the feasibility of an ESOP for your company, a business owner considering your exit options, or legal, accounting, investment, insurance or tax counsel looking to open new client relationships or preserve and enhance existing relationships, you can answer any question with assurance and accuracy when you have this book on hand. Consultants and advisers will also find this book invaluable.

This is a highly readable book. Providing the right answer at the right time could mean the difference between success or failure in an ESOP transaction involving millions of dollars of tax savings.

Guidance from Planning through Implementation to Administration: Employee Stock Ownership Plans spells out everything for you in detail, taking you from a clear explanation of how ESOPs work and their many financing advantages and built-in tax benefits . . . through accounting requirements, involvement of management and employees, designing an appropriate ESOP, ESOP financing and working with lenders . . . to operating and administering an ESOP. The ESOP is a technique of corporate finance in addition to its being an employee benefit plan. As such, it has unparalleled tax and financial benefits for all parties concerned that are unequaled anywhere else in the law.

Continuing Coverage: Periodic updates, available to buyers of this book, bring Employee Stock Ownership Plans up to date on recent judicial and regulatory decisions as well as other developments in the field, including:

An Unprecedented Endorsement
for this ESOP Book

Smiley, Gilbert, Binns, Ludwig and Rosen's book is more complete than anything published before on the subject of ESOPs. It combines the best of both general and technical information. I urge members of the business community and Members of Congress to study the ESOP alternative. Employee Stock Ownership Plans offers businesspeople and Members of Congress a great place to start studying.
- Congressman Dana Rohrabacher

Partial Table of Contents

Introducing the ESOP

Research Results and Case Studies

Equity: Why Employee Ownership is Good for Business

Ownership Transition Using a Leveraged ESOP

Making the Decision to Implement an ESOP: The Full Feasibility Study

Implementing the ESOP

Valuation of Companies for ESOP Purposes

ESOP Trustee & Fiduciary Considerations

ESOP Valuation Controversies & Court Cases

ESOP Financing

ESOP Accounting Aspects

ESOP Legal, Tax, ERISA, & Securities Issues

ESOP Communications to Participants

ESOP Operations

ESOP Administration

Repurchase Obligation

ESOP Distributions & Diversification

ESOP Dividends

ESOPs for S Corporations

ESOP Corporate Governance

ESOPs Securities Law Issues

Terminating an ESOP

Global Equity Plans & ESOPs

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