VRC Leaders to Present at M&A Science Spring Summit

Patel, Sapnas and Mellen will delve into the state of valuation in 2024 and share insights into the current market environment.

Intangible Asset Valuation for Tax Purposes

Dive into the complexities of valuing intangible assets for tax purposes and unravel the differences between Fair Market Value and Arm’s-Length Standards.

The Practice and Potential Pitfalls of Using Non-Competes to Reduce Tax Exposures Associated with Golden Parachutes

The value of a non-compete may help lower the tax bill, but it needs to be appropriately valued to avoid potential scrutiny by tax authorities.

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.

VRC Named Valuation Firm of the Year by M&A Turnaround Awards

Honored by The M&A Advisor Awards for Valuation Firm of the Year!

Inflation Driving Commercial Property Insurance Value Reassessments

As inflation reshapes commercial property values, uncover insights driving companies to reevaluate insurance needs with a replacement cost analyses.

2024 Deals Outlook and Valuation Trends

In the year ahead, expectations are for transformative deals by increased cross-border activity, a positive private equity outlook, ESG considerations, global tax changes, and more.

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,…

Donald Jacobs

Mr. Jacobs has over 40 years of experience in performing business valuations across all industry segments. For more than 25 years, he has specialized in…

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.

The ASC 842 Lease Accounting Implementation Saga Continues

Explore the ongoing saga of ASC 842 lease accounting implementation, including its impact on private and public companies. Learn about practical shifts, clarifications, and the challenges of determining the incremental borrowing rate (IBR) as VRC offers a dual methodology approach.

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,…

VRC Receives Top M&A Advisor Honor: Valuation Firm of the Year 2023

Firm receives top industry honors for the eleventh consecutive year.

Audrey Wellesley

Ms. Wellesley has nearly ten years of experience in the valuation of commercial real estate for lending, litigation, ad valorem tax disputes, financial reporting, condemnation,…

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…

Matthew McCloskey

Mr. McCloskey is part of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, and business enterprises for tax and financial…

Estate Planning Valuation Considerations for Privately Held Businesses Preparing for Sale

Business owners preparing for a sale but still needing to execute their estate plan may see beneficial opportunities in using a common estate planning tool.

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.

Elvis Lima

Mr. Lima specializes in machinery and equipment and property valuation. He has been providing domestic and international clients (private and public sector) valuations for allocation…

Aaron Ping

Mr. Ping specializes in business enterprise valuations, equity interests and securities valuations for financial reporting and tax purposes. He also has experience working on solvency…

Wayne Tucker

Mr. Tucker specializes in valuations of public and privately held businesses, business interests, intangible assets, financial instruments and derivatives for purposes of financial reporting, tax…

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…

Dan Di Tomaso

Dan Di Tomaso specializes in business enterprise and securities valuations. He also has experience working on solvency and fairness opinions. Prior to VRC, Mr. Di…

Kevin Gawron

Mr. Gawron is part of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, and business enterprises for financial reporting purposes.…

Evaluating Private Company Lease Accounting Options Under ASC 842

The holiday is nearly over for many private companies with significant right-of-use assets meaning companies will need to adopt ASC 842 effective Jan. 1, 2022, in preparation for their first calendar year-end reporting date.

Cheryl Cheng

Ms. Cheng specializes in portfolio valuation of private assets including credit, equity, and infrastructure. She has performed valuations along the capital structure from credit to equity,…

Goodwill: What’s Really Happening & What Comes Next

In this webinar, a panel of leading minds from VRC, Calcbench, CFA Institute, and Financial Reporting Advisors discuss why and how goodwill matters.

Akshay Arora

Mr. Arora specializes in the valuation of stock compensation, options, derivatives, and complex securities. Along with providing valuation services, Akshay Arora also has extensive experience…

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…

Do Impairment Indicators Exist?

In analyzing four factors that will likely incur increased audit scrutiny, do patterns emerge that can indicate impairment?

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…

Magdalena Keller

Ms. Keller specializes in the valuation of illiquid securities, including privately-held equity securities, fixed income securities, various derivatives and structured products, for hedge funds, private…

Tax and Financial Reporting Differences in an Allocation of Purchase Price

One of the key differences in valuations for tax vs. financial reporting lies in the definition of value.

Joe Lee

Mr. Lee specializes in business enterprise valuations, purchase price allocations, and impairment analyses for financial reporting and tax purposes. Prior to VRC, Mr. Lee held…

Machinery & Equipment Valuations: Understanding the Importance of a Site Inspection

Three machinery & equipment valuation engagement scenarios highlight when a site inspection is required.

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,…

Eugene Wu

Mr. Wu specializes in the valuation of business enterprise, intangible assets and liabilities for M&A, financial and tax reporting, and other strategic matters. He has…

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…

Steven Nguyen

Mr. Nguyen specializes in the valuation of machinery and equipment. He provides valuations for financial reporting, allocation of purchase price, impairment, fresh start accounting, tax,…

Why VRC?

Why do public companies, private equity firms, and asset managers rely on VRC for their critical valuation and advisory service requirements?

Andrew Willis

Mr. Willis specializes in business enterprise and equity valuation analyses for financial reporting and tax planning purposes, as well as valuation of intangible assets for…

Join the VRC Team

Watch and learn why VRC is a great place to work!

FASB Implements Improvements to Deferred Revenue Accounting in Acquisitions

New FASB guidance allows companies to apply the revenue recognition standard (ASC 606).

With $3.6 Trillion in Goodwill on the Books of U.S. Companies, Panelists Argue Attention Must Be Paid

The continued growth of goodwill raises the stakes for U.S. & international standards setters considering changes to the way companies account for the assets.

Jeffrey Parrish

Mr. Parrish specializes in valuations for public and private companies for M&A transactions, tax advisory, and financial reporting purposes. Prior to VRC, Mr. Parrish held…

Connor Barrett

Mr. Barrett specializes in real property valuation for allocation of purchase price, impairment, fresh start accounting, and tax purpose for domestic and international clients. He…

Tom Gottfried

Mr. Gottfried specializes in business enterprise, credit/debt instruments, equity, intangible asset and portfolio valuations. He has over 15 years of experience in planning, facilitating and…

Matthew Colligan

Mr. Colligan is part of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, and business enterprises for tax and financial reporting…

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…

SEC to SPACs: Blank-Check Path to IPO, Warrants, Disclosures Have Liability Risk

The SEC has been clear. They will continue to keep a close watch on SPAC filings and disclosures and their private targets.

Alex Clark

Mr. Clark specializes in valuations of portfolios of privately-held securities primarily for financial reporting purposes. Prior to VRC, he held positions at KPMG, Marcum LLP,…

Talia Pawluk

Ms. Pawluk specializes valuation of business enterprises, equity, and intangible assets, for various purposes such as financial reporting, tax reporting and litigation support. Ms. Pawluk…

Anshumita Agrawal

Ms. Agrawal specializes in business enterprise valuations, purchase price allocations, impairment analyses and intellectual property valuations for financial reporting and tax purposes. Prior to VRC,…

What Is a Global Brand Worth?

Before making a purchase, acquirers should make sure a plan is in place to maximize the value of the acquired brand.

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…

Bryan Browning

Bryan Browning is a Senior Advisor, specializing in financial studies and in the analysis of intellectual properties and other intangible assets. Qualified in both real…

Jasmine Copeland

Ms. Copeland specializes in business enterprise valuations, purchase price allocations, and goodwill impairment analyses for financial reporting, management planning, and tax purposes. Furthermore, she has…

Considering Brand Value: What’s In a Name?

Any brand valuation presents a strategic planning opportunity to understand more about what drives value to the underlying company.

Shea Delmar

Mr. Delmar specializes in the valuation of machinery and equipment for domestic and international clients. Mr. Delmar has experience in valuations for allocation of purchase…

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…

In Flux: The Current State of Goodwill & Impairment

As public companies enter the traditional fourth-quarter impairment testing period, two big question marks are hanging over the market…

Paul Nyland

Mr. Nyland has extensive experience in the valuation of industrial and commercial real estate specializing in the valuation of complex, user-based real property. Mr. Nyland…

Jeffrey DeLorenzo

Mr. DeLorenzo is part of the portfolio valuation group specializing in valuations of privately-hold debt securities, equity securities, other structured securities, and business enterprises for…

Economic Obsolescence: Discover loss of value caused by external factors

Identifying, measuring,and applying the adjustment for EO can be a complex and iterative process.

Jeff Dugo

Jeff Dugo specializes in machinery and equipment valuation for both domestic and international clients. For over 10 years, he has prepared valuations for allocation of…

COVID Impact on Non-Control Equity Holdings

Both public and private companies carrying minority equity stakes at cost under FASB ASC 321 may need to fair value them due to COVID-19.

New World Order Valuations

Developing valuations in a COVID-affected economy means taking new, altered views of a company along with making industry analysis de rigueur.

Ready. Set. IP-whoa.

Valuations are a requirement throughout the IPO process. Management teams are well-advised to seek professional expertise early to avoid missteps and save time, efforts, and cost.

Zayd Alnakib

Mr. Alnakib specializes in business enterprise valuations and intangible-asset valuations. He also has experience working on solvency and fairness opinions. Prior to joining VRC, Mr.…

Garrett Sullivan

Mr. Sullivan is part of the portfolio valuation group specializing in valuations of business enterprises and illiquid privately-held debt and equity securities for tax and…

Rollover Equity for Private Equity Deals

Valuation considerations for rollover equity in PE platform acquisitions.

Top 10 Drivers to Enhance Company Value

Now is an ideal time for private company owners to focus on factors that will improve their business value in the event of an opportunity to sell.

The SEC’s Not-So-Gentle Reminder: Show Your Work

The SEC is making it a priority to focus on impairments related to COVID-19.

Avoiding Valuation Surprises in M&A

Not every company uses the same method for valuation. Recently, VRC and one of its key partners shared insight into their valuation “secret sauce.”

Seth Eatman

Seth Eatman has been working in the valuation of commercial and industrial real estate since 2011. He specializes in valuations for financial reporting, tax reporting,…

Dan Brodzik

Dan Brodzik has nearly 10 years of experience in the valuation of commercial and industrial real estate for financial reporting, tax reporting, insurance, and internal…

Adopting Fresh Start Reporting when Emerging from Bankruptcy

Even with a massive infusion of federal funding for businesses, a rise in bankruptcies is beginning.

Bulls vs. Bears vs. a Pandemic: How do Control Premiums Change?

In market downturns, can we anticipate the impact on control premiums? VRC analyzed the data.

Measuring Triggering Event Impacts and Subsequent Impairment Testing

Some of the most significant financial consequences of the pandemic and other triggering events can be seen in both current and coming company disclosures.

Best Practices in Accounting for M&A Transactions (Part 2)

In the second episode of VRC’s video series, we discuss non-controlling interest in private equity deals and step acquisitions.

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.

Cross-Border Tax Planning and Asset Transfers

How have in-house tax executives transitioned valuation considerations to mission-critical?

Best Practices in Accounting for M&A Transactions (Part 1)

In the first episode of VRC’s video series, we discuss determining the purchase price allocation in the deal, earnout structures, rollover equity, non-controlling interest in PE deals, and step acquisitions.

Podcast: Navigating Intangible Asset Valuation

Patel: In today’s environment where companies are more intangible asset-based rather than tangible asset-based, there’s probably an evolution that needs to happen in terms of how you value inventory.

Sarit Rapport

Sarit Rapport is part of the portfolio valuation group. She has over 20 years of valuation experience performing business valuations, valuations of complex securities, valuations…

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…

Older & Wiser: The Evolution of 409A

As startups stay private for longer periods of time, their common stock valuation (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…

Rollover Equity: Don’t Just Take It At Face Value

Several factors, including the rights and preferences of the rollover equity compared to the private equity sponsor’s shares and the sources of deal financing, have important implications for valuation.

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…

The State of Goodwill & Impairments

A video discussion about corporate goodwill, goodwill impairment, and financial analysis techniques that aid in determining if a business combination is living up to performance expectations.

How to Win Your Fantasy Football League? Use Valuation Methodologies!

Want to crush your fantasy football championship? Take a page out of a valuation professional’s playbook.

Understanding Tax Amortization Benefit Considerations and the International Impact

Tax amortization benefit rules differ between countries, and they can also change over time.

What’s the Haircut? Determining the Fair Value of Deferred Revenue

When managing deferred revenue, the valuation challenge is defining the performance obligation.

Personal Image Rights: A Tax Evasion Update

Revisiting the outcomes of two high-profile tax evasion cases involving image rights.

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.…

Dhaval Jani

Mr. Jani has experience advising senior management of public and private companies on all major valuation matters, including but not limited to: business enterprise valuations,…

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…

Nathan Emanuel

Nathan Emanuel specializes in the valuation of machinery and equipment for domestic and international clients. Mr. Emanuel has prepared or assisted in valuations for allocation…

Valuation Takeaways From Market Volatility Spikes

Market volatility spikes prompt considerations of appropriate methodologies for factoring market indications into valuations and reflection on when “smoothing” techniques should be employed.

Chris Coleman

Mr. Coleman specializes in business enterprise valuations, purchase price allocations, and impairment analyses for financial reporting and tax purposes. He has extensive experience in most…

Q1 2019 Economic Snapshots

Quick-hit visual summaries of the leading economic and financial indicators in major economic markets.

Samuel Roman

Samuel Roman specializes in the valuation of business enterprises and intangible assets for purchase price allocations and goodwill impairment studies. Prior to joining Valuation Research,…

The Evolution of the Distributor Method

Originally considered a unique approach to determining the fair value of customer-related assets, the method has become mainstream methodology and evolved into a foundational analytical tool.

Transfer Pricing Has Changed

Changes for related-party transactions, especially among subsidiaries of multinational corporations, make updated transfer pricing studies a necessity to justify the charges, often including royalty rates, for these transactions.

Contingent Consideration: Practical Pointers for Earnouts in Business Combinations

Contingent consideration can salvage a business combination when buyer and seller can’t agree on value, which is especially true in a frothy deal environment with high valuations and overpayment concerns.

ASC 842 Lease Accounting: Simplifying the Incremental Borrowing Rate Debacle

Implementation of the ASC 842 lease accounting standard is putting companies in a challenging position to determine their applicable incremental borrowing rate.

Real vs. Personal Property: Distinguishing Between the Two Can Impact Property Tax

Tax benefits exist for companies that distinguish real versus personal property. However, legal nuances, if interpreted inaccurately, can bring significant economic consequences.

Ryan Werkheiser

Mr. Werkheiser has nearly 15 years of experience in the valuation of commercial and industrial real estate for tax reporting, internal planning, insurance, and financial…

Podcast: Tax Reform’s Impact on Valuation

Nearly a year since the Tax Cuts and Jobs Act was signed, there are still a number of questions about how to apply the new law but some areas, such as valuation, are beginning to get some clarity.

Personal Goodwill: Hunting & Bagging an Elusive, Tax-Advantaged Prey

Allocating a portion of proceeds from the sale of assets of a private company to the personal goodwill of a major shareholder can result in significant tax benefits to buyer and seller.

Podcast: Valuations in M&A

“We’ve come a long way in terms of determining how to calculate fair value.”

Oil & Gas

VRC provided a required valuation of tangible and intangible assets for a Master Limited Partnership (MLP) client in support of a purchase price allocation. There were no detailed fixed asset records; VRC needed to overcome significant data limitations.

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.

Tax Reform Flips International IP and Tax Structuring into Reverse

VRC has noticed an emerging phenomenon: U.S.-based multinationals are taking steps to move intellectual property back into the U.S.

Devon Martineaux

Mr. Martineaux is a part of VRC’s Portfolio Valuation Practice and specializes in business enterprise and illiquid securities valuation to hedge funds, private equity funds…

Charitable Gift Valuations Before Business Sale

During robust M&A cycles, donor-advised funds tend to become popular philanthropic vehicles.

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,…

Introduction to a Refined Approach to Inventory Valuation

With limited authoritative guidance around inventory valuation best practices in business combinations, these modifications may improve the valuation process.

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.

What’s In A Name? For Luxury Brand Valuations, Everything

In the high-end luxury market, where virtually all of an enterprise’s value derives from its brand or brand portfolio, the ability to accurately assess its value – to quantify and render tangible the intangible – is especially critical.

The Value of Valuation Research Group

Our experience includes foreign and multinational acquisitions of all sizes in nearly every industry.

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…

Image Rights: Valuable Intellectual Property

The cult of celebrity and “Image Rights” receive a lot of publicity – and consequently the attention of tax authorities.

Podcast: Valuation Challenges in Accounting for M&A

Companies will need to take more ownership of their valuations.

The Only Legal Requirement for Fairness Opinions

California Corporations Code Section 1203 requires an affirmative fairness opinion to provide target shareholders with greater protection in takeover transactions.

Market Multiple Adjustments

Benchmarking and adjusting market multiples for multinational company valuations by focusing on growth, risk and profitability.

Section 2000: Alternatives to Private Company Dissolution

Those seeking dissolution under California Corporations Code Section 2000 need to understand the role of appraisers as well as the ramifications of the standard and premise of value.

The Impact of the 2017 Tax Act on Business Valuation

Q&A: How is the Tax Cuts and Jobs Act impacting company value and valuation approaches?

Adriana De La Mora

Ms. De La Mora has extensive experience preparing valuations for financial reporting, tax, M&A, and strategic planning purposes utilizing discounted cash flow, guideline company, and…

What Directors Consider During Takeover Talks

What issues must board members contemplate when facing a competitor’s takeover offer?

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…

Keys to Avoiding Failed M&A Deals

50 percent of M&A deals fail. How can a board avoid deal failure before an acquisition?

Financial Reporting Valuations

Valuations to make confident decisions & support evolving financial reporting standards

Technology

A PE-sponsored cloud based provider granted equity compensation incentives to executives. To comply with financial reporting requirements of Accounting Standards Codification 718 (ASC 718), the provider engaged VRC to determine the fair value of the issued units.

Benjamin Lawrence

Mr. Lawrence specializes in financial valuation and valuation-related assignments. His experience includes valuations for purchase price allocation, estate tax planning, limited partnership interests, financing purposes,…

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.

Larry Van Kirk

Mr. Van Kirk is a practice leader for closely-held company valuations (estate, FLP, Section 409A) and financial reporting related valuations (ASC 805, ASC 350/360, ASC…

Heather Tullar

Ms. Tullar has over 25 years of experience specializing in the areas of business valuation, litigation support, complex capital structures, and intangible assets. Prior to…

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…

Charles Sapnas

Mr. Sapnas is a practice leader specializing in the valuation of domestic and international businesses, intangible assets and liabilities for financial reporting and tax compliance…

Anthony Pumphrey

Mr. Pumphrey has over 15 years of experience in valuation engagements for public and private companies in support of business combinations (ASC 805), impairment testing…

Caroline Puiggali

Caroline Puiggali specializes in the valuation of equity interests, business enterprises, and portfolios of privately-held securities for financial reporting purposes, as well as financial opinions,…

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…

Doug Peterson

Doug Peterson specializes in the valuation of business enterprises related to mergers and acquisitions, reorganizations, shareholder transactions, tax planning and compliance, and financial reporting. He…

Parag Patel

Mr. Patel supports the alternative investment community with quality valuations of illiquid and hard-to-value assets for BDCs, banks, credit funds, hedge funds and venture capital…

PJ Patel

Mr. Patel is co-CEO and senior managing director and is a member of our board of directors. Mr. Patel specializes in the valuation of businesses,…

Jacquelyn Marsac

Ms. Marsac specializes in business enterprise valuations and intangible-asset valuations. Additionally, she completes valuations of financial instruments including preferred and common stock in complex structures…

Wes Nichols

Mr. Nichols specializes in the valuation of machinery and equipment for domestic and international clients. For over 15 years, he has prepared valuations for allocation…

Jane Myung

Ms. Myung specializes in business enterprise valuations, purchase price allocations and impairment analyses for financial and reporting and tax purposes. She is also involved with…

Chad Myers

Chad Myers specializes in financial valuation and consulting assignments. His experience includes valuations for purchase price allocation, estate tax planning, limited partnership interests, financing purposes,…

Jason Mutarelli

Mr. Mutarelli specializes in business valuations, valuations of intellectual property, and solvency and fairness opinions. He has served clients in most major industries. Prior to…

Joseph Mickle

With over 40 years of experience in the valuation industry, Joseph Mickle appraises both machinery and equipment and real estate. Mr. Mickle has extensive experience…

Kevin Meyers

Mr. Meyers has nearly 30 years of financial and valuation advisory experience, which includes fairness and solvency opinions and valuation opinions for M&A, investment, litigation…

Chris Mellen

Mr. Mellen has over 30 years of experience across a wide range of industries providing valuation services in support of tax planning and compliance, strategic…

Philip Mastil

Mr. Mastil specializes in the valuation of businesses and assets and liabilities for financial reporting purposes. In particular, he focuses on the valuation of intellectual…

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…

Anthony Law

Mr. Law specializes in the valuation of business enterprises, stock options, derivative securities, and intangible assets as well as fairness and solvency opinions for corporate…

Christopher Krapfl

Mr. Krapfl specializes in valuations of capital stock, business enterprises, and intangible-assets for financial reporting and tax purposes. In addition, he is involved in developing…

Neil Kelly

Former Vice Chairman of VRC, Neil Kelly, has over 35 years of financial and valuation advisory experience, which includes providing solvency, fairness, and capital surplus…

Shakespeare James

Mr. James specializes in business enterprise valuations, solvency and fairness opinions, and valuations of intangible assets. Prior to joining VRC, Mr. James was an intern…

Glen Hartford

Mr. Hartford specializes in machinery and equipment valuations of major proportion and complexity throughout the United States and abroad. With more than 30 years in…

Edward Hamilton

Mr. Hamilton specializes in the valuation of businesses and assets and liabilities for financial reporting purposes. In particular, he focuses on the valuation of intellectual…

Vincent Flaherty

Mr. Flaherty specializes in valuations for financial reporting, incentive compensation, mergers & acquisitions, and tax restructuring/planning purposes. Mr. Flaherty has experience as a valuation advisor…

Jason DeFazio

Jason DeFazio is a part of the portfolio valuation group specializing in valuations of privately-held illiquid securities throughout the capital structure (both debt and equity…

John Czapla

Mr. Czapla has more than 25 years of experience performing business valuations, valuations of complex securities, valuations of intellectual property, and solvency and fairness opinions.…

Scott Crockett

Mr. Crockett is focused on serving private equity clients using our comprehensive strategy designed to meet fund and portfolio company valuation needs throughout the investment…

Jerry Coyne

Mr. Coyne performs valuations of machinery and equipment and real estate. He has served clients in most major industries. Mr. Coyne earned a bachelor’s degree…

Jim Budyak

Mr. Budyak has over 35 years of valuation experience and specializes in allocation of purchase price engagements, fairness and solvency opinions, bankruptcies and restructurings, and…

Daniel Brunow

Daniel Brunow has over 15 years of experience in the valuation of commercial and industrial real estate for financial reporting, tax reporting, insurance, and internal…

Paul Bourke

Mr. Bourke has nearly 15 years of valuation experience and specializes in the valuation of business enterprises and the valuation of illiquid portfolio securities. He…

John Bintz

John Bintz started in the financial services industry in Chicago in 1987.  He has specific financial service experience related to public finance, private equity, investment…

Kent Amarante

Kent Amarante is part of the tangible assets valuation group and specializes in valuations of machinery and equipment and real property assets. He has extensive…

Tangible Assets: Real Estate & M&E

Valuations for real estate, real property, machinery & equipment, lifing studies and more

Pre-Acquisition

When considering an acquisition, management teams need accurate valuations of the target’s assets & liabilities

Mergers & Acquisitions

ASC 805 & ASC 350 make it critical for buyers & sellers to consider how a transaction impacts financial reporting

Intellectual Property & Intangible Assets

Categorized as marketing/brand, customer, artistic, contract or technology-based assets, must be valued under ASC 805 & ASC 350

International Business Combinations

Multinational firms pursuing M&A strategies face additional international financial & tax reporting requirements

Goodwill Impairment

Annual impairment testing services supporting ASC 350 compliance, including underlying assets associated with reporting units

Equity Compensation

Companies need valuations for various forms of equity-based compensation. Early-stage companies need a valuation health-check, pre-IPO

Allocation of Purchase Price

Under ASC 805, a PPA analysis allocates the purchase price into acquired assets and liabilities

Tax and Dealmaking

A valuation partner who understands the role and responsibilities of the tax professional can bridge solutions to meet acquisition objectives.

Managing Deal Stakeholders

Valuations need to meet the requirements of all stakeholders – corporate development, financial reporting & tax. Can it be done?

Deal-Related Accounting Implications

The role of the CFO and the corporate controller’s group continues to grow and evolve into a critical position with the deal team.

Manufacturing

An industrial property consisting of various manufacturing machinery & equipment was a candidate for an ad valorem tax reduction.

Stakeholder Alignment

Whether it is the original deal price, accounting related issues, or tax-related issues, you really have to have all of those parties on the same page, speaking the same language and communicating. Valuation is at the center of that.

Michael Ardizzone

Michael Ardizzone specializes in the valuation of fixed assets. With more than 20 years of experience, he has completed valuations for financial and tax reporting…

Paul Balynsky

Mr. Balynsky is a managing director in VRC's portfolio valuation group with nearly 20 years of valuation experience. He specializes in valuations of portfolios of…

Goodwill Hunting: Elimination of Step 2 & the Implications for Public Companies

The FASB has sought to simplify the accounting for goodwill impairment for several years.

Pharmaceuticals

In order to comply with Accounting Standards Codification 815 (ASC 815), an early stage pharmaceutical company asked VRC to analyze the entire convertible callable note and determine the fair market value of each of the embedded derivatives.

FASB Issues Accounting Standards Update Clarifying the Definition of a Business

Within the ASU guidelines, there are two main thresholds to determine if an entity is a business.

Best Practices for Valuing Contingent Consideration

VRC continues to see many transactions where contingent consideration has been present.

Technology

A private equity sponsored cloud based provider of manager content, enterprise lending services granted certain management incentive units to participating executives, as compensation to incentivize management performance.

Preparing for FASB Changes to Revenue Recognition and Lease Accounting

FASB guidance addresses inconsistency and weakness in existing revenue recognition and lease accounting requirements.

Agribusiness

A leading commercial agribusiness client in Argentina was interested in selling their company, which was focused on cultivating and producing olive oil, table olives and wines.

Can Your Business Have a Range of Value?

Did you realize that your business has multiple values at the same time?

International Case Study: Valuing Distressed Energy Assets

In 2015, oil prices plummeted, which had a profound effect on the value of oil & gas and energy companies.

VRG: Our International Capabilities

We invite you to meet our international affiliate team and learn more about the depth of our capabilities and expertise.

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.

Key Value Drivers in Wealth Management Firms

Wealth management is human capital driven, which is measured through the financial operating results of the business.

IPO Readiness: Valuation Issues Related to Taking a Company Public

Valuation considerations must be managed carefully to minimize the time, effort and costs of the IPO filing process.

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.

Accounting’s 21st Century Challenge: How to Value Intangible Assets

How do you attach a price tag to something you can’t see or touch?

Transfer Pricing Rules Have Implications for Intellectual Property Valuation

The OECD is moving in a direction similar to the U.S. in tightening controls.

Why Private Companies Should Look Into Valuations

Why should a private company board consider a valuation of the company?

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

Distributor Method: An Alternative Technique for Valuing Customer Relationships

A point often overlooked is that customers usually purchase products or services because of the presence of intellectual property, not a relationship.

Valuing Carried Interests

The asymmetric nature of carried interests requires the consideration of a range of scenarios.

Valuing the Panama Canal for Insurance Purposes

How do you place a supportable value on a major landmark like the Panama Canal?

Pre-Acquisition Valuation: Intangible Assets and Contingent Consideration

In several instances, the knowledge gained from valuation support in the due diligence phase results in modifications or cancellations of transactions.

M&E Assets: Determining the loss of asset value from functional obsolescence

Determining the fair value of M&E assets for financial reporting purposes should include the consideration of three forms of depreciation: physical, economic and functional.

Valuations Offer Support for Ad Valorem Tax Savings

A valuation of the property in question, obtained from an independent valuation provider, is critical to building an ad valorem case.

Functional Obsolescence: Loss of Asset Value Caused By Inefficiency or Inadequacies

A prudent investor will either implicitly or explicitly consider FO in the determination of a purchase price for the entire business.

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.

Golden Parachute Payments Under Section 280G

Golden parachute payments may be made to disqualified individuals contingent upon a change in control.

Automotive

A client who designs, engineers, and manufactures value-added products and systems for automotive and light-vehicle manufacturers acquired an automotive components manufacturer.

Market Participant Acquisition Premiums

When valuing a business, determining the control premium is a significant, and often controversial, issue.

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.

Major Tax Issues Impacting Private Equity Firms

Various forms of executive compensation have become popular, resulting in much scrutiny, particularly in how these forms of compensation are taxed.

Challenges in Valuing Contingent Consideration

ASC 805 provides guidance for whether it is contingent consideration or compensation.

PCAOB Comments Increase Auditor Scrutiny of Fair Value Measurements

Auditors have increased scrutiny around management forecasts which provide the foundation for valuation methods based on an income approach.

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.

Become Fluent in Factors for Valuing Multinational Companies

When valuing a business that is multinational in scope, develop a proper due diligence framework and apply models that will accurately reflect the company’s exposure to various risks.

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.

What’s the Value of My Business or Asset? It Depends…

Many factors of a business must be considered when answering the question “what is the value of my closely held business.”

Using the Distributor Model to Value Customer Relationships

The distributor method is a powerful tool for the valuation of customer relationships in situations where these relationships are a supporting asset and where there are appropriate market inputs.

Pre-Acquisition Valuation Key Step in Due Diligence Process

Identifying and valuing intangible assets in advance of a purchase has become a valuable step in the due diligence process.

Legislation Increases Benefits of Cost Segregation Studies

By employing a cost segregation study, a significant portion of a property may be reclassified to a shorter life category.

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.

Telecommunication

We were retained by a leading provider of wireless messaging and information services to provide various valuation services for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

Professional Services

VRC was asked by the attorneys representing the seller to provide multiple common stock valuations on a retrospective basis that would withstand a Big 4 audit review under tight deal closing deadlines.

Practice Issues Pertaining to Sec. 409A

In the original Practice Aid, there was no mention of the back-solve approach. Since then the technique has come into widespread use.

How Do You Put a Price Tag on the Panama Canal?

​How Do You Put a Price Tag on the Panama Canal?