Understanding the Risks and Opportunities in Underwriting Employee Stock Ownership Plan Companies (ESOPs)

Mary Josephs is founder and Executive Managing Director of Verit Advisors, a leading ESOP advisory firm. She has more than 28 years experience with ESOPs as a specialized solution-oriented succession and liquidity transaction for middle market companies and has advised, structured and closed more than 200 financings for middle market companies. 

Ms. Josephs founded the ESOP group at LaSalle National Bank, co-founded and launched a leading ESOP Advisory practice for ABN AMRO LaSalle Corporate Finance. Upon LaSalle’s acquisition by Bank of America she led the ESOP Solutions Group for all of Bank of America-Merrill Lynch.

Ms. Josephs is chair of The ESOP Association’s Finance Advisory Committee, a member of The ESOP Association’s Board of Directors, board member of The National Center for Employee Ownership, Advisory Board member for Employee-Owned S Corporations of America, chair of The ESOP Association’s Advisory Committees, and lifetime member of The ESOP Association’s Board of Governors. 

William P. Waters is Vice President of Contract Surety Underwriting for CNA Surety. He began his surety career in 1978 and worked for three major sureties in New York and Indiana before moving to Chicago and joining CNA. Mr. Waters has been with CNA for 25 years and has served in his current capacity as head of contract underwriting since 2001.

He serves on the Small & Emerging Contractors Committee for the Surety & Fidelity Association of America (SFFA) and is a frequent speaker at industry association meetings including NASBP, SFAA, and AGC.