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Session C

Sell-Side Options: Is an ESOP the Right Exit Strategy?

Presented By: BDO / Levenfeld Pearlstein

When it comes time to sell the business, owners face a range of exit paths—each with distinct financial, operational, and cultural implications. This session will explore the landscape of sell-side options with a special focus on ESOPs (Employee Stock Ownership Plans). Hear from owners, investors, and advisors who have evaluated or executed an ESOP transaction, and learn how it compares to private equity, strategic buyers, and other exit strategies. From preserving legacy to maximizing value, this conversation will help business owners better understand what makes an ESOP work—and when it might not.

Moderator:

Dustin S. Klein
Chief Content Officer
Smart Business

Dustin is an award-winning business journalist, bestselling author, and the chief content officer of Smart Business. Over the past 30 years, he has interviewed thousands of business and civic leaders, and helped more than 50 CEOs and entrepreneurs transform their ideas into books. A trained investigative politics reporter and former digital media entrepreneur, Dustin joined Smart Business in 1997 after serving as an editor at several daily newspapers.

Panelists:

Ken Baker
President & CEO
NewAge Industries

Ken Baker is CEO of NewAge Industries, Founder of the Baker Center of Excellence for employee ownership at Montgomery County Community College Foundation, and Co-founder and Chairman of the Pennsylvania Center for Employee Ownership. Baker has dedicated his career to developing advanced high-purity fluid transfer systems; innovating the use of RFID technology for the pharma, biotech, and medical device industries; and supporting his community through education and guidance on employee ownership. He is a passionate advocate for the ESOP structure and culture as the leader of a 100% employee-owned company.

Kristy Britsch
Attorney
Levenfeld Pearlstein, LLC

I am part of a national ESOP practice and bring over 15 years of experience advising closely held businesses on incorporating employee stock ownership plans (ESOPs) into their business succession planning. I represent businesses of all sizes, as well as selling shareholders, ESOP fiduciaries and banking institutions in transactions involving employer securities in an ESOP. I enjoy helping my clients navigate the legal aspects of an ESOP stock purchase transaction and the issues that arise during the life cycle of the ESOP post-transaction, which includes counsel on ERISA fiduciary matters, mature ESOP considerations, and corporate governance matters.

Blake Head
Managing Director
BDO Capital Advisors

Blake is a Managing Director at BDO Capital Advisors, LLC, and the leader of BDO Capital’s ESOP Advisory Servicesdivision. He has more than 17 years of corporate financial advisory experience. Blake focuses on providing a variety of services to clients, including valuation analyses, review of strategic alternatives for owners considering an exit, raising capital from both non-traditional and traditional lenders, and advisory services related to the sale, merger and divestiture of privately-held companies. His experience lies in helping clients assess the feasibility of ESOPs and, thereafter, structuring, negotiating and executing successful sales to ESOPs. 

Prior to joining BDO Capital Advisors, Blake was a Partner at BDO USA and the National Group Leader for BDO USA’s People and Organization Strategy.  His group was comprised of ESOP Advisory Services, Executive Compensation Consulting and Workforce in Transactions practices. Blake’s experience in compensation matters included benchmarking and surveying projects, design and implementation of performance management review systems, and the design and implementation of performance incentive plans for executive, non-executive, and sales employees. He has worked with both for-profit and tax-exempt entities. Blake has consulted with a variety of manufacturing, construction, retail, technology, and oil and gas industry firms in the area of compensation and broad-based rewards. In addition, he has extensive experience in consulting on employee benefit plans.  

Michael Piper
Chief Financial Officer
Velocity Portfolio Group

Mike Piper is a seasoned finance executive with over 30 years of experience leading financial operations for both private and publicly traded companies. He currently serves as Chief Financial Officer of Velocity Portfolio Group, where he is responsible for Velocity’s finance, accounting, and treasury functions. Previously, Mike was the CFO of Liberty Tax Service, Inc., a then publicly traded company, where he led SEC reporting, financial planning and analysis, M&A activity, and strategic growth initiatives. His early career began at EY, and he is a Certified Public Accountant (inactive status).

Conference Location

140 South Broad Street
Philadelphia, PA 19102
Tel: (215) 563-6500