OneAmerica was involved in a finalist presentation for a prospective 401(k) and DB client (1 401(k) $25mm, 2 DBs totaling $25mm). As it turned out, they also had an ESOP but that plan was not on the table. At the end of the presentation, the CFO mentioned that they...
A new ESOP was preparing for its closing. The 100% owner was trying to decide whether to take a 1042 election and defer the capital gains (which would mean that he and his son would be excluded from participating in the ESOP) or to not take 1042 and be included in the...
This $7,000,000 transaction allowed the ESOP to purchase of 51% of the company's stock from its two owners. The buyout was structured through a term note and line of credit. Additionally, we provided the company with a working capital line of credit to assist with the...
The purpose of this transaction was to finance the purchase of the remaining 52% of the company stock from various shareholders of the company. First American Bank took advantage of the company’s strong cash flows and implemented a line of credit two-way sweep, coupled...
First American Bank was able to refinance the existing ESOP debt and liquidate the seller notes from the original ESOP financing that had been issued to support the purchase of 53% of the company stock by a previous ESOP. In addition, working capital needs were met and...
The CEO/Partners have done their homework. Their startup is not really a startup anymore as they have tested the waters, done their research, and have identified several customers who have bought their products and services. The real test now is developing a plan...