Steve Chesnut is Senior Environmental Risk Consultant to Hunsucker Goodstein.
Steve Chesnut has over 30 years of experience in the areas of environmental safety and health program development, management and assessment. Steve has worked directly with over 200 manufacturing businesses to minimize environmental risks to employees, facilities, and the surrounding environment. During the last 21 years, Steve’s risk management efforts have focused on the acquisition, operation, and divestiture of manufacturing firms in the private equity environment. Additionally, he has worked with many businesses to identify and manage environmental health and safety risks in each phase of the business process prior to divestiture. Steve’s consulting services in conjunction with Hunsucker Goodstein’s transactional practice adds significant value for Hunsucker Goodstein clients, utilizing his vast experience advising clients on environment, health, and safety risk management for businesses engaged in transactions with environmental risks.
Steve concurrently works for Harbour Group in identifying and managing environmental risks of potential and current assets.
Certificate in Environmental Management, College of Engineering, Architecture and Technology, Oklahoma State University, Stillwater, Oklahoma
Master of Business Administration, Manufacturing and Operations, Washington University, St. Louis, Missouri
Certificate in Environmental, Health and Safety Law, Institute for Applied Management & Law, Inc.
Master of Science, Industrial Hygiene, Central Missouri State University, Warrensburg, Missouri
Bachelor of Science, Central Missouri State University, Warrensburg, Missouri
Representative Projects and Activities
Steve participated in the acquisition of a mid-sized manufacturing business in the Midwest. After a detailed analysis of groundwater contamination data, as well as a complete review of EPA and DOD interests in the property, a creative structure was developed that managed the risks through risk transfer vehicles and indemnifications. Steve led the property’s entry into the state’s voluntary clean-up program and negotiation of risk-based clean up levels. The areas of concern were reduced from site-wide concern, to two small isolated areas. The reduction in environmental risk provided a significant enhancement when the business was sold.
A small New England high-tech manufacturing operation identified significant soil and groundwater contamination on their site while in negotiations to sell the business. As the purchase and sale process progressed, Steve analyzed all historical site data as well as data gathered during the due diligence phase. A thorough understanding of the site conditions, the state remediation requirements and various remedial technologies allowed Steve to characterize and quantify the environmental risks. The risks were managed through various financial vehicles, and through insurance, and the acquisition was completed. A cost-effective accelerated remedial plan was developed and implemented. Using risk management techniques and the accelerated remediation activities, the overall environmental risks were well managed, yielding significant value to the new owner upon divestiture.
A manufacturing company relocated their operations from New England to the Midwest. The vacated facility was first constructed in 1895, and now included over 500,000 square feet of manufacturing and warehouse space. Some considered the environmental risks greater than the value of the property. By clearly communicating the site history and known site conditions, Steve was able to negotiate favorable terms for an environmental liability insurance policy. By acquiring the insurance policy, the company was able to sell the property for market price.