Program

Stop by the registration desk to print your badge and pick up your program book. The TEA team is here to help you while you are attending EO26!

The Facilitator Certification Program (FCP) is designed for future instructors, conference speakers, consultants, and employee ownership leaders who seek to develop or enhance the skills needed to lead dynamic, learner-centered experiences. Participants gain practical facilitation tools, earn a recognized credential, and become eligible to teach content that is a part of the Employee Ownership University (EOU) certificate and certificate programs.

Advanced registration is required. For more info or to sign up, please email Erica Beck Spencer at ebeckspencer@esopassociation.org

Attention Speakers - this room is for you to meet with your co-presenters, review your presentation, or just have a moment to collect your thoughts in advance of your session. The room will be setup ready for any rehearsals.

Whether this is the first time you are attending EO or the tenth time, you will want to join us to learn more about what’s new at EO26.

Stop by the registration desk to print your badge and pick up your program book. The TEA team is here to help you while you are attending EO26!

Attention Speakers - this room is for you to meet with your co-presenters, review your presentation, or just have a moment to collect your thoughts in advance of your session. The room will be setup ready for any rehearsals.

AI has become a strategic issue for boards, executives, and fiduciaries across industries. Bringing together viewpoints from an ESOP company, a risk management professional, and an AI technology provider, the discussion addresses both the promise and the challenges of artificial intelligence in employee-owned organizations. Participants will consider how AI tools can be assessed, deployed, and overseen while balancing innovation, risk, and fiduciary responsibilities.

Learning Objectives:
• Identify practical AI use cases ESOP companies can adopt to improve productivity and decision-making.
• Evaluate operational, transactional, fiduciary, and governance risks AI introduces to an employee-owned company.
• Apply a framework for assessing AI tools, implementation priorities, and governance controls in an ESOP company.

Audience: CFOs, CEOs, Board Members, Professionals
Level: Intermediate

Many new ESOPs have never operated with a board of directors, while others are transitioning from an advisory board to a governing body. Even organizations with established boards often look for ways to improve performance, accountability, and meeting effectiveness. Attendees will review board responsibilities and the administrative disciplines that contribute to well-functioning governance. Topics include organizing and maintaining board portals or shared files, managing director information, calendars, agendas, minutes, charters, key records, and committee materials. Participants will come away with ideas for building a more structured, streamlined, and reliable board operation.

Learning Objectives:
• Understand the roles and responsibilities of the board.
• Understand why having a portal/shared file is important.
• Create and maintain a board portal/shared file.

Audience: CEOs, Board Members
Level: Basic

Employee ownership creates a direct connection between company success and personal financial outcomes. This interactive workshop brings together a valuation consultant, financial advisor, and employee-owned company to examine how everyday workplace decisions influence enterprise value and long-term wealth accumulation. Through expert perspectives and roundtable discussion, attendees will connect value creation, financial literacy, and ownership thinking while exploring the relationship between individual contributions and ESOP account growth. The workshop highlights how workplace behavior, company performance, and financial outcomes work together to build lasting wealth.

Learning Objectives:
• Understand the interwoven connections of an ESOP wealth-building benefit plan that is driven by workplace behaviors that enhance bottom-line company results and impact individual long-term rewards.
• Share, acquire, and exhibit proven best practices from ESOP peers who have enhanced ESOP value in their current workplaces.
• Create an employee-owned daily mindset that becomes cultural or develops culturally into your role at your company.

Audience: HR Staff, CFOs, CEOs, Financial Managers, Employee Owners
Level: Basic

Employee recognition plays an important role in strengthening engagement, reinforcing ownership culture, and celebrating the contributions of employee owners. Join this roundtable discussion to share recognition programs, creative ideas, and best practices with peers from other ESOP companies.

Plan design decisions have a lasting impact on participant outcomes, administrative complexity, company cash flow, and the enduring viability of employee ownership. The presentation examines fundamental plan provisions, including eligibility, allocations, vesting, distributions, diversification, and repurchase obligation planning. Through industry examples and implementation experiences, attendees will evaluate alternative design choices, weigh competing priorities, and identify opportunities to improve retention, encourage participation, and enhance plan outcomes. Participants will also consider how plan provisions can support broader business objectives while preserving flexibility for future organizational needs.

Learning Objectives:
• Evaluate best practices for ESOP eligibility, allocation, and vesting provisions.
• Assess the impact of distribution and diversification provisions on participants and plan administration.
• Understand how plan design decisions influence repurchase obligations and long-term company cash flow.

Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Professionals
Level: Intermediate

Internal trustees play a critical role in ESOP governance and oversight. Attendees will explore the responsibilities of the role, including working with the Board of Directors, reviewing the annual ESOP valuation, and addressing repurchase obligation considerations. The discussion also examines fiduciary duties, liability exposure, and leading practices for effective trustee oversight.

Learning Objectives:
• Understand internal Trustee fiduciary responsibilities.
• Work with and assess the yearly ESOP valuation.
• Define fiduciary responsibilities and risks.

Audience: Internal Trustee, CFOs, CEOs, Board Members, Professionals
Level: Intermediate

It is an exciting time in the lifecycle of a company to go through an ESOP transaction and be employee owned. However once the ESOP transaction happens, there are many action items and considerations that companies need to be aware of. This session will go through what you need to know to ensure a successful roll-out of your ESOP, and to ensure the ongoing administration of your plan goes well.

Learning Objectives:
• Understand the steps a company goes through when they become an ESOP
• Understand some of the ongoing action items for the leadership team to be aware of to help manage the annual ESOP cycle
• Understand how communication to your employees can help them to embrace what it means to be an employee owned company

Attendees will explore advanced strategies and practical approaches for strengthening the effectiveness of an ESOP communications committee. They will learn how to increase employee engagement, enhance the impact of ESOP communications, and implement innovative ideas that support a stronger ownership culture. The presenters will share actionable insights and best practices that communications committees can apply to improve outreach, education, and employee participation.

Learning Objectives:
• Identify key elements of a strong ESOP culture and explain how education, ownership mindset, transparency, engagement, and shared success contribute to building an ownership culture.
• Differentiate between effective (“Dos”) and ineffective (“Don’ts”) practices for developing an engaged ESOP culture and recognize common barriers that prevent employees from thinking and acting like owners.
• Develop practical actions to implement within your organization to strengthen employee ownership, increase engagement, and foster a culture of shared success.

Talking about value creation and valuation can be challenging. This session helps you translate complex ESOP concepts into clear, employee-friendly language while connecting daily work to long-term company success. Build confidence in communicating ownership value accurately, transparently, and effectively.*

*This course is part of the Ownership Culture Committee Leader (OCL) Certificate pathway. Participants are welcome to attend this session even if they are not pursuing a certificate.

Learning Objectives:
• Explain valuation and value creation concepts in plain language appropriate for employee owners
• Clarify what employee owners can influence, what they cannot control, and why careful language matters.
• Connect daily operational choices to performance and long-term value without promising specific valuation outcomes.

Employees often view the annual ESOP share price as a measure of company performance but may have limited understanding of the factors that influence changes in value. Attendees will examine how valuation drivers connect employee actions, business outcomes, and share price performance. The discussion will highlight methods for translating technical valuation concepts into clear, relatable communications that deepen ownership understanding and reinforce the connection between individual contributions and ESOP value. Participants will also consider approaches for discussing valuation outcomes during periods of both growth and decline while maintaining credibility and trust.

Learning Objectives:
• Identify the key drivers of ESOP company valuation and learn how to communicate those drivers to employee owners using clear, relatable language.
• Develop effective communication strategies that connect valuation outcomes, business performance, and employee actions to reinforce an ownership culture.
• Apply best practices for discussing valuation changes, including how to address periods of flat or declining value while maintaining employee trust and engagement.

Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Employee Owners, Professionals
Level: Basic

Employee benefits are an important consideration for ESOP companies looking to attract and retain talent while supporting the needs of employee owners. Join this roundtable discussion to explore common benefits challenges, emerging trends, and questions facing employee-owned companies today.

Repurchase obligation planning sits at the intersection of finance, ownership, and corporate priorities. This presentation examines the Three Rs: recycling, redeeming, and releveraging, and the distinct outcomes each can produce. Attendees will see how organizations pair these approaches with reserve-building initiatives, advance preparations, and external capital sources to address future distribution demands. Through the lens of an established employee-owned company, the session highlights the consequences of different choices on growth, liquidity, and ownership preservation. Rather than prescribing a single answer, the program focuses on recognizing which combination of tools best fits a company’s circumstances.

Learning Objectives:
• Evaluate the trade-offs of recycling, redeeming, and releveraging to select the right approach for your company.
• Match funding strategies — pre-funding, balance sheet reserves, and external financing — to your repurchase approach to achieve your company’s unique objectives.
• Apply a strategic decision-making framework to align repurchase and funding strategies with your company’s specific goals.

Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members
Level: Intermediate

Effective cash management is essential to balancing ownership objectives, business growth, and long-term ESOP sustainability. Designed for CFOs and finance leaders, the discussion examines capital allocation strategies, repurchase obligation forecasting, and the financial challenges companies face throughout the ESOP lifecycle. Attendees will gain practical tools for managing corporate cash while supporting growth, meeting ownership-related obligations, and maintaining financial flexibility.

Learning Objectives:
• Learn practical techniques to calculate and manage short and long term stock repurchase obligations without compromising operational stability.
• Understand how ESOP ownership uniquely impacts capital allocation, debt service, and working capital.
• Identify investment strategies to manage corporate cash.

Audience: CFOs, CEOs, Financial Managers, Board Members, Professionals
Level: Intermediate

Mastering the annual administration process requires more than meeting deadlines. Keeping an ESOP running smoothly depends on a sequence of interconnected activities, from collecting participant and payroll data to completing testing, filings, and distributions. Delays, incomplete information, and misunderstandings about data requests can create unnecessary complications throughout the year. By following the administration cycle from start to finish, this presentation provides insight into the purpose behind key requirements, the points where problems most often arise, and the organizational discipline that helps keep the process on track.

Learning Objectives:
• Identify the key phases of the plan administration cycle, including planning, data collection, compliance testing, tax reporting, and distributions.
• Learn practical strategies to manage timelines, avoid common pitfalls, and ensure accurate and timely completion of administrative tasks.
• Gain insight into the purpose behind common data requests and requirements, enabling more effective communication and partnership with your TPA.

Audience: HR Staff, CFOs, CEOs, Board Members
Level: Basic

Attendees will gain a practical understanding of the ESOP transaction process from initial transaction design through closing. The discussion will examine the perspectives and analysis undertaken by the ESOP trustee when negotiating on behalf of plan participants, while also exploring the key deal terms and negotiation points that arise throughout a transaction.
Using a live transaction framework, participants will follow the evolution of a deal and review a side-by-side comparison of initial and final transaction terms to better understand how negotiations shape the ultimate outcome.

Learning Objectives:
• Describe the processes associated with implementing an ESOP from transaction design to closing.
• Understand the viewpoints and analysis undertaken by the ESOP Trustee when negotiating the overall ESOP transaction on behalf of participants.
• Identify key issues that arise when working through ESOP transaction terms.

Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Employee Owners, Professionals
Level: Intermediate

Executive compensation in an ESOP company presents unique governance, valuation, and fiduciary considerations. Attendees will explore compensation governance best practices, executive pay benchmarking, and common approaches to long-term incentive design in employee-owned companies.
Drawing on real-world experience and practical examples, the discussion will examine how boards, executives, and trustees evaluate executive compensation programs and align incentives with company performance and employee ownership objectives.

Learning Objectives:
• Describe best practices for Board oversight and governance of executive compensation programs at ESOPs.
• Identify the most common long-term incentive design approaches used at ESOPs.
• Recognize the ESOP Trustee’s role in evaluating executive pay and long-term incentive plans on behalf of employee owners.

Audience: Internal Trustee, CFOs, CEOs, Board Members
Level: Basic

Deploy AI for resume screening, onboarding, contract writing and performance reviews, but IT must protect sensitive employee and company data. This technical session bridges the gap and helps identify compliance, data isolation policies (ensuring your company data isn’t used to train public models)

An ESOP transaction may close in a single day, but becoming an employee-owned company is a far longer journey. The program follows an organization’s first two years of ownership, tracing its path from initial uncertainty to a growing understanding of accountability, participation, and shared purpose. Along the way, presenters will share key inflection points, unexpected challenges, and moments that reshaped thinking across the organization, offering a candid look at how ownership culture emerges over time.

Join us for an unforgettable Celebration of Employee Ownership & AACE Awards!

A CEO transition is one of the most consequential events an ESOP company will face. Leadership continuity influences employee-owners, organizational performance, and the future direction of the company. Thoughtful succession planning can preserve momentum and stability, while poor preparation can create uncertainty and disruption. Attendees will consider the timing, responsibilities, and governance activities that contribute to successful leadership transitions. The discussion will address the respective roles of boards of directors, committees, departing executives, and senior HR leaders and how these groups coordinate throughout the succession process.

Learning Objectives:
• Identify the appropriate timeframe for beginning a transition process.
• Understand the key roles/people involved in the process and what they will be responsible for.
• Formulate initial thinking and initial plan for upcoming CEO/Executive transitions.

Audience: HR Staff, CFOs, CEOs, Board Members
Level: Intermediate

Innovative acquisition structures are reshaping the growth strategies available to employee-owned companies. Stock-for-stock transactions, combinations of employee-owned enterprises, and other emerging arrangements raise governance and fiduciary questions that extend well beyond conventional dealmaking. As corporate law and ERISA increasingly converge, directors, trustees, and advisors must balance competing interests while operating within overlapping legal and fiduciary frameworks. The discussion highlights the forces driving these developments and the decisions that often determine whether a transaction creates lasting value or encounters unforeseen obstacles.

Learning Objectives:
• Understand Innovative ESOP M&A Structures: Learn how ESOPs are using stock-based transactions to drive growth while preserving employee ownership.
• Navigate Legal and Regulatory Intersections: Explore how ESOP rules align with corporate and state law requirements in complex acquisition scenarios.
• Identify Practical Considerations for Deal Execution: Gain insights into roles, responsibilities, and best practices for structuring ESOP-to-ESOP acquisitions.

Audience: CFOs, CEOs, Financial Managers, Board Members, Professionals
Level: Intermediate

AI is 5 times more likely to shift job responsibilities than to completely eliminate them. This closing session focuses on workforce planning. How do IT and HR collaborate to identify which roles will change, map out necessary upskilling paths, and structurally redesign workflows so the company remains lean, agile, and highly valued?

Presenters will explain the annual ESOP valuation process and the key factors that drive company value. Using relatable examples, they will connect business performance to valuation outcomes, explore the income, market, and asset approaches, and review the financial metrics and adjustments most relevant to valuation. Participants will gain the knowledge needed to review valuation reports, ask informed questions, and better understand valuation conclusions.

Learning Objectives:
• Identify and explain the primary factors that influence the value of a business, including financial performance, cash flow, growth prospects, and risk.
• Differentiate among the Income, Market, and Asset valuation approaches and describe the circumstances in which each method is commonly applied.
• Analyze key components of a business valuation report, including financial statement adjustments, valuation assumptions, and the factors that contribute to the final value conclusion.

Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Employee Owners, Professionals
Level: Basic

ESOP companies often operate outside the visibility and performance benchmarks applied to publicly traded organizations, making it difficult for boards to evaluate results within a broader market context. Recent research indicates that employee-owned companies have delivered strong performance across industries and business cycles while experiencing lower volatility. At the same time, annual valuation data suggests that conservative assumptions can affect shareholder returns. Attendees will compare ESOP performance measures with broader market indicators, examine factors that influence equity growth, and consider how boards can use benchmarking data to inform capital allocation, valuation discussions, and corporate decision-making.

Learning Objectives:
• Learn what broader market returns are for your company size and industry.
• Learn what ESOP equity returns have been generally.
• Compare other financial metrics between ESOP companies and the market.

Audience: Internal Trustee, CFOs, CEOs, Board Members, Professionals
Level: Intermediate

Construction companies present valuation challenges that extend beyond financial performance alone. The composition of backlog, operational execution, capital equipment demands, customer concentration, leadership continuity, and market conditions each provide important context. Understanding how these elements interact requires judgment as much as calculation. By examining the factors that influence risk, earnings durability, and transition readiness, attendees will gain a deeper appreciation for the considerations that shape value in the construction industry.

Learning Objectives:
• Identify and differentiate the valuation methods most typically applicable when valuing a construction contractor.
• Understand the unique financial and valuation adjustments that are applicable when valuing a construction contractor.
• Better assess and evaluate a valuation of a construction contractor for ESOP reporting purposes.

Audience: Internal Trustee, CFOs, CEOs, Employee Owners, Professionals
Level: Intermediate

Join this discussion designed for individuals and companies just beginning to explore or implement an ESOP. Get your questions answered, connect with others in the same boat, and gain a foundational understanding of ESOPs.

Many ESOP companies share a similar objective: helping newer members of the workforce recognize the significance of employee ownership and embrace the responsibilities that come with it. The challenge often lies in translating ownership from a concept into something employees experience in their daily work. Budget-friendly communication efforts, meaningful involvement, and clear connections between individual contribution and company performance can help foster that connection. Presenters will share approaches that resonate with emerging talent and encourage a deeper sense of ownership, accountability, and belonging. The conversation offers ideas for helping the next generation of employee owners think, contribute, and remain connected to the future success of the company.

Learning Objectives:
• Identify - communication strategies that increase ESOP engagement among employees ages 20-30.
• Implement - budget-friendly ownership culture initiatives using existing employee committees and communication channels.
• Develop - an action plan to improve long-term ESOP understanding, participation, and retention among younger employees.

Audience: HR Staff, Employee Owners, Professionals
Level: Basic

ESOP transactions rarely follow a predictable course. Along the way, valuation disputes, misaligned expectations, competing interests, and communication failures can alter timelines or threaten outcomes altogether. Using representative transaction scenarios, the program examines where momentum is most often lost, why disagreements emerge, and how experienced deal professionals navigate periods of uncertainty. The result is a deeper understanding of the dynamics that shape ownership transitions and the choices that help move transactions from friction to resolution.

Learning Objectives:
• Understand common pain points of an ESOP transaction.
• Implement strategies to address transaction issues as they arise during negotiations.
• Recognize potential pitfalls before or as they arise in ESOPs or potential ESOP companies.

Audience: CFOs, CEOs, Financial Managers, Board Members, Employee Owners, Professionals
Level: Intermediate

Leveraged ESOPs create unique accounting and financial reporting considerations that affect a company’s balance sheet, income statement, and cash flow reporting. Attendees will examine the accounting treatment of the initial ESOP transaction, review the required journal entries throughout the life of the ESOP, and gain a practical understanding of their impact on the financial statements.
The discussion will also cover common ESOP loan structures, related accounting requirements, and the treatment of ESOP dividends and S corporation distributions. Through examples and application-focused discussion, participants will strengthen their understanding of leveraged ESOP accounting fundamentals.

Learning Objectives:
• Demonstrate how the initial ESOP transaction impacts the financial statements.
• Explore the journal entries needed for annual ESOP accounting.
• Understand the impact of accounting for dividends and S distributions.

Audience: CFOs, CEOs, Financial Managers, Professionals
Level: Basic

An ESOP valuation report often sits at the center of some of the most important decisions an employee-owned company makes. A valuation professional and a trust company executive will examine the report from opposite sides of the review process, offering insight into how conclusions are developed, challenged, and ultimately relied upon. Topics include due diligence expectations, assumptions that warrant closer attention, supporting analyses, and the questions that frequently shape valuation discussions. Particular attention is given to the interaction among the Board of Directors, Trustee, and appraiser, as well as the documentation that helps establish a well-supported fiduciary record. The result is a more complete understanding of the judgment, communication, and oversight that surround an ESOP valuation.

Learning Objectives:
• Identify the nuances and different components of ESOP valuation reports.
• Describe and incorporate support for specific assumptions and individual components of methodology in ESOP valuation reports.
• Understand the nuances of the valuation review process, with a particular focus on the Board of Directors.

Audience: Internal Trustee, CFOs, CEOs, Employee Owners
Level: Basic

This roundtable session is designed for ESOP Presidents and CEOs. It will provide a platform for leaders to share their experiences, discuss common challenges, and explore innovative strategies to maximize the value of their ESOPs

What separates exceptional committees from those that simply stay busy? Explore proven practices used by high-performing ownership culture committees and learn how to strengthen leadership support, increase relevance, and keep your committee focused on long-term impact. You’ll gain practical ideas from successful ESOP companies that can elevate your committee’s effectiveness.*

*This course is part of the Ownership Culture Committee Leader (OCL) Certificate pathway. Participants are welcome to attend this session even if they are not pursuing a certificate.

Learning Objectives:
• Differentiate high-performing Culture and Communications Committees from activity-oriented committees.
• Apply models of excellence, peer communication practices, leadership buy-in strategies, and charter renewal tools
• Identify ways to prevent committee drift, reactive programming, and loss of relevance over time.

In this mock debate, panelists assume the roles of plaintiff and defendant to explore opposing perspectives on key areas of dispute in ESOP litigation. The discussion examines the roles of trustees, valuation advisors, selling shareholders, board members, ESOP committee members, and the valuation issues that frequently arise in litigation. Attendees will gain practical insight into the arguments, positions, and challenges commonly encountered in ESOP disputes.

Learning Objectives:
• Understand common arguments in ESOP transaction litigation.
• Identify strengths and weaknesses in some valuation positions.
• Assess risks associated with ESOP transactions.

Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Board Members, Professionals
Level: Intermediate

ERISA compliance, fiduciary responsibilities, and regulatory risk remain critical concerns for ESOP fiduciaries. Attendees will examine the areas that attract the greatest scrutiny, including valuations, participant disclosures, and conflicts of interest, while exploring practical risk-management strategies, documentation best practices, DOL enforcement trends, and emerging case law. Participants will gain actionable guidance for strengthening compliance and reducing fiduciary risk.

Learning Objectives:
• Identify key ESOP regulatory/fiduciary obligations under ERISA, including valuation accuracy, adequate disclosures, and conflicts of interest, so fiduciaries can recognize vulnerabilities before a DOL investigations or plaintiff claims.
• Evaluate proactive risk management strategies—including plan audits, documentation best practices, and effective employee communications—that strengthen defenses against litigation and regulatory scrutiny.
• Develop a framework for building a robust ESOP compliance program that incorporates ongoing training, regular legal reviews, and early identification of emerging legal risks, enabling attendees to reduce organizational liability.

Audience: Internal Trustee, HR Staff, CFOs, CEOs, Board Members, Employee Owners
Level: Intermediate

Employees may own company stock, but ownership culture develops when employees feel connected to the company’s success. Guided by research from a leading scholar who helped define the field of group emotional intelligence, this interactive session explores the group norms that turn ownership into stewardship, including belonging, psychological safety, and trust. Through diagnostics and hands-on exercises, attendees will assess these factors within their teams, practice behaviors that strengthen ownership culture, and develop a concrete action to deepen employee engagement and ownership thinking.

Learning Objectives:
• Differentiate psychological from legal ownership, and explain why culture—not equity alone—drives engagement in employee-owned companies.
• Assess your team’s group emotional intelligence, identifying where belonging, psychological safety, and trust are strong or missing.
• Apply at least two specific group behaviors that strengthen felt ownership and help people act like owners.

Audience: HR Staff, CFOs, CEOs, Employee Owners, Professionals
Level: Intermediate

This roundtable discussion explores best practices and effective strategies for sharing financial performance information with employee owners in an employee-owned company. It aims to provide a forum for exchanging ideas, addressing challenges, and exploring different approaches to fostering financial literacy and engagement among employee owners.

The absence of comprehensive ESOP regulations from the DOL and Treasury Department during the more than 50 years since ERISA’s enactment has left many important legal issues governed by informal practices and interpretations rather than clear regulatory guidance. Using the question of ESOP appraiser independence as a case study, attendees will explore how regulatory uncertainty creates challenges for practitioners, fiduciaries, and companies.
The discussion will examine the practical implications of this “fog of lore,” potential approaches to developing a more consistent regulatory framework, and strategies practitioners can use to manage risk and navigate uncertainty in the interim.

Learning Objectives:
• Analyze the confusion caused by the lack of regulations.
• Understand how the Treasury and the DOL can solve the problem.
• Understand how you can manage risk for its clients in the Fog of Lore.

Audience: Professionals
Level: Intermediate

AI is rewriting the economics of work—compressing costs and expanding what small teams can produce. But who captures those gains? This session examines how AI is reshaping the value created per employee-owner, identifies practical ways employee-owned companies can ensure productivity gains benefit workers, and offers actionable steps for using AI as a shared advantage. Join us to learn actionable strategies and discuss how your organization can ensure AI-driven value benefits everyone.

Learning Objectives:
• Explain how AI changes the core productivity equation in employee ownership. Show how rising per-employee value, now driven by technology instead of headcount, reshapes the financial logic for broad-based ownership.
• Evaluate where AI-driven productivity gains flow in your organization. Assess whether current ownership and incentives help retain these gains within the workforce.
• Identify practical next steps in AI adoption, reskilling, and ownership design. Position your employee-owned company to make AI gains a shared advantage—not a threat.

Audience: HR Staff, CFOs, CEOs, Board Members, Employee Owners
Level: Basic

Understanding the corporate finance mechanics of the ESOP Section 1042 rollover is critical to maximizing the tax efficiency of an ownership transition. Attendees will explore the tax, financing, and transaction structure considerations that shape successful 1042 rollover strategies. Through practical examples and real-world applications, participants will gain insight into structuring transactions that preserve tax benefits while supporting shareholder liquidity, business continuity, and long-term company objectives.

Learning Objectives:
• Strategic allocation methods for Qualified Replacement Properties.
• Financial breakdowns of compliant, high-yield rollover structures.
• Practical diversification tactics that preserve principal wealth.

Audience: CFOs, CEOs, Financial Managers, Board Members
Level: Intermediate

Employee owners can strengthen teamwork, deepen workplace connections, and build a stronger ownership culture through community engagement. This course explores how volunteerism and community service support collaboration, communication, leadership, and employee morale while reinforcing the values that drive successful employee-owned companies.
Participants will examine how serving together outside the workplace fosters trust, engagement, and a shared sense of purpose. The course also highlights how community involvement reflects the principles of employee ownership by encouraging accountability, collaboration, and long-term commitment to both the company and its communities. Examples from ESOP companies will demonstrate the impact of these efforts. Attendees will leave with strategies to strengthen team relationships and create meaningful community impact as engaged employee owners.

Learning Objectives:
• By the end of the course, participants will be equipped with practical ideas and strategies to strengthen team relationships.
• By the end of the course, participants will have the tools to create meaningful community impact as engaged employee owners.
• Attendees will have a deeper understanding of how serving together outside the workplace can foster trust, enhance engagement, and create a greater sense of purpose.

Audience: HR Staff, Employee Owners
Level: Basic

ESOP-related court cases, IRS rulings, and DOL regulatory actions from the past year have created new considerations for plan sponsors, fiduciaries, and advisors. This discussion reviews the most significant developments and examines their impact on ESOP governance, administration, and transaction planning. Attendees will also learn how emerging legal trends may influence future plan amendments and transaction structures.

Learning Objectives:
• Understand the meaning of recent ESOP court decisions and IRS/DOL administrative rulings and regulations.
• Design amendments to ESOP plans or ESOP transaction structures to reflect new legal developments.
• Explore new plan and transaction design opportunities created by legal developments.

Audience: Internal Trustee, CFOs, CEOs, Board Members, Professionals
Level: Advanced

Gain a step-by-step understanding of the ESOP transaction process, from feasibility analysis and transaction planning through closing and ongoing administration. This panel brings together a sell-side advisor, ESOP attorney, and valuation expert to explain the key financial, legal, regulatory, and fiduciary considerations that arise at each stage. Attendees will learn how trustees, advisors, lenders, and company leadership work together throughout the process, identify critical decision points, and assess readiness for an ESOP transaction. Participants will leave with a clear roadmap for navigating the path to employee ownership.

Learning Objectives:
• Identify the key decision points involved in forming an ESOP, from feasibility to post-closing administration.
• Understand the unique role of the ESOP Trustee in the ESOP transaction.
• Evaluate company preparedness to pursue an ESOP transaction by assessing critical financial, legal and regulatory considerations.

Audience: HR Staff, CFOs, CEOs, Financial Managers, Board Members
Level: Basic

Manufacturing ESOPs face unique opportunities and challenges, from workforce development and employee engagement to operational efficiency, retention, and building a strong ownership culture. Join fellow professionals from employee-owned manufacturing companies for this roundtable session to share experiences, discuss common challenges, and exchange practical ideas and best practices.

ESOP companies often look beyond salary, annual incentives, and retirement benefits when recognizing employees whose contributions have a disproportionate impact on organizational results. Because traditional equity tools are generally unavailable, many organizations rely on Stock Appreciation Rights (SARs) and Restricted Stock Units (RSUs) to address succession, retention, and leadership development objectives. The conversation explores where these arrangements fit within an employee-owned organization, where limitations begin to emerge, and how compensation philosophy influences their design. By connecting talent development, retention challenges, and long-term organizational needs, the presentation provides a more complete view of the role SARs and RSUs can play in employee-owned companies.

Learning Objectives:
• Describe the design and objectives of SARs and RSUs.
• Understand how SARs and RSUs work.
• Evaluate whether or a SAR or RSU program could be a good complement to a company’s ESOP.

Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Professionals
Level: Intermediate

Moving from a “B-student” prompt to enterprise-wide AI requires a clean foundation. This session provides a practical roadmap for creating a cross-functional “AI Governance Committee” (comprising HR, IT, and frontline employee-owners) to evaluate tools, manage data privacy, and ensure alignment with fiduciary guidelines.

Strong ownership cultures are built on trust, support, and meaningful connections among employee-owners. Attendees will explore how intentional encouragement and recognition can strengthen engagement, reinforce the principles of employee ownership, and create workplaces where employees feel heard, valued, and empowered to contribute. Through discussion and shared experiences, participants will identify ways to foster collaboration, strengthen team relationships, and build a culture that supports long-term organizational success.

Employee ownership becomes meaningful when people connect their work to the organization’s success and the responsibilities that come with ownership. The strongest employee-owned companies reinforce that connection through leadership, organizational practices, and shared expectations that encourage accountability and commitment. Attention is given to the conditions that allow ownership to take root, including leadership capability, consistent organizational signals, and meaningful avenues for participation. Drawing from experiences across the employee ownership community, presenters will illustrate how companies foster stewardship, strengthen culture, and inspire contributions throughout the organization. The result is a closer alignment among company priorities, leadership behavior, and the everyday employee experience.

Learning Objectives:
• Assess your ESOP’s degree of alignment on the meaning of employee ownership and its implications for employee behavior.
• Identify specific ways to improve communication and participation structures to align with employee ownership.
• Evaluate and determine how to enhance leadership’s skill in supporting an employee ownership culture.

Audience: Internal Trustee, HR Staff, CFOs, CEOs, Board Members, Employee Owners
Level: Intermediate

In ESOP companies, governance is fundamentally different and often misunderstood. While the ESOP trustee is the legal shareholder, the board of directors retains responsibility for directing corporate affairs, and management continues to operate the business. Attendees will explore how authority is divided among these parties and when each acts in a corporate versus fiduciary capacity under ERISA. The discussion examines the critical interactions between the trustee, board, and management in areas such as board composition, valuation, and major corporate transactions. Participants will also explore common sources of conflict and governance structures that promote independence, accountability, and effective decision-making.

Learning Objectives:
• Differentiate the roles and responsibilities of the ESOP Trustee, Board of Directors, and management in an ESOP company.
• Analyze how ERISA fiduciary duties influence decision-making and shift responsibilities among governing parties.
• Design governance practices that address conflicts, ensure independence, and improve coordination among Trustee, Board, and management.

Audience: Internal Trustee, CEOs, Board Members, Professionals
Level: Intermediate

Explore uniquely themed hospitality rooms, each designed and decorated by our generous sponsors. Indulge in delicious lite bites inspired by each destination. This is a fantastic opportunity to meet up with old friends and make new lasting connections while experiencing a global culinary and cultural adventure.

Stop by the registration desk to print your badge and pick up your program book. The TEA team is here to help you while you are attending EO26!

Attention Speakers - this room is for you to meet with your co-presenters, review your presentation, or just have a moment to collect your thoughts in advance of your session. The room will be setup ready for any rehearsals.

Are you a member of a communication committee or looking to start one? Join us to discuss communication committee best practices, structure, topic ideas, and more.

Recent court decisions have reinforced the importance of maintaining a well-documented fiduciary process throughout an ESOP transaction. While process agreements identify areas requiring attention, they rarely address the mechanics of creating a complete and durable record. Attendees will examine approaches to documenting diligence activities, negotiation efforts, key agreements, and decision-making discussions in a manner that supports accountability and withstands future scrutiny. Drawing on perspectives from both the trustee and defense counsel viewpoints, the presentation will illustrate how thorough documentation can strengthen the evidentiary record supporting fiduciary actions.

Learning Objectives:
• Develop a process protocol for ESOP transactions.
• Identify best practices to defend fiduciary decisions.
• Draft notes of meetings that will provide recollection points in the future.

Audience: Internal Trustee, Board Members, Professionals
Level: Intermediate

This advanced session offers a comprehensive look at how Trustees can effectively execute this oversight responsibility without overstepping into day-to-day management. Our expert speakers will break down the essential components of “procedural prudence,” mapping out the practical, defensible processes Trustees must implement to evaluate Board performance, independence, and composition. Attendees will gain clear insights into the corporate governance trifecta—clearly distinguishing the boundaries between shareholder protection, Board oversight, and executive execution.

Learning Objectives:
• Differentiate the distinct legal and operational boundaries among the ESOP Trustee, the Board of Directors, and executive management within a compliant corporate governance structure.
• Implement a structurally sound, defensible process of “procedural prudence” to systematically monitor and document Board of Directors performance.
• Identify critical governance red flags and financial triggers that legally require direct Trustee intervention, up to and including the restructuring or replacement of Board members.

Audience: Internal Trustee, CFOs, CEOs, Board Members, Professionals
Level: Intermediate

While many attendees have a solid grasp of ESOP fundamentals, questions often emerge once the basics are in place. Common topics raised by directors, executives, and employee-owners include ESOP loan structures, repurchase obligations, long-range viability, and the financial mechanics that influence plan operation over time. An interactive format encourages dialogue around frequently misunderstood subjects, including leverage, stock appreciation rights (SARs), and warrants, while providing greater context for how these concepts affect employee-owned companies.

Learning Objectives:
• Understand the secondary and tertiary questions about the ESOP once the basics are learned.
• Better understand SARs and warrants and impact on the company and valuation.
• Better understand how to sustain the ESOP with repurchase obligations and Board education.

Audience: Internal Trustee, HR Staff, CFOs, CEOs, Board Members, Employee Owners
Level: Intermediate

Considering an Employee Stock Ownership Plan as a succession strategy, employee benefit, or liquidity event requires a clear understanding of the process and key decision points. Attendees will follow the ESOP lifecycle from initial exploration through transaction closing, examining each major phase along the way. The discussion will highlight the roles of trustees, advisors, lenders, and company leadership while providing practical guidance for evaluating readiness, navigating critical decisions, and moving forward with confidence.

Learning Objectives:
• Describe the basic structure and purpose of an ESOP. Understand how an ESOP works as a business transition and employee benefit tool.
• Identify key steps in the ESOP process. Gain clarity on the typical timeline involved in implementing an ESOP. Understand what happens during due diligence, negotiation, funding, and closing.
• Differentiate between the roles of key advisors and professionals involved in an ESOP transaction. Know who you need on your team—Trustees, legal counsel, valuation experts, lenders—and what they do.

Audience: HR Staff, CFOs, CEOs, Financial Managers, Board Members, Employee Owners
Level: Basic

Employees are often promoted into leadership roles based on strong individual performance rather than demonstrated leadership capability. This interactive discussion explores how ESOP companies can identify, develop, and support current and emerging leaders while strengthening the skills, values, and behaviors needed for effective leadership.
Attendees will examine practical approaches to leadership assessment and development, with a focus on building the leadership capacity necessary to support growth, sustain ownership culture, and meet the evolving needs of a scaling ESOP.

Learning Objectives:
• Identify the leadership competency/experience needed for your organization.
• Determine appropriate tools to increase employee owner leadership skillsets.
• Establish onboarding and leadership growth plans.

Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Employee Owners
Level: Intermediate

This workshop equips attendees to effectively integrate AI into their roles by clarifying the differences among leading AI tools—including ChatGPT, Copilot, and Gemini—and identifying high-value, real-world business applications. Participants will leave with practical uses they can apply to their business immediately. Please bring a fully charged laptop or tablet.

An ESOP alone does not create an ownership culture. The strongest employee-owned companies make employee ownership part of daily conversations, leadership behaviors, and organizational priorities. C-suite and senior leaders will examine how intentional messaging can connect employees to company goals, reinforce shared accountability, and deepen engagement across the organization. Drawing from organizational experiences and leadership perspectives, the discussion highlights ways to turn employee ownership from a benefit employees receive into a principle that guides how the organization operates.

Learning Objectives:
• Understand different communication frameworks and best practices for building ownership culture
• Idenfity areas of improvement in their ESOP communications strategy and what leadership can do to build engagement
• With others in the session, formulate a plan specific to their company

Audience: Internal Trustee, HR Staff, CFOs, CEOs
Level: Intermediate

Compensation plans influence both valuation and financial performance in new and mature ESOPs. This panel discussion brings together professional and corporate members to share their perspectives on executive compensation in employee-owned companies. Attendees will learn from real-world examples at TrueScripts and examine the valuation and fiduciary implications of various executive compensation arrangements. The session will also explore Stock Appreciation Rights (SARs) and alternative incentive compensation structures available to ESOP companies.

Learning Objectives:
• Discuss trends in how newly formed ESOPs handle Executive compensation matters.
• Outline the most common ways Stock Appreciation Rights (SARs) can be implemented.
• Share the fiduciary and valuation impacts of different Executive compensation plans.

Audience: HR Staff, CFOs, CEOs, Board Members, Professionals
Level: Intermediate

ESOP advocacy requires more than supporting employee ownership in principle. Legislative priorities change, elected officials leave office, and proposals that affect ESOP companies can emerge with little warning. Attendees will explore strategies for building productive relationships with policymakers, identifying emerging legislative issues, and mobilizing support for employee ownership initiatives. The discussion will cover coalition building, engagement with elected officials and their staff, the role of professional advocates, and the development of educational resources that help policymakers understand the impact of ESOPs. Participants will gain insight into sustaining effective advocacy efforts and strengthening support for employee ownership at the state level.

Learning Objectives:
• Implement a process to identify bills and issues to bring to legislators.
• Design a communication plan to take positions on ESOP legislation or propose new legislation.
• Develop talking points for legislative hearings.

Audience: Internal Trustee, CFOs, CEOs, Board Members, Employee Owners, Professionals
Level: Intermediate

Join two experienced ESOP practitioners as they share real-world lessons from administering ESOPs. Drawing on years of experience, the presenters will discuss what worked well, what they would do differently, and the insights they gained along the way. Topics include the importance of beneficiary designation forms, locating missing participants, 1099-R reporting for benefit distributions, common administrative errors, and real solutions to everyday ESOP administration challenges. Attendees will also have the opportunity to share experiences and discuss lessons learned with their peers.

Learning Objectives:
• Understand the importance of beneficiary designation forms.
• Establish a process for handling missing participants.
• Identify common ESOP administrative errors and how to avoid them.

Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Employee Owners, Professionals
Level: Intermediate

As the workforce continues to evolve, HR professionals face a myriad of challenges and opportunities. This roundtable discussion will bring together HR leaders to share their insights, experiences, and best practices in navigating the modern workplace.

Advanced strategies and innovative ideas will help ESOP communications committees increase employee engagement, strengthen ownership communications, and expand their impact across the organization. Presenters will share practical approaches, real-world examples, and actionable insights that committees can apply to improve outreach, education, and employee participation.

Developing strong leaders within an employee-owned company is one of the most effective ways to support long-term culture and performance. Attendees will explore a practical framework for designing and launching leadership development programs, including the key elements that drive success. Drawing on real-world experience, the discussion will highlight lessons learned, program evolution, and proven tools that organizations can adapt to their own needs. Participants will leave with a roadmap for starting or strengthening leadership development efforts.

Learning Objectives:
• Explain how and why leadership development matters in an ESOP using both statistical research and lessons learned from fellow ESOPs.
• Identify the five core elements of an effective leadership development program and utilize real-world examples and best practices learned from a fellow ESOP.
• Implement specific, key strategies to start or strengthen your leadership development program with the help of a roadmap and personal planning worksheet.

Understanding fiduciary liability insurance is essential for boards, trustees, committees, and other ESOP stakeholders. Led by an experienced ESOP litigator and insurance coverage expert, the discussion will examine common policy features, coverage options, defense structures, and policy limits while highlighting considerations for obtaining appropriate protection. Attendees will learn how to assess fiduciary liability coverage and identify potential gaps in protection.

Learning Objectives:
• Recognize differences in different insurers’ policy forms.
• Understand how to read an insurance policy.
• Assess whether you and your ESOP stakeholders have appropriate coverage.

Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members, Professionals
Level: Basic

Employee ownership creates opportunity, but ownership alone does not guarantee engagement, performance, or long-term value creation. Successful employee-owned companies help employees connect their work to business results, develop leaders who reinforce ownership behaviors, and build cultures where every employee understands their role in creating value.
Attendees will explore practical ways to strengthen ownership culture through financial understanding, employee engagement, and leadership development. The discussion will examine why strong ownership cultures outperform their peers, how leadership shapes the employee-owner experience, and why building a leadership pipeline is critical for sustainable growth and succession readiness.

Learning Objectives:
• Identify practical ways to help employee owners develop a clear line of sight between their daily work, company performance, and ESOP value creation.
• Apply leadership practices that strengthen ownership culture, increase employee engagement, and reinforce ownership behaviors throughout the organization.
• Assess your organization’s current approach to leadership development and identify opportunities to strengthen succession readiness in an employee-owned environment.

Audience: HR Staff, CFOs, CEOs, Board Members, Employee Owners
Level: Basic

Internal trustees, CFOs, CEOs, and other employee-owners often receive annual valuation reports but may be uncertain about which assumptions, conclusions, and supporting analyses deserve the closest scrutiny. This interactive workshop provides a refresher on valuation fundamentals, including enterprise value versus equity value and the role of cash flow and risk in determining value.
Attendees will explore the key areas of a valuation report that should be reviewed annually, evaluate common changes that can affect value conclusions, and examine appropriate valuation documentation. Through interactive exercises, participants will apply these concepts in real time and strengthen their ability to review valuation reports effectively.

Learning Objectives:
• Understand the basics of ESOP valuation.
• Identify and explain key year over year changes within a valuation report.
• Ensure the valuation report follows industry standards for documentation.

Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Professionals
Level: Intermediate

Employee-owned companies often assume that communicating more information will produce greater alignment. Experience suggests otherwise. People act when they understand not only what leaders are saying, but also why it matters and where they fit into the picture.
Information alone rarely changes behavior. Alignment emerges when people develop a shared understanding of priorities, see how their work contributes to broader goals, and recognize the significance of their role in achieving them. Drawing on communication and organizational psychology, the presentation examines the factors that shape understanding, commitment, and coordinated action across an organization.

Learning Objectives:
• Identify common barriers that prevent employee owners from developing a shared understanding of organizational priorities and strategic decisions.
• Evaluate how understanding, context, and meaning influence alignment, engagement, and ownership behavior.
• Apply practical strategies to strengthen organizational alignment by helping employee owners connect information to action.

Audience: HR Staff, CFOs, CEOs, Financial Managers, Board Members, Employee Owners
Level: Intermediate

An acquisition proposal places ESOP companies in a governance environment that differs significantly from a traditional sale. Boards of directors, internal trustees, and independent trustees each play distinct roles and must navigate competing responsibilities throughout the transaction process. Attendees will follow the progression from initial offer through closing while exploring how decision-makers coordinate, where governance challenges emerge, and how fiduciary risk can develop. Particular attention will be given to the distinction between adequate consideration for ESOP shares and the allocation of transaction proceeds among various stakeholder groups. Through practical transaction examples, attendees will gain insight into how deal terms, payment structures, and transaction design influence outcomes for employee ownership.

Learning Objectives:
• Evaluate the difference between absolute fairness and relative fairness in an ESOP sale, including how the ESOP’s proceeds compare to those of other equity-linked parties at closing.
• Differentiate the distinct roles and fiduciary responsibilities of the Board of Directors, inside trustee, and independent trustee when an ESOP company receives a third-party acquisition offer.
• Identify key transaction structure considerations in an ESOP sale.

Audience: Internal Trustee, CFOs, CEOs, Board Members
Level: Intermediate

Celebrate new milestones and remarkable achievements at the Women in ESOPs Luncheon! This special gathering is designed to foster connections among the incredible women of the ESOP community. Prepare to be inspired by our lineup of powerhouse speakers who will share their journeys, insights, and strategies for success. It’s the perfect setting to network, learn, and celebrate the collective strength and growing influence of women in employee ownership.

Individuals with fiduciary responsibility for an ESOP play a critical role in protecting plan participants and supporting effective governance. Participants will consider committee composition, authority, recordkeeping, and decision-making processes, along with the dynamics of working with an independent trustee. The discussion will highlight approaches that promote accountability, support informed judgment, and help fiduciaries carry out their responsibilities with greater confidence.

Learning Objectives:
• Identify the roles, responsibilities and structures of effective fiduciary committees.
• Assess and develop best practices for your own fiduciary committee.
• Understand the benefits of a formal committee structure.

Audience: Internal Trustee, CEOs, Board Members
Level: Intermediate

The communication committees have a tough mission. They look to engage the employee owners and that can mean mixing it up, new ideas for activities and new ways for communicating. They have to create the opportunity to educate the employees and help them understand what employee ownership means. All of this while managing their own day job.

Learning Objectives:
• Recognize others to help support the committee.
• Identify changes to how they communicate to keep the message fresh.
• Implement ideas to mix it up and keep the message fresh.

Audience: HR Staff
Level: Basic

ESOP acquisitions rarely succeed or fail based on price alone. The outcome often depends on a series of interconnected decisions involving financing, fiduciary oversight, tax planning, and transaction structure. This presentation examines the stages where complexity tends to accumulate, why concerns arise, and how competing priorities influence the direction of a deal. By tracing the interaction among Section 1042 planning, lender expectations, trustee review, and organizational decision-making, the program offers a broader perspective on what ultimately drives an acquisition to completion.

Learning Objectives:
• Identify common obstacles that delay or derail ESOP acquisition transactions, including Trustee approval, lender coordination, and communication breakdowns.
• Understand how Section 1042 tax deferral and ESOP merger structures can impact acquisition strategy, transaction timing, and deal execution.
• Apply practical strategies to improve alignment among management, advisors, lenders, and Trustees in order to increase the likelihood of a successful ESOP acquisition closing.

Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Board Members, Professionals
Level: Advanced

ESOP companies in the services industry rely on their people, relationships, and culture to drive success. This session brings together employee-owned service organizations to discuss the unique opportunities and challenges of building an ownership mindset, engaging employees, retaining talent, and delivering value to clients.

High-functioning ESOP boards provide effective oversight, support long-term strategy, and navigate the unique governance challenges of employee ownership. Governance and financing professionals will examine board best practices, financing considerations, and transition strategies across the ESOP lifecycle.
Attendees will explore board composition and independence, the board’s role relative to management and the trustee, succession planning, and effective board processes. The discussion will also address financing solutions and investment strategies that support long-term stability. Whether evaluating an ESOP or governing a mature employee-owned company, participants will gain practical insights to strengthen oversight and long-term success.

Learning Objectives:
• Identify key characteristics of a high-functioning ESOP Board, including best practices related to Board composition, independence, committee structure, and oversight responsibilities.
• Distinguish the respective roles and responsibilities of the Board, management, and Trustee in order to support effective governance decision-making.
• How to balance reinvestment vs. repurchase obligation vs. distributions for long term sustainable value creation.

Audience: Internal Trustee, CFOs, CEOs, Board Members, Employee Owners
Level: Intermediate

As ESOPs mature, participant distribution payments often become increasingly complex. Plan sponsors must manage multiple distribution events, including diversification elections, required minimum distributions, and payments triggered by termination of employment, death, disability, or retirement. Attendees will explore the various types of ESOP distributions, the rules governing their timing, and how payment priorities may change based on participant circumstances. Through practical examples and real-world scenarios, participants will learn how to determine the proper sequence of payments, understand when the order changes, and navigate complex distribution requirements with greater confidence.

Learning Objectives:
• Identify the different types of ESOP participant distributions and the events that trigger each payment.
• Demonstrate understanding of each “D” including purpose and timing for distribution payments.
• Apply distribution timing rules to determine the appropriate payment sequence in real-world ESOP situations.

Audience: Internal Trustee, HR Staff, CFOs, CEOs, Board Members, Professionals
Level: Intermediate

Great culture is built on a foundation of clarity, trust, and consistent engagement. This session offers a hands-on look at how communication shapes the employee experience and drives organizational resilience.

Feasibility involves far more than determining whether an ESOP transaction can be financed. During the planning process, companies must weigh the effects of tax elections, contribution limits, plan design choices, and existing retirement benefits on the future operation of the ESOP. Participants will examine the legal, tax, and administrative issues that emerge during feasibility reviews and see how seemingly minor decisions can influence employee benefits, transaction mechanics, and ongoing company obligations. Drawing on representative situations and implementation experiences, the discussion will illustrate how advisors assess ESOP readiness and address factors that shape the plan’s durability over time.

Learning Objectives:
• Identify key legal and tax considerations that influence ESOP feasibility and transaction structure.
• Evaluate how contribution limitations, tax elections, and existing retirement plans affect ESOP design and sustainability.
• Recognize plan design decisions that can impact employee benefits, future repurchase obligations, and long-term ESOP success.

Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Board Members, Employee Owners, Professionals
Level: Intermediate

Construction ESOPs operate in a dynamic environment where workforce shortages, talent development, project demands, safety, and market uncertainty continue to shape the industry. This interactive roundtable brings together leaders from employee-owned construction companies to discuss how they are strengthening ownership culture, developing their workforce, managing growth, and navigating the challenges unique to the construction sector.

ESOP distribution policies play an important role in balancing participant expectations, company liquidity, and the enduring health of employee ownership. The discussion will address the factors that influence distribution timing, payment methods, diversification rights, and repurchase obligations. Participants will consider how distribution decisions affect employee outcomes, corporate resources, and administrative complexity while examining prevailing practices and developing patterns across ESOP-owned companies.

Learning Objectives:
• Evaluate the financial, administrative, and participant-related factors that influence ESOP distribution policy design and implementation.
• Compare common distribution approaches, including timing, payment methods, and diversification provisions, and assess their impact on participants and company cash flow.
• Identify strategies for managing repurchase obligations and maintaining long-term ESOP sustainability while meeting regulatory and fiduciary requirements.

Audience: Internal Trustee, HR Staff, CFOs, Board Members, Employee Owners, Professionals
Level: Intermediate

Effective ESOP distribution policies require balancing participant expectations, administrative compliance, fiduciary responsibilities, and the continued strength of employee ownership. The presentation will review operational and regulatory requirements governing ESOP distributions while highlighting how policy choices affect repurchase obligations, liquidity needs, and company value. Attendees will consider the ripple effects of distribution timing, payment structure, and administrative design on the financial condition of the company and the durability of the ESOP over time.

Learning Objectives:
• Understand the regulatory and administrative requirements governing ESOP distribution policies and participant payouts.
• Evaluate how distribution timing, form, and policy design can impact repurchase obligation and long-term sustainability.
• Explore the relationship between distribution policy, repurchase strategy, and valuation considerations.

Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Board Members
Level: Intermediate

How do you know if your committee’s efforts are making a difference? Learn practical approaches for measuring engagement, evaluating impact, analyzing feedback, and turning data into continuous improvement. Leave with strategies for demonstrating results and communicating your committee’s value with confidence. *

*This course is part of the Ownership Culture Committee Leader (OCL) Certificate pathway. Participants are welcome to attend this session even if they are not pursuing a certificate.

Learning Objectives:
• Identify practical ways to measure whether committee efforts are improving understanding, engagement, and ownership behavior.
• Use engagement data, event feedback, self-evaluation, and year-over-year patterns to assess committee effectiveness.
• Translate measurement findings into continuous improvement actions and credible updates for leadership or the committee.

Positive cultures rarely emerge by accident. They grow when people intentionally create an atmosphere where others feel appreciated, connected, and inspired to contribute. Drawing on behavioral science and workplace experiences, this session examines the habits and interactions that shape team dynamics and influence outcomes. Participants will leave with new ideas for cultivating stronger relationships, increasing enthusiasm, and helping their organizations become places where people and performance thrive together.

Learning Objectives:
• Demonstrate simple techniques that foster a positive ownership culture and inspire others through everyday interactions.
• Recognize how individual behaviors influence workplace culture and organizational performance.
• Evaluate opportunities to create positive, lasting cultural change through intentional everyday actions.

AI deployment is rapidly becoming a board-level fiduciary matter. If an AI recruiting tool inadvertently introduces algorithmic bias, or if proprietary financial valuation data leaks into a public model, the legal ramifications are severe. This session tackles the compliance side of AI, including maintaining audit-ready workflows.

Understanding the consequences of a Code Section 409(p) violation is critical for ESOP-owned S corporations. Attendees will explore the requirements of Code Section 409(p), identify common situations that can trigger compliance issues, and learn practical strategies for preventing inadvertent violations. The discussion will provide guidance on monitoring ownership structures, evaluating transaction impacts, and maintaining ongoing compliance.

Learning Objectives:
• Describe what 409(p) requires and covers.
• Understand how deferred compensation, warrants and other benefit or financing structures can result in a violation of 409(p).
• Demonstrate how inadvertent violations can be avoided.

Join this session for an Executive-level discussion of CFO issues in an ESOP. Learn from your peers on a variety of CFO responsibilities, and bring your issues and ideas to be shared.

During the past year, the DOL has signaled through both informal comments and published guidance an interest in directing enforcement resources toward more significant fiduciary breaches rather than technical compliance issues. At the same time, investigations and litigation involving valuations, governance practices, and transaction conduct remain active. The presentation contrasts recent policy pronouncements with ongoing enforcement activity and considers how trustees, boards, and companies can incorporate current guidance into their response to regulatory inquiries and legal challenges. Participants will also evaluate the circumstances under which AI tools may assist with process review, documentation assessment, and regulatory preparedness, as well as situations where privilege, confidentiality, or discovery concerns may outweigh potential benefits.

Learning Objectives:
• Analyze the ways in which current investigations are being conducted consistent with and different from recent DOL ESOP policy statements.
• Evaluate ways trustees, boards, and companies can use the new DOL guidance to respond to DOL investigations and plaintiff lawsuits.
• Assess when limited use of AI may assist ESOP fiduciaries in anticipating regulatory reactions to documents, and when privilege and discovery concerns may make such tools inappropriate.

Audience: Internal Trustee, HR Staff, CEOs, Board Members, Professionals
Level: Intermediate

A valuation specialist and two ESOP company executives will share actionable insights into preparing for and participating in effective diligence meetings. The discussion will highlight key financial and operational considerations, strategies for organizing company information, and ways to improve communication among stakeholders and identify risks early in the process. Whether participants serve as executives, trustees, committee members, or advisors, they will gain practical tools to make diligence meetings more focused, transparent, and productive.

Learning Objectives:
• Identify the roles and information needs of management, trustees, and valuation advisors during the ESOP due diligence process.
• Analyze key financial, operational, marketplace, and governance information commonly reviewed during ESOP valuation diligence.
• Develop practical communication strategies to improve dialogue among company leadership, trustees, and valuation professionals.

Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Board Members, Employee Owners
Level: Intermediate

Join James West, CEO of DariFill, a 100% ESOP-owned company in Westerville, Ohio, to uncover strategies for maximizing employee-owner engagement. Drawing on his success of driving revenue and profit growth while building a vibrant ESOP culture, James shares lessons from leading in private equity and ESOP environments. Learn practical tools to overcome unexpected challenges, boost communication, and align employee-owners for profitability and growth. This session offers actionable insights for ESOP leaders to unlock the full potential of employee ownership.

Learning Objectives:
• Identify the leadership practices that build a high-performing, highly engaged employee-owner community.
• Distinguish common myths about employee ownership from the management practices that actually drive engagement and ESOP value.
• Develop practical actions to increase employee engagement, strengthen organizational performance, and enhance long-term ESOP value.

Using a live board meeting format, attendees will examine board evaluation, composition, recruitment, and compensation through the lens of a mature 100% S-ESOP experiencing board turnover. Participants will explore how boards assess performance, identify future director needs, recruit independent directors, and develop effective compensation practices. Serving as a “fourth independent director,” attendees will contribute perspectives, questions, and practical insights throughout the discussion.

Learning Objectives:
• Design a process to monitor and evaluate the Board of Directors.
• Assess characteristics needed in Boards as a whole, and in individual Directors.
• Develop an approach to recruiting and compensating independent Directors.

Audience: Internal Trustee, HR Staff, CFOs, CEOs, Board Members, Professionals
Level: Advanced

Explore how artificial intelligence can enhance communication within ESOP organizations. In this roundtable discussion, participants will share ideas and practical approaches for using AI tools to simplify complex ESOP concepts, improve employee engagement, and strengthen ownership culture. Attendees will exchange experiences, challenges, and opportunities for leveraging AI to make ESOP communications more effective and impactful.

Join us as we honor Chapter of the Year! Enjoy a reception featuring local favorites from the heart of their region

Stop by the registration desk to print your badge and pick up your program book. The TEA team is here to help you while you are attending EO26!

Attention Speakers - this room is for you to meet with your co-presenters, review your presentation, or just have a moment to collect your thoughts in advance of your session. The room will be setup ready for any rehearsals.

ESOP transactions can introduce complex accounting and financial reporting challenges. This discussion examines three technical areas frequently encountered in ESOP-owned companies: warrant accounting, stock appreciation rights (SARs), and push-down accounting following a change in control.
Through practical examples, attendees will explore classification considerations, fair value measurement requirements, key journal entries, and the financial statement impact of these transactions. Participants will gain actionable insights for navigating these advanced accounting issues and enhancing reporting accuracy in an ESOP environment.

Learning Objectives:
• Understand the accounting and financial reporting considerations for warrants issued in connection with leveraged ESOP transactions.
• Evaluate the accounting treatment of stock appreciation rights (SARs), including the election of intrinsic value or fair value measurement methods and related reporting impacts.
• Identify when push-down accounting may be appropriate following a leveraged ESOP transaction and understand key implementation and financial statement considerations.

Construction companies represent a growing share of the ESOP market for good reason. Presenters will examine why traditional M&A often falls short for contractors, highlighting challenges such as limited buyer pools, bonding requirements, cyclical earnings, succession planning, and preserving company culture. The discussion will explore how ESOPs can address these issues through ownership continuity, tax advantages, and employee wealth creation, while also addressing key considerations such as feasibility, financing, leverage, and long-term sustainability. Participants will gain a practical framework for evaluating whether an ESOP is the right ownership transition strategy for a construction company.

Learning Objectives:
• Explain why buyer depth and mergers and acquisitions activity vary significantly across construction sectors and contractor types.
• Identify the construction specific factors, including bonding, project based revenue, management continuity, and cyclicality, that can make ESOPs an attractive ownership transition alternative.
• Evaluate the key financial, operational, and cultural considerations involved in determining whether a construction company is a strong ESOP candidate.

This roundtable session explores effective strategies for engaging remote, mobile, and field-based employees in all aspects of the ESOP, including education, financial literacy, and company communications. Employees who work outside a traditional corporate office can remain highly engaged when organizations apply proven ownership communication and engagement practices.
Through a moderated discussion, participants will hear how other ESOP companies educate, communicate with, and engage employee owners who work remotely or in the field. Attendees will gain useful ideas and peer-driven insights for strengthening employee ownership culture across a dispersed workforce.

Learning Objectives:
• Learn from other ESOP peers on how they engage, communicate, and educate the ESOP to remote, mobile, and field staff.
• Understand how to communicate the ESOP benefit plan that is driven by workplace behaviors that enhance bottom-line company results and impact individual long-term rewards.
• Create an employee-owned mindset that becomes cultural at your company even though you may be working remotely and not interacting in-person with other employees in an office building.

Audience: HR Staff, CFOs, CEOs, Financial Managers, Employee Owners
Level: Basic

Expert witnesses play a significant part in ESOP litigation, including matters involving stock transactions and disputes concerning assets other than employer securities. The presentation reviews the function of expert testimony, the professionals most often retained to provide it, and the influence such testimony can have on judicial proceedings. Drawing on actual litigation matters, attendees will consider how courts have received, questioned, and weighed expert opinions in ESOP-related disputes. The discussion also addresses the requirements, obligations, and career paths associated with serving as an expert witness.

Learning Objectives:
• Understand the litigation process, the role that expert witnesses play in that process, and in litigation involving ESOP transactions more specifically.
• Identify the types of professionals that are typically called upon to provide expert testimony in ESOP litigation cases.
• Describe the role of expert witnesses in ESOP litigation cases and understand, by reference to actual litigation cases, how expert witnesses have impacted the outcome of ESOP litigation matters.

Audience: Internal Trustee, CEOs, Board Members, Professionals
Level: Intermediate

The ESOP transaction market is entering a period of meaningful change. Demographic shifts, evolving public policy, heightened interest from private capital, and the broader transfer of business ownership are creating new possibilities for employee-owned companies. Rather than viewing these developments through the lens of individual transactions, the presentation examines how they are changing the economics and competitive dynamics of the market itself. Private equity exits, acquisition activity, financing conditions, and ownership succession trends combine to create a rapidly evolving environment for employee-owned businesses. Understanding these forces provides important context for organizations evaluating future growth, liquidity, and ownership transition opportunities.

Learning Objectives:
• Evaluate liquidity pathways for mature ESOPs by comparing repurchase funding strategies, minority recapitalizations, and partial liquidity events—and understanding when each is most appropriate.
• Develop a proactive approach to managing repurchase obligation using forecasting techniques and capital planning frameworks that align with long-term growth and sustainability.
• Assess the impact of capital strategy decisions on valuation, governance, and employee ownership culture to support balanced, forward-looking decision-making.

Audience: CFOs, Financial Managers, Board Members
Level: Advanced

Join this roundtable to ask questions that may not have been answered during the conference or you would like more information about.

Building an ownership culture requires more than an ESOP. Attendees will explore practical approaches for helping employee owners think and act like owners by strengthening ownership messaging throughout annual meetings, share price announcements, Employee Ownership Month, and everyday communications. The discussion will highlight proven strategies for turning employee ownership from a concept into a meaningful part of the employee experience.

Learning Objectives:
• Evaluate the elements of a successful ownership culture and how they evolve across both new and mature ESOP organizations.
• Design meaningful ownership-focused experiences that transform key ESOP events into opportunities for education, engagement, and pride.
• Implement communication and engagement practices that reinforce an owner mindset and encourage employees to make decisions with an ownership perspective every day.

Warrants often sit at the center of ESOP financing negotiations, influencing economics, risk allocation, and transaction structure. Despite their prevalence, many directors, executives, and advisors have only a limited understanding of how they operate. Through a detailed look at real transaction mechanics, attendees will see how warrants affect subordinated debt returns, bridge pricing differences, and create additional value for investors. Topics include valuation methodology, exercise provisions, transferability, S corporation issues, fiduciary scrutiny, Section 409(p), financial reporting consequences, and estate planning considerations. The session connects these elements into a cohesive view of the role warrants play in successful ESOP financings.

Learning Objectives:
• Gain a clear understanding of what warrants are, how they function in ESOP financing, and why they are used.
• Learn the key factors Trustees and fiduciaries must consider when evaluating warrants in a transaction.
• Discover best practices from real-world transactions on structuring and negotiating warrants to meet objectives.

Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Board Members, Professionals
Level: Intermediate

Now that this year’s AACE winners have been announced, join this roundtable discussion to explore the communication strategies, campaigns, and tactics that earned top recognition. Bring your questions as we discuss what made this year’s submissions stand out, share practical ideas you can apply at your own ESOP company, and offer tips for preparing a strong submission for next year’s AACE Awards. Whether you’re a first-time applicant or a returning participant, this peer discussion is an opportunity to learn from the best and start planning for next year’s competition.

Meeting repurchase obligations when cash flow falls short requires more than financial analysis. It calls for sound judgment, strong oversight, and the ability to make difficult decisions under pressure. Participants will learn how to evaluate liquidity constraints, assess available alternatives, and determine how best to address competing demands on corporate resources. The discussion will address plan design features, board communication, and prioritization of critical commitments while highlighting ways to preserve organizational stability and support employee ownership during periods of constrained cash flow.

Learning Objectives:
• Analyze your repurchase obligation and diagnose your cash flow constraints.
• Understand short-term transitional solutions to help bridge the gap between cash flows and RO.
• Understand long-term transformational solutions to help bridge the gap between cash flows and RO.

Audience: CFOs, CEOs, Financial Managers, Board Members
Level: Advanced

Ownership is more than a statement or stock share balance. It’s a mindset rooted in trust, belonging, and shared purpose. Attendees will explore how internal and external communications can reinforce a culture of connection and accountability in employee-owned companies. Whether early in the ESOP journey or decades into employee ownership, participants will learn practical strategies for deepening engagement, aligning culture with communications, and building a resilient ownership culture.

Learning Objectives:
• Foster trust through transparent communication.
• Align internal culture with external messaging.
• Strengthen belonging and activate leaders as cultural stewards.

This session moves from theory to application by demonstrating how the value-added model functions as a value-based incentive compensation framework within an employee-owned company. Attendees will examine the core calculations, including net operating profit after taxes (NOPAT), invested capital, and weighted average cost of capital, along with common accounting adjustments that transform reported financial results into a meaningful measure of economic value creation. Using a representative model, participants will assess whether executive actions enhance shareholder value and consider how the methodology informs performance measurement and incentive compensation decisions.

Learning Objectives:
• Describe how an executive incentive compensation plan can be linked to genuine economic value creation rather than conventional accounting results.
• Identify the core components of the value-added model—net operating profit after taxes, invested capital, and the weighted average cost of capital—and the adjustments that produce an economic measure.
• Recognize how the value-added model supports establishing key performance indicators and administering an incentive plan within an ESOP.

Audience: Internal Trustee, HR Staff, CFOs, CEOs, Financial Managers, Board Members
Level: Advanced

Gauging the strength of an employee-owned business demands a broader perspective than a standard review of financial reports. This presentation highlights signals that may indicate emerging concerns, from working capital pressures and borrowing commitments to shifts in enterprise worth and unique ESOP accounting considerations. Using practical scenarios and business examples, participants will explore how banks, fiduciaries, and advisors interpret the same information through different lenses. Attendees will leave better equipped to spot developing concerns, challenge assumptions, and address potential governance, operational, and long-term viability issues before they become significant problems.

Learning Objectives:
• Identify financial statement red flags across liquidity, leverage, valuation, and ESOP accounting that signal potential plan sustainability or fiduciary risk issues.
• Analyze company financials to detect early warning signs of cash flow stress, excessive leverage, or repurchase obligation risk before they escalate into fiduciary or operational crises.
• Explain how lenders, Trustees, and financial advisors use the same financial data to assess different risks, and determine which red flags create overlapping concerns across all three stakeholder groups.

Audience: CFOs, Financial Managers, Board Members, Professionals
Level: Intermediate

The ESOP transaction market is entering a period of meaningful change. Demographic shifts, evolving public policy, heightened interest from private capital, and the broader transfer of business ownership are creating new possibilities for employee-owned companies. Rather than viewing these developments through the lens of individual transactions, the presentation examines how they are changing the economics and competitive dynamics of the market itself. Private equity exits, acquisition activity, financing conditions, and ownership succession trends combine to create a rapidly evolving environment for employee-owned businesses. Understanding these forces provides important context for organizations evaluating future growth, liquidity, and ownership transition opportunities. Participants will leave with a framework for evaluating and capitalizing on evolving opportunities in the ESOP M&A market.

Learning Objectives:
• Understand how the new regulatory framework may change the calculus for deal timing, trustee reliance on independent appraisals, and defensive documentation strategies that previously consumed significant transaction resources.
• Determine if an ESOP exit is viable for a portfolio company, how S-corporation tax advantages and 1042 rollovers improve deal economics, and their structural limitations.
• Leave with actionable approaches for ESOPs seeking growth through acquisition to build scale, diversify revenue, and enhance long-term share value for participants.

Audience: CFOs, CEOs, Financial Managers, Board Members, Professionals
Level: Advanced

An ESOP-owned company can acquire another business while making the Section 1042 rollover available to the seller. Attendees will examine the transaction structure through a step-by-step review of the process, including valuation requirements, tax considerations, and implementation challenges. Practical examples will help participants evaluate whether this approach is appropriate for their organization and understand the key tasks and deliverables required for execution.

Learning Objectives:
• Understand an efficient and innovative way to offer the 1042 rollover to the owner(s) of a target company.
• Assess if this method is right for the ESOP.
• Organize the tasks and deliverables required from the ESOP team.

Audience: Internal Trustee, CFOs, CEOs, Financial Managers, Board Members, Professionals
Level: Advanced

Upcoming compliance deadlines will require plan sponsors to make important decisions regarding ESOP and KSOP plan documents. The presentation outlines the good faith amendments due by December 31, 2026, and reviews the separate Cycle 4 amendment and restatement process expected to open in Fall 2026. Attention is given to the advantages and considerations associated with pre-approved non-standardized ESOP documents, as well as the distinction between required and optional Cycle 4 provisions. The discussion provides context for evaluating plan document changes and preparing for the next amendment cycle.

Learning Objectives:
• Identify the upcoming good faith and Cycle 4 Amendment and Restatement deadlines.
• Recognize and understand the benefits of using a pre-approved non-standardized ESOP document for purposes of the Cycle 4 amendment and restatement as opposed to an individually designed plan.
• Understand and assess what Cycle 4 changes are mandatory versus optional and determine whether any such optional changes are the right fit.

Audience: HR Staff, Professionals
Level: Advanced