Mary Josephs, Neal Hawkins and John Solimine of Verit Advisors have collaborated with other industry experts to update and enhance Leveraged ESOPs and Employee Buyouts. The sixth edition of the book now features vastly expanded coverage of the intricacies of ESOP transaction capital (including seller financing, senior, and junior debt), plus updates and additions to existing material on legal, valuation, and accounting issues.

This book outlines an ESOP transaction alternative, providing comprehensive coverage of ESOP financing plus chapters on accounting, legal rules, valuation, and M&A.

Josephs, Hawkins and Solimine contributed six chapters of the book on topics ranging from ESOP financing, mature ESOPs, underwriting to types of capital.

“This book is an important resource for capital providers and company executives who want to know more about corporate finance and access to capital in order to optimize and insure successful transactions. Capital is a key underpinning of successful transactions. Half of this book is dedicated to financing with a great emphasis on strategic capital planning” said Josephs.

Here is an excerpt:

…best practice includes planning. In real estate, the value mantra is “location, location, location.” For ESOP companies, we suggest “planning, planning, planning.” Long-term capital planning protects a company from unforeseen surprises that could limit long-term flexibility and options. This planning should include proactive information gathering, including market dynamics, industry dynamics, strategic planning and how plan implementation affects benefits level. This planning can develop a road map of objectives for a mature ESOP company.

Work with experienced professionals. Fiduciary oversight of existing ESOPs can never be taken lightly. The company should have a highly experienced team that is proficient with companies of its size, industry and ESOP dynamics.

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This excerpt is from chapter 8 “Mature ESOP Considerations” in the new edition of Leveraged ESOPs and Employee Buyouts which is available for purchase (paperback and digital) at

Mary Josephs, founder and CEO of Verit Advisors, is a nationally recognized leader with more than 28 years of experience with ESOPs as a specialized solution-oriented succession and liquidity transaction for middle market companies. John L. Solimine is a founding member and Principal of Verit Advisors LLC. Mr. Solimine has over 10 years of experience in investment banking and debt capital markets, particularly with middle market companies and private equity sponsors in succession and liquidity transactions. Neal Hawkins is a Vice-President at Verit Advisors and has significant debt capital market and ESOP expertise. Mr. Hawkins works with private business owners on succession and transition alternatives which include the use of ESOPs, management buyouts, private equity transactions and mergers and acquisitions.