Professional ESOP Fiduciaries

 Nels Carlson is a co-founder and Managing Director of Summit Fiduciary Group, LLC.  With over 25 years of experience working with ESOPs and employee-owned companies, Nels is actively involved in the management of our professional fiduciary services practice. Prior to establishing Summit, Nels was the Managing Director and Practice Lead of the ESOP fiduciary services practice at a NASDAQ traded financial institution, the General Counsel and President of a Minneapolis–based trust company, and a Partner in the Corporate/ESOP practice of a commercial law firm in Minneapolis, Throughout the course of his professional career, Nels has presented on ESOP and fiduciary issues at national and regional industry conferences.

Nels received an advanced Master of Laws (LL.M.) degree from the Georgetown University Law Center in 1996 (focusing in the areas of tax and employee benefits law}, a J.D. degree from the Ohio Northern University College of Law in 1994, and a B.A. degree in Economics from Trinity College (CT) in 1990.  He is a licensed attorney in Minnesota, and is an active member of the Minnesota and Hennepin County Bar Associations, the National ESOP Association, and the National Center for Employee Ownership (NCEO). Nels and his wife, Beth, have two sons and live in Maple Grove, Minnesota.

Mike Flesch is a co-founder and Managing Director of Summit Fiduciary Group, LLC. Based out of Orange County, California, Mike is actively involved in the management of all of Summit’s ongoing and transactional ESOP fiduciary engagements.

Mike has over a decade of experience working on large variety of complex ESOP-related issues, including annual valuations of privately-held stock, repurchase obligation, mergers & acquisitions, corporate governance, ESOP terminations, and purchases and sales of company stock.  

Prior to founding Summit with Nels in 2023, Mike served as a managing director in Alerus Financial’s ESOP fiduciary practice.  Before joining Alerus, Mike was a second vice president at The Northern Trust Company in Chicago, Illinois.  

Mike received his J.D. from the University of St. Thomas – School of Law in Minneapolis, Minnesota in 2007.  In 2003, he earned his B.A. in History at the University of Wisconsin – Madison.  Mike is a Professional Member of the ESOP Association and the NCEO and has been a featured speaker at industry conferences.

Mike and his wife, Meghan, have a son and two daughters.  They live in San Clemente, California.

Nicole Langerud is a director for Summit Fiduciary Group, LLC, where she focuses on ongoing and transactional ESOP engagements, plays a lead role in the management of ongoing ESOP relationships, participates in business development, and participates in all aspects of ESOP transactions.

Nicole began working with ESOPs in 1999 as a plan administrator with Alerus Financial. After gaining vast ESOP experience through plan administration, trust administration, and ESOP client relationship management, she transitioned to the fiduciary services practice in July of 2017. Her knowledge, insight and expertise related to both the administrative and fiduciary aspects of ESOPs are valuable assets for Summit and its ESOP clients.

Nicole holds bachelor’s degrees in business administration and political science from Concordia College in Moorhead, Minnesota. She frequently attends and speaks at local and national ESOP Association and NCEO conferences and seminars.

Nicole and her husband reside in East Grand Forks, Minnesota and have three children.

Cassandra Peterson is an associate director for Summit Fiduciary Group, LLC. She manages ongoing client relationships, including the annual valuation process, participates in new business development, and is actively involved in all aspects of ESOP transactions. Cassandra has nearly a decade of ESOP fiduciary services experience, most recently as an associate director with Alerus Financial, N.A., where she was actively involved in the management and support of all ESOP fiduciary engagements.

Cassandra holds a bachelor’s degree in business management from the University of North Dakota. She frequently attends local, regional, and national conferences and meetings of The ESOP Association and National Center for Employee Ownership. She lives in Minneapolis with her husband, Ryan, and their two children.