Verit Advisors® Team Members Will Speak at the Employee Ownership Conference
Verit Advisors® will participate in the NCEO (National Center for Employee Ownership) Employee Ownership Conference virtually, April 20 and 21, 2021. This annual conference is a premier gathering on employee ownership.
On Tuesday, April 20 at 12:30 EST, John Solimine, Managing Director at Verit Advisors® will join a panel on “ESOP Financing int Today’s Economy.” The presentation will provide an overview of the current credit markets and perspectives for the coming months in senior bank, non-bank and mezzanine debt markets. Mr. Solimine has over 20 years of experience in investment banking and debt capital markets. He began his career at LaSalle Bank (Bank of America), where he provided debt financing for middle-market sponsors and portfolio companies. He gained investment banking experience at Bear Stearns and Jefferies & Company in New York. He later joined Equibase Capital, a Chicago private equity firm.
Also on Tuesday at 3:45, Jake Cravens, Managing Director at Verit Advisors, will participate on a panel to discuss “Exploring a Partial ESOP Transaction.” This session will cover the financing implications of partial ESOPs, S corporation distributions, and administrative issues including considerations about balancing ownership interests and managing future repurchase obligations. It will review the pros and cons of a partial ESOP compared to a 100% ESOP transaction, as well as the broader tax advantages of ESOP transactions.” Mr. Cravens joined Verit Advisors in 2015 and leads execution on a wide range of transactions, restructuring, and advisory services including M&A, ESOPs, and strategic alternatives consulting. Jake specializes in the valuation of business enterprises and the structuring of complex ESOP transactions.
Mary Josephs, Founder and CEO of Verit Advisors, will present on Wednesday, April 21 at 2:30 on “Strategy 101: Why Employee Ownership is Not Enough.” This session will help ESOP leaders understand the importance strategic planning, taking into account the unique characteristics of ESOP capital structures, culture, and long-term objectives. Ms. Josephs founded Verit Advisors in 2009 and has nearly three decades of experience in corporate finance. She is a nationally recognized leader and has advised structured and closed more than 300 financings for middle market companies. Ms. Josephs is a past two term board member of the NCEO.
According to the NCEO, the first employee stock ownership plan (ESOP) was in 1956 and today there are about 6,700 ESOPs and equivalent plans employing more than 14 million employees in the U.S. ESOPs are spread throughout the nation and industries and range from just a few employees to more than 150,000 employees. Over a 10-year period, ESOPs have 25 percent higher job growth than comparable companies without an ESOP. These companies have 4 to 5 percent higher productivity in the year an ESOP is adopted. Employee ownership keeps businesses and jobs in state with ESOP companies 25 percent more likely to stay in business.
About Verit Advisors
Verit Advisors unites sophisticated middle market investment banking capabilities with a client centric boutique, fluent in ESOPs, debt and equity capital markets, and M&A, transaction opinions and valuation services and board advisory services. Integrity, teamwork, service, and innovation are at the heart of the organization, as the Verit Team strives to provide unparalleled advice and custom solutions to its clients. Mary Josephs founded Verit Advisors in 2009 in Chicago and has nearly three decades of experience in the world of corporate finance. Josephs and her team are considered to be the foremost experts in ESOP transactions and middle market strategic alternatives.