Something You Can Hold
Author: Taryn Crayton, Vice President
"Print is dead. Everyone gets their information online."
You hear those statements all the time. They're floating around in the proverbial soup of modern communication. (I throw a lot of things into the proverbial soup. In fact, Chris insists he'll never eat any soup I make because of it...but I digress.)
There is certainly some truth to those statements. More and more people are getting information online every day. With the rise of ChatGPT, Microsoft Copilot, Claude, and countless digital platforms, it's hard to argue otherwise.
But here's another phrase I often use: all things are true.
Yes, people are consuming information online. At the same time, we're seeing a renewed appreciation for things people can actually hold in their hands.
Take our 2025 Thriving Communities Map, for example. Demand was so strong that we completely ran out of copies and have even discussed the possibility of a reprint. Our ChamberPack, the bi-monthly marketing piece delivered through good old-fashioned snail mail, has carried more member flyers this year than it has in years past.
And then there's our 2026-2027 Chamber Directory, which has just been updated and is now available.
Every Chamber member will receive a copy in the mail, but these directories tend to take on a life of their own. Recently, we stopped by a school district member and offered them the latest edition. Their response? "Oh yes, I've seen this around."
That's exactly what we love to hear.
These directories end up on desks, in waiting rooms, at front counters, and in offices throughout our region. They are still a trusted resource for finding local businesses, community information, and fellow Chamber members.
Would you like additional copies for your business, organization, or team? We're happy to help. Contact Brenda Flanagan at bflanagan@columbiamontourchamber.com or call 570-784-2522, and we'll make sure you get what you need.
While you're looking for Chamber information, don't forget about the Chamber's quarterly special edition of the Press Enterprise, Business Matters, that comes out today, where we continue to share member news, business updates, and community stories across both digital and print platforms.
Because sometimes the best information isn't just something you read online.
Sometimes it's something you can hold.
The Chamber would like to thank Victor Koons & Lois Wolfe for their help and continued partnership in making the 2026-27 Chamber Membership Directory a success!
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The Columbia Montour Chamber of Commerce represents local employers in supporting vibrant, sustainable communities in Columbia and Montour Counties. For more information about the region’s top businesses, visit www.columbiamontourchamber.com.
Your Columbia & Montour County Voter Guide For the 2026 Elections
By: Amber Hughes, Communications/Events Coordinator
Your Guide to Voting in the 2026 General Election
Election season is here. Between the television ads, campaign text messages, yard signs and political conversations, voters are surrounded by information. With so much coming at you at once, figuring out where to start can feel overwhelming.
The good news? Preparing to vote doesn’t have to be complicated.
Pennsylvania’s General Election is Tuesday, November 3, 2026. Whether you plan to vote in person or by mail, here are the steps you can take to make sure you’re ready.
Step 1: Check Your Voter Registration
Before researching candidates or making a plan for Election Day, start with the basics: Are you registered to vote?
Pennsylvania voters can check their registration status online. This is also a good opportunity to make sure information such as your name and address is current.
Check your Pennsylvania voter registration status.
Not registered yet? The deadline to register to vote in Pennsylvania for the November 3rd General Election is October 19, 2026.
Eligible voters can register online, by mail or through designated government agencies. Before submitting an application, review Pennsylvania's voter registration requirements to make sure you have the information you need.
Review voter registration requirements.
Register to vote online.
Prefer paper? Pennsylvania also provides a printable voter registration application that can be mailed to your county election office.
Step 2: Know Where You'll Vote
Planning to vote in person? Make sure you know where you're going before Election Day.
Polling locations are assigned based on a voter's registered address and can be found through Pennsylvania's online polling place search.
On Election Day, Pennsylvania polls will be open from 7 a.m. to 8 p.m. If you are in line by 8 p.m., you can remain in line to vote.
Residents can also find local election information through their county election offices:
Columbia County Voting Information
Montour County Voting Information
Step 3: Know What's on Your Ballot
Once your registration is confirmed, take some time to become familiar with what will appear on your ballot.
Reviewing a ballot ahead of Election Day gives voters an opportunity to research the candidates and offices on their own time rather than seeing the choices for the first time in the voting booth.
View the Official General Election Ballot for Columbia County.
View the Official General Election Ballot for Montour County.
Voters can also use an address-specific ballot resource to see races relevant to where they live.
Step 4: Voting by Mail? Don't Miss the Deadline
Pennsylvania registered voters also have the option to vote by mail-in ballot.
The deadline for county election offices to receive an application for a mail-in or absentee ballot is 5 p.m. on October 27, 2026.
Voters can apply online, submit a paper application to their county election office or apply in person.
Apply for a mail ballot online.
Download a mail ballot application.
Track your mail ballot.
If you plan to return your completed ballot through the U.S. Postal Service, allow plenty of time for delivery.
Most importantly, simply having your ballot postmarked by Election Day is not enough. Your county election office must receive your completed mail ballot by 8 p.m. on November 3, 2026 for it to be counted.
Depending on what your county offers, ballots may also be returned directly to the county election office or an authorized ballot drop box or satellite location.
Find county election offices and available ballot return information.
Mark Your Calendar
Keep these three dates in mind as Election Day approaches:
October 19, 2026: Deadline to register to vote
October 27, 2026 at 5 p.m.: Deadline for your county election office to receive your mail-in or absentee ballot application
November 3, 2026: General Election Day; polls are open from 7 a.m. to 8 p.m., and completed mail ballots must be received by county election offices by 8 p.m.
Be Prepared Before Election Day
Voting is easier when you have a plan. Check your registration, review your ballot, bring the correct materials, research the candidates and decide how you plan to cast your vote before November 3.
The Columbia Montour Chamber of Commerce encourages members of our community to use trusted, nonpartisan resources when preparing for the election and to stay informed about the issues that affect our businesses, workforce and communities.
The Pennsylvania Department of State also runs a hotline for election issues, which can be reached at 1-877-868-3772. For comprehensive Pennsylvania voting information, visit the Commonwealth's official voter information resources.
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The Columbia Montour Chamber of Commerce represents local employers in support of vibrant, sustainable communities throughout Columbia and Montour counties. Through five focus areas, including advocacy, member benefits, business connections, workforce development, and community strengthening, we work every day to help our members and region thrive. Learn more at www.columbiamontourchamber.com
President’s Message: Good Leaders Don’t Know Everything. They Know What “Good” Looks Like
Source: Chris Berleth Columbia Montour Chamber of Commerce CEO/President
There’s always something new competing for a business leader’s attention. New technology, new regulations, new workforce challenges, new customer expectations -- all which demand time and attention. Keeping up with those changes is part of leadership, but so is making sure we don’t lose sight of the fundamentals that make organizations successful in the first place.
That is the idea behind the Columbia Montour Chamber of Commerce’s Business Leadership Forum on November 4th. This year’s theme, “Back to the Basics,” starts with a pretty simple premise: good leaders don’t have to be experts in every part of their business, but they should know enough to recognize good work, ask good questions, and set the right expectations for the people who are.
Think about how most organizations actually operate. A CEO doesn’t need to be the company’s HR professional, and a department manager doesn’t need to understand every detail of the tax code. Not every leader is going to be the best salesperson in the room or know the ins and outs of a commercial banking relationship. But when you are responsible for leading an organization, you need to have some understanding of what good practices look like in each of those areas. You need to know enough to recognize when things are working well and, sometimes more importantly, when they aren’t.
That is the standard we want to explore at this year’s Forum. Throughout the day, we’ll hear from professionals in banking, human resources, taxes, sales, community health, and leadership, with each conversation focused on some of the basic practices that help strong organizations stay strong.
Let’s talk about HR for a moment. Our panelists will share their expertise in hiring and retention, managing difficult employee situations, documentation, workplace culture, and trust. You may have an HR professional who handles many of those things every day, but that doesn’t make them separate from leadership. Moreover, you may not have an HR professional at all, which makes it even more important to understand the basics of managing and caring for your team well. How an organization treats people, communicates expectations, handles problems, and builds trust is ultimately shaped by the standards its leaders set.
This applies to the Sales world too. Our “It Takes Two to Sell” session will look at a sale from both sides of the table, exploring what earns a buyer’s attention, how a seller builds trust, what causes a customer to disengage, and how to move a conversation beyond price and toward value. Even if you don’t carry a sales title, there is tremendous value in understanding how your organization builds relationships with customers, listens to what they need, and follows through on what it promises.
Banking, taxes, workforce issues, and community health may seem like very different subjects, but they all influence the decisions business leaders make. Our goal isn’t to turn anyone into an accountant, an HR expert, or a professional salesperson in a day. It is to expose leaders to good practices in each of these areas so they can return to their organizations better prepared to lead the people who do that work.
That is also why it makes sense to close the day with Jake Morrison of Lead EZ Solutions and a conversation about leadership styles. Leadership is the thread that connects the entire Forum, because knowing the fundamentals is only useful if leaders can put that knowledge into practice through the people and organizations they lead.
Asking someone to step away from their business or organization for most of a workday is a real commitment. Most leaders can fill every minute of a day without trying very hard, so an event like this needs to offer more than an interesting speaker or two. Our goal is for people to leave the Forum better equipped to lead than when they arrived.
Maybe that means recognizing an HR practice that needs some attention. Maybe you leave with a better question for your banker or accountant, a different way of thinking about a customer conversation, or a clearer understanding of something happening in the community that affects your workforce. Just as valuable may be the opportunity to spend the day with other local leaders, hear how they are approaching similar challenges, and have conversations that are difficult to fit into the normal rush of a work week.
There will always be a new trend, new tool, or new challenge demanding our attention, and successful leaders cannot afford to ignore what is changing around them. But chasing what is new without being good at the fundamentals is not much of a strategy either. Good leadership still requires sound judgment, clear expectations, strong relationships, accountability, and an understanding of how the different parts of an organization work together.
Sometimes preparing for what comes next means taking some time to make sure we’re still doing the basics well. One of the advantages we have in Columbia and Montour Counties is that we don’t have to look far to find people doing these things exceptionally well. On November 4, we’re bringing many of those leaders together to share what they know, challenge one another, and help all of us get a little better at leading. I hope you’ll join us as we go Back to Basics at this year’s Business Leadership Forum.
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The Columbia Montour Chamber of Commerce represents local employers in supporting vibrant, sustainable communities in Columbia and Montour Counties. For more information about the region’s top businesses, visit www.columbiamontourchamber.com.
2026 Back to the Basics: Local Leaders Lineup
This year we are hearing from a variety of local leaders.
- Lisa Hart, Fulton Bank
- Danielle Kraus, SHRM
- Orion Behrer, SEKISUI KYDEX
- Jessica McNamara, Great Dane
- Kelly Stiner, Geisinger
- Chadd Roadarmel, Atlantic Culinary Environments
- Alan Quimby, PenTeleData
- David Blain, Mckonly & Asbury
- Aaron Stagliano, Mckonly & Asbury
- Josh Fry, Barry Isett & Associates
- Mike Morgan, Geisinger
- Jake Morrison, Lead EZ Solutions
The Columbia Montour Chamber of Commerce would like to Thank our Sponsors
- Geisinger, Founding Sponsor
- Innotek Computer Consulting, Title Sponsor
- Service 1st Federal Credit Union, Executive Sponsor
- Pennsylvania College of Technology, Associate Sponsor
- Business Networking International, Connection Sponsor
- Press Enterprise Commercial Printing, Connection Sponsor
Lawmakers return to Harrisburg with a short fall runway
Pennsylvania lawmakers return to Harrisburg today after a 10-week recess with a limited window to move legislation before the Nov. 3 election and the scheduled Nov. 30 end of the two-year session. Data centers, energy policy, and skill games will be among the key issues to watch.
More than a dozen legislative committees are scheduled to meet this week. The House has scheduled most of the committee work so far, while the Senate schedule could expand.
The House and Senate currently have nine session days scheduled between Monday and the Nov. 3 election, with additional session days planned afterward. Post-election session days typically focus on legislative caucus organization and preparation for the coming year; however, a so-called “lame-duck” session with substantive votes is possible as well. Either way, the calendar leaves lawmakers little time to advance legislation, particularly before the election, when all 203 House seats and half of the Senate seats will be on the ballot.
Skill games face impending deadline
Skill games could become one of the first major tests of the fall session.
A Commonwealth Court ruling this summer concluded that skill games are unlawful and set an Oct. 13 deadline for the General Assembly to act, presumably on legislation to legalize, regulate, and tax the gaming terminals found in thousands of restaurants, bars, private clubs, and other establishments throughout the Commonwealth. With only a handful of session days scheduled before that deadline, lawmakers have questioned whether there is enough time to reach an agreement.
Two House lawmakers recently circulated co-sponsorship memoranda for proposals that would instead extend the deadline six months to April 13, 2027, while maintaining the status of skill games in the interim.
The issue has also drawn attention from the Pennsylvania State Police, which recently told owners of skill-game machines to remove them by Oct. 14 or face prosecution in accordance with the state Supreme Court decision.
Data centers and energy
Data center development may be another key business issue as lawmakers return.
The House Consumer Protection, Technology, and Utilities Committee is scheduled to meet on Tuesday to consider legislation that would prevent data centers from being treated as public utilities, as well as a separate measure regarding utility rate increases.
The House Energy Committee is scheduled to consider legislation on Wednesday that would require data center projects to submit grid interconnection applications.
The proposals come as Pennsylvania weighs how to accommodate billions of dollars in potential data center and technology investment while addressing electricity demand, grid capacity, and costs.
Other committee activity this week will cover AI, health care, workforce issues, and higher education.
With the two-year session winding down, bills that have already passed one chamber and are moving through the other generally have the clearest path to final passage. The coming weeks will show which issues can gain traction before the election and which will be left for the final post-election session dates.
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The Columbia Montour Chamber of Commerce is a proud member of the PA Chamber of Commerce which routinely provides content like the article above. The content above does not constitute legal, accounting, tax, or other professional advice but is for general informational purposes. For accurate, complete advice, readers are encouraged to consult with professional advisors before making any decisions based on the information provided. If you need help finding qualified help, please contact the Chamber for a list of our members.
Big Dan’s BBQ – New Member Highlight
Big Dan’s BBQ is a southern-style barbecue restaurant in Catawissa, Pennsylvania, known for its slow-smoked meats, including pulled pork, brisket, chicken, and ribs, along with homemade sauces and hearty sides. Located at 240 Southern Dr., Big Dan’s also offers catering for gatherings and events, with a relaxed, rustic atmosphere for dining in or taking food to go.
AI is moving expertise to the frontline. Is business ready to turn it into value?
AI is giving everyday workers access to capabilities once concentrated in specialist and supervisory roles. The opportunity is to redesign jobs and incentives so that greater frontline intelligence creates more business value, greater rewards for workers and ultimately broader shared prosperity.
For much of the last era of technology innovation, firsthand knowledge and analytical intelligence moved apart. The people closest to the front line understood the customer, while increasingly sophisticated tools concentrated intelligence in specialist and supervisory layers.
A teller at a bank or a nurse in a hospital worked most closely with the customer or patient, but the insights built on those interactions accrued elsewhere. An analyst in the corporate back office would use that knowledge to identify an opportunity, assess risk or make a recommendation. Over time, we created pockets of analytical value that the people on the front line could not put to use.
That structure made sense when advanced tools and expertise were expensive to distribute and dependent on specialized systems. Easily accessible through natural language, AI can now bring firsthand knowledge and analytical intelligence back together, putting advanced reasoning and decision support directly into the hands of front-line workers and allowing their roles to shift toward greater judgment and accountability.
Equally important, when the people who already understand the customer or patient can act on these insights in the moment, decisions can be made faster, problems can be solved closer to where they occur and new sources of growth can emerge, expanding the value business itself can create.
Access to greater capability does not automatically make the role more valuable, however. Value follows control: who has the authority to act on that intelligence, who is accountable for the outcome and who shares in the economic gain. In a business, much of that control is embedded in how work is designed. Put AI behind the worker but leave the same narrow responsibilities, approval paths and escalation rules in place, and the worker may be more informed without being able to contribute more.
The real opportunity for business, therefore, is to reshape roles around what that greater capability now makes possible, in a way that both the business and the worker benefit.
Routine information gathering, analysis and execution can shift to AI, while human responsibilities move toward judgment, accountability and ownership of outcomes. Going back to the example of the bank teller, in a redesigned role, AI could help gather a customer’s broader financial context and potential needs in real time while the teller would have the authority to offer a rate, within a set band, or restructure a payment schedule with performance measured based on the quality of the customer outcome rather than the number of transactions completed.
Similarly, for the nurse, AI could bring together the patient history, surface deeper risk signals and make relevant clinical information available at the bedside while the nurse, equipped with these insights, could respond sooner within established protocols and answer for the result.
Placing knowledge and analytical tools in the hands of frontline workers has implications for how organizations structure and develop their workforce, as well. If AI moves capability downward, I believe organizational pyramids can become broader. More people can become productive sooner, and the path to expertise can shorten. One of our research studies looked at 18,000 tasks across nearly 1,000 occupations and found that 93% of jobs have some degree of exposure to AI. The tasks underneath jobs are changing, and the practical question is how quickly we can help people move into the new task mix. That is why learning must become part of the AI infrastructure stack itself.
At Cognizant, we are testing this thesis directly. This year, we are hiring over 20,000 graduates at the bottom of the pyramid, as well as repurposing existing talent and building AI capability into the workforce. The goal is to expand what people can contribute and redesign work around that broader potential as the technology advances.
This is the distinction I’d make: If AI simply helps someone perform the same work faster, the business captures an efficiency gain. But redesigning work around greater human capability can change the economics of the role more fundamentally, creating lasting value through better decisions, stronger relationships, and greater capacity for growth.
That is the outcome worth aiming for. AI can make businesses more valuable by making people more capable, and workers can share more fully in the gains they help generate. Done well, greater capability at the front lines can produce greater business value, higher wages and ultimately broader shared prosperity.
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The Columbia Montour Chamber of Commerce is a proud member of the U.S. Chamber of Commerce and an active part of the U.S. Chamber Federation of small and regional chambers, which routinely provides content like the article above. The content above does not constitute legal, accounting, tax, or other professional advice but is for general informational purposes. For accurate, complete advice, readers are encouraged to consult with qualified legal, accounting, or other professional advisors before making any decisions based on the information provided. If you need help finding qualified help, please contact the Chamber for a list of our members.
Member News ~ October 1, 2026
Dates & Events:
Oct 2 - Music in the Avenue & First Fridays, Bloomsburg
First Fridays continue...special for this Friday, join Downtown Bloomsburg Inc. at the Avenue Pocket Park from 5–7 PM for live music and community fun. These performances are sponsored by DBI through funding from the Pennsylvania Council of the Arts. In case of rain, they will move to Jag Housing (35 E. Main St.).
Oct 3 - Fall Fun at Rohrbach's Farm
Fall is in full swing at the Farm and there is so much to do! Corn Maze, pumpkin patch, Apple Slingshot & Kids Playland are open from 11:00 am – 7:00 pm (Last corn maze entrance at 6:00 pm). For more information, visit rohrbachsfarm.net
Oct 4 - Journey Bank Photography Competition
Celebrate local talent with Journey Bank! Join them for the 2026 Photography Competition at First Presbyterian Church (320 Market Street, Berwick) from 3:00 - 5:00 PM Light Refreshments will be provided and the Awards Presentation will take place at 5:00 PM. RSVP to (570) 316-1339.
Oct 8 through 11th - 2026 Covered Bridge and Arts Festival
Situated in beautiful Central Pennsylvania at the Bloomsburg Fairgrounds, the Covered Bridge & Arts Festival has something for everyone! The Festival is one of the largest craft festivals on the East Coast, and four-day annual attendance is typically near 150,000 visitors. Check out the Columbia-Montour Visitor's Bureau for more information!
Oct 19 - Glow Yoga with the Women's Center
Oct 30 - Geisinger to host free dinners to honor military veterans
make a reservation for themselves and one guest by visiting go.geisinger.org/vetsdinner2026 or calling 570-293-7200. The registration deadline is Friday, Oct. 30
Announcements:
Montour Preserve Heron Cove Restrooms and Water System Reopened for Use
The Montour Area Recreation Commission is pleased to report the Montour Preserve’s Heron Cove restrooms and water system have been reopened to public use. All required repairs and water quality testing have been completed and all components of the Heron Cove water system, including water service at the Heron Cove A and Heron Cove B Pavilions, have been returned to normal condition. MARC extends its most sincere thanks to the staff of the Talen Energy Montour Steam Electric Station who provided the necessary labor and materials for the repairs to the plumbing and electrical systems which were vandalized during the Labor Day weekend.
Empire Fiber Internet Launches 100% Fiber Service in Berwick, PA
Empire Fiber Internet announced the launch of its 100% fiber network in Berwick, made possible by a $1.4 million local investment. The new network is now available to more than 2,800 homes and businesses, with service ready for installation. The expansion gives Berwick residents and businesses a new choice for fast, reliable internet backed by responsive local support. Customers can check availability, compare plans and sign up for service at empirefiber.com
The Exchange: Cash & Carry Panels Are Here
Just in time for the Fall Equinox, they've got "Cash & Carry" panels for you! As always, they will give them away three at a time to each and every artist who wants to participate; when each one comes back with art on it, the artist can take another, until they run out of panels. They'd like all of the artwork back by Saturday, the 21st of November; they'll hang it all that weekend and have the show on display for a couple of weeks before sales begin at 6 p.m. on Friday, the 4th of December. Learn More
McKonly & Asbury Named a 2026 Best Places to Work for Women by Best Companies Group
Central FFA Students Bloomsburg Fair Tractor Pull Victories
On Thursday, September 24, 2026, two Central Columbia Juniors competed in the North Branch Area Tractor Driving event. During this event, members must complete a knowledge exam of general tractor safety and operation, conduct a tool and parts identification exam and lastly successfully drive a tractor and two-wheeled implement through a challenging course. Issac Allbeck captured first place while Landen Sarisky earned a third-place plaque. Issac will now compete at the regional level in April at Penn College. Congratulations to these FFA members for a job well done.
Did You Miss Last Week's Member News? Here's News That's Still Timely:
Oct 7 - Journey Bank AI Business Seminar
Oct 14 - Bette Grey Hosts Seminar
Oct 16 - SCASD Career Day
Oct 17 - Stuart Tank Offers Washington DC Veterans Memorials Bus Trip
Oct 17 - Geisinger Saturday Flu Shot Clinics
Flu season is quickly approaching, and Geisinger is making it easy to get
vaccinated at Saturday drive-through events. Drive-through flu vaccines
will be available for anyone age 3 and older at dozens of participating Geisinger locations. Children 6 months and older can receive a flu shot at participating Geisinger pediatrics locations. Most insurance plans cover an annual flu vaccine. Patients will be asked to provide insurance information at the time of vaccination. Those without insurance can also receive a drive-through flu shot. Find more information about flu vaccines and Saturday clinic locations at geisinger.org/flu
Susquehanna Kids Shares Big Fun, Small Budget: Your 2026 Bloomsburg Fair Guide
Susquehanna Kids has put together a guide to help you make the most of the Bloomsburg Fair without stretching your budget. This year’s fair runs September 25-October 3, and they've rounded up the best ways to save on admission and ride tickets, enjoy FREE and low-cost entertainment, find livestock schedules, and SO MUCH more.
Attention Bloomsburg Fair Guests
Don’t Get Caught at the Gate! Your Gate Admission Ticket or Concert Ticket DOES NOT include parking. Save 50% and purchase your parking pass online in advance. Visit bloomsburgfair.com/tickets
Service 1st Announces Rendering of Berwick Office
Service 1st Federal Credit Union announced plans this past May to expand their credit union services into Berwick and is now excited to share the rendering of their office located at 2295 West Front Street, Berwick. This office will be the 13th branch location for Service 1st. More details will be announced as plans are finalized. To stay updated as plans progress, visit https://service1.org/promo-landing-pages/comingsoon
The Bloomsburg Children’s Museum Announces October Schedule
For more information about these and additional programs, visit the-childrens-museum.org
Central Columbia FFA Conducts Community Service
The Central Columbia FFA Chapter constructed a landscape display for a community service project outside the large arena located in the livestock and dairy area of the fairgrounds. Members developed the display and constructed the display on Thursday, September 17, 2026.
ESOP Valuations: Same as Other Valuations or Different?
Business valuations performed for ownership interests held by Employee Stock Ownership Plans (ESOPs) are similar to business valuations of other ownership interests. Both types of valuations will consider the three approaches to value (the Market Approach, the Asset Approach, and the Income Approach), be performed by qualified valuators possessing the requisite training and experience for the type of valuation, and will consider appropriate e
conomic factors and industry trends. For both valuations, the valuator must comply with the Standards and Regulations associated with any valuation-related professional designations held.
On the surface, both valuations have similarities, but there are considerations unique to ESOP valuations. The following discussion points are a few of the more important items which make ESOP valuations different from other business valuations. The specific facts and circumstances will vary for each ESOP, but the valuator should consider how the following impacts the ESOP valuation.
Regulatory Oversight
ESOP valuations, both transactional and the annual compliance valuations, are subject to oversite by the IRS and the Department of Labor (DOL). In 1988 the DOL published its Proposed Regulation Relating to the Definition of Adequate Consideration to provide guidance on the meaning of “adequate consideration” under the Employee Retirement Income Security Act of 1974 (ERISA), which requires ESOPs to pay no more than “adequate consideration” when investing in qualifying employer securities.
The proposed regulation was never finalized but has been referenced as guidance by the IRS, DOL, and valuators. The DOL issued new draft guidance in January 2025 under SECURE 2.0 Act mandate, but the guidance was withdrawn following a regulatory freeze. The impact of the Proposed Regulation should be determined and addressed in an ESOP valuation.
Taxation Status
A 100% ESOP owned S corporation can be a non-taxable entity if certain criteria are met. The ability to avoid federal taxation (and often state taxation) on the ESOP’s share of company earnings presents a powerful opportunity. The tax savings can be used to pay down debt, invest in capital items promoting growth, or other areas the company deems appropriate.
When valuing a 100% ESOP owned S corporation, the valuator must determine if it is appropriate to “tax affect” the earnings of the S corporation. Some of the arguments for tax affecting include the belief that discount rates, pricing multiples, and transaction databases are based upon tax paying C corporations.
An additional argument is that the most likely purchaser of the company would be a C corporation, so taxes need to be considered because they will not pay for tax savings that will not be realized. A counter argument for not “tax affecting” an ESOP’s S corporation’s earnings is that the company does not have a tax liability and recording a tax liability creates a phantom expense that decreases value.
DLOM & the Put Option
A factor that generally distinguishes ESOP shares in closely held companies is that a “put option” is required to be attached to the ESOP shares. Without this put option, employee participants could be forced to hold employer securities for extended periods of time. The put option requires the employer to provide the needed liquidity by repurchasing the distributed employer securities. This employer obligation is commonly referred to as the “repurchase liability.”
The DOL Proposed Regulations guide the valuation analyst to consider: (1) the extent to which the “put options” are enforceable, and (2) the company’s ability to meet its obligation. Most ESOP valuation practitioners interpret the ESOP put right as a substantial mitigating factor in the determination of the discount for lack of marketability (DLOM). The degree of mitigation is the responsibility of the valuator to determine. A counter argument for the reduction of the DLOM is that an outside purchaser (a non-ESOP investor) would not pay for the put option because they would not benefit.
Repurchase Liability
Under U.S. Generally Accepted Accounting Principles, the repurchase liability is not presented as a liability on the company’s balance sheet. The obligation to purchase shares from participants is a legitimate future outflow of cash from the ESOP trust to be funded by the company. The valuator must determine if the future outflow of cash from the ESOP trust should impact the valuation.
One argument for not accounting for the repurchase obligation is that a hypothetical outside buyer would not have the repurchase liability, and the value would be depressed if the repurchase liability (or present value of the estimated cash outflows) were included in the valuation. Another argument is that the repurchase obligation could be met by future tax savings of a 100% S corporation ESOP which does not pay taxes.
An additional complication stems from how the repurchase liability is determined. Is it estimated by management or was it prepared by an independent third party? A repurchase obligation study performed by an independent party can be cost prohibitive to the ESOP, but the estimated annual cash outflows are difficult to determine without a study.
ESOP valuations are subject to unique factors which make them different from valuations for other ownership interests. The valuator must look at the specific facts and circumstances of each ESOP valuation engagement and determine how to address the factors. At McKonly & Asbury, we have extensive experience with ESOP valuation procedures. If you have any questions regarding ESOPs, please contact T. Eric Blocher CPA, ASA, CVA.
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Competition Starts with Information
Access to information empowers consumers, strengthens competition, and helps new ideas reach the marketplace.
Article Summary
- Access to information helps consumers understand their options, compare alternatives, and make more informed decisions.
- When businesses can communicate with consumers, competition becomes stronger and innovative products have a better chance to succeed.
- Policies that limit access to information can have broader effects on competition, innovation, and consumer choice across markets.
Competitive markets work best when consumers have access to information.
29 million
Whether purchasing a product, evaluating a service, or exploring healthcare options, consumers make better decisions when they understand the choices available to them. Access to information helps people compare alternatives, ask informed questions, and engage more confidently in the marketplace.
Just as importantly, it helps businesses compete.
Information Drives Competition
Established companies often enjoy significant advantages, including name recognition, market share, and existing customer relationships. For new entrants and innovative products to gain traction, consumers must first know they exist.
Information helps create that opportunity. When businesses can communicate with consumers, they can introduce new ideas, build awareness, and compete on the merits of their products and services. Consumers benefit from a wider range of choices, while businesses gain stronger incentives to innovate and improve.
FDA-reviewed research found that exposure to prescription drug advertising is associated with greater patient information-seeking and increased discussion with healthcare providers. Of course, access to information must go hand in hand with longstanding requirements that prescription drug advertising be truthful, balanced, and accurate.
Similarly, one national survey found that 29 million patients spoke with a physician about a health condition for the first time after seeing direct-to-consumer advertising.
Competition is not simply about having more products in the marketplace. It is about ensuring consumers have enough information to evaluate competing options.
Consumers Benefit Most When Information is Available
81%
Consumers regularly rely on information to make important decisions. The ability to research options, compare alternatives, and learn about emerging solutions is a fundamental feature of modern markets.
Information does not tell consumers what decision to make. It enables them to make better-informed decisions for themselves.
The importance of information extends well beyond healthcare. Approximately 81% of consumers research online before making an in-store purchase, and research consistently shows that consumers consult multiple sources of information before making purchasing decisions.
Access to information also does not replace professional expertise. Whether someone is consulting a physician, financial advisor, contractor, or other expert, information can help them ask better questions and engage more effectively in the decision-making process.
Why Precedent Matters
Public policy is often developed one issue at a time. Yet the principles established in one sector rarely remain confined to that sector alone.
Restrictions created for a particular category of lawful advertising can establish a framework that may later be applied elsewhere. Over time, policies that limit how businesses communicate with consumers in one market can influence discussions about communications and advertising in others.
That is why policymakers should carefully consider not only the immediate effects of a proposal, but also the broader principles it establishes for the future.
Preserving a Healthy Marketplace
50%
Nearly 2x
A thriving marketplace depends on trust, competition, innovation, and informed consumers.
When information is available, consumers are better equipped to make decisions, businesses are better positioned to compete, and new ideas have a greater opportunity to succeed. The result is a more dynamic economy that rewards innovation and responds to consumer needs.
Limiting access to information can produce unintended consequences, reducing awareness, weakening competitive pressure, and making it more difficult for new entrants and innovative products to gain visibility.
An Economy Built on Information and Innovation
Innovation depends on more than research and development. It also depends on awareness. New products, services, and ideas create value when people understand them, evaluate them, and choose whether they meet their needs.
When consumers have access to information, competition becomes stronger. When competition becomes stronger, innovation accelerates. And when innovation accelerates, businesses, consumers, and the broader economy all benefit.
Information supports competition. Competition drives innovation. And innovation helps build a stronger economy for everyone.
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The Columbia Montour Chamber of Commerce is a proud member of the U.S. Chamber of Commerce and an active part of the U.S. Chamber Federation of small and regional chambers, which routinely provides content like the article above. The content above does not constitute legal, accounting, tax, or other professional advice but is for general informational purposes. For accurate, complete advice, readers are encouraged to consult with qualified legal, accounting, or other professional advisors before making any decisions based on the information provided. If you need help finding qualified help, please contact the Chamber for a list of our members.
President’s Message: Political Odd Couple to Headline Chamber Luncheon
Source: Chris Berleth Columbia Montour Chamber of Commerce CEO/President
They call themselves “Pennsylvania’s Political Odd Couple,” but I have another description for Alan Novak and T.J. Rooney: the “Statler and Waldorf” of Pennsylvania politics. If you know Muppets, you probably understand the comparison.
Witty, self-deprecating, and perfectly comfortable poking at one another, the political system, and occasionally their own parties, Novak and Rooney’s presentations are funny, candid, and at times disarmingly honest about how politics actually works. Just as the two grumps in the box seats above The Muppet Show often become the best part of the program, Alan and T.J. are most certainly entertaining.
What makes them worth hearing, though, is just how qualified they are to have the conversation.
Qualified without taking themselves too seriously
Alan Novak is a former chair of the Pennsylvania Republican Party and has spent decades in politics, public affairs, and government relations. T.J. Rooney served seven terms in the Pennsylvania House of Representatives before later serving as chair of the Pennsylvania Democratic Party. Between them, they have worked inside campaigns, government, party politics and public policy at nearly every level.
And because they come from different political traditions, they do not simply deliver competing talking points. They challenge one another, test assumptions, and help audiences better understand what is happening beneath the surface. That is one of the reasons we are particularly excited to welcome them to Columbia and Montour Counties on October 13.
Limited resources require us to be intentional and strategic
Advocacy is one of the Chamber’s five areas of focus, but ours is a decidedly hands-on operation. We do not employ a lobbyist. Our Governmental Affairs Committee and Chamber staff are our government affairs team.
That means we must be intentional about building relationships, staying informed, and creating opportunities for our members to better understand the decisions being made in D.C., Harrisburg, county seats, and among all the municipalities whose decisions impact business. In a commonwealth system, there’s no shortage of rooms to be in! To be effective, we also need to understand and make known to our members the political environment shaping those decisions. Alan and T.J. offer exactly that kind of perspective.
There is no shortage of people willing to tell us what Pennsylvania should do. What is far more useful to our members is insight into what can realistically happen next.
Which ideas have momentum? Which face serious political obstacles? Where is compromise possible? What pressures are shaping legislators and party leaders? And how might those realities affect the issues employers care about most?
Those are the kinds of questions Alan and T.J. are particularly well equipped to answer.
That distinction is especially important in the current political climate. Strong opinions and partisan talking points are easy to find. Understanding how those positions collide with divided government, legislative math, personalities, relationships, and political realities is much harder. With how heady the topics can be, identifying speakers who can also be candid makes the conversation just a little bit lighter.
The Chamber’s goal is not to bring speakers to Columbia and Montour Counties simply to add another political speech to the calendar. We want to connect our members with people who can help us understand the landscape well enough to make our own advocacy smarter and more effective.
Throughout the year, our Chamber engages elected officials and policymakers on issues directly affecting local employers, including workforce, childcare, housing, transportation, energy, healthcare, permitting, and economic development. We work with organizations including the Pennsylvania Chamber of Business and Industry and the U.S. Chamber, participate in legislative discussions, and bring policymakers together with employers here at home. With limited resources, we must make those opportunities count.
This means listening as well as speaking, understanding the political environment before deciding where our voice can be most effective, and connecting our members with people who can help us look beyond the latest headline and better understand what may be coming next.
If you care about the future political and policy direction of Pennsylvania — particularly how it may affect your business and our communities, we think this is a conversation worth being part of.
Statler and Waldorf are among the best parts of The Muppet Show because they occupy a unique place in it: close enough to understand the show, detached enough to mock its absurdities, and devoted enough to never miss an episode. To stretch the comparison, you don’t need to catch every episode. With your limited time, attend this one and get a front-row seat for a belly-laugh and some Grade A insights that hearken back to the days when we didn’t take ourselves so seriously.
[TICKETS ONSALE NOW: CLICK HERE TO SECURE YOUR SPOT]
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The Columbia Montour Chamber of Commerce represents local employers in supporting vibrant, sustainable communities in Columbia a
nd Montour Counties. For more information about the region’s top businesses, visit www.columbiamontourchamber.com.