I help my clients assess, consider, and navigate the feasibility and implementation of an Employee Stock Ownership Plan (ESOP) as an ownership succession and employee incentive strategy. For companies that have already implemented an ESOP, I provide counsel and guidance for ongoing compliance of the ESOP as a qualified retirement plan and with respect to any related fiduciary or corporate governance concerns, including US Department of Labor and Internal Revenue Service audits, as well as assist with voluntary correction submissions that may be applicable.
My clients include business owners and companies considering an ESOP, companies that have already implemented an ESOP, individual selling shareholders, banks, and internal and external (individual and institutional) ESOP trustees. I have advised clients in ESOP transactions ranging from under a million dollars to over four hundred million dollars.
We were and continue to be extremely pleased with [Tabitha’s] level of knowledge on all things ESOP’s, but more than that is her practical way of dealing with clients in a way that is understandable and meets the outlined goals.
Derrick Vick, PhD
CFO, Freedom Industries, Inc.
Throughout our year-long transition to 100% employee ownership, Tabitha’s deep ESOP expertise, dedication, and drive were essential. She led the effort, developed the extensive documentation required for ESOP structuring, and coordinated the many organizations involved to ensure a successful outcome.
Her confidence and foresight were crucial during critical moments. She anticipated potential issues before they even arose, keeping us calm and focused. Combining the tax advantages of an ESOP with cooperative governance, we created a model that channels economic benefits directly to employees while giving them a voice in decision-making. Thanks to Tabitha’s willingness to innovate with us, we successfully transitioned into an innovative employee-owned software company. I couldn’t recommend Tabitha more to any business owner considering or managing an ESOP.
Michael Knapp, PhD
Founder and Former CEO, Green River
I frequently speak at ESOP conferences nationwide and present regularly on how ESOPs can be an effective and tax efficient exit or transition planning solution for owners of privately held businesses.
I strongly believe that employee ownership through an ESOP can be extremely motivating for employees in a structure that maintains good jobs in local communities while serving as a successful ownership transition and liquidity strategy for privately held business owners. Curious how to hire an ESOP attorney and why it matters?
When I’m not counseling clients on a myriad of ESOP related matters, my other job is as a wife and a mother of two young women who keep me busy with their love of animals, sports, and outdoor activities. I also enjoy travel and meeting new people in new towns all over the United States.
Representative Matters
- Served as counsel to retail company in multimillion dollar sale of founder’s stock to a newly established employee stock ownership plan.
- Served as counsel to Trust Company serving as a trustee of an ESOP that acquired 100% of the company’s shares to become an ESOP owned company.
- Served as counsel to a 100% ESOP owned manufacturing company that sold to a third party buyer.
- Served as counsel to internal trustees considering the purchase of shares from an shareholder in a multimillion dollar purchase.
Publications
- “Responding to Acquisition Offers in ESOP Companies”, contributing author, 3rd edition February 2023.
- “The ESOP Company Board Handbook”, contributing author, 3rd edition June 2022.
- “Loan Forgiveness Under the CARES Act,” Devine Millimet E-Alert, March 31, 2020
- “COVID-19 – The CARES Act and Loans under the Paycheck Protection Program,” Devine Millimet E-Alert, March 31, 2020
- “Have You Thought About Your Business Succession Strategy”, NH Business Review, July 30, 2018
- ”Basic Fiduciary Guidance For the ESOP Trustee in Corporate Finance Transactions.”, Review of Employee Benefits: Corporate Finance Transactions, Chapter 9, August 17, 2011 (co-authored)
Podcasts
- Episode 25 – Tabitha Croscut of Devine Millimet on Transactional Law for ESOPs, The ESOP Podcast
- Mini-cast 9: Tabitha Croscut of Devine Millimet on Considering Employee Stock Ownership, The ESOP Podcast
- Episode 77 – ESOP 101 What, Why and How, The ESOP Podcast 2019 (https://www.theesoppodcast.com/post/77-esop-101-what-why-and-how)
Community Involvement
- Vermont Employee Ownership Center (VEOC), Director and Past President
- The ESOP Association (TEA), Legislative and Regulatory Committee, member
- National Center for Employee Ownership (NCEO), member
- Employee Ownership Foundation, Trustee
- Private Directors Association, past member
- Co-presented “ESOP Transaction Basics” for the Vermont Employee Ownership Center’s 2023 Annual Conference, Burlington, VT, June 2023.
- Co-presented “Is Your ESOP’s Plan Design Working” at The ESOP Association’s Annual Conference, Washington, DC, May 2023.
- Co-presented “Sell-side Process” section of the ESOP Virtual Conference hosted by the ASA on June 20, 2023.
- Co-presented “Warrants in an ESOP-Owned Company” at The ESOP Association’s annual Employee Owned 2022 Conference, Las Vegas, NV, Nov. 2022.
- Co-presented “Introduction to ESOPs” for the Vermont Bar Association in Burlington, VT on Oct. 25, 2022.
- Co-presented “I wish I knew what I know now… when my ESOP was younger!” at the 2022 Multistate Regional Conference in Hershey, Pennsylvania, Sept. 2022.
- Co-presented “Is your Company ESOP-able?” at the NCEO’s 2022 Annual Employee Ownership Conference, April 2022.
- Co-presented “ESOP Transaction” section of the ESOP Virtual Conference hosted by the ASA on June 21, 2022.
- Co-presented on recent legislative changes impacting ESOP feasibility for New York State A&E companies at the ACEC NY 2022 Winter Conference in Albany, NY, Jan. 31, 2022.
- Co-presented NCEO seminar “Board & Management Roles – Issues I?” at the NCEO’s 2021 Annual Employee Ownership Conference on November 11, 2021.
- Co-presented “Basics of Distributions,” The ESOP Association New England Chapter, 2021 Annual Fall ESOP Conference, Burlington, MA, September 29, 2021.
- Co-presented “ESOP Transactions from A to Z,” VEOC Annual Conference, Burlington, VT, June 3, 2021.
- Co-presented “Valuation Report Requests: How to Respond,” at The ESOP Association’s Annual Conference, Washington, DC, May 2021.
- Co-presented “ESOP 101” webinar hosted by Connecticut Business and Industry Association (CBIA) with Empire Valuation Consultants & Wells Fargo via Zoom on Nov. 24, 2020, which is recorded and available here
- Co-presented “ESOP 201 ESOP Feasibility” webinar with Empire Valuation Consultants (recorded) via Zoom on September 30, 2020, which is recorded and available here
- Co-presented “Hot Topics for ESOPs” and “ESOP Transaction Basics” via Zoom at the 2020 Annual Vermont Employee Ownership Center Conference on Aug. 18, 2020
- Co-presented “ESOP Hot Topics” via Zoom for Vermont Employee Ownership Center on June 11, 2020 which is recorded and available here
- Presented NCEO seminar “The ABC’s of ESOP Feasibility: What is it?” at the NCEO’s 2020 Annual Employee Ownership Conference on April 21, 2020
- Presented at “Is an ESOP Right For You” hosted by the National Center for Employee Ownership in person seminar in Scottsdale, AZ on February 11-12, 2020
- “Hot Topics for ESOPs,” Webinar sponsored by the Vermont Employee Ownership Center, June 11, 2020
- NCEO’s Annual Employee Ownership Conference, Pittsburgh, PA, April 9-11, 2019
- “Introduction to the Employee Stock Ownership Plan- The ESOP,” SE EASA Spring Conference with HDH Advisors, Myrtle Beach, SC, March 6-9, 2019
- “Is an ESOP Right for You? An In-Depth Look at Employee Stock Ownership Plans,” Embassy Suites, Scottsdale, AZ, February 13-14, 2019
- “Boards of Directors’ and Trustees’ Roles in ESOP Companies: Part 1,” 2018 Las Vegas Conference and Trade Show, Caesars Palace in Las Vegas, Nevada, November 8-9, 2018
- “Plan, Design, and Operation” session at “Is an ESOP Right for You? An In-depth Look at Employee Stock Ownership Plans,” NCEO Conference, Memphis, TN, October 17-18, 2018
- “CEO/CF – Things to Know When Considering a Sale of Your ESOP Company,” New England Chapter, 2018 Annual Fall ESOP Conference, Mystic, CT, October, 11-12, 2018
- “Annual Valuation Process: What Internal Trustees Need to Know,” Multi-State Conference, Hershey Lodge in Hershey, PA, September 12-13, 2018
- “Introduction to ESOPs,” Vermont Bar Association, Burlington, VT, June 22, 2017
- “ESOP Transaction Basics and the Story of Switchback Brewery’s New ESOP,” VEOC Annual Conference, Burlington, VT, June 2, 2017
- “What to do with Your Cash: Repurchase, Growth, Preservation,” 2017 NCEO Employee Ownership Conference, Denver, CO, April 4-6, 2017
- “ESOP 201 – The Deeper Dive,” The ESOP Association New England Chapter, Lowell, MA, March 31, 2017
