ESOPs & fairness opinions

ESOPs are a unique animal, but the community that services them is small, so if you do well you can build a good reputation quickly. I know of several people that went from doing ESOP valuation/fairness opinion work to MM IB, most after a few years and a CFA. Would this firm happen to be in the Midwest? I was in the space on the legal side prior to b school, so if you want specific input feel free to pm me.

Thanks Cartwright and reformedatty. Very helpful.

Other thoughts?

ESOP valuation is a nice little niche market. By law an ESOP must have a formal valuation performed annually. cha-ching. I would think that the position you described would provide a readily transferable skill set to IB.

Agree with kingtut, although the most interesting work is done on the (typically) front end when the stock transaction occurs between the ESOP and the selling shareholders. For the ongoing maintanence, from what I've seen, it's mostly a matter of rerunning comps, finding new precedent transactions and updating the dcf... think rinse, wash, repeat.

i wouldn't expect "street" comp, but you'll be fine... just remember that even with "below street" pay, you still make more than anyone else you went to college with, and likely most of your friends' parents.

Any other thoughts?