Related Professionals
READING, PA, November 30, 2016 – Stevens & Lee Shareholder Edward C. Renenger presented at the Midatlantic Employers’ Association Business Transitions event held November 3, 2016, in King of Prussia, PA.
In a panel session discussing ESOPs and their role in transition planning, Mr. Renenger and his fellow speakers, a CFO and CEO of their respective ESOP companies, discussed how owners can get ahead of business transitions. Mr. Renenger advised owners to take a goal-oriented approach, considering which transition strategies are most likely to satisfy their goals, and said that ESOPs should be part of the discussion. This ESOP-focused panel was accompanied by two other panels which discussed family transitions and outright sales.
Mr. Renenger concentrates his practice in helping companies navigate the complexities of employee stock ownership plans (ESOPs). In this capacity, Mr. Renenger advises business owners on how to sell their companies to its employees through an ESOP. This includes working with the company to first determine the feasibility and impact of creating an ESOP, consulting on whether the ESOP accomplishes the goals of the relevant stakeholders, designing the appropriate structure to accomplish those goals, implementing the transaction and then assisting the company with the ongoing administration and compliance of the ESOP.
Mr. Renenger also advises on other ESOP-related transactions, including situations where ESOP-owned companies sell to outside buyers when they have determined that exiting the ESOP structure is appropriate for shareholders. He works with the entire range of ESOP-owned companies, including S Corporations, C Corporations, private companies, publicly traded companies, companies that are wholly owned by the ESOP trust and companies in which the ESOP is a minority owner. Mr. Renenger also counsels ESOP trustees on their fiduciary obligations under ERISA in ESOP-related transactions and when unique situations arise in an already established ESOP.
Mr. Renenger also has particular experience working with ESOPs for financial institutions, such as community banks looking to an ESOP as a source of liquidity for founding shareholders and insurance companies who establish an ESOP in conjunction with a demutualization.
When not working with ESOPs, Mr. Renenger advises clients on the structure and compliance of defined benefit pension plans and defined contribution plans, including 401(k) plans, especially in complex matters involving the Internal Revenue Service, the U.S. Department of Labor and the Pension Benefit Guaranty Corporation.
He holds a J.D., magna cum laude, from Georgetown University Law Center and a B.A., summa cum laude, from The Catholic University of America.
