Carla S. Nunes
Carla S. Nunes has more than 25 years of experience in valuation, financial reporting, and tax, with deep expertise in cost of capital, market data,…
VRC’s Parmeswaran Published in Private Funds CFO
Without an active market, valuing private company equity under ASC 820 is complex and requires greater judgment, longer time horizons, and careful assessment of secondary market signals.
AICPA Releases Comprehensive Stock Compensation Guide Draft
The AICPA’s Cheap Stock Guide working draft introduces significant changes to valuation practices, reflecting evolving market practice.
Nilufer Usta
Nilufer Usta has more than two decades of experience providing valuation and financial advisory support to privately held and publicly traded companies. She has extensive…
Rebecca Layman
Ms. Layman specializes in complex financial instrument and financial reporting valuations with deep expertise across fair value measurements, purchase price allocations, stock-based compensation, and impairment…
Luke Van Horn
Mr. Van Horn is responsible for business development for VRC in the Rocky Mountain region. With over a decade of experience executing and leading valuation…
Luke McCann
Mr. McCann has extensive experience preparing valuations for a variety of purposes, including financial reporting, tax compliance, mergers and acquisitions, ESOPs, and litigation matters. He…
Adam Smith
Mr. Smith has over 25 years of experience in the valuation industry. He has conducted valuations of businesses, intangible assets, derivatives, and more, serving a…
Saloni Bhatt
Ms. Bhatt specializes in business enterprise valuations, purchase price allocations (ASC 805 and IFRS 3), impairment analyses (ASC 350 and IAS 36), intellectual property valuations,…
Brian Daury
Mr. Daury specializes in valuations of business enterprises, pass-through entities, and privately-held debt and equity securities for financial reporting, tax purposes, and exit/succession planning. Prior…
David Menke
Mr. Menke is part of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, and business enterprises for tax and financial…
Evan Lewis
Mr. Lewis has extensive experience providing valuation services to private equity firms and privately held companies. He specializes in fairness and solvency opinions, complex security…
Pierre Barat
Mr. Barat specializes in valuation engagements for public and private companies in support of business combinations (ASC 805), impairment testing (ASC 350 & 360), stock-based…
Can I Use My 409A Valuation Report for a Gift or Estate Tax Filing?
The short answer is that you can use a 409A valuation report for a gift/estate tax filing, and you may get away with it if you’re not audited. You shouldn’t.
Stock Options & ASC 718: Consider Total Ramifications
The top six issues you need to address when issuing share-based compensation.
Xavier Love
Mr. Love specializes in business enterprise valuations, purchase price allocations (ASC 805 and IFRS 3), impairment analyses (ASC 350 and IAS 36), intellectual property valuations,…
Pay vs. Performance Disclosure Requirements
Unlock the complexities of the SEC’s Pay vs. Performance Disclosures to seamlessly navigate the regulatory landscape and set the stage for a confident proxy season.
Molly Shepard
Ms. Shepard specializes in valuations of businesses and intangible assets for a variety of purposes, including fair value measurement, allocation of purchase price, impairment testing,…
Sean Poynton
Mr. Poynton specializes in business enterprise valuations, purchase price allocations (ASC 805), impairment analyses (ASC 350), intellectual property valuations, contingent consideration valuations, and the valuation…
Pay vs. Performance Disclosure Requirements: Expected term of option grants, simple or not?
Addressing the challenge of developing and supporting the expected term used in the Black-Sholes Option Pricing Model to determine fair value of grants to PEOs and NEOs.
SEC Requires Pay-Versus-Performance Fair Value Disclosures
Public company filer disclosures must provide added color on the full scope of executive compensation packages, changes in fair value of equity awards issued principal and named executive officers.
Charles Chen
Mr. Chen specializes in the valuation of stock compensation, options, derivatives, and complex securities. He has extensive experience performing Monte Carlo simulation to estimate the…
Oleg Pesterev
Mr. Pesterev specializes in valuing complex securities including options, warrants, preferred stocks, convertible bonds, debt, contingent considerations, and commodity instruments for financial reporting and tax…
Dan Hwang
Mr. Hwang specializes in business enterprise valuations, securities valuations, and intangible-asset valuations. He also has significant experience working on solvency and fairness opinions. Prior to…
Huan Shu
Ms. Shu specializes in complex securities valuation for financial reporting and tax purposes. She has extensive valuation expertise in complex financial instruments, including 409A valuation,…
Presiyan Lazarov
Mr. Lazarov has over 15 years of experience in valuation advisory spanning from pre-revenue start-ups to late-stage, middle market companies for a variety of purposes…
Bryson Miller
Bryson Miller leads VRC’s Dallas office. He has provided numerous business, intangible asset, and equity valuations for a variety of purposes, including fair value measurements…
Shri Shetty
Ms. Shetty specializes in valuation of share-based compensation, options, derivatives, and complex securities. Prior to VRC, Ms. Shetty was an intern at Merrill Lynch where…
Tailor Tanner
Ms. Tanner specializes in valuations for business combinations (ASC 805) and impairment testing (ASC 350) across multiple industry sectors. She also has expertise valuing business…
Does My Early-Stage Company Need a Third-Party Valuation?
If your company is on a trajectory towards success, now is the time for a valuation consultation about the required analysis and support to take risk off the table.
Pablo Alfaro
Mr. Alfaro specializes in valuing complex securities including options, warrants, convertible bonds, and preferred and common stock in privately-held companies. He has extensive experience valuing…
The Evolution of Section 409A: Valuation Best Practices for Private Companies
As startups stay private for longer periods of time, their common stock valuation (Section 409A) history is likely to be scrutinized if they pursue an IPO.
Dwight Grant
In his role as Senior Advisor to VRC, Mr. Grant advises VRC and clients on the valuations of financial instruments, derivatives, and complex securities related…
Lucy Lee
Ms. Lee specializes in business enterprise valuations, purchase price allocations, goodwill impairment testing, and securities valuations for financial and reporting and tax purposes. Ms. Lee…
Charles Costa
Mr. Costa specializes in valuations of businesses, pass-through entities, and intangible assets for financial reporting, tax purposes, Employee Stock Ownership Plans (ESOPs), and exit/succession planning.…
Sean Woodward
Mr. Woodward specializes in business enterprise valuations, purchase price allocations (ASC 805), impairment analyses (ASC 350), intellectual property valuations, contingent consideration valuations, and the valuation…
Financial Sponsor: Hedge Fund
A hedge fund client held convertible note in a company that restructured outstanding debt. As part of restructure, the note was exchanged for two separate Term Loans.
Kevin Hagemeier
Mr. Hagemeier has significant experience with public and private corporate needs including transactional consulting. He specializes in valuation engagements including intangible assets for business combinations,…
Energy
We were retained by an energy production company whose subsidiary acquired distressed energy assets from an energy & production company. In selecting a valuation methodology, we needed to consider the significant divergence in the enterprise value of the business versus the un-discounted value of the assets given the dramatic drop in commodity prices at the time.
Mercedes Falcon
Ms. Falcon has extensive experience in business valuation for financial and tax purposes, project management and corporate finance. Prior to joining Valuation Research, Ms. Falcon…
Michael Park
Michael Park is a part of the portfolio valuation group specializing in the valuation of illiquid securities, including privately-held equity securities, fixed income securities, various…
Consumer Products
A brand valuation that estimated the fair value of intangible assets acquired in a business combination was needed by a personal care product company for the sale of its branded and private label products.
Financial Sponsor: Private Equity
A technology company was purchased by large private equity investor. With the purchase price set, the new entity was capitalized with debt and three different types of equity securities.
Jason Storbeck
Jason Storbeck specializes in the valuation of business enterprises, intangible assets for purchase price allocations, goodwill impairment studies, and stock compensation expense for financial reporting…
Steven Schuetz
With over 30 years of experience in valuation, corporate finance and mergers and acquisitions, Steve Schuetz is a Senior Advisor to the firm. Mr. Schuetz…
Anthony Pumphrey
Mr. Pumphrey has nearly two decades of experience in valuation engagements for public and private companies in support of business combinations (ASC 805), impairment testing…
Neal Piper
Mr. Piper specializes in business enterprise valuations, purchase price allocations, impairment analyses and intellectual property valuations for financial reporting and tax purposes. He also focuses…
Kevin Meyers
Mr. Meyers co-leads the San Francisco and Los Angeles offices of VRC. He has nearly 30 years of financial and valuation advisory experience, which includes…
Francis Mainville
Mr. Mainville specializes in the valuation of complex securities such as options, warrants, preferred and common stock in privately-held companies, management incentive plans (including those…
Equity Compensation
Companies need valuations for various forms of equity-based compensation. Early-stage companies need a valuation health-check, pre-IPO
Best Practices for Valuing Contingent Consideration
VRC continues to see many transactions where contingent consideration has been present.
Equity Incentive Awards Based on Total Shareholder Return
Share-based payments have led to boardroom creativity around an equity incentive award’s design, prompting developments in valuation approaches.
IPO Readiness: Valuation Issues Related to Taking a Company Public
IPO readiness requires early attention to valuation and tax issues that can impact equity compensation, tax attributes, and transaction structure long before a company enters the public markets.
Techniques for Valuing Carried Interest
In receiving value only if a threshold is met, carried interests have an asymmetric payoff similar to a stock option.
Financial Sponsor: Hedge Fund
A shareholder of a closely-held hedge fund was not receiving the appropriate level of compensation per agreement with the controlling interest shareholder.
Valuing Carry
IRS regulations and the past performance of the management team are among the considerations needed to value carried interest rights
Valuing Carried Interests
The asymmetric nature of carried interests requires the consideration of a range of scenarios.
Healthcare
Property taxes were levied on only real property portion of a hospital, key to analysis was separating the value of the business ops from that of real property.
Brands: Food & Beverage
A leading manufacturer of branded food products engaged VRC to estimate the fair value of certain intangible assets acquired in a business combination.
Consumer Products
A large multinational consumer products company acquired a South American company operating in the same space. VRC was engaged to estimate the value of the PP&E and intangible assets for financial reporting purposes.
Chemical
A leading international producer of nitrogen products acquires a nitrogen manufacturing company requiring a valuation for allocation of purchase price according to ASC 805.
Carried Interest Popular Form of Incentive Compensation
Since carried interest is tied to performance, it is an effective way for employers to recruit and retain employees.
Valuing a Minority Shareholder’s Common Stock Amid Capital Restructurings
Valuing investments in private companies requires a flexible approach.
Valuation Integral to Sec. 409A Requirements
The valuation of a development-stage company’s common stock is best estimated using the methods in the Practice Aid.