Unlocking the value of your business

Private Wealth Management

Helping business owners understand their options

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 Apton, CEPA

Managing Director–Wealth Management

Private Wealth Advisor
View bio Industry recognition
- AK
- AL
- AR
- AZ
- CA
- CO
- CT
- DC
- DE
- FL
- GA
- HI
- IA
- ID
- IL
- IN
- KS
- KY
- LA
- MA
- MD
- ME
- MI
- MN
- MO
- MS
- MT
- NC
- ND
- NE
- NH
- NJ
- NM
- NV
- NY
- OH
- OK
- OR
- PA
- RI
- SC
- SD
- TN
- TX
- UT
- VA
- VT
- WA
- WI
- WV
- WY
Keith has over 21 years of experience in the financial services industry, with an extensive background in corporate finance. As the founding partner of The Capital ESOP Group at UBS, he heads the team's private wealth practice, in which 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, wealth and liability management, and tax and estate planning in order to create tailored financial plans for his clients. Prior to joining UBS in 2009, Keith was a financial advisor at Morgan Stanley, where he was an integral member of the team handling all of the firm's ESOP transactions. Keith is an author and nationally recognized leader on ESOPs and Internal Revenue Code § 1042 rollovers.

In 2014, Keith was given the prestigious opportunity to sit on the UBS Capital Markets Advisory Committee. As an active member in the ESOP community, Keith's total participation in ESOP transactions has exceeded $2.5 billion in transaction value across various sectors and industries.

Keith is a member of both 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 teach and became an instructor for the Exit Planning Institute. Additionally, Keith frequently speaks at national conferences on topics including ESOPs, § 1042 rollovers and business succession planning.

Keith previously sat on the board of Patriot Farmers of America, a nonprofit teaching entrepreneurship and sustainability to veterans who are seeking a future in farming. Outside the office, he enjoys traveling, fly-fishing, reading and spending time at his family farm in Virginia. More than anything, he simply loves being a dad. Keith lives in Washington, DC with his wife, Kathryn, and their daughters, Lyla and Sutton.
- Barron's Top 1,000 Financial Advisors, 2012, 2013The Barron's rating is awarded annually in March and is based on information from the prior year Q3.
- Barron's Top 1,200 Financial Advisors, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023
  The Barron's rating is awarded annually in March and is based on information from the prior year Q3.
- Forbes America’s Top Wealth Management Teams, 2022The Forbes rating is compiled by Shook Research and awarded annually in November based on information from a 12 month period ending in March of the award year.
- Forbes America's Top Wealth Advisors, 2021, 2022, 2023The Forbes rating is compiled by Shook Research and awarded annually in April based on information from a 12 month period ending June of the prior year.
- Forbes Best-in-State Wealth Advisors, 2018, 2019, 2020, 2021, 2022, 2023The Forbes rating is compiled by Shook Research and awarded annually in April based on information from a 12 month period ending June of the prior year.
- Forbes Best-in-State Wealth Management Teams, 2023The Forbes rating is compiled by Shook Research and awarded annually in January, based on information from a 12 month period ending March of the prior year.
- On Wall Street – Top 40 Advisors Under 40, 2016, 2017The Financial Planning rating is awarded annually in Q1 based on information from a 12 month period ending in September of the prior year.
- Private Wealth Advisor
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

Keith Apton, CEPA

Managing Director–Wealth Management

Private Wealth Advisor
View bio Industry recognition
- AK
- AL
- AR
- AZ
- CA
- CO
- CT
- DC
- DE
- FL
- GA
- HI
- IA
- ID
- IL
- IN
- KS
- KY
- LA
- MA
- MD
- ME
- MI
- MN
- MO
- MS
- MT
- NC
- ND
- NE
- NH
- NJ
- NM
- NV
- NY
- OH
- OK
- OR
- PA
- RI
- SC
- SD
- TN
- TX
- UT
- VA
- VT
- WA
- WI
- WV
- WY
Keith has over 21 years of experience in the financial services industry, with an extensive background in corporate finance. As the founding partner of The Capital ESOP Group at UBS, he heads the team's private wealth practice, in which 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, wealth and liability management, and tax and estate planning in order to create tailored financial plans for his clients. Prior to joining UBS in 2009, Keith was a financial advisor at Morgan Stanley, where he was an integral member of the team handling all of the firm's ESOP transactions. Keith is an author and nationally recognized leader on ESOPs and Internal Revenue Code § 1042 rollovers.

In 2014, Keith was given the prestigious opportunity to sit on the UBS Capital Markets Advisory Committee. As an active member in the ESOP community, Keith's total participation in ESOP transactions has exceeded $2.5 billion in transaction value across various sectors and industries.

Keith is a member of both 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 teach and became an instructor for the Exit Planning Institute. Additionally, Keith frequently speaks at national conferences on topics including ESOPs, § 1042 rollovers and business succession planning.

Keith previously sat on the board of Patriot Farmers of America, a nonprofit teaching entrepreneurship and sustainability to veterans who are seeking a future in farming. Outside the office, he enjoys traveling, fly-fishing, reading and spending time at his family farm in Virginia. More than anything, he simply loves being a dad. Keith lives in Washington, DC with his wife, Kathryn, and their daughters, Lyla and Sutton.
- Barron's Top 1,000 Financial Advisors, 2012, 2013The Barron's rating is awarded annually in March and is based on information from the prior year Q3.
- Barron's Top 1,200 Financial Advisors, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023
  The Barron's rating is awarded annually in March and is based on information from the prior year Q3.
- Forbes America’s Top Wealth Management Teams, 2022The Forbes rating is compiled by Shook Research and awarded annually in November based on information from a 12 month period ending in March of the award year.
- Forbes America's Top Wealth Advisors, 2021, 2022, 2023The Forbes rating is compiled by Shook Research and awarded annually in April based on information from a 12 month period ending June of the prior year.
- Forbes Best-in-State Wealth Advisors, 2018, 2019, 2020, 2021, 2022, 2023The Forbes rating is compiled by Shook Research and awarded annually in April based on information from a 12 month period ending June of the prior year.
- Forbes Best-in-State Wealth Management Teams, 2023The Forbes rating is compiled by Shook Research and awarded annually in January, based on information from a 12 month period ending March of the prior year.
- On Wall Street – Top 40 Advisors Under 40, 2016, 2017The Financial Planning rating is awarded annually in Q1 based on information from a 12 month period ending in September of the prior year.
- Private Wealth Advisor
1501 K Street North West
Suite 1100
Washington, D.C., DC 20005

Monetizing your privately held business

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.

Making the ESOP decision

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.

A strategy for succession

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.}

Legacy—Wealth for others

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.

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