Ms. Amlie is a Managing Director of GBQ Capital Advisors. Ms. Amlie’s practice focuses on providing valuation advisory services to ESOP trustees for transactions and annual updates, advising business owners on ownership transition, and providing valuations for other purposes including estate and gift tax, corporate planning, buy-sell agreements, executive compensation, and other corporate matters.

ESOP Advisory

Ms. Amlie’s practice specializes in ESOP transactions, annual ESOP valuations, and related consulting. She has advised trustees and sellers on hundreds of ESOP-related engagements, including initial ESOP transactions, annual update valuations, second stage transactions, and terminations.

Prior to joining GBQ, Ms. Amlie was a Vice President and ESOP Client Advisor at Spinnaker Trust, an institutional ESOP trustee. Ms. Amlie’s experience on the Trustee-side of the ESOP industry allows her to offer a unique perspective to trustees and sellers alike on ESOP-related engagements. While at Spinnaker, Ms. Amlie was responsible for reviewing hundreds of ESOP valuations. She was also actively involved in leading education sessions for Boards, management teams, and employee bases on ESOP and valuation topics.

Ms. Amlie is the President of the NY/NJ Chapter of the ESOP Association, a Member of the Valuation Advisory Committee of the ESOP Association, and Co-Founder of the ESOP Alliance. Ms. Amlie is a frequent speaker at conferences on ESOP, valuation, and governance-related topics.

Valuation Advisory

Ms. Amlie has performed hundreds of valuation engagements involving interests in privately held companies for a variety of purposes including ESOP transactions, annual ESOP valuations, mergers and acquisitions, fairness opinions, buy-sell agreements, estate and gift tax, corporate planning, shareholder disputes, divorce, and executive compensation. Ms. Amlie is a Chartered Financial Analyst® and holds the Accredited Senior Appraiser (ASA) designation with the American Society of Appraisers.

Shane Ocasal is a dedicated professional at Aon, I specialize in M&A Due Diligence, Private Equity, Employee Stock Ownership Plans (ESOPs) safeguarding businesses through innovative insurance solutions and strategies. With a deep understanding of the complexities involved in mergers and acquisitions, I help clients navigate these critical transitions while ensuring they are protected against potential risks.

My expertise allows me to guide organizations in implementing effective Insurance strategies that enhance engagement and drive long-term success. Additionally, my teams experience in private equity enables me to provide insights that are crucial for investors and portfolio companies seeking to maximize value and mitigate risk.

At Aon, I leverage our comprehensive resources and global reach to deliver tailored insurance solutions that meet the unique needs of each business, empowering them to thrive in a competitive landscape.

Driven by a passion for making a positive impact, I am dedicated to providing actionable insights that empower clients to make informed decisions and achieve their business objectives.

A New York native and a devoted NY Rangers fan, I actively engage with my community as a volunteer for Meals on Wheels and Camp Venture. I am also proud to be a member of the ESOP Association and the founder of both ESOP Alliance and Dive & Thrive.

As a member of PCE’s ESOP practice, Adam is involved with sell-side and buy-side engagements, recapitalizations, and general corporate advisory. With a background in leveraged finance, he plays an important role in providing financial analysis, modeling transaction alternatives, and optimizing companies’ capital structures to help clients reach their goals.

Most recently, Adam was an assistant vice president of business development at a U.K. financial services firm, where he was responsible for boosting the company’s U.S. presence. Adam gained extensive experience assisting corporate and private equity clients on M&A, LBO, refinancing, and dividend recapitalization transactions at both a U.S. bulge bracket investment bank and a Japanese multinational investment bank in the firm’s leveraged capital markets groups.

Alex Eads is an attorney in Krieg DeVault’s Executive Compensation and Employee Benefits Practice. His practice focuses on advising companies, ESOP trustees, and other ERISA fiduciaries on a broad range of employee benefits, fiduciary, and transaction‑related matters.

Alex regularly represents companies and fiduciaries in both leveraged and non‑leveraged ESOP transactions involving the purchase and sale of company stock. His work includes advising on transaction structuring, fiduciary process considerations, and ERISA compliance, as well as counseling employers on the design, implementation, and ongoing administration of employee benefit plans and executive compensation arrangements, including equity‑based, synthetic equity, and other incentive compensation programs. He also advises on ERISA fiduciary governance, IRS and U.S. Department of Labor inquiries and plan corrections, and executive and deferred compensation planning. Drawing on his prior experience as a CPA and business valuator, Alex provides practical, financially informed legal advice in ESOP transactions, including coordination with financial advisors and other deal professionals.

Alex’s practice also includes advising clients on corporate and transactional matters that intersect with employee benefits and compensation considerations, including entity structuring, governance issues, mergers and acquisitions, and related due diligence.

Education

Indiana University Robert H. McKinney School of Law
Doctor of Law (J.D.), cum laude
Corporate and Commercial Law Certificate
2018–2021

Indiana University – Kelley School of Business
Bachelor of Science in Business
Accounting and Finance
2010–2014

Bar Admissions

• Indiana

Alex Kuzmik’s practice focuses on implementing tax-efficient strategies for succession planning. He uses estate planning and tax planning strategies to advise small business owners on various exit strategies with a goal of maintaining business continuity and minimizing tax. Alex is a vocal advocate of Employee Stock Ownership Plans and their many tax advantages.

Amanda Dernovshek is an employee benefits attorney in the Business and Tax group at Foster, Swift, Collins & Smith PC, with a practice concentrated on employee stock ownership plans (ESOPs) and related benefit structures. She advises closely held companies, fiduciaries, and plan sponsors on the legal and strategic aspects of ESOP formation, compliance, and transactions, including plan design, repurchase obligations, and corporate governance considerations.

Amanda’s work also encompasses qualified retirement plans, non-qualified deferred compensation, executive compensation, and general ERISA compliance, making her a valuable legal partner to third-party administrators, valuation professionals, and trustees navigating the technical and regulatory landscape of employee benefits.

She earned her undergraduate and master’s degrees from East Tennessee State University, and her J.D. from Michigan State University College of Law, where she served as Editor-in-Chief of the International Law Review.

Known for her collaborative approach and ability to translate complex regulations into practical guidance, Amanda works closely with professionals across disciplines to ensure benefit plans are not only compliant but aligned with broader business goals. Her experience in mergers and acquisitions further enhances her ability to spot and resolve benefit-related issues during corporate transactions.

Amanda also co-hosts the podcast Businesswomen Talking, which explores legal topics relevant to women in business, including succession planning and entity structuring.

Andrew Duncan is a Vice President at Censeo Advisors, LLC in Atlanta, Georgia. Andrew has experience performing a variety of valuation assignments, including business and stock valuations, ESOP-owned company valuations, fairness opinions, intangible asset and intellectual property analyses, estate tax and gift planning valuations, lost profits and economic damages calculations, stock option valuations, warrant valuations, and complex capital structure analyses. Prior to joining Censeo Advisors, Andrew was a Vice President in the Economic Damages and Valuation group at an international litigation consulting firm. Andrew graduated from the Georgia Institute of Technology with a Bachelor of Science in Business Administration with a concentration in Finance. Andrew is a Chartered Financial Analyst and is a member of the CFA Institute, the CFA Society of Atlanta, the ESOP Association, and the National Center for Employee Ownership (NCEO) 

Ashley Kirchner is a Director with BMO’s Corporate Advisory practice. She advises privately held businesses on a broad range of corporate finance topics including ESOPs, recapitalizations, mergers & acquisitions, and ownership transitions.

Ashley’s commercial banking experience spans over a decade, primarily focused on providing financing solutions to support ownership transitions, particularly through the use of ESOPs. Most recently, Ashley worked at a regional financial institution, where she was a founding member of the bank’s ESOP Finance Group. She previously held roles focused on ESOP advisory, relationship management, credit risk assessment, and underwriting. 

Ashley earned her bachelor’s degree in Economics from the University of Wisconsin – Madison. She is an active member of the National Center for Employee Ownership and The ESOP Association, where she currently serves on the Ownership Culture Advisory Committee.

Ashleigh advises privately held companies with a special focus on ESOP-owned businesses. Ashleigh brings significant experience in executive incentive design, ESOP repurchase obligation planning, and financial modeling and analysis. She enjoys helping a diverse range of clients develop successful compensation and ownership strategies tailored to their unique philosophies and objectives. Ashleigh is an active member of The ESOP Association, where she currently serves on the Administration Advisory Committee. She is also a member of the National Center for Employee Ownership (NCEO) and the Construction Financial Management Association (CFMA).

Rebecca has spent her 20 year career in financial services advising business owners, wealthy families and ESOP-owned companies. She draws upon her extensive experience in the areas of trust and estate strategies, financial and insurance planning, institutional asset management, and institutional fixed income sales to build tailored solutions for her clients and their diverse needs. 

Today, as a partner of the ESOP Group, she works closely with business owners and their families on business transition and more specifically employee stock ownership plans (ESOPs). Rebecca is a frequent speaker on business owner liquidity options, ESOPs, and the Section 1042 tax deferral. For The ESOP Association, she is the chairman of the fundraising committee as well as a chapter officer for the Southeast Chapter. 

 Education 
• Bachelor of Arts degree from Cornell University in economics 
• Passed the Series 7 and 66 securities exams 
• Insurance licenses: life, health, variable annuity, variable life and long-term care 

Credentials 
• CERTIFIED FINANCIAL PLANNER™ certificate 
• Certified Exit Planning Advisor 

Industry recognition: 
• Barron’s Top 1,200 Financial Advisors, 2022, 2023 
• Barron’s Top 100 Women Advisors, 2023 
• Forbes America’s Top Women Wealth Advisors, 2021–2023 
• Forbes Best-in-State Women Wealth Advisors, 2021–2023 
• Forbes Best-in-State Wealth Advisors, 2022, 2023 
• Working Mother Magazine/SHOOK Top Wealth Advisor Moms, 2021 

Team recognition: 
• Barron’s Top 100 Private Wealth Management Teams in 2021 and 2023 
• Forbes America’s Top Wealth Management Teams in 2022 
• Forbes Best-in-State Wealth Management Teams in 2023 

Brian P. Turner is a Director in the ESOP Valuation and Opinions practice at Stout Risius Ross, LLC. He has extensive experience in providing financial advisory and consulting services for ESOP companies including analyses related to ESOP formations, transaction fairness and adequate consideration opinions, solvency opinions, and annual equity valuation updates, among others. Based in New York City, Brian partners with clients across the United States in a wide range of industries.

Brian joined Stout’s ESOP practice in 2014. He has spent his entire career working with employee-owned companies and is an active member of The ESOP Association and the National Center for Employee Ownership.

He is originally from northern New Jersey and graduated with honors from Georgetown University’s McDonough School of Business

Chris Wingard is an attorney with Kleinbard LLC.  He advises corporations, shareholders, directors and employee stock ownership plan (ESOP) trustees on a wide range of ESOP-related issues. Chris provides guidance regarding ESOP transactions, corporate governance, business succession planning, ESOP plan design and ongoing ESOP compliance.

He has experience representing middle market corporate clients across a wide range of industries, including engineering, manufacturing, construction and professional services. Chris is a member of the ESOP Association and the National Center for Employee Ownership (NCEO). He is a contributing author to the NCEO’s Legal Digest,  where he provides concise summaries of key cases and rulings involving ESOPs.

Education

Boston University School of Law (J.D., cum laude)

• Recipient, BU School of Law Distinguished Scholar Award, three-year, full tuition scholarship

Boston University (MBA, high honors)

Tufts University (B.A., summa cum laude)

• Phi Beta Kappa

Bar Admissions

Massachusetts
Pennsylvania

As Senior Vice President at Business Transition Advisors (BTA), Chris is dedicated to expanding employee ownership through Employee Stock Ownership Plans (ESOPs). He supports the team across the entire ESOP lifecycle, from new business generation and transaction execution to securing financing and structuring successful outcomes for new employee-owners.

Chris's expertise is built on a robust foundation in M&A advisory, where he previously worked with clients on both buy-side and sell-side transactions, capital raising, and valuations. A passionate advocate for the benefits of employee ownership, he holds the Chartered Financial Analyst® (CFA) designation. Chris also earned his degree in Finance from the University of Wisconsin-Madison School of Business and pursued graduate studies in Finance & Economics at the University of Leipzig, Germany.

Christel Jimenez is a Vice President of ESOP Consulting at Principal. She has over 15 years of experience working with ESOPs, both from within the retirement industry and as an officer of an ESOP-owned company. She has extensive knowledge and experience in recordkeeping, ERISA plan compliance, and complex ESOP issues.

Christel engages with business owners and companies to define their objectives and design, implement, and communicate ESOPs. She takes a focused approach to partnering with ESOP companies to identify areas of opportunity in plan operation, repurchase liability, and employee communication, all with the goal of assisting companies in meeting their corporate objectives and maximizing their ESOP.

She is an active member of Employee-Owned S Corporations of America (ESCA), The ESOP Association (TEA) and the National Center for Employee Ownership (NCEO).

Christel earned a Bachelor of Science degree in Finance from The Pennsylvania State University, and a Master of Business Administration degree from Central Michigan University.

Christel lives in North Carolina with her husband and their three children. She enjoys running, cycling, and attending their sporting events.

David is a Principal at Doeren Mayhew, a top 60 CPA firm nationwide. David is the national practice leader of Doeren Mayhew’s Employee Benefit Plan Group. He provides annual ESOP, defined contribution (401k), defined benefit, and cash balance plan audits, as well as other employee benefit plan consulting engagements. He is the liaison for all firmwide Employee Benefit Plan training and technical pronouncement developments, is a member of Doeren Mayhew’s Quality Control Group and represents the firm at various industry conferences annually. With a deep understanding of the constantly changing regulations surrounding employee benefit plans (including ESOPs), clients count on David’s expertise to ensure their fiduciary responsibilities are met, all while ensuring compliance. He also takes the helm in supervising all phases of annual audit, review and compilation engagements for ESOP companies, exemplifying his meticulous approach to planning, fieldwork and reporting. David’s deep understanding of the dynamic workings of ESOPs allows him to help clients navigate the complex plan structures, as well as applicable accounting, tax and financial reporting requirements. David is a licensed Certified Public Accountant (CPA) and earned both a BBA-Accounting and Master of Science-Accounting (MSA) from the University of Michigan.

Devon is a Vice President at Business Transition Advisors. In this role, he supports the team on valuation, financial modeling, and transaction advisory services. With a strong transactional foundation from Morgan Stanley, Devon has contributed to over 50 business transactions totaling more than $2 billion in combined enterprise value, including numerous deals exceeding $100 million. His expertise spans exit and liquidity options such as private equity sales, financial buyer transactions, leveraged recapitalizations, management buyouts (MBOs), and—most notably—tax-deferred sales to ESOPs under IRC Section 1042, which he has executed extensively to maximize after-tax outcomes for owners.

An alumnus of Indiana University, Devon remains engaged with the academic community, serving as a panelist for students in the Investment Management Workshop at the Kelley School of Business. He holds FINRA Series 7 and 66 registrations

Dustin Pirie is the Founder and CEO of ESOP Analytics, a company dedicated to helping ESOP-owned businesses manage repurchase obligation forecasting. He has an MBA from the University of Iowa and a decade of experience in the retirement industry. Over the years, he has found his niche in repurchase obligation and has dedicated his focus to this area. Before founding ESOP Analytics, he worked as a Director on the Repurchase Obligation Team at Blue Ridge Associates and was part of the Financial Analysis Team at Principal Financial Group.

Dustin established ESOP Analytics to better understand the challenges business owners face and to experience firsthand the intricacies of running a company. His goal is to provide practical tools and insights that help ESOP companies plan for repurchase obligations while maintaining financial sustainability.

Outside of work, Dustin enjoys spending time on the golf course. His most recent trip took him to Torrey Pines, and he looks forward to exploring more scenic courses in the future.

Haydee is dedicated to building enterprise value at employee-owned businesses through effective management and leadership strategies. At Project Ownership, she provides companies with fractional CFO / COO services focused on implementing strategic plans that bolster revenue growth, profitability, and employee owner engagement.

As COO of a 100% employee-owned company, Haydee oversaw the implementation of the Employee Stock Ownership Plan ("ESOP"), annual audits, valuations, ESOP administration, and employee engagement. She also played a pivotal role in establishing the employee engagement committee and creating a board of directors, providing invaluable guidance on fiduciary matters and strategic planning. This company earned the prestigious Inc 5000 ranking as one of America's fastest-growing companies from 2018 to 2020.

Haydee founded her first company at 30, which was later sold to a $5B+ AUM financial services firm in 2017. At Dignitas, she advised a portfolio of over 100 business owners on mergers and acquisitions, corporate finance, governance, and succession planning. She has advised executives of closely held enterprises ranging from startups to companies with over $150 million in revenue.

Haydee holds an MBA from Harvard Business School and a B.A. from Wesleyan University. She served as a Trustee for the Policemen's Annuity and Benefit Fund of Chicago ($5B in AUM), in this role she served as a fiduciary and voted on fund allocations, investment manager selection, and the organization’s budget. She currently sits on the boards of the National Center for Employee Ownership and the Illinois Employee Ownership Center. Haydee has lived in Spain and Argentina, speaks fluent Spanish, and has traveled to over 20 countries.

Holly E. Jones is an attorney with Maselan & Jones, P.C. She counsels clients on business succession planning, ESOPs and ESOP transactions, mergers and acquisitions, and a broad range of employee benefits issues, including issues involving qualified and nonqualified retirement plans, executive compensation plans, ERISA fiduciary duties and prohibited transactions, and health and welfare plans. She is a member of The ESOP Association, the National Center for Employee Ownership, the Valuation Advisory Committee of The ESOP Association, and the Membership Committee of the Mid Atlantic and Carolinas Chapter of The ESOP Association.

Holly received her J.D. from Villanova University School of Law. Previously, Holly was a Director of Litigation and Disputes for a large management consulting firm in DC. She received her B.A. from Wellesley College, where she was a member of the varsity rowing team, a student athlete advisory committee representative, and a coach for the dorm and class crew intermural programs. 

Jack serves as a Vice President at SES ESOP Strategies, where he leads the firm’s California presence and advises business owners, executives and stakeholders on succession planning and ownership transition strategies. With a specialized focus on employee stock ownership plans (ESOPs), Jack brings over a decade of experience in mergers and acquisitions advisory and investment management. He delivers customized solutions that align with each client’s strategic objectives and long-term financial goals.

Jack’s expertise spans financial modeling, valuation analysis and transaction advisory across a broad range of industries, including construction, manufacturing, consumer products, business services, aggregate materials, logistics and aerospace. His hands-on, client-focused approach ensures tailored guidance on both the opportunities and complexities of implementing employee ownership structures.

Before joining SES ESOP Strategies, Jack held leadership positions in investment banking, where he led deal teams through the full M&A lifecycle. His work included sourcing transactions, conducting detailed financial and operational due diligence, building valuation models, developing marketing materials, managing investor outreach, negotiating key terms and coordinating closings. This end-to-end experience equips Jack with a deep understanding of business transitions and enables him to guide clients through every phase of the ESOP process with confidence and clarity.

Jack has Series 79 and Series 63 licenses from FINRA.

Education

• Pepperdine University, MBA
• University of Colorado at Boulder, B.S.

Jake Helwick is a Director at Adamy Valuation. He specializes in valuation and financial advisory services relating to equity incentive plans, including employee stock ownership plans (ESOPs); transaction opinions; tax reporting; financial reporting; economic damages; business interruption; succession planning; corporate strategic planning; and other unnoted litigious matters across a multitude of industries.

His background stems from several former roles at Adamy, and having worked in commercial credit at a large, Michigan-based bank. In his banking days, Jake participated in a multi-year leadership development program and was tasked with assessing credit risk and underwriting loans for real estate, commercial, and industrial purposes.

Jake is an Accredited Senior Appraiser (ASA) in Business Valuation and a graduate of Grand Valley State University (GVSU) where he dual majored in accounting and finance. He has served as a mentor to students in the Seidman College of Business at GVSU, and currently holds voluntary positions as a board member and the ACG Cup Committee Chair of the Association for Corporate Growth – Western Michigan Chapter. Jake is also an active member of The ESOP Association (TEA) and the National Center for Employee Ownership (NCEO).

Jay Rolader is an Associate at BaseRock Partners, where he leverages a deep foundation of advisory expertise in M&A and ESOP transactions. He specializes in leading and supporting transaction execution, developing client materials, analyzing complex financial and operational data, managing workflows, and guiding negotiation processes.

Before joining BaseRock Partners, Jay honed his skills in structuring and executing ESOP transactions at ButcherJoseph & Co. His career also includes roles at Accel-KKR, a growth equity firm focused on software companies, and Kingswood Capital Management, a buyout firm specializing in distressed situations.

Jay’s experience spans a diverse range of industries, including specialty contractors, heavy civil and general building, and ESOP advisory. His key capabilities include ESOP transaction management, transaction process oversight, and advanced financial analysis and modeling.

A graduate of Princeton University, Jay earned his Bachelor of Arts degree while excelling as a starter on Princeton's Championship NCAA Division I Football Team. He also holds FINRA SEI and Series 79 certifications.

Areas of Expertise:

• ESOP Transaction
  Transaction Process Management
  In-Depth Financial Analysis and Modeling

Licenses & Certifications:

• FINRA SIE
• Series 79

Education:

• Bachelor of Arts from Princeton University
  
  

Jennie Msall is a Director at Ventura Trust company, where she provides trustee services to ESOP companies. Jennie has 12 years of experience as a consultant working with employee-owned companies, and she has assisted in the implementation and growth of dozens of employee-owned firms. 

Prior to joining Ventura, Jennie worked as a Consultant at Praxis Consulting Group, where she provided ESOP communications, financial literacy training, strategic planning, and other organization development services to employee-owned companies. Jennie previously served as a Program Director at the nonprofit organization the ICA Group, where she directed the organization’s employee ownership transition program. 

Jessica Richards is counsel in the Business Group and a member of the Mergers and Acquisitions team. Her practice focuses on corporate transactional and commercial matters for private companies, with an emphasis on Employee Stock Ownership Plan (ESOP) transactions and complex commercial contract work.

Jessica advises business owners, companies, sellers and trustees on all aspects of ESOP implementation, transactions and compliance. Her experience includes corporate restructuring in preparation for ESOP transactions, transaction execution and post-closing governance and compliance. Drawing on her background in mergers and acquisitions and corporate governance, Jessica regularly counsels clients on structuring ESOP transactions that align strategic business objectives with applicable regulatory requirements. Her work spans the full lifecycle of ESOPs, from initial planning through ongoing compliance and governance matters.

Known for her practical, business-minded approach, Jessica partners closely with business owners and management teams to support long-term business goals, succession planning and growth strategies, including expansion initiatives. In addition, Jessica advises clients on a wide range of U.S. and cross-border commercial matters, including distribution and supply chain arrangements, goods and services agreements, master service agreements (MSAs), Software-as-a-Service (SaaS) and hosting agreements, and other bespoke commercial arrangements. She works with private companies across diverse industries, including construction, manufacturing, professional services, healthcare, accommodation and food services, real estate, waste management, media and advertising, energy and technology.

Junior currently serve as a Senior Relationship Manager at PenChecks, where I work closely with clients to provide personalized solutions and ensure exceptional service. I’m passionate about building strong, long-term relationships with clients, to reach our common goal; reunite plan participants with their retirement funds. 

Katelyn Harrell is a member of BCLP’s ERISA and ESOP Class Action Teams. Her practice focuses primarily on defending employers, plan sponsors, plan administrators, individual fiduciaries, and independent trust companies against fiduciary claims in ESOP cases. Katelyn has extensive experience representing ESOP clients in Department of Labor investigations and litigation, as well as in class action lawsuits brought by private plaintiffs. Notably, she recently served as second chair in a complex ESOP class action trial that resulted in a total defense verdict.

Kaitlin Wilusz is a director at Value Management Inc. As a director, she is responsible for oversight of the financial analyst staff, providing research and performing financial and economic analyses for the valuation of closely held enterprises, professional practices and publicly traded securities. Ms. Wilusz specializes in closely held business valuations, specifically related to Employee Stock Ownership Plans (ESOPs). She has worked on dozens of ESOP transactions. Kaitlin holds ASA (American Society of Appraisers) and CFA (Chartered Financial Analyst) accreditations.

Ms. Wilusz is a member of the Association for Corporate Growth (ACG), Beta Gamma Sigma, the American Society of Appraisers, the CFA Society of Philadelphia, and the Philadelphia Alumni Board of Fairfield University. She is a director on the board of Liguori Academy and serves as chair of the Finance Committee.

Kevin assists employee benefit plan sponsors and service providers in navigating legal and business challenges.  Kevin counsels clients on benefit plan compliance, plan design, and risk mitigation from a sponsor and fiduciary perspective for public and private sector entities, including non-profit entities and governmental entities.  Kevin also advises clients on succession planning through employee ownership, including Employee Stock Ownership Plans and Employee Ownership Trusts.

On employee ownership - At Holland & Hart, we encourage our employees to think like owners, which is why we have a natural connection to employee-owned companies. Our team helps clients design ownership and management succession plans that align with their legal and financial objectives, while fostering a culture that values employees and builds long-lasting legacies. We've managed ESOP transactions from every perspective—whether representing companies, trustees, lenders, or shareholders—through every stage of the business life cycle. We're also prepared to offer guidance and structure solutions that utilize the new employee ownership trust model.

Kyla Alterman is a Senior Consultant at the independent trustee practice Prudent Fiduciary Services. She specializes in assisting clients with their ESOP education, communication, and ownership culture development. She has helped ESOP companies of all sizes and industries across the country. Prior to joining Prudent Fiduciary Services, Ms. Alterman worked as a consultant specializing in services such as ESOP rollouts, ongoing ESOP education, ESOP games, financial basics education, visual and written ESOP communication, and ESOP committee development. Ms. Alterman previously taught ESOP workshops for the Institute for Economic Democracy and the Democracy at Work Institute. She continues to present at local and national ESOP events, is a leader in the PA/DE Chapter of The ESOP Association, and serves on The ESOP Association’s Ownership Culture Committee.

Lee Palmer is a Executive Director with the Wells Fargo ESOP Advisory Group. He is responsible for providing strategic and technical expertise regarding ESOPs to Wells Fargo’s local banking offices and to their clients. Lee advises business owners and companies on the benefits of an ESOP and helps them understand ESOP-related issues throughout their lifecycle. Lee is based on Boston, MA and covers the Eastern United States for the Wells Fargo ESOP Advisory Group. 

Wells Fargo has been providing commercial banking services to ESOP companies since the advent of the Employee Retirement Income Security Act (ERISA). Wells Fargo is a leading lender to ESOP Companies with over 500 existing banking relationships. Wells Fargo also offers a complete platform of traditional bank products and non-lending products for Company owners selling stock to ESOPs, including 1042 tax deferral strategies, liquidity and asset management, ESOP trust cash management, and insurance services.

Lindsay Shafer is the Vice President of ESOP Communication Services at Blue Ridge Associates. In this role, she spearheads the development and execution of strategic communication initiatives that support Blue Ridge clients’ Employee Stock Ownership Plans. She serves as a key advisor to clients, helping them align ESOP communication with their business goals and corporate culture.

Prior to joining Blue Ridge, Lindsay worked at an organization development consulting firm where she provided ESOP communication and education, leadership development, strategic planning, and other organization development services to employee-owned companies and non-profits.

Lindsay plays an active role in the employee ownership community, speaking frequently about employee ownership and culture. Lindsay serves on The ESOP Association’s Ownership Culture Committee and is the Vice President of Fundraising and Sponsorships for the ESOP Association’s Rocky Mountain Chapter.

Lindsay holds a BA and MA from the University of Pennsylvania.

Luke Lewis, CPA/ABV, is a Manager at Corporate Transition Consulting, Inc., where he serves as a sell-side ESOP advisor specializing in valuation, feasibility studies, relationship management, and ESOP plan design. Prior to his current role, Luke held a role with Adamy Valuation, where he assisted in ESOP implementations as a trustee advisor and conducted annual update valuations across a variety of industries.

Luke earned a Bachelor of Science degree from Brigham Young University-Idaho in accounting. He holds both a CPA license and the Accredited in Business Valuation (ABV) credential. Luke resides in the White Mountains of Northern Arizona with his wife Paula and their three children – Lila, Nico, and Violet.

Maria Thiel, CPA, is a Director in the ESOP Advisory division at BDO Capital Advisors. She has more than 15 years of experience in employee benefit plan consulting and ESOP advisory. At BDO Capital, Maria partners with owners and executives of privately held businesses considering an ownership transition to an ESOP, from assessing the feasibility of an ESOP to structuring, negotiating, executing, and raising capital for the ESOP transaction. She also oversees the plan design, IRS/ERISA compliance, benefit-level analysis, and repurchase obligation planning for new ESOP transactions.

Before joining BDO, Maria spent 10 years managing the administration for ESOP owned companies, including plan recordkeeping, compliance oversight, financial modeling, and consulting for both new and mature ESOPs. During this time she was involved in strategic planning and administrative reporting for hundreds of ESOP clients. Maria leverages this background to help her clients design ESOP retirement programs that align with business goals, meet regulatory requirements, and get ahead of the nuances and complexities that can arise after ESOP implementation.

Maria earned a Bachelor of Science degree in Personal Finance from the University of Wisconsin and a Master of Accountancy from Belmont University. She currently serves as a board member for the Tennessee Center for Employee Ownership and is an active member of the ESOP Association and the Tennessee Society of CPAs.

Mr. Eisenberg serves as a Client Service Officer on the GreatBanc Client Services team, focused on managing client relationships and ESOP transactions. He has spent his entire career in the retirement plan and ESOP industry, giving him nearly a decade of expertise in employee ownership.

Before joining GreatBanc Trust Company in 2018, Mr. Eisenberg specialized in the administration and operations of employee benefit plans, particularly ESOPs. This hands-on experience makes him a highly effective consultant across a wide variety of ESOP fiduciary topics.

“Strong communication is crucial to ESOP transactions and ongoing fiduciary work that we specialize in here at GreatBanc. I always strive to be proactive when communicating with my clients. In many cases, it allows us to preemptively identify potential issues and tackle them before they materialize.”

Outside the office, you’ll likely find Mason out on the lake enjoying the outdoors with his family. If the weather isn’t cooperating, there’s a good chance he’s at home binge watching the latest trending TV show.

Mr. Eisenberg is an active member of The ESOP Association and the National Center for Employee Ownership. He holds a Bachelor of Science in Finance and a Master of Business Administration degree from Quincy University.‍

Matt graduated from the University of North Dakota where he earned degrees in Biology and Chemistry. Upon graduation, he joined First International Insurance as an insurance agent where he worked for nearly 3 years before transitioning into his specialist role with First International Bank & Trust. His favorite part of his role is building strong relationships and helping our Enterprise Retirement Solutions clients succeed with their retirement plan goals. He enjoys working together with the team to provide excellent services and products to our clients.

FIBT works with over 100 qualified plans throughout the Midwest, including ESOP’s, 401(k) plans, and 403(b) plans.

Matt enjoys spending his summertime at the lake with family and friends and is an avid traveler. He loves to play and watch all kinds of sports and can be seen coaching or volunteering at events throughout his community.

Matt is a recognized leader in Chartwell's corporate finance practice, known for delivering strategic, solutions-focused advice to shareholders, boards of directors, and management teams of privately held middle-market companies. Drawing on extensive experience, Matt specializes in developing and executing comprehensive strategies that enable shareholders to achieve their goals and objectives.

His deep expertise spans a range of investment banking services, including strategic alternatives analysis, employee stock ownership plan (ESOP) transactions, sell-side M&A, and debt capital raising. By aligning financial strategies with overarching business goals, Matt provides tailored, impactful guidance. His proven track record across diverse industries highlights his ability to develop innovative and pragmatic solutions, ensuring companies are well-positioned for lasting success.

Professional Involvement & Certification

Matt is an active member of The ESOP Association, where he currently serves as a member of the Fiduciary Committee. He is also a member of the National Center for Employee Ownership (NCEO). Matt has been a featured speaker at national conferences held by these organizations on investment banking topics. In 2023, Matt was a recipient of The M&A Advisor’s Emerging Leaders Award in recognition of his expertise and professional accomplishments in investment banking.

Matt is a registered representative with Chartwell affiliate, CCS Transactions, LLC and holds FINRA Series 7, 63, and 79 licenses.

Professional Experience

Before joining Chartwell, Matt gained valuable experience as an equity research senior associate at RBC Capital Markets, where he specialized in market and company analysis for the oil and gas sector. Previously, he served as an equity research associate at Northland Securities.

Education

Matt holds a Bachelor of Arts degree in finance and economics from the University of St. Thomas.

Matthew focuses his practice on employee benefits and executive compensation matters. He is experienced in a wide range of employee benefits matters, including tax qualified retirement plans
(401(k) plans, pension plans, employee stock ownership plans (ESOPs), etc.), nonqualified deferred compensation plans and arrangements, welfare benefit plans, COBRA, HIPAA, and Affordable
Care Act issues. Matthew also advises clients regarding compliance with Internal Revenue Code Sections 280G and 409A. His executive compensation experience includes employee fringe benefit plans, stock option plans, supplemental executive retirement plans (SERPs), employment agreements, severance plans, and various other forms of incentive compensation arrangements.

Matthew regularly advises business owners in strategically transitioning ownership to employees either through the creation of an ESOP or employee ownership trust (EOT) or grants of ownership
interests to key employees.

In addition to assisting employers with day-to-day employee benefits related matters, Matthew has guided employers through cases where the employer participated in a distressed multiple employer welfare arrangement (MEWA) where a court appoints a receiver/independent fiduciary to oversee plan liquidation and payment of employee medical claims. Matthew also counsels clients on employee benefit matters in employer bankruptcies.

Melanie O’Toole is a senior manager in the Audit department at Eide Bailly LLP. Melanie focuses on providing audit and attest services to clients across the United States of America. She specializes in corporate and benefit plan audits of employee owned companies. Melanie is a Certified Public Accountant. She has just over 8 years of experience in public accounting. Melanie is based out of Fargo, North Dakota and services clients across the United States of America. She earned her Bachelors of Science in Accounting and Masters of Accountancy from North Dakota State University.  Melanie is a member of the National Center for Employee Ownership (NCEO).

Melissa Thomas joined SCJ Fiduciary Services in 2020 and now leads an experienced team of professionals as the CEO. She began her career with a public accounting firm as an Auditor, which provided Melissa with an exclusive view into the inner workings of numerous organizations.

She later had the opportunity to expand her financial and operational proficiency by joining the largest Dental ESOP as their Assistant Controller and eventual Director of Business Operations. These collective experiences afforded Melissa a wide array of expertise spanning Compliance, Business, Finance, Employee Education, and Communication. As CEO, she brings a well-rounded approach to leading an amazing group of Employee-Owners at SCJ.

Melissa graduated from the University of Transylvania with a Bachelor of Arts, in Accounting and became a Certified Public Accountant in 2009.

As a director at Ventura Trust, Mike is responsible for all aspects of client relationships. This includes leading and supporting ESOP transactions from the trustee side alongside financial and legal advisors, as well as leading trustee responsibilities for ongoing clients, such as the annual valuation update.

Prior to joining Ventura in 2025, Mike worked as a Director at a boutique investment banking and business valuation firm, where he was responsible for project leadership and execution on mergers & acquisitions, Employee Stock Ownership Plan (ESOP) transactions, and other investment banking and valuation advisory assignments. 

Mike holds the Accredited Senior Appraiser designation with the American Society of Appraisers, and sits on the Valuation Advisory Committee of the ESOP Association.

Michael Young is a Vice President with Acuity Advisors, where he is responsible for executing ESOP and third-party transactions, rendering fairness opinions, performing annual ESOP valuations, and providing other investment banking and valuation advisory services. Since joining Acuity in 2017, he has worked with companies spanning a broad range of industries including construction and engineering, retail, manufacturing, distribution and business services.

Michael holds the Chartered Financial Analyst (CFA) designation, along with Series 63 and 79 securities licenses. He is an active member of the CFA Institute, the CFA Society of Orange County, and the ESOP Association.

Paul joined Boulay in 2017 and was promoted to Partner in 2023. He is a valuation expert and also has broad experience evaluating complex financial matters and providing sophisticated advice regarding mergers and acquisitions (M&A), Employee Stock Ownership Plans (ESOP), and corporate finance matters. Paul guides his clients through complex transactions and has performed hundreds of valuation, consulting, and advisory engagements to assist his clients with M&A, business/ownership succession, and financial management and planning. With a deep academic background in finance and accounting, he understands the complexity of corporate finance and valuation and is eager to assist companies with navigating these matters. Prior to joining Boulay, Paul began his career in RSM’s Valuation Services practice.

Mr. Goetzinger joined NCP as an analyst in October 2015.  He assists the firm's Corporate Finance and Investment Banking / Mergers & Acquisitions divisions. Prior to joining NCP, he worked as an analyst for a regional commercial bank. Mr. Goetzinger is a Cum Laude graduate of Central College with majors in Business Management and Accounting. Mr. Goetzinger was awarded a CFA Charter from the CFA Institute in the Spring of 2017 and is a member of the CFA Society Iowa. He is an active board member with Junior Achievement of Central Iowa and Community Youth Concepts.

Ryan Sperling is a manager in the ESOP Advisory group at Eide Bailly LLP. He focuses on providing sell-side advisory services to clients looking to sell to employee stock ownership plan (ESOP). Ryan advises clients through ESOP feasibility and executing the transaction. Ryan is a Certified Valuation Analyst (CVA) from the National Association of Certified Valuation Analysts. He has over a decade of experience providing valuations for a variety of purposes including gift and estate tax, management planning, and litigation support. Ryan is based out of Minneapolis, MN, and serves clients nationally. He earned a Bachelor of Science degree in Accounting from Minnesota State University. Ryan is a member of the National Center for Employee Ownership (NCEO).

Sean advises companies, business owners, boards of directors and employee stock ownership plan (ESOP) trustees on transactional, corporate governance and formation matters related to the design and implementation of ESOPs. Sean’s work includes drafting and negotiating agreements and other documents for stock purchases, leveraged buyouts, mergers, reorganizations and corporate governance and formation matters.

Sean began his career as a corporate transactional lawyer, with a focus on mergers and acquisitions, private equity, fund services, venture financing and marketplace/P2P lending. His experience also includes advising nonprofit, charitable and other tax-exempt organizations and social enterprises.

Sean serves on the Advisory Board of Talley Management Group, a ESOP-owned company based in Mt. Royal, NJ. In addition to his professional work, Sean serves as a member of the Board of Directors of Independence Mission Schools, a network of 15 independent Catholic schools providing a transformative education to children of all faiths across Philadelphia, and Nutritional Development Services of the Archdiocese of Philadelphia, an organization dedicated to alleviating food insecurity in Southeastern Pennsylvania.

Education

• Temple University Beasley School of Law, J.D., 2013
• University of Pennsylvania, B.A., Political Science, 2008

Bar Admissions

• Pennsylvania
• New Jersey

Shea heads the National ESOP Banking Group for City National Bank.  Reports to the Head of Middle Market Banking for City National Bank. Prior to joining CNB, Shea previously served as Head of ESOP Finance Group at California Bank & Trust for 5+ years.

Certified ESOP Professional: Obtained ESOP Professionals Certification through UCSD’s the Beyster Institute.

Approval Process: Shea and his team work directly with credit administrators and executive level decision makers to approve financing for ESOP clients.

Primary Point of Contact: Shea and the National ESOP Banking Group will have their own balance sheet and be the primary point of contact for all ESOP clients booked by Shea’s team, a unique differentiator amongst large national banks.

Business Administration with a minor in Finance from Hartwick College in Oneonta, NY.

Theo is an Associate Director for the PNC ESOP Solutions team in Pittsburgh.

As a member of the ESOP Solutions team, Theo supports existing and potential ESOPs in navigating corporate finance transactions as they relate to ESOPs. This includes modeling and structuring financing for ESOP buyouts, shareholder redemptions, M&A, and other strategic activities.

Theo has been with PNC his whole career, and joined the ESOP Team in 2020. He is an active member of The ESOP Association both locally and nationally. Theo earned a B.S. in Economics and Statistics from Carnegie Mellon University. He has passed the Level II exam in the CFA program and has obtained his FINRA Series 79 and 63 licenses.

Todd McAdams serves as a Member within the firm’s Audit Division and serves as the leader of both the firm’s Government Contracting Group and the firm’s ESOP Accounting and Advisory Services Practice Group. With more than 20 years of experience in public and industry accounting, Todd specializes in DCAA audit support, financial statement preparation, audit and analysis, internal controls, employee benefit plans (401(k), ESOP, stock options, NQ Plans) and accounting software packages (Deltek, Unanet, QuickBooks). His expertise spans various industries, including government contracting, construction, technology and life sciences and nonprofits. Todd resides in Huntsville with his wife and two children.

Education

• Bachelor of Science in Accounting
  University of Alabama Huntsville, Huntsville AL
• Masters of Accountancy
  University of Alabama Huntsville, Huntsville, AL

Professional Affiliations

• American Institute of Certified Public Accountants
• Alabama Society of Certified Public Accountants
• Tennessee Society of Certified Public Accountants
• ASCPA Leadership Academy Class One
• Leadership Huntsville/Madison County Connect Class 9
• ASCPA Accounting Achievement, Individual Leadership Awards
• Employee-owned S Corporation of America (ESCA), Member
• The ESOP Association, Member

Community Involvement

• HEALS, Inc., Board Member, Past President, VP, Treasurer
• Community Foundation of Greater Huntsville, Finance Committee
• Trinity United Methodist, Treasurer & Finance Committee
• Committee of 100
• YMCA & Huntsville Childcare Center, Past Board Member

Ask Me About

• DCAA audits of your accounting system
• My work with ESOPs

Tom Murphy is an attorney and experienced ESOP Trustee. Prior to joining Prudent Fiduciary Services, Mr. Murphy spent 3 and half years as an Institutional ESOP Trustee with Bremer Bank, headquartered in St. Paul, MN.

Prior to coming to the ESOP space, Mr. Murphy spent 7 years in the document and contract review field. Mr. Murphy spent time reviewing contracts for the Minnesota Department of Natural resources, approving hundreds of contracts, grants, and research agreements with various private entities, public and private institutions, and other government agencies.

Mr. Murphy brings ERISA fiduciary knowledge and experience to the firm, particularly with respect to plan administration, plan mechanics, and relationship management. Mr. Murphy also brings third party administration expertise and experience from his time at Bremer.

Mr. Murphy graduated from the University of Saint Thomas in St. Paul, MN with a B.A. in political science and received his J.D. also from St. Thomas. Mr. Murphy is a member of the State Bar of Minnesota.

Trevor Kauk joined Bankers Trust in May 2019. He first held a position in the commercial credit department covering the underwriting for various loan officers spanning C&I, CRE, and FI loan portfolios. He joined the specialty finance team as a relationship manager in June 2022 focusing on ESOP lending and currently manages a loan portfolio of $100 million. Before joining Bankers Trust, he held a credit analyst position at Plains Commerce Bank out of South Dakota for two years.

Trevor earned a Bachelor of Science degree from Dordt University, majoring in Business Administration with an emphasis in Finance. He also completed the Iowa School of Banking program through the Iowa Bankers Association and the Bankers Trust Leadership Academy in 2023. He is currently an associate member of the finance committee for The ESOP Association and currently resides in Sioux Falls, South Dakota with his wife Gabrielle and their border collie mix dog Lua.

Tyler Kempton is a Regional Sales Director at ESOP One, where he responsible for building and managing relationships with employee-owned companies in the Midwest and Southeast regions. Tyler works to promote the value of employee-stock ownership plans by education, communication, and engagement via Esop One's tech based solutions.

Growing up in Buffalo, New York, Tyler is an avid Bills and Sabers supporter and enjoys playing golf on the weekends. He currently resides in Charleston, South Carolina.

Zach Kubly is a director in Katz, Sapper & Miller’s Business Advisory Group. Experienced in federal and state tax matters, Zach works with clients in a wide range of industries, including construction, agriculture, manufacturing, distribution, and transportation. Additionally, as a member of the firm’s ESOP Services Group, Zach has experience
serving ESOP clients across multiple industries and stages in their journey, from formation to maturity. Zach helps clients minimize tax liabilities, limit exposure, and proactively plan for future opportunities. He provides consulting services to clients of various sizes – from small businesses to large corporations – and equips them with the advice they need to make timely, accurate, and educated business decisions.

Prior to joining KSM, Zach spent six years at a Big Four firm serving midsized companies and five years with local firms working with small businesses and their closely held owners.

Education
Zach received a Bachelor of Science degree in accounting and finance from Indiana University’s Kelley School of Business.

Associations and Community Involvement
Zach is a member of The ESOP Association, the American Institute of CPAs, and the Indiana CPA Society. He also serves as board treasurer for Edna Martin Christian Center.

Austan Wellman is an attorney with Atlas Legal Services, PLLC, where he advises ESOP companies, selling shareholders, trustees, and privately held businesses on employee ownership transactions and ongoing corporate matters. His practice includes representing both companies and trustees in new ESOP formations, as well as advising on ESOP-related mergers and acquisitions, governance matters, financing arrangements, and other strategic transactions.

Austan also advises founders, investors, and privately held companies on general corporate, M&A, startup, and venture matters, including entity formation, capital raising, governance, contract negotiation, and ownership transitions.

Atlas Legal Services works with companies and ESOP service professionals nationwide, with a particular focus on the Upper Midwest. Austan takes a practical, responsive, and collaborative approach and enjoys working alongside trustees, valuation professionals, financial advisors, lenders, and other members of the ESOP advisory team. He is an active member of The ESOP Association, the National Center for Employee Ownership, and the Minnesota/Dakotas ESOP Chapter.

Austan earned his B.S., magna cum laude, from North Dakota State University and his J.D. from the University of North Dakota School of Law. Outside of work, he enjoys time with his wife and children, the outdoors, and fishing. He also serves on the board of the historic Fargo Theatre, mentors local startups, and is a program advisor to NDSU’s Pathway Ventures program.

Chris is an emerging leader in the Employee Stock Ownership Plan (ESOP) and exit planning ecosystem, focused on helping privately held business owners unlock tax-efficient liquidity while preserving independence, culture, and long-term value.

Based in Miami, Chris is rapidly building a national presence as a trusted advisor to founders evaluating alternatives to private equity and strategic buyers.

With over 15 years of experience spanning business development, corporate strategy, and fiduciary wealth management across the U.S. and Europe, Chris brings a unique combination of relationship-driven deal origination and technical financial expertise. He holds the Certified Exit Planning Advisor (CEPA®) designation, a bachelor's degree in industrial engineering, and an MBA with honors from California Lutheran University's School of Management.

Chris is a registered securities representative (Series 7 and 66) through FINRA as well as a member of the ESOP Alliance, Exit Advisor Alliance (EAA) and the National Center of Employee Ownership (NCEO).

He lives in Doral, Florida, with his wife, Dionne, and their two children. Outside the office, he enjoys spending time outdoors, traveling, and getting on the tennis court whenever possible.

David Jenkins is a Vice President in FMI Capital Advisors' ESOP Advisory practice, where he advises companies across the built environment—including construction, specialty contracting, engineering, energy, and industrial services—on the structuring, implementation, and execution of Employee Stock Ownership Plan (ESOP) transactions. FMI's ESOP Advisory team helps business owners establish a lasting legacy by guiding them through the sale of their company to an ESOP, offering employees ownership, retirement benefits, and a clear succession plan, while providing sellers with significant liquidity, tax, and estate planning advantages. Since joining FMI in January 2026, David has led the execution of multiple ESOP transactions in the built environment.

Prior to FMI, David spent nearly five years at BDO Capital Advisors as an Experienced Senior Associate in ESOP Advisory, where he worked with middle-market companies and their shareholders on exit and liquidity strategies—completing more than 25 ESOP transactions across a range of industries.

David holds a Master of Science in Finance and a Bachelor of Business Administration in Finance (with a Bachelor of Science in Accounting and a Statistics minor) from the University of Kentucky. Originally from Upstate New York, David spent the earlier part of his career in Chicago before relocating to Raleigh, North Carolina, where he now lives and works.