Contributing Authors Spotlight: Valuing a Business, 6th Edition

Meet the experts behind the newest edition of the go-to valuation guide for 40 years. 

The countdown has begun! The new VAB6 is expected to be released very soon. Pre-orders are currently being accepted. Shannon Pratt wrote and published the groundbreaking first edition of Valuing a Business in 1981. The new 6^th edition was written by some of the most accomplished appraisers in the profession in honor of Dr. Pratt and with his input and blessing prior to his passing earlier this year. Below is a closer look at these contributing authors. 

Jennifer A. Allen, CPA/ABV, CFF, CFE, is a partner at Anthem Forensics. She has over 12 years of experience in litigation support and financial valuation services, specializing in forensic/investigative accounting and business valuation. Ms. Allen is also active in the profession as an author, lecturer, and volunteer, most recently serving as President of the Nevada Society of CPAs Las Vegas Chapter. She has received awards for her outstanding service from both the NSCPA and AICPA. 

Harris Antoniades, Ph.D., CFA, FRM, is the leader and managing director in the complex securities & financial instruments practice at Stout. He has over 21 years of experience in corporate finance, specializing in business and securities valuations, real options and derivative valuations, and risk management. Dr. Antoniades has also served in the past as a visiting lecturer at UCLA and at the University of Cyprus. 

Arlene L. Ashcraft, MBA, ASA, CFA, is a senior vice president at Columbia Financial Advisors. She has over 17 years of experience in financial advisory services, specializing in ESOP and gift tax valuations and appraisal assignments for litigation support purposes. Ms. Ashcraft has been a designated member of ASA for 12 years, and an active volunteer with numerous leadership positions, including most notably serving as the Treasurer of ASA’s Business Valuation Discipline Committee, Vice Chair of the ASA International Board of Examiners, and past editor of the Business Valuation E-Letter. 

Barry A. Baker, ASA, CFA, is a member/partner at CapVal-American Business Appraisers. He has over 30 years of experience in investment banking and valuation, specializing in technology companies, rapidly-growing companies, closely-held businesses, professional practices, and intangible assets. Mr. Baker is also a representative of Independent Investment Bankers Corp., a registered SEC broker-dealer and FINRA/SIPC member. He has been a designated member of ASA for 10 years. 

Bob Bartell, CFA, is president of corporate finance for Kroll. He has over 25 years of experience in a broad array of corporate finance advisory engagements, specializing in fairness/solvency opinions, M&A advisory, financial restructurings, ESOP formations and others. Mr. Bartell is also a FINRA registered broker/dealer, and an active committee volunteer for multiple non-profit charitable organizations. 

 

Neil Beaton, ASA, CFA, CPA/ABV, CFF, is managing director at Alvarez & Marsal Valuation Services. He has over 25 years of experience analyzing both closely held and publicly held companies, specializing in the valuation of early-stage, venture-backed companies. Mr. Beaton has written and spoken extensively on valuation techniques for companies with complex capital structures and has been a designated member of ASA for 29 years. He has also testified on valuation uses in federal and state venues across the U.S. as well as in international arbitrations. 

Adriana Berrocal, MBA, ASA BV/IA, is the valuation & modeling lead partner for Spanish Latin America at Deloitte. She has over 20 years of experience in consulting and technical experience in valuation, transaction support and corporate finance, specializing in complex multidiscipline engagements regarding businesses. Ms. Berrocal has been a designated member of ASA for 18 years, and an active volunteer with numerous leadership positions, including most notably serving on ASA’s Business Valuation Discipline Committee, The Appraisal Foundation’s Appraisal Practices Board (APB) and the Mexican Institute of Finance Executive’s Technical Council. She is also a frequent speaker, author and professor. 

Heather Bolner, ASA, CFE, is director of investigations, disputes & risk practice at AlixPartners. She has over 13 years of experience in valuation and financial consulting services, specializing in shareholder disputes, appraisal rights, breaches of contract, preference and fraudulent conveyance actions, property tax matters, and other commercial and economic damages analyses. Ms. Bolner has been a designated member of ASA for 5 years. She also is a Certified Fraud Examiner. 

Liza Bowersox, ASA, is the founder and managing director of Artemis Valuation and Advisory. She has over 20 years of experience as a business and valuation consultant, specializing in the valuation of closely-held businesses and intangible assets. Ms. Bowersox has been a designated member of ASA for five years, and an active volunteer with numerous leadership positions including most notably serving on ASA’s Business Valuation Discipline Committee. 

Justin Burchett, Ph.D., CFA, is managing director in the complex securities & financial instruments practice at Stout. He has over 15 years of experience in the valuation of financial services firms and complex financial products, specializing in derivatives, structured products, corporate and consumer debt instruments and bank loan portfolios. Dr. Burchett also holds the Certified in Entity and Intangible Valuations (CEIV) certification and is a FINRA registered General Securities Representative (Series 63) and a Limited Representative – Investment Banking (Series 79). 

M. Maxime Charlebois, Ph.D., is senior director at Alvarez & Marsal Valuation Services. He has over 10 years of experience in the valuation and strategic value consulting, specializing in complex financial assets and derivatives. Dr. Charlebois is also an experienced financial modeler. 

 

David G. Clarke, ASA, is managing principal of the valuation litigation practice at Griffing Group. He has over 40 years of experience in valuation and expert witness testimony, covering a broad range of practice areas. Mr. Clarke has been a designated member of ASA for 37 years, and an active volunteer with numerous leadership positions, including most notably serving as President of ASA’s Chicago Chapter, as well as being on ASA’s Coalition and District Directors Committee. 

Matthew R. Crow, ASA, CFA, is president at Mercer Capital. He has over 28 years of experience in valuations related to investment management entities, specializing in corporate planning and reorganization, transactions, employee stock ownership plans, tax issues and intangible assets, options, and assets subject to specific contractual restrictions. Mr. Crow has been a designated member of ASA for over 21 years, and an active volunteer with numerous leadership positions, including most notably serving on ASA’s Business Valuation Discipline Committee. He is also a frequent publisher and speaker. 

Nancy M. Czaplinski, MBA, ASA, CFA, CPA/CGMA/ABV, is past senior advisor of valuation advisory services at Kroll. Now retired, her career of over 30 years focused on financial analysis and business valuations, specializing in both private and public companies, as well as providing testimony as an expert witness. Ms. Czaplinski was a designated member of ASA for 27 years, and an active volunteer with numerous leadership positions, including most notably serving on the ASA International Board of Examiners, ASA’s Business Valuation Discipline Committees and as President of ASA’s Wisconsin Chapter. 

Jan I. Davis, MLIS, is president at Blue Sage Research. She has over 20 years of experience in academic and corporate libraries, specializing in business valuation and litigation support research. Ms. Davis describes herself as a cross between a librarian, a detective and a Jeopardy contestant. She is also a frequent public speaker. 

 

Richard De Rose, Ph.D., J.D., is a managing director in the Board Advisory and Transaction Opinion Group at Houlihan Lokey. He has over 36 years of experience in investment banking, specializing in mergers and acquisitions, financial restructuring, valuation and transactional opinion services. Dr. De Rose is member of several mergers & acquisitions and corporate law related committees including most notably on American Bar Association and New York City Bar Association. He has also been qualified as an expert in valuation by the Delaware Court of Chancery. 

David C. Dufendach, MBA, ASA  is past managing director at Alvarez & Marsal Valuation Services. Now retired, his valuation career of over 20 years focused on complex financial instruments, intangible assets, intellectual property, businesses and business segments for financial reporting, tax and other purposes. Mr. Dufendach has been a member of ASA for over 20 years, an active volunteer and a frequent speaker and author. 

Andrew S. Fargason, CFA, is managing director of the valuation advisory group at Stout. He has over 32 years of experience in asset and business valuation, specializing in domestic and international valuation and mergers & acquisitions. Mr. Fargason has valued equity, debt, and derivative securities (including stock options, warrants, and various embedded derivatives), as well as a variety of intangible assets. 

 

Susan Fickling-Munge, CBE, is managing director of transfer pricing at Kroll. She has over 20 years of experience in transfer pricing and valuation, specializing in international and multistate tax planning projects. Ms. Fickling-Mune has worked closely with global companies in a vast range of industries, assisting them with transfer pricing planning, documentation and defense. 

 

Jay E. Fishman, FASA, FRICS, is a Managing Director of Financial Research Associates and has been actively engaged in the appraisal profession since 1974.  He specializes in the valuations of business enterprises and their intangible assets. He holds a bachelor’s and master’s degree from Temple University as well as an M.B.A. from LaSalle University.  Mr. Fishman is a Fellow of the American Society of Appraisers, a Fellow of the Royal Institution of Chartered Surveyors, a former Chairman of the Business Valuation Committee of the American Society of Appraisers, Editor of the Business Valuation Review, Chair of ASA’s Government Relations Committee, a former Trustee of the Appraisal Foundation and former member of the Appraisal Standards Board of the Appraisal Foundation.  He finished his term as a member of the Appraisal Practice Board of the Appraisal Foundation in July 2016. Mr. Fishman is currently a member of the Board of Trustees of the International Valuation Standards Council (IVSC). In 2020, in full recognition of his outstanding services in the Society and contributions to the appraisal profession, the American Society of Appraisers gave him their Lifetime Achievement Award. 

William H. Frazier, ASA, is managing director of valuation services at Weaver. He has over 40 years of experience in business valuation and corporate finance, specializing in closely-held operating businesses and holding entities. Mr. Frazier has been a designated member of ASA for over 35 years, and an active volunteer with numerous leadership positions, including most notably serving as Chair of ASA’s Governmental Relations Committee and Secretary of ASA’s Business Valuation Discipline Committee; as well as a member of both ASA’s Tax Reform Task Force and Affiliate Committees. He is also an expert witness and a frequent author. Mr. Frazier developed the Non Marketable Investment Company Evaluation Method which is featured in the Cost of Capital and VAB6.

Carla G. Glass, FASA, IA, CFA, is a managing director in the advisory services practice at Marcum. She has over 35 years of experience in business valuation. Ms. Glass has served as Chair of the Appraisal Standards Board of The Appraisal Foundation. Having been a designated member of ASA for 37 years, she has held numerous leadership positions including most notably as Chair of ASA’s Business Valuation Committee and Chair of ASA’s Education Committee.  She was conferred the designation of Fellow in ASA’s College of Fellows – the highest honor ASA bestows for contributions to ASA and the appraisal profession. 

Roger J. Grabowski, FASA, coauthored the chapters “Income Approach: Developing the Discount Rate,” and “Income Approach: Forecasting Economic Income” and co-updated the chapters “Income Approach: Discounted Economic Income Method,” “Income Approach: Capitalized Economic Income Method,” and “Income Tax Court Cases.” He is a Managing Director with the Valuation Advisory Services practice of Kroll. He has testified as an expert in various courts. Mr. Grabowski is coauthor with Shannon Pratt of Cost of Capital: Applications and Examples, 5th ed. (Wiley), The Lawyer’s Guide to Cost of Capital (ABA), and Cost of Capital in Litigation: Applications and Examples (Wiley). He is coauthor of the annual Valuation Handbook series on cost of capital which is available through the Kroll Cost of Capital Navigator. He is former Editor of the Business Valuation Review. 

Travis W. Harms, CFA, CPA/ABV, is senior vice president of family business advisory services group at Mercer Capital. He has over 23 years of experience in valuation and advisory engagements, specializing in multi-generation family businesses. Mr. Harms is a frequent author and speaker, as well as a volunteer committee member of The Appraisal Foundation’s working group to address best practices for control premiums. Mr. Harms is co-author of Business Valuation: An Integrated Theory Third Edition (with Z. Christopher Mercer). 

James P. Harrington, is director of valuation services at Kroll. He has extensive experience in business valuation, specializing in cost of capital. Mr. Harrington is a leading contributor to his firm’s efforts in the development of studies, surveys, online content and tools, and firmwide valuation models. Prior to his current role, he was director of valuation research at Morningstar. 

 

Erin D. Hollis, ASA, CDBV, is managing member at AIW, LLC. She has over 20 years of experience in business valuation, specializing equity securities for succession planning, estate planning, ESOPs, disputes, litigation support, buy-sells and other agreements. Ms. Hollis has been a designated member of ASA for over 13 years, and an active volunteer with numerous leadership positions, including most notably serving as Chair of both ASA’s Business Valuation Discipline Committee and Public Relations Committee, as well as President of the ASA Chicago Chapter Committee. She is also an expert witness and frequent author and speaker. 

Bruce A. Johnson, ASA, is a partner at Munroe, Park & Johnson, Inc. He has over 28 years of experience, specializing in the valuation of privately held companies, limited partnerships and promissory notes. Mr. Johnson is an active volunteer holding numerous leadership positions, including most notably serving on ASA’s Board of Governors, the ASA International Board of Examiners, and ASA’s Business Valuation Committee. He has served as an expert witness in several landmark tax cases and has been widely published in multiple bar journals and valuation periodicals. Mr. Johnson is also a frequent speaker at valuation conferences and is the course developer for the ASA’s BV 203 Course on Discounts and Premiums. 

G. William Kennedy, Ph.D., M.A.S., CPA/ABV, is managing director of expert services practice at Kroll’s Boston’s office. He has over 30 years of experience in business valuation, specializing in economic damages, lost profits and litigation support services. Dr. Kennedy has testified in numerous state and federal courts and before international arbitration tribunals. He is also an active volunteer for multiple professional organizations and a frequent instructor and speaker. 

Vladimir Korobov, ASA, CFA, CPA, is a partner in the advisory services practice at Marcum. He has over 20 years of experience in business valuation, litigation support and financial analysis services, specializing family law matters, estate and gift tax, fairness opinions, transactions, solvency determination, employee stock ownership plan formation and updates, financial reporting, and litigation. Mr. Korobov has been a designated member of ASA for over 14 years, and an active volunteer with numerous leadership positions, including most notably serving as Vice President of ASA’s Connecticut Chapter Committee. He is also a frequent author and speaker. 

Joseph L. Leauanae, ASA, CPA/CFF/CITP/ABV, CFE, is a partner at Anthem Forensics. He has over 25 years of experience in forensic accounting, business valuation, and economic damage calculation services. Mr. Leauanae has been a designated ASA member for over 20 years and an active volunteer serving in numerous leadership positions with various professional organizations. He specializes in providing expert witness services. 

Esteban Lecumberri, is a partner at KPMG Mexico. He has over 16 years of experience in business valuation, specializing in purchase price allocation, impairment testing analysis and intangible assets. He is responsible for supervising and conducting valuation services in compliance with International, Mexican and U.S. accounting standards. Esteban specializes in the analysis, structuring and valuation of infrastructure projects developed with public and private resources he is also responsible for leading and conducting Financial Modelling, Model Due Diligence and Project Finance advisory services. 

Timothy R. Lee, ASA, is managing director of corporate valuation services and a board member at Mercer Capital. He has over 28 years of experience in valuation and corporate advisory services, specializing in mergers and acquisitions, ESOPs, trust & estate matters, buy-sell matters, dispute resolution, and corporate planning. Mr. Lee has been a designated member of ASA for 25 years and an active volunteer and committee member within ASA and The ESOP Association. He is a frequent speaker and contributing author to numerous valuation-related publications. 

Jonathan Martin, MBA, ASA, is managing director of valuation advisory services business unit at Kroll. He is experienced in business valuation, specializing inequity interests and intangible assets. Mr. Martin has been a designated member of ASA for over 11 years, and an active volunteer with numerous leadership positions, including most notably serving as ASA’s Chicago Chapter Committee Vice President and Treasurer. 

 

Z. Christopher Mercer, FASA, CFA, ABAR, is chairman at Mercer Capital. He has over 40 years of experience in business valuation, specializing in valuations for tax, ESOPs, buy-sell agreements and litigation purposes. Mr. Mercer has been a designated member of ASA for 36 years, and an active volunteer with numerous leadership positions.  Mr. Mercer served as President of ASA’s Middle Tennessee-Nashville Chapter Committee, was Vice-Chairman of the ASA’s International Board of Examiners, Chair of the ASA’s Business Valuation Standards Committee, a member of the Professional Board of the International Valuation Standards Committee, and an elected member of the Business Valuation Discipline Committees. He is also a frequent author and speaker. Mr. Mercer is co-author of Business Valuation: An Integrated Theory Third Edition (with Travis W. Harms), and author of Quantifying Marketability Discounts. 

Ioannis Michopoulos, M.S., is senior vice president of complex securities & financial instruments group at Stout. He has experience in valuation advisory services, specializing in complex securities and derivatives valuations, advanced financial analytics, and risk management issues. 

 

Ruben Miranda, MBA, ASA, is managing director of property tax services at Kroll. He has 14 years of experience in the valuation of complex personal property for ad valorem tax purposes, specializing in the telecommunications, transportation and energy industries. Mr. Miranda has been a designated member of ASA for 6 years. 

 

Robert B. Morrison, FASA, IA, is past partner and firm leader of the business advisory services at Rosenfield and Company. Now retired, his career of over 40 years focused on business valuation, forensic accounting, and litigation services. Mr. Morrison is a Fellow of the American Society of Appraisers (ASA) and held numerous professional leadership positions, including most notably serving on the Board of Trustees of the Appraisal Foundation and as International President of the ASA and Chair of the International Institute of Business Valuers’ Board of Directors.  He was also an expert witness, instructor and frequent author and speaker. 

Joseph Muro, ABV, CEIV™, CFA, is a director of valuation services at Kroll. He has over 17 years of experience in business valuation, specializing in business enterprises and intangible assets for the purposes of financial and tax reporting, merger and acquisition planning as well as reorganizations and restructurings. Mr. Muro also holds the Certified in Entity and Intangible Valuations (CEIV) certification and holds the Accredited in Business Valuation (ABV) credential as a member of the American Institute of Certified Public Accountants 

Alina V. Niculita, MBA, ASA, ARM-BV, CFA, is director of valuation services at Morones Analytics. She has over 18 years of experience in business valuation specializing in enterprise, professional practice, and intangible assets valuation and appraisal review for various purposes including litigation support and business transactions. Ms. Niculita has been a designated member of ASA for 15 years, and an active volunteer with numerous leadership positions, including most notably serving as Treasurer of ASA’s Portland Chapter Committee and a current member of ASA’s Business Valuation Discipline Committee. She is also an expert witness, instructor, and author. 

John Osswald, CFA, is managing director of valuation advisory services at Kroll. He has over 27 years of experience in valuation and corporate financial advisory services, specializing in the valuation of businesses, debt and equity securities and intangible assets. Mr. Osswald regularly assists in the defense of valuation analyses before the Internal Revenue Service and other regulators. 

 

Lucas M. Parris, ASA, CEIV™, IA, CFA, is senior vice president and leader of the financial reporting valuation group at Mercer Capital. He has over 15 years of experience in business valuation, specializing in intangible assets for financial reporting purposes. Mr. Parris has been a designated member of ASA for 10 years, and an active volunteer with numerous leadership positions, including most notably serving as President of ASA’s Memphis Branch Committee. He also holds the Certified in Entity and Intangible Valuations (CEIV) certification. 

Kenneth J. Pia, Jr., ASA, CPA/ABV, MCBA, is partner and leader of the national matrimonial and business valuation groups at Marcum. He has over 30 years of business valuation experience, specializing in complex valuation engagements. Mr. Pia has been a designated member of ASA for 31 years, and an active volunteer with numerous leadership positions, including most notably serving as Chair of both ASA’s Business Valuation Discipline Committee and ASA’s BV Discipline Committee Strategic Planning Subcommittee, and as President of ASA’s Connecticut Chapter Committee. He is also a qualified expert witness, instructor, and frequent author and speaker. 

Anthony J. Pumphrey, ASA, CFA, is managing director at VRC. He has over 15 years of experience in business valuation, specializing in enterprise valuations, purchase price allocations, impairment analyses and the valuation of claims of complex capital structures. Mr. Pumphrey has been a designated member of ASA for almost 7 years. 

 

William Quackenbush, MBA, FASA, MCBA, ABAR, is managing director at Advent Valuation Advisors. He has over 40 years of experience in business valuation, specializing in partial ownership interests, intangible assets, tax compliance, transaction support and financial reporting purposes. Mr. Quackenbush has been a designated member of ASA for 22 years, and an active volunteer with numerous leadership positions, including most notably serving as Chair of ASA’s Business Valuation Discipline Committee, Vice Chair of the ASA International Board of Examiners, and President of the ASA Hudson Valley, New York Chapter Committee. He is also an expert witness, instructor and frequent speaker. 

Sujan Rajbhandary, CFA, is vice president of financial reporting valuation group at Mercer Capital. He has over 16 years of experience in business valuation, specializing in financial assets and liabilities for litigation support, tax compliance, ESOP compliance and shareholder transactions.  

 

Raymond D. Rath, FASA, CEIV™, IA, ARM-BV, CFA, is managing director at Globalview Advisors. He has over 40 years of experience in business valuation, specializing in enterprises and intangible assets. Mr. Rath has been a designated member of ASA for 38 years, and an active volunteer with numerous leadership positions, including most notably serving as Vice President of the ASA International Board of Examiners, Treasurer of the ASA Business Valuation Discipline Committee, and as ASA’s Los Angeles Chapter Committee President. He was conferred the designation of Fellow (FASA) – the highest honor ASA bestows for his contributions to ASA and the appraisal profession. 

Toby Reese, MBA, is a managing director of tax services at Kroll.  He has more than 30 years of experience in the valuation of communications, utility, and carrier property for taxation purposes.  Mr. Reese is a frequent speaker at both assessor and industry conferences and has appeared and testified before numerous legislative committees over his career.  He also is an instructor in the Principles Course of the Wichita Ad Valorem Tax Conference. Prior to Kroll, Mr. Reese was a state-level assessor charged with valuations of utility and carrier property for property tax purposes. 

Janine N. Salyards, MBA, J.D., CFA, CPA, is managing director of valuation advisory services at Kroll. She has over 25 years of experience in domestic and international corporate finance and valuation experience, specializing in enterprises, equity securities, intangible assets and intellectual property. Ms. Salyards is an active member in multiple professional organizations, as well as an active volunteer serving on the Board of Project Hope, a non-profit organization. 

Charles S. Sapnas, ASA, CEIV™, CFA, is managing director and practice leader at VRC. He has over 17 years of experience in business valuation, specializing in valuations for financial reporting and tax purposes including business combinations, goodwill and asset impairment testing, share-based compensation and tax restructuring. Mr. Sapnas is a designated member of ASA for 15 years, and an active volunteer with numerous leadership positions, including most notably serving as Vice President of ASA’s Princeton Chapter Committee, and is currently serving on the Appraisal Foundation’s SME Group “Determining the Appropriate Discount Rate on Intangible Assets”. He holds the designation of Chartered Financial Analyst (CFA) of the CFA Institute.   

Robert C. Schlegel, FASA, ARM-BV, MCBA, is a Principal at Houlihan Valuation Advisors in Indianapolis. His career spans over 40 years as an academic, practitioner, author and teacher of business valuation and appraisal review, with noted specialties in technology companies and real estate centered entities. Mr. Schlegel has been a designated member of ASA for over 25 years, and has held a variety of leadership positions in many organizations, including service as the International President of the American Society of Appraisers in 2010 and 2011. He was awarded life membership and conferred the designation of Fellow (FASA) – the highest honor ASA bestows for his contributions to ASA and the appraisal profession. 

Judd Schneider, CFA, is a managing director at Kroll. He has over 17 years of experience in business valuation, specializing in enterprises, legal entities, debt and equity securities, intangible assets, intellectual property and derivative instruments. Mr. Schneider is also active as a co-founder of the StopLeukemeia.org, non-profit organization. 

 

Ron Seigneur, MBA, ASA, CPA/ABV/CFF, CVA, CGMA, is managing partner at Seigneur Gustafson. He has over 35 years of experience in business valuation. Mr. Seigneur has been a designated member of ASA for 20 years, and an active volunteer with numerous leadership positions, including currently serving as Vice Chair of ASA’s Business Valuation Discipline Committee and as a member of the ASA International Board of Examiners, ASA’s Audit Committee, and ASA’s International Marketing Committee. Mr. Seigneur was Vice President of ASA’s Denver Chapter Committee, and is also an expert witness, instructor, author and speaker. 

Keith Sellers, D.B.A., M.T., CPA/ABV, is owner of Financial Valuation Services. He has over 20 years of experience in business valuation and financial reporting, specializing in the valuation of community banks, employee stock options, convertible debt and other derivative securities. Mr. Sellers is also a partner at Derivative Valuation Services, a consulting and software development company, as well as instructor. 

 

Mark R. Simzyk, ASA, is managing director of tax services at Kroll. He has over 19 years of experience in engineering and valuation related services, specializing in machinery and equipment, industrial real property and entire operating facilities. Mr. Simzyk has been a designated member of ASA for 12 years. 

 

Adam Smith, ASA, IA, is managing director at PwC. He has over 20 years of experience in business valuation, specializing in business interest, intangible assets, economic damages, derivatives and lost profits. Mr. Smith has been a designated member of ASA for 16 years, and an active volunteer with numerous leadership positions, including most notably serving as a member of ASA’s Business Valuation Committee. He has also worked closely in the past with multiple standard setters, accounting and valuation professional organizations. 

Brendan Smith, M.S., is managing director in the complex securities and financial instruments practice at Stout. He has over 10 years of experience in direct investment and valuation advisory, specializing in fixed income instruments and other alternative asset classes. Mr. Smith has a specific focus on advising Stout’s alternative investment management clients on matters related to portfolio valuation as well as the valuation of investment manager and general partner interests. 

Trey Stevens, MBA, ASA, is managing director at Stevens & Greer, LC. He has 30 years of experience in the valuation of business entities and business interests, the valuation of intangible assets and intellectual property, and the calculation of lost profits and commercial damages. Mr. Stevens is an active volunteer with numerous leadership positions, including most notably serving as a member of the ASA Business Valuation Discipline Committee and as the Chair of the ASA International Board of Examiners. Mr. Stevens is a frequent instructor and is the course developer for the ASA BV 202 Income Approach course. 

Aaron M. Stumpf, CPA/ABV, is managing director in the valuation advisory group and co-head of the trust and estate valuation practice at Stout. He has over 25 years of experience in business valuation and financial advisory services, specializing in valuation discount options, restricted stock and blockage discount opinions, undivided interest discounts, promissory note valuations, and private equity and hedge fund interests. 

Chris Swiecicki, MBA, is a director of fairness and solvency opinions at Kroll. He has over 10 years of experience in fairness, solvency and business valuation opinions. Mr. Swiecicki is also a FINRA registered representative, holding the Series 7 and 63 licenses. 

 

Jeffrey S. Tarbell, ASA, CFA, is director of financial and valuation advisory at Houlihan Lokey. He has over 30 years of experience in valuation and financial opinions. Mr. Tarbell has been a designated member of ASA for 25 years, and an active volunteer with numerous leadership positions, including most notably serving as the current Region 5 Governor of the ASA Board of Governors Committee and the past Chair of ASA’s Business Valuation Discipline Committee. He is also an expert witness, instructor, author and frequent speaker. 

Joseph W. Thompson, ASA, CFA, is principal at Griffing Group providing expert witness testimony across numerous jurisdictions. He has more than 20 years of professional experience in the area of finance, specializing in analyzing businesses, business interests, financial assets, financial instruments, and derivative securities for the purposes of determining value and economic damages. Mr. Thompson has been a designated member of ASA for 12 years. 

Marissa Pepe Turrell, MBA, M.S., ASA, CVA, is a director in the advisory services division in the New England office at Marcum. She has over 17 years of experience in business valuation, specializing in gift and estate tax valuations, succession planning, equity buy-in and redemptions, mergers and acquisitions, marital dissolutions, and shareholder disputes. Ms. Turrell has been a designated member of ASA for 13 years and is an active volunteer, most notably as Chair of ASA’s Business Valuation Webinar Subcommittee. 

Donna J. Walker, FASA, ARM-BV, CFA, is principal and founding shareholder at Columbia Financial Advisors. She has over 38 years in business valuation, specializing in estate/gift tax and ESOP valuations and financial advisory services. Ms. Walker has been a designated member of ASA for 36 years, and an active volunteer with numerous leadership positions, including most notably serving as Chancellor of ASA’s College of Fellows and as ASA the International President. She was conferred the designation of Fellow (FASA) – the highest honor ASA bestows for her contributions to ASA and the appraisal profession. 

Laurie-Leigh White, ASA, CEIV™, IA, CPA/ABV, is a partner at BVA Group. She has over 14 years in business valuation, specializing in the valuation of companies, partnerships, intangible assets, complex securities for financial reporting and tax purposes and employee stock ownership plans. Ms. White has been a designated member of ASA for 12 years, and an active volunteer with numerous leadership positions, including most notably serving as the current Secretary of ASA’s Business Valuation Discipline Committee, and on both the ASA International Board of Examiners and Conference Committees. 

L. Deane Wilson, MA, ASA, is managing partner at The Blackwell Group. He has over 40 years of experience in real property valuation, specializing in valuations for special purpose, going concern, leasehold/leased fee and fractional interest properties. Mr. Wilson has been a designated member of ASA for 33 years, and an active volunteer with numerous leadership positions, including most notably serving as Chair of ASA’s Real Property-NAIFA Discipline Committee, Discipline Governor of ASA’s Board of Governors Committee, and currently an RP (Going Concern) Advisor for the ASA International Board of Examiners. 

Arik Van Zandt, ASA, CDBV, is a managing director at Alvarez & Marsal Valuation Services. He has over 19 years of experience in business valuation, specializing in closely-held businesses operating in a variety of industries. Mr. Van Zandt has been a designated member of ASA for 10 years. 

 

Mark L. Zyla, ASA, CFA, CPA/ABV, is managing director at Zyla Valuation Advisors. He has over 37 years of experience in business valuation, specializing in valuation issues in financial reporting, litigation consulting, and tax reporting. Mr. Zyla has been a designated member of ASA for over 30 years, and an active volunteer with numerous leadership positions, including most notably serving as a member of ASA’s Business Valuation Discipline Committee.  He is currently the Chairman of the Standards Review Board of the International Valuation Standards Council. He is also a frequent author and speaker. 

For more information about the Valuing a Business, 6^th edition, visit www.appraisers.org/VAB6 or call (800) 272-8258. All proceeds benefit the ASA Educational Foundation.