Libsyn Directory

ESOPs: Preserving Culture, Valuation and Empowering Employees

Release Date: 10/23/2025

Current Trends in Private Credit Markets

The FVS Valuation Podcast

Private credit is one of the fastest-growing areas in alternative investments, driven by tighter traditional lending and demand for higher yields. But its rise brings valuation challenges—limited transparency, non-standard pricing, and infrequent market activity. How can these assets be accurately valued? What risks might be overlooked? And how should investors assess performance and liquidity? Hear from a specialist tackling these questions, and explore AICPA resources to enhance your valuation analysis. Key takeaways • Industry economics and motivations of stakeholders...

ESOPs: Preserving Culture, Valuation and Empowering Employees

The FVS Valuation Podcast

In this episode, host Alex Partin and guests Serena Morones, David Harkins, and Kyle Wolf each bring their unique perspectives on Employee Stock Ownership Plans (ESOPs) and their critical role in succession planning for privately held businesses. The conversation explores how ESOPs offer a compelling alternative to traditional exit strategies. The panel brings together perspectives from business valuation experts and those with firsthand experience in ESOP-owned firms, offering practical insights for business owners considering this path. Key Takeaways: ESOPs as a Succession Tool:...

Insights for Navigating Common Issues in Business Valuation - 2025 update

The FVS Valuation Podcast

In this episode, host Greg Saunders is joined by a diverse panel of guests for a candid discussion on business valuation practices and regional nuances. The panel explores key topics including: Tax effecting PTEs post-TCJA Using the guideline transaction method effectively Managing timing mismatches in real estate appraisals Aligning valuation and transfer dates Differentiating personal vs. enterprise goodwill Whether you're a seasoned valuation professional or an emerging professional, this episode offers practical insights and real-world perspectives to help navigate common valuation...

Defining the Limits: Navigating Tax Risk with Formula Transfer Clauses

The FVS Valuation Podcast

Josh Shilts interviews estate and tax attorney, Bo Trudeau, about formula transfer clauses for estate and gift tax planning. They discuss how these clauses can help reduce tax risk for transfers of hard-to-value assets, review key cases such as Wandry and Procter, and clarify the differences between the various types of formula transfer clauses. The episode highlights the importance of establishing intent, consistent documentation, and timely valuations, and also provides specific strategies to bolster formula transfers against challenges from the IRS. Key takeaways include: ...

Valuing Startups in a Shifting Economy

The FVS Valuation Podcast

In today’s uncertain market with high capital costs and changing investor demands, startup valuation requires both expertise and adaptability. Valuation specialists Ross McSwain and Charles Gallman discuss how economic challenges are shaping current models and highlight the growing importance of founder vision and qualitative factors. They outline cost, market, and income approaches for different growth stages, referencing AICPA guides and practical experience, and stress the need to align methods with milestones and capital structure. Key takeaways Valuation shifts as startups grow...

Valuation in a Climate of Uncertainty

The FVS Valuation Podcast

FVS Valuation subject matter experts Josh Shilts and Dave Consigli address current challenges encountered by professionals conducting valuations, emphasizing that these competencies remain fundamental — mirroring those required during the Covid period. Their discussion highlights several important insights: Embracing Economic Volatility: Ongoing economic uncertainty has become a constant factor, making adaptability essential for valuation professionals. Assessing Client Risk Management: It is critical to evaluate how clients are managing financial, operational, and strategic risks. The...

AI in Alternative Investments and Financial Instrument Valuation: Practitioner Perspectives

The FVS Valuation Podcast

AI is becoming increasingly important in managing, analyzing, and optimizing investments and influencing how we navigate the interdependencies of capital and data flows, reporting, and legal and regulatory requirements in the private markets. This discussion between experts Andreas Dal Santo of BlueVal, Chandu Chilakapati of Aprio, and Prof. Michael Weinberg of Columbia Business School – practicing experts in finance, investment, and valuation - highlights many of the benefits, challenges, and future potential of AI in the world of alternative investments and financial instrument...

Making a Case for Using the Market Approach for Determining Fair Market Value

The FVS Valuation Podcast

Dave and Lisa explore the intricacies of the market approach highlighting the importance of using reliable market data and multiple valuation approaches to achieve accurate results. They discuss how risk factors and company size influence valuation multiples and provide practical tips for applying these concepts in real-world scenarios. Key takeaways include: Combining income, market, and asset approaches helps mitigate the risk of skewed valuation results Understanding and adjusting for risk factors, such as customer and supplier risks, is crucial in determining accurate valuation multiples....

From Analysis to Testimony: Key Skills for a Career in Forensic and Valuation Services

The FVS Valuation Podcast

This is a refreshed version of an episode from July 2021. Some voice distortion may be present. Please scroll down to find links to essential resources that have been developed since the original publish date. In this episode, we explore the many paths available to accounting and finance majors who aspire to work in forensics and valuation services particularly as an expert witness. Dean Driskell tells his journey as a forensic accounting and valuation professional. He and host, Josh Shilts, share pivotal moments that have defined their careers and the skills they consider essential for...

Early-Stage Valuation, A Conversation with author Antonella Puca

The FVS Valuation Podcast

In the evolving world of alternative investments, AICPA's "PE/VC" guide often is only a starting point in the valuation of complex financial instruments. Valuation specialists in this field combine their experience with formal guidance and financial theory. Ms. Antonella Puca, Managing Partner at BlueVal, wrote a book on “Early Stage Valuation, A Fair Value Perspective” that summarizes her studies and experience in this field. We will discuss her journey and hear how she addresses: Presenting technical complexity in a clear and concise form Influence of the fair...

More Episodes

The conversation explores how ESOPs offer a compelling alternative to traditional exit strategies. The panel brings together perspectives from business valuation experts and those with firsthand experience in ESOP-owned firms, offering practical insights for business owners considering this path.
Key Takeaways:

ESOPs as a Succession Tool: ESOPs provide a way for business owners to transition ownership to employees, maintaining company culture and values while offering liquidity and a gradual exit strategy.
Business Valuation for ESOPs: The success of an ESOP partly depends on accurate, third-party business valuation, which determines fair market value for the transaction and ensures sustainability for both sellers and employee owners.
Transparency and Engagement Drive Success: Companies that openly communicate ESOP benefits and valuation processes to employees foster a sense of ownership, improve retention, and create a more engaged workplace culture.

Guests:

David Harkins, CPA/ABV/CFF, CFA, Mercer Capital
Serena Morones, CPA/ABV, Morones Analytics
Kyle Wolf, CPA/ABV, Stern Brothers Business Valuation Advisors

Host: Alex Partin, CPA/ABV, Mueller & Partin, PS

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RESOURCES FOR FURTHER EXPLORATION
If you’re using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links.

AICPA Forensic & Valuation Services Conference, Oct 27-29, Aurora, CO, attend virtually for 1,2,or 3 days
Business Valuation School - Dec 1-5, Live online

NEW RESOURCE Welcome to a career in forensic and valuation services - early-career guidance, built for you

AICPA Employee stock ownership plans (ESOPs) resource center

Journal of Accountancy articles :

Employee ownership and taxes: Why firms are choosing ESOPs
What to know when you client is considering employee ownership

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The FVS Valuation Podcast archives

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

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