INCEO's Founding Board

INCEO's Founding Board is Richard Van Doel, Andrew Manchir, and Stephen Smith.   Over the next 24 months it is our intent to modify the Board's makeup through the addition of  Senior Indiana ESOP Executives.  Ultimately our goal is to ensure the board is primarily composed of ESOP companies rather than service providers.  Serving on the INCEO Board is a voluntary, non-compensated position.

Are you interested in helping provide education and advocacy to Indiana businesses if so, please contact INCEO for additional details.

Board of Directors

Richard Van Doel, Ph.D President/CEO of INCEO

Richard obtained his Ph.D from Indiana Wesleyan University in the discipline of Organizational Leadership. His dissertation topic Exploring Stewardship Characteristics in the Professional, Scientific, and Technical Services Employee-Owned Companies examined the influence of stewardship on employee owned company governance, and the influence of stewardship on firm productivity. He was awarded a Louis O. Kelso Fellowship from the School of Management and Labor Relations at Rutgers University. Rick brings more than 40 years of experience in military, forprofit and nonprofit leadership. He is a US Navy veteran, having retired as a Chief Warrant Officer (1993), currently he is the President/CEO of Performance Validation a technical services company that is a 100% employee-owned company. Richard has been involved with the leadership of multiple nonprofit professional organizations. He is past senior advisor to the Indianapolis Section of the American Society for Quality, past Vice-President of the Great Lakes Chapter of the International Society for Pharmaceutical Engineering and is the current Secretary of the E55.04 Biopharmaceutical standards committee of the American Society of Testing and Materials.

Mr. Andrew Manchir Treasurer

Andy is an active member of The ESOP Association and serves on the Executive Committee of the State and Regional Chapter Council. He also serves on The ESOP Association’s Valuation Advisory Committee. In 2010, he received the prestigious national award of “Chapter Officer of the Year” from The ESOP Association.  Andy is a Certified Management Accountant (CMA) and is a member of the Institute of Management Accountants. He is also a Certified Exit Planning Advisor (CEPA) and serves on the leadership team for the Exit Planning Institute’s Central Indiana Chapter. Additionally, Andy is a member of the National Center for Employee Ownership and is an accredited member of the American Society of Appraisers.

Mr. Stephen D. Smith Secretary

Since 1984, Stephen Smith has dedicated his private law practice primarily to employee stock ownership plans ("ESOPs") and structuring ESOP transactions. Mr. Smith has been responsible for structuring over 300 ESOP transactions for public and private companies throughout the United States. He also designs and implements equity and non-equity-based incentive compensation programs for public and private companies. Mr. Smith represents ESOP sponsors, ESOP fiduciaries (including employer-appointed "committees") and independent ESOP trustees in ESOP transactions, including the sale of ESOP companies.Mr. Smith was directly involved in drafting the S corporation ESOP enabling legislation contained in the Taxpayer Relief Act of 1997. He was a co-author of the S corporation ESOP "anti-abuse" legislation known as the "Breaux/Ramstad Bill."

Address: 2760 Fortune Cir Dr E # 421983, Indianapolis, IN 46242-1983

Phone: (317) 561-1242


Contact the INCEO

For more information on employee ownership in Indiana please email us