ESOPs as a Succession Solution: Navigating the Future of Family Businesses
Presented By: Forvis Mazars / Levenfeld Pearlstein
As family businesses plan for the future, exploring transition strategies becomes critical. Hear from two c-suite executives who have opted for pursuing Employee Stock Ownership Plans (ESOPs) as a succession option that offered an innovative path to ensuring long-term legacy and stability. They, along with two veteran M&A advisors, will explore how ESOPs can provide liquidity, retain company culture, and align the interests of employees and owners as a viable option for your family business.
Moderator:
Partner
Forvis Mazars
Cara’s area of focus is employee stock ownership plans (ESOPs) in privately held companies. She structures and facilitates the creation of new ESOPs and works with existing ESOPs in matters ranging from acquisition structuring to repurchase planning and analysis. Cara’s experience with ESOPs also includes providing financing assistance, tax planning, ongoing plan administration, employee communication, and structuring of executive incentive plans.
Cara is a member of the American Institute of CPAs, Kentucky Society of Certified Public Accountants, The ESOP Association, The National Center for Employee Ownership, and Employee-Owned S Corporations of America.
She currently serves on the board of directors of the ESOP Association and the Women’s Fund of South Central Kentucky.
Member
Lenvenfeld Pearlstein
David is a partner in the firm’s Corporate Group and a member of the firm's Executive Committee. David has extensive experience in structuring and consummating mergers and acquisition transactions and in representing lenders and private equity firms when they make investments in companies. Upon joining LP in 2009, David founded and currently serves as the head of the firm's Employee Stock Ownership Plan (ESOP) practice, which serves clients who are involved in various types of transactions involving ESOPs.
Panelists:
Chairman & CEO
Jasper Holdings
In 1976, Doug joined Jasper Engines & Transmissions as a sales trainee, then became the advertising manager, sales manager, and vice president. The company was purchased in 1987, and he was elected president. In 1989, JASPER became involved with NASCAR, and in 2001, Doug partnered with Roger Penske to form Penske Jasper Engines.
Penske Jasper Racing was formed in 2003 and sold in 2009 to Penske to focus on producing NASCAR Transmissions. On March 2, 2010, Doug announced that Jasper Engines and Transmissions had become a 100% ESOP company. He became the chairman and CEO of Jasper Holdings, Inc. (JHI) when it was later established. In 2023, JHI employed 4,300+ Associates, recorded $1.1 Billion in revenue, and was valued at $1.6 Billion. Since the ESOP‘s inception, JHI has distributed over $609 Million in stock.
President & CEO
Cyl-Tec, Inc.
Tom Bennett is President/CEO of Cyl-Tec, founded by his family in 1990. Tom has been with Cyl-Tec for 25 years and previously was a Regional President at Airgas/Air Liquide, worldwide supplier of gases and industrial supplies. Tom led the recent sale of Cyl-Tec to the employees (ESOP) and continues to serve as President/CEO.