About Us
The Firm Behind the Firm
Other firms consult to ESOPs. We led one.
Nyhart was founded in Indianapolis and operated as an ESOP for decades. Under the leadership of Tom Totten and Lisa Hague, it grew from a regional actuarial practice into the seventh-ranked independent actuarial firm in the nation. Along the way, the firm completed more than ten acquisitions, built a formal independent board of directors, developed a rigorous approach to repurchase obligation funding, and cultivated an employee ownership culture that created genuine wealth for its staff.
Why operators make better advisors
The ESOP consulting market is full of attorneys, bankers, and advisors who understand the technical mechanics of employee ownership. Far fewer have managed a company's strategy, funded its repurchase obligation from operating cash flow, structured acquisition financing around ESOP covenants, or reported to an independent board as an executive accountable for long-term plan sustainability. That gap between technical knowledge and operational experience is where most ESOP advice breaks down. We know those realities because we lived them. Our advice is shaped by what actually works — not just what should work in theory.
Our Founders
Thomas Totten
FSA · PhD · Co-Founder
Former Chairman, CEO & Principal, Nyhart (1998–2020) · Visiting Professor, University of Notre Dame · Independent Board Member, Multiple ESOPs
Tom is a Fellow of the Society of Actuaries — a credential held by fewer than 30,000 professionals worldwide. He holds a PhD in Business Administration from Oklahoma State University and a BS in Mathematics from the University of Notre Dame, where he later returned as a professor directing the Actuarial Science program.
At Nyhart, Tom served as CEO for 12 years, growing the firm from a regional Indiana practice to the seventh-ranked independent actuarial firm in the nation. He led the acquisition of more than ten companies, applied actuarial modeling techniques to ESOP repurchase obligation forecasting before that practice was widely adopted, and chaired the board through the firm's successful strategic sale. He has spoken at more than 30 national conferences on ESOP issues — specifically on transactions, sustainability, and governance.
Beyond Nyhart, Tom started his career at Hewitt Associates, a global actuarial consulting firm. He currently serves as an independent board member and vice chair of a multinational industrial ESOP, an independent board member of a software firm ESOP, an advisory member to a global manufacturer ESOP, and an independent board member of an investment consulting firm ESOP. In addition, he serves as compensation committee chair on three of the boards.
Designations
Fellow, Society of Actuaries (FSA)
Enrolled Actuary (retired)
Education
PhD, Business Administration — Oklahoma State
BS Mathematics — University of Notre Dame
Academic
Visiting Professor & Actuarial Science Director, Notre Dame
Lisa Hague
CPA · MBA · Co-Founder
Former CEO, CFO & Board Member, Nyhart (2011–2020) · Co-Chair, WIPN Indianapolis · Board Member on three boards
Lisa's career traces a distinctive arc — from controller in the architecture, engineering, and construction industry through CFO, and ultimately to CEO of a nationally recognized ESOP. At Nyhart, she held both the CFO and CEO roles simultaneously, overseeing all aspects of the company including long-term strategy, operations, finance, sales, and technology. She led the M&A transaction process for the firm's acquisitions and ultimately negotiated and executed the strategic sale of Nyhart — a transaction that drew bids from an international firm and a Fortune 500 company, closing at a value far in excess of its financial book value.
Lisa is a Certified Public Accountant and holds an MBA in Operations Management from Ball State University. She has invested substantially in executive education across the country's leading business programs — including Columbia Business School, MIT Sloan, Dartmouth Tuck, Pepperdine's Graziadio School, and Notre Dame's Mendoza School of Business. She also holds a Private Capital Markets Certificate from Pepperdine and a Certified Risk Manager designation from the National Insurance Institute.
Lisa brings particular expertise to ESOP companies navigating financial reporting complexity, CFO succession, and M&A integration. She currently serves on three boards, and co-chairs the Indianapolis chapter of WIPN (We Inspire Promote Network).
Designations
Certified Public Accountant (CPA) — Indiana
Certified Risk Manager — National Insurance Institute
Education
MBA Operations Management — Ball State University
BS Finance — Indiana University
Executive Education
Columbia · MIT Sloan · Dartmouth Tuck · Pepperdine · Notre Dame
Contact
lisa.hague@stokastique.comReady to Work With People Who've Done It?
Whether you need actuarial sustainability modeling, fractional CFO leadership, acquisition strategy, or board governance — let's talk about what your ESOP actually needs.