Chapter 22

Employee Stock Ownership Plans

This chapter is updated by the author from a chapter contributed by Kim Abello, an accredited senior appraiser at Duff & Phelps, to the first edition of “The Lawyer’s Business Valuation Handbook: Understanding Financial Statements, Appraisal Reports, and Expert Testimony,” by Shannon P. Pratt, American Bar Association, Chicago, 2000.

ESOPs are one of the most specialized and demanding areas of business valuation, and companies with or contemplating an ESOP are well advised to consult an appraiser with considerable experience in ESOP valuation.

Shannon Pratt and Alina V. Niculita

General Principles

An employee stock ownership plan (ESOP) is a qualified employee benefit plan that invests primarily in the ...

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