$3.9 trillion
In invested assets globally
As of 12/31/2022
Private Wealth Management
Exiting a business can be a time-consuming and often emotional process for an entrepreneur or business owner. It is important to have a team of professionals that you can turn to for help with any part of the exit process.
The Capital ESOP Group has helped business owners and their families create over $2 billion of liquidity. We follow a disciplined process when it comes to evaluating your options for transitioning your business.
We are equally focused on your post-liquidity needs. Our team provides holistic wealth management solutions, sophisticated tax and estate planning strategies, and targeted investment recommendations. Our process is intended to help preserve your wealth as you enter the post-liquidity life you’ve long envisioned for yourself and your family.
Keith has over 21 years of experience in the financial services industry, with an extensive background in corporate finance with entrepreneurs and business owners. As the founding partner, he heads the team's Private Wealth practice, where he works to determine client needs and match them with the proper resources of UBS, a leading global bank. Keith focuses on solutions encompassing asset allocation, as well as wealth and liability management to create tailored financial plans for his clients. His process entails a disciplined approach to help business owners with sell-side advisory solutions and post-sale financial planning to include holistic wealth management, including tax and estate planning strategies through strategic partnerships. Keith is a nationally recognized leader on ESOPs and Internal Revenue Code §1042 rollovers.
As an active member in the ESOP community, Keith's total participation in ESOP transactions has exceeded $3.5 billion in transaction value across various sectors and industries. Additionally, Keith frequently speaks at national conferences on topics including ESOPs, §1042 rollovers and business succession planning.
Keith is a member of the National Center for Employee Ownership and the finance committee for the ESOP Association. He coauthored the book Selling Your Business to an ESOP, now in its ninth edition. After becoming a Certified Exit Planning Advisor® (CEPA®) in 2018, he was asked to be an instructor for the Exit Planning Institute.
Keith previously sat on the board of Patriot Farmers of America, a nonprofit teaching entrepreneurship and sustainability to veterans seeking a future in farming. Outside the office he enjoys traveling, fly-fishing, reading, and spending time at his family farm in Virginia. Mostly, he loves being a dad to his daughters Lyla and Sutton, who he lives with in Washington, DC.
CA License #0H82204
Nick joined UBS in 2011. Prior to his tenure at UBS, he worked with high net worth individuals at a hedge fund in Greenwich, CT.
As a partner of The Capital ESOP Group, Nick focuses on educating business owners on tax-efficient exit strategies. He is committed to helping clients recognize their options, understand the pros and cons of each strategy and choose the best succession plan for themselves and their families. Nick also creates tailored cash flow models comparing the taxable sale of privately held businesses and a tax-deferred sale to an ESOP under § 1042 of the Internal Revenue Code.
With a consultative approach, Nick seeks to earn his clients' trust through open, transparent communication and by working with clients' tax and legal advisors to construct an overarching strategy.
In 2021, Nick was promoted to Managing Director-Wealth Management. He is frequently asked to speak on a national level regarding employee stock ownership plans and § 1042 rollovers. He is an associate member of the finance committee for the ESOP Association and a member of the National Center for Employee Ownership. Nick was also appointed vice president of Business Networking International in DC.
In August 2022, Nick, his wife Mary Elizabeth, and their sons Sebastian (“Baz”) and Ramsey Jay (“RJ”) welcomed the newest member of their family: Trip Clayton Francia. Outside of the office, Nick enjoys spending time with his family, reading, fly-fishing and traveling with his wife.
CA License #0I84884
With a focus on post-ESOP financial planning, Rob Allred has significant experience in creating customized financial plans that take into consideration the specific needs of business owners who have sold their stock to an ESOP. Rob incorporates the amortization of the seller note, the interest paid on the seller note and any nonqualified deferred compensation into his financial planning decisions. He also focuses on developing personal relationships with clients so he can successfully implement tailored asset management strategies, insurance, tax and estate planning solutions.
Over his more than 20-year career at UBS, Rob has joined the elite group of UBS Financial Advisors who have earned the designation of Certified Private Wealth Advisor®. He also holds the CERTIFIED FINNANCIAL PLANNER™ professional designation.
Rob graduated from Randolph-Macon College with a degree in business and economics. Rob lives in Vienna, VA with his wife, Molly, and four children, Lilly, Annie, Reece and Carly. Outside of the office, Rob enjoys outdoor activities, competing in triathlons and spending time with his family.
CA License #0F87954
Joanne serves as the team’s primary investment consultant, leveraging her knowledge across asset classes and investment vehicles to provide clients with customized portfolio solutions to meet their cash-flow needs, planning goals and risk tolerance in a tax-efficient manner. She examines top-down economic research and performs in-depth investment manager due diligence to help shape the team’s view on portfolio construction and implementation. Apart from her role on the wealth management side, Joanne is also intricately involved with the ESOP arm of the business. On that front, she assists with qualified replacement property implementation and cash flow analysis.
Prior to joining The Capital ESOP Group, Joanne worked with an independent investment advisory firm. She had previously worked as a financial analyst in the private wealth management division at Goldman Sachs. Her experience in the financial services industry has been focused exclusively on helping high net worth individuals and families navigate their financial lives.
Joanne graduated summa cum laude from the George Washington University with a B.B.A. in finance and international business. Outside of the office, she enjoys traveling, spending time on the water, and taking weekend trips to the nearby Shenandoah Valley.
Sarah is responsible for managing the team’s tailored cash flow modeling function. Through detailed analyses, she helps business owners compare the taxable sale of privately held businesses with §1042 tax-deferred sales to employee stock ownership plans. She also leads the team’s marketing campaigns and creates original content regarding ESOPs. Prior to officially joining The Capital ESOP Group, Sarah worked at UBS and gained experience in both the wealth management and business solutions fields.
Sarah graduated with a B.S.B.A. from the McDonough School of Business at Georgetown University, where she majored in operations and information management and finance. She is originally from Rochester, NY. Outside the office, she enjoys reading, playing golf and attending concerts in the DC area.
Marguerite is the team’s primary Wealth Planning Specialist. She provides our clients with personalized financial planning to create a holistic view of their wealth. This planning is critical to providing advice to our clients that is in harmony with their needs and aspirations.
Marguerite has nine years of experience with UBS. She holds the Certified Financial Planner™ designation. This designation comes with extensive training in financial planning, estate planning, insurance, investments, taxes, employee benefits and retirement planning.
Marguerite lives in Annapolis, MD with her husband, Leland, and their son Kemper. She loves being outdoors, food and travel.
As a Wealth Strategy Associate with The Capital ESOP Group, Breton Laubscher brings an extraordinary passion and care to helping clients achieve their financial goals. Breton takes a truly consultative approach to working with clients—a valuable skill he garnered over a more than 10-year career in sales before entering the financial services industry. He has a love of the markets, a knack for problem-solving and an enjoyment from seeing others succeed.
Breton completed the Investment Management Theory & Practice program from the Yale School of Management, and holds a B.S. in communication studies from Towson University. He and his wife, Samantha, live in Millersville, MD with their two sons, Maxwell and Banks. In his free time, Breton enjoys golfing, waterskiing, snow skiing, reading and photography.
Jake works to support and inform wealth management decisions and processes. He performs research, analysis and due diligence to ensure that the team is pursuing the best opportunities with up-to-date knowledge. He also generates investment allocation proposals, builds out reports to review existing client portfolios and communicates with third-party asset managers.
Originally from Philadelphia, Jake graduated with a B.S.B.A. from the Palumbo-Donahue School of Business at Duquesne University, where he majored in finance and accounting. Prior to joining The Capital ESOP Group, he had completed internships in consumer banking and tax accounting before working in small business lending for a time. Outside of the office, he enjoys soccer, spends a lot of time reading and is always looking for somewhere new to go hiking.
As a member of The Capital ESOP Group, Kaveh is responsible for creating financial models comparing the taxable sale of privately held businesses with §1042 tax-deferred sales to Employee Stock Ownership Plans (ESOPs). Kaveh is committed to client service and doing whatever it takes to help clients make an educated decision on what is best for them and their families. He also assists the team in managing the 1042 QRP allocation process taking into consideration and analyzing different ESOP bond terms.
Prior to joining UBS, Kaveh worked at a private wealth management firm as a research analyst. He is a resident of Great Falls, Virginia, and a graduate of GMU with a B.S in Finance, where he was recognized for his leadership position in the GMU Student Managed Investment Fund. Kaveh is an avid tennis player and active member of the United States Tennis Association. He also has a passion for skiing and photography.
In successfully managing all service needs for clients of The Capital ESOP Group, Steve Brinckhaus leverages the vast experience he’s gained over his nearly 15-year financial services career. He also helps to keep the team operating in an organized and efficient manner.
Steve holds a B.A from the University of Mary Washington. He resides in Severna Park, MD and enjoys traveling with his wife and kids, playing sports and rooting for the Washington Redskins.
As a Registered Client Service Associate, Ally focuses on providing exceptional service to our clients through all stages of the relationship. She works diligently with the team to manage account opening, perform account maintenance and resolve client inquiries. Her experience within UBS allows her to access the firm’s resources to provide the type of service experience discerning clients expect. Prior to joining UBS in 2019, Ally spent two years at Franklin Templeton Investments as a territory coordinator.
Ally earned her bachelor’s degree from University of Colorado in 2013. She holds her Series 7 and Series 63 securities licenses. Outside of the office, Ally enjoys running, practicing yoga, traveling and most importantly, spending time with her loved ones.
Keith has over 21 years of experience in the financial services industry, with an extensive background in corporate finance with entrepreneurs and business owners. As the founding partner, he heads the team's Private Wealth practice, where he works to determine client needs and match them with the proper resources of UBS, a leading global bank. Keith focuses on solutions encompassing asset allocation, as well as wealth and liability management to create tailored financial plans for his clients. His process entails a disciplined approach to help business owners with sell-side advisory solutions and post-sale financial planning to include holistic wealth management, including tax and estate planning strategies through strategic partnerships. Keith is a nationally recognized leader on ESOPs and Internal Revenue Code §1042 rollovers.
As an active member in the ESOP community, Keith's total participation in ESOP transactions has exceeded $3.5 billion in transaction value across various sectors and industries. Additionally, Keith frequently speaks at national conferences on topics including ESOPs, §1042 rollovers and business succession planning.
Keith is a member of the National Center for Employee Ownership and the finance committee for the ESOP Association. He coauthored the book Selling Your Business to an ESOP, now in its ninth edition. After becoming a Certified Exit Planning Advisor® (CEPA®) in 2018, he was asked to be an instructor for the Exit Planning Institute.
Keith previously sat on the board of Patriot Farmers of America, a nonprofit teaching entrepreneurship and sustainability to veterans seeking a future in farming. Outside the office he enjoys traveling, fly-fishing, reading, and spending time at his family farm in Virginia. Mostly, he loves being a dad to his daughters Lyla and Sutton, who he lives with in Washington, DC.
CA License #0H82204
Nick joined UBS in 2011. Prior to his tenure at UBS, he worked with high net worth individuals at a hedge fund in Greenwich, CT.
As a partner of The Capital ESOP Group, Nick focuses on educating business owners on tax-efficient exit strategies. He is committed to helping clients recognize their options, understand the pros and cons of each strategy and choose the best succession plan for themselves and their families. Nick also creates tailored cash flow models comparing the taxable sale of privately held businesses and a tax-deferred sale to an ESOP under § 1042 of the Internal Revenue Code.
With a consultative approach, Nick seeks to earn his clients' trust through open, transparent communication and by working with clients' tax and legal advisors to construct an overarching strategy.
In 2021, Nick was promoted to Managing Director-Wealth Management. He is frequently asked to speak on a national level regarding employee stock ownership plans and § 1042 rollovers. He is an associate member of the finance committee for the ESOP Association and a member of the National Center for Employee Ownership. Nick was also appointed vice president of Business Networking International in DC.
In August 2022, Nick, his wife Mary Elizabeth, and their sons Sebastian (“Baz”) and Ramsey Jay (“RJ”) welcomed the newest member of their family: Trip Clayton Francia. Outside of the office, Nick enjoys spending time with his family, reading, fly-fishing and traveling with his wife.
CA License #0I84884
With a focus on post-ESOP financial planning, Rob Allred has significant experience in creating customized financial plans that take into consideration the specific needs of business owners who have sold their stock to an ESOP. Rob incorporates the amortization of the seller note, the interest paid on the seller note and any nonqualified deferred compensation into his financial planning decisions. He also focuses on developing personal relationships with clients so he can successfully implement tailored asset management strategies, insurance, tax and estate planning solutions.
Over his more than 20-year career at UBS, Rob has joined the elite group of UBS Financial Advisors who have earned the designation of Certified Private Wealth Advisor®. He also holds the CERTIFIED FINNANCIAL PLANNER™ professional designation.
Rob graduated from Randolph-Macon College with a degree in business and economics. Rob lives in Vienna, VA with his wife, Molly, and four children, Lilly, Annie, Reece and Carly. Outside of the office, Rob enjoys outdoor activities, competing in triathlons and spending time with his family.
CA License #0F87954
Joanne serves as the team’s primary investment consultant, leveraging her knowledge across asset classes and investment vehicles to provide clients with customized portfolio solutions to meet their cash-flow needs, planning goals and risk tolerance in a tax-efficient manner. She examines top-down economic research and performs in-depth investment manager due diligence to help shape the team’s view on portfolio construction and implementation. Apart from her role on the wealth management side, Joanne is also intricately involved with the ESOP arm of the business. On that front, she assists with qualified replacement property implementation and cash flow analysis.
Prior to joining The Capital ESOP Group, Joanne worked with an independent investment advisory firm. She had previously worked as a financial analyst in the private wealth management division at Goldman Sachs. Her experience in the financial services industry has been focused exclusively on helping high net worth individuals and families navigate their financial lives.
Joanne graduated summa cum laude from the George Washington University with a B.B.A. in finance and international business. Outside of the office, she enjoys traveling, spending time on the water, and taking weekend trips to the nearby Shenandoah Valley.
Sarah is responsible for managing the team’s tailored cash flow modeling function. Through detailed analyses, she helps business owners compare the taxable sale of privately held businesses with §1042 tax-deferred sales to employee stock ownership plans. She also leads the team’s marketing campaigns and creates original content regarding ESOPs. Prior to officially joining The Capital ESOP Group, Sarah worked at UBS and gained experience in both the wealth management and business solutions fields.
Sarah graduated with a B.S.B.A. from the McDonough School of Business at Georgetown University, where she majored in operations and information management and finance. She is originally from Rochester, NY. Outside the office, she enjoys reading, playing golf and attending concerts in the DC area.
Marguerite is the team’s primary Wealth Planning Specialist. She provides our clients with personalized financial planning to create a holistic view of their wealth. This planning is critical to providing advice to our clients that is in harmony with their needs and aspirations.
Marguerite has nine years of experience with UBS. She holds the Certified Financial Planner™ designation. This designation comes with extensive training in financial planning, estate planning, insurance, investments, taxes, employee benefits and retirement planning.
Marguerite lives in Annapolis, MD with her husband, Leland, and their son Kemper. She loves being outdoors, food and travel.
As a Wealth Strategy Associate with The Capital ESOP Group, Breton Laubscher brings an extraordinary passion and care to helping clients achieve their financial goals. Breton takes a truly consultative approach to working with clients—a valuable skill he garnered over a more than 10-year career in sales before entering the financial services industry. He has a love of the markets, a knack for problem-solving and an enjoyment from seeing others succeed.
Breton completed the Investment Management Theory & Practice program from the Yale School of Management, and holds a B.S. in communication studies from Towson University. He and his wife, Samantha, live in Millersville, MD with their two sons, Maxwell and Banks. In his free time, Breton enjoys golfing, waterskiing, snow skiing, reading and photography.
Jake works to support and inform wealth management decisions and processes. He performs research, analysis and due diligence to ensure that the team is pursuing the best opportunities with up-to-date knowledge. He also generates investment allocation proposals, builds out reports to review existing client portfolios and communicates with third-party asset managers.
Originally from Philadelphia, Jake graduated with a B.S.B.A. from the Palumbo-Donahue School of Business at Duquesne University, where he majored in finance and accounting. Prior to joining The Capital ESOP Group, he had completed internships in consumer banking and tax accounting before working in small business lending for a time. Outside of the office, he enjoys soccer, spends a lot of time reading and is always looking for somewhere new to go hiking.
As a member of The Capital ESOP Group, Kaveh is responsible for creating financial models comparing the taxable sale of privately held businesses with §1042 tax-deferred sales to Employee Stock Ownership Plans (ESOPs). Kaveh is committed to client service and doing whatever it takes to help clients make an educated decision on what is best for them and their families. He also assists the team in managing the 1042 QRP allocation process taking into consideration and analyzing different ESOP bond terms.
Prior to joining UBS, Kaveh worked at a private wealth management firm as a research analyst. He is a resident of Great Falls, Virginia, and a graduate of GMU with a B.S in Finance, where he was recognized for his leadership position in the GMU Student Managed Investment Fund. Kaveh is an avid tennis player and active member of the United States Tennis Association. He also has a passion for skiing and photography.
In successfully managing all service needs for clients of The Capital ESOP Group, Steve Brinckhaus leverages the vast experience he’s gained over his nearly 15-year financial services career. He also helps to keep the team operating in an organized and efficient manner.
Steve holds a B.A from the University of Mary Washington. He resides in Severna Park, MD and enjoys traveling with his wife and kids, playing sports and rooting for the Washington Redskins.
As a Registered Client Service Associate, Ally focuses on providing exceptional service to our clients through all stages of the relationship. She works diligently with the team to manage account opening, perform account maintenance and resolve client inquiries. Her experience within UBS allows her to access the firm’s resources to provide the type of service experience discerning clients expect. Prior to joining UBS in 2019, Ally spent two years at Franklin Templeton Investments as a territory coordinator.
Ally earned her bachelor’s degree from University of Colorado in 2013. She holds her Series 7 and Series 63 securities licenses. Outside of the office, Ally enjoys running, practicing yoga, traveling and most importantly, spending time with her loved ones.
Eligibility is based on quantitative factors and is not necessarily related to the quality of the investment advice. For more information on third party rating methodologies, please visit ubs.com/us/en/designation-disclosures
Eligibility is based on quantitative factors and is not necessarily related to the quality of the investment advice. For more information on third party rating methodologies, please visit ubs.com/us/en/designation-disclosures
Working collaboratively, we educate business owners on various ways to monetize their privately held business in a tax-efficient manner.
“Our goal is to educate business owners and their trusted advisors on tax- efficient exit strategies, enabling them to preserve and pass on the wealth they worked hard to create.” — Keith Apton, Managing Director–Wealth Management
Expanding your business
When looking to expand or grow, we have access to experts that can help you manage your expansion, including private capital sourcing and public equity and debt financing.
Banking and lending services
We understand that, whether they are personal or business-related, liabilities can play a key part in a balance sheet if utilized correctly. Through UBS you can access banking and lending services such as securities-backed loans, unsecured loans, mortgages, credit cards, and more.
Selling your business
Our process offers detailed modeling, clearly illustrating what it would look like to sell to a strategic buyer, sell to a financial buyer, utilize a dividend recap or sell to an ESOP.
Succession planning
We create customized cash flow models comparing the economic benefits of a taxable installment sale and a tax-deferred sale to an ESOP using Section §1042 of the IRC.
There are a number of ways to transition a business, all of which have their own pros and cons to the owner, the employees, and the company. When appropriate, we advise business owners on an Employee Stock Ownership Plan (ESOP) as an exit strategy. An ESOP allows business owners to monetize all or part of their business, maintain control, and avoid capital gains tax under the proper structure while simultaneously benefiting their employees.
Why consider an ESOP?
“For the right owner, an ESOP is a powerful, flexible, tax-efficient way to sell all or a portion of your privately held business.”— Nick Francia, Managing Director–Wealth Management
Will you benefit from a tax-efficient liquidity strategy?
This tax-efficient exit strategy enables you to monetize the wealth created in your privately held business and defer or potentially eliminate the long-term capital gains tax triggered from the sale.
The ESOP transaction is employee-friendly
By linking employee benefits to company performance, the ESOP can be a strategic tool to create a culture that helps you retain and motivate your employees.
We offer additional services for ESOP-owned companies
Leveraging the depth and resources of UBS, we can help you manage your repurchase liability, administer your ESOP escrow accounts and help you analyze and implement the proper management incentive/NQDC plans for key employees.
Family matters
The situation
The clients were a husband and wife in their mid-50s and their two children. The couple had owned and operated a successful general contracting company in California for over 20 years. The owners had very different goals and could not agree on a succession plan. The wife wanted liquidity to protect the family’s lifestyle and legacy; the husband did not want to give up control of the business.
The strategy
At the request of the family’s CPA, Keith Apton and Nick Francia flew to California to work with the business owners and their CFO on ESOPs. The Capital ESOP Group created cash flow models illustrating what a partial ESOP transaction would look like. This allowed the business owners to decide what was best for them, their company and their employees.
The result
The couple realized that this strategy addressed both of their concerns: It would provide significant liquidity while still enabling them to retain control of the company and their legacy. They decided to sell 30% of their stock to an ESOP.
The ESOP structure helped them avoid capital gains tax on the sales proceeds, diversify their net worth and preserve their lifestyle. The family now has the flexibility to decide how they want to transition the remaining 70% ownership. They have the choice between an outright sale or gifting the equity to their children.
The case study presented, based on actual client experiences as told by the Financial Advisors, is provided as an illustration and may not be representative of the experience of other clients. There is no guarantee of the future success of any of the strategies discussed.
Communications breakdown, solved
The situation
Our clients were five siblings who owned a cable, Internet and telecom services provider in the Northeast. The siblings could not agree on how to manage or transition the business. They tried to sell the company with the help of an investment bank over the previous five years, but had not found a deal that all of them would agree to.
The strategy
Anticipating the challenge of getting all of the siblings to agree, the family’s trusted advisor thought the flexibility of an ESOP might be worth exploring. Keith Apton and Nick Francia were brought in to discuss business succession planning, specifically ESOPs.
The owners were intrigued and wanted to learn more about how an ESOP would work for their specific circumstances. The Capital ESOP Group provided models comparing various transaction assumptions to help them understand the flexibility of an ESOP.
The result
The Capital ESOP Group helped the business owners sell 100% of their company to an ESOP, managing to make each of the siblings happy with the outcome. Five years prior, there was no indication that the five siblings would ever be able to sell their company without disagreement from at least one of them.
The flexibility of an ESOP allowed the family to create a structure that accomplished each of the siblings’ independent goals through a single transaction.
The case study presented, based on actual client experiences as told by the Financial Advisors, is provided as an illustration and may not be representative of the experience of other clients. There is no guarantee of the future success of any of the strategies discussed.
Increasing the thread count
The situation
The client was an owner and operator of a textile manufacturing company in New York City. He had met with Keith Apton to learn about his various options to transition the business. While he was intrigued by the option of selling to an ESOP, the client and his advisors decided that the timing wasn’t right. However, a few months later, he was presented with an unsolicited offer from a strategic buyer.
The strategy
The owner’s financial advisor encouraged him to re-engage The Capital ESOP Group to analyze and model the different scenarios, helping to ensure that he received the best deal possible.
Keith Apton advised the business owner to run a dual-track process to simultaneously evaluate the ESOP transaction and the strategic buyer’s offer. This allowed him to directly compare the different scenarios and the possible outcomes for the family, the company and the employees. The Capital ESOP Group worked with a boutique investment bank that leveraged the tax- advantaged price of selling the business to an ESOP in their negotiations, ultimately leading the strategic buyer to submit a higher offer.
The result
The strategic buyer felt the pressure and made an offer that was over 30% higher than his original, unsolicited offer—and higher than the tax-advantaged price of selling to an ESOP. The owner accepted and closed the deal with significantly more liquidity than he would have received accepting the original offer.
The case study presented, based on actual client experiences as told by the Financial Advisors, is provided as an illustration and may not be representative of the experience of other clients. There is no guarantee of the future success of any of the strategies discussed.
For needs that go beyond your own—to help you improve the lives of others
What will your legacy be?
It’s never too early to plan ahead. A Legacy strategy can help you gain more control over your financial future and what you leave behind, so you can move forward with confidence.
Learn more at ubs.com/wealthway.
$3.9 trillion
In invested assets globally
As of 12/31/2022
51 countries
Our global footprint
Global leader
UBS is a world-leading wealth manager
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