RESPECT FOR THE PRIVACY OF OUR CLIENTS DEMANDS THAT THEIR NAMES REMAIN CONFIDENTIAL IN THEIR COMMENTS:

Founder / retiring owner after the ESOP purchased 100% of the non-ESOP shares:

Dear Bob:

You have been important to and instrumental in the history of (our company), and we thank you for your input and professionalism over the years. Because of our association with you, it is with great pride, satisfaction and excitement that we now formally announce, effective July 26, 2010, (that the Company) is 100% employee-owned.

We started to have our stock flow to our qualified employees in January 2003 with our Employee Stock Ownership Plan, and we have now completed the full transfer, …a very gratifying milestone for the company.

We appreciate all you have done over the years to help make (XYZ) such a special company. Your expertise will continue to help guide the employee owners. We are very happy about that. We imagine you join us in being happy for them as they begin the journey into their own self-determined future. We wish them every success.

With great respect,

Thanks for everything!! (<- written in longhand above the signature )

Founder / CEO of a high tech company in an email to his ESOP Committee:

I thought he did his usual thorough job and I especially liked his commentary on the economic outlook in general.  As always I appreciate his understanding of our company and his ability to make a complex subject almost understandable.  I'm a happy camper.  Great report. 

CEO of an international client that returned to Lentz & Co. after having its ESOP appraisal performed for several years by “a lower cost” appraiser: 

I am glad that you will again be taking care of our needs.

CEO of a regional construction company: 

We remain extremely confident that you are capable of performing the appropriate appraisal valuation for the (Company’s) ESOP.

CEO of an electronic parts manufacturer and distributor: 

It's always fun when you visit and certainly our pleasure. Not very many people know as much about our business as you do and say such nice things about our business and our people. You are always welcome.

CEO of a national environmental engineering company: 

Thanks very much for getting this done. I was off last Friday, but monitoring emails and ready to call to see where things were last Friday PM. But then.....you, Nick, and Pam all got the work done, and so there was no need for me to call around.

Thanks very much for accommodating us under a tight timeframe.

CEO of an Alabama-based engineering company: 

On behalf of all of our employee-owners, we appreciate your professionalism and know that we can always depend on receiving a fair and impartial appraisal.

Owner of a very successful California pizza chain: 

I read the ESOP valuation over the weekend. Great Job. Very interesting, thoughtful and complete. Thanks!

CEO and owner of a client company which had installed its ESOP some eleven (11) years before being appraised by Lentz & Co.: 

Thanks for the first professional appraisal we have ever had!!!

CEO of client responding to request for additional fee for additional work: 

Bob … just wanted to let you know that I received my copy of the Valuation … AND have reviewed the Invoice … NO PROBLEM whatsoever.  Fair Value, for certain.  Thanks again for making this happen.

CEO of a forest products consulting firm: 

Thanks for providing all of this back-up – really the guts of the ESOP analysis.  It’s always helpful to go through your work to really understand the basis for the valuation, which is always well substantiated.  Thanks for the extra effort on our behalf.

CFO of a large distribution company with outlets throughout the West:

Appreciate the excellent comments, …and thank you for the attached spreadsheets. …You have been terrific to us and me especially.

CFO of a Southeast-based national environmental engineering company: 

We got it, looks great, as always.   Might I ask a favor that I've gotten in previous years?  Could I get the  "pretty stuff,” the charts, in electronic form so that I don't have to re-invent the wheel.  I usually put them in my presentation to the employees.

CFO of a long-term client acquiring a company appraised for the purchase:

Yesterday we closed our deal.  They are now officially part of us.  We’ll send you an announcement.  Thanks for all your help!

CFO of a Louisiana-based national home products manufacturing company:

…(A) great ESOP appraisal report.  We have always appreciated your understanding of our Company.  … Thanks again for your superb work.

CFO of a national seed production company: 

All is perfecto!!!!  We are able to do this so smoothly when our key advisers respond as you have.  Thanks so much….

CFO of a West Coast rubber products distributor:

…As always, thank you for your excellent work…..

CFO of a large manufacturer after his ESOP company was sold to a huge European public company: 

The (ESOP fairness opinion) package came in yesterday.  Thanks so much.  I will keep you apprised of the final price when we know it.  (The finalization of the sale) is scheduled for the end of November.  I too have appreciated our business relationship over these years. You have been extremely helpful in getting us through these tough years and into the glory years.

Best to you, always.

CFO of a large farm and animal products distribution company: 

I just wanted you to know that I spent the best part of Tuesday evening reading over your ESOP appraisal for the Company.  I am amazed at the thoroughness and completeness of your report. You are truly a “MASTER” of your trade.

CFO of an environmental consulting company: 

Thanks Bob for your great service … once again!

ERISA attorney acting as an independent ESOP Trustee for the client company:

‘Very impressive ESOP appraisal, and a great job.   …Great to have a chance to work with you again.

Independent financial advisor to a large environmental engineering company:

Good Morning Bob … WE would like to THANK YOU and CONGRATULATE YOU on a “job VERY well done”.  We could not be more pleased with the careful diligence which you exercised  in completing the ESOP valuation of (our company) as of fiscal year end.

Thank you Bob … well done … as we also appreciate your “candid input” as to the array of the comparatives which we should be more mindful of.

CPA for a long-term tool distributor client:

…As always, we really enjoy working with you.

Chief Administrative Officer of a long-term client: 

…You are organized, concise and have a marvelous "can do" attitude….

CEO of a large high-tech California company in an email to his management team regarding the most recent ESOP appraisal update:

...an amazing document.  Nice job.

The CFO and retiring owner of a large Texas grain and cattle feeding operation following the sale of the Company's assets:

It has been a blessing to have you as our appraiser and advisor all these (20) years.  It has been one of the best working relationships I have ever had!