What’s the Deal With Deals?
Mid-year update highlights the most relevant trends shaping M&A, Private Equity, and Private Credit
VRC Appoints Carla Nunes to Lead its Capital Markets Research
Carla Nunes will focus on advancing the firm’s market data and research capabilities, supporting clients across portfolio valuation and transaction-related valuation matters.
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,…
Private Company Accounting Elections and IPO Readiness: What Sponsors and CFOs Should Know
Private company accounting elections may simplify reporting today, but they can complicate IPO readiness tomorrow.
Charitable Gift Valuations Before Business Sale
Qualified, purpose‑specific valuations are essential to substantiating charitable deductions and withstanding IRS scrutiny.
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.
Evolving Earnouts: Shorter Horizons, Higher Hurdles, and Rising Complexity
As dealmakers balance renewed optimism with lingering risk, earnouts remain a critical tool for bridging valuation gaps and aligning buyer–seller incentives.
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.
Sapnas, Smith Published in Business Valuation Resources
As fair value measurement grows more complex, valuation professionals are being asked to apply judgment across emerging technologies, evolving capital structures, and increasingly nuanced regulatory expectations.
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…
Key Valuation Takeaways from the ASA Winter Fair Value Conference
Stay ahead of emerging issues and evolving valuation standards with these highlights from the American Society of Appraisers’ 2025 Winter Fair Value Conference.
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…
Year-End Reminders: Updating the Incremental Borrowing Rate Under ASC 842
Strengthening IBR methodology for year-end.
Streamlining Insurance Valuations: Unlocking Efficiencies in Property Insurance Coverage
Benefits of leveraging asset valuation work during an acquisition.
Patel Featured in IVSC Q&A
Integrity, independence, and consistent standards are the foundation of trust in valuation.
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,…
The Role of Valuation in Carve-outs in the Current Market
Carve-outs have become a prominent feature of the deal landscape, with $23.72 billion in private equity carve-outs across 145 deals in the first half of 2024, presenting unique valuation challenges for both buyers and sellers.
Valuation Considerations for Impairment Testing in a Stagflation Scenario
Stagflation can introduce new complexitites to impairment testing, making it important to reassess valuation considerations to accurately reflect the impacts of inflation and stagnant growth on company assets.
James Bublitz
James Bublitz specializes in the valuation of leasehold interests and owner-user industrial real property associated with purchase price allocations. He has experience valuing leasehold interests…
Kadry Gharraph
Mr. Gharraph has over two decades of global experience specializing in business and intellectual property valuation, as well as advanced financial modeling to support strategic…
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…
Brandon Chew
Mr. Chew specializes in business enterprise valuations and intangible-asset valuations. Prior to VRC, Brandon was a transfer pricing analyst at Duff & Phelps. Mr. Chew…
Robin Muhmel
Ms. Muhmel specializes in the valuation of machinery and equipment. She has nearly 10 years of experience valuing PP&E for financial and tax reporting, internal…
Economic Uncertainty and Impairment Testing
As economic shift and market volatility can have an impact on businesses, companies must remain vigilant and consider potential triggering events that may necessitate interim impairment testing.
The Impact of Tariffs on Tax Valuation
The recent imposition of tariffs on U.S. imports has sent shockwaves through the global economy, with far-reaching implications for international trade, supply chains, and tax valuation.
Tariffs and Tax Policy: Impacts on the Deal Environment
As trade tensions escalate and tariffs take hold, the U.S. deal market is starting to feel the pinch.
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…
Dominick Dithmer
Mr. Dithmer specializes in business enterprise valuations, intangible asset valuations and impairment analyses for financial reporting and tax purposes. He has worked with clients in…
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…
M&A Insights: Philadelphia Edition
In our new focused M&A Insight update, we see that the Philadelphia region’s M&A market continues to evolve with a flurry of strategic transactions completed during the third quarter of 2024.
M&A Advisor Alerts Feature VRC: Key Trends, Strategies in Dealmaking
Deal market activity in 2024 is expected to normalize as market participants adapt to recent conditions gradually.
Gottfried, Sapnas Share New Insights on Tax Valuation Considerations in M&A Transactions
Article provides a close look at purchase price allocations, Section 382 limitation calculations, tax receivable agreements, and more.
Casey Bohland
Mr. Bohland specializes in business enterprise valuations, intangible-asset valuations, and private company valuations for gift and estate planning. Additionally, he completes solvency opinions for public…
Entrepreneurs Embrace Valuation for Strategic Decision-Making
Finding a buyer involves a lot more than just putting up a “For Sale” sign in a window.
Multiples and Deal Dynamics: A Mid-Year 2024 Market and Valuation Overview
Amidst economic uncertainty and shifting market dynamics, understanding multiples and deal strategies is crucial for navigating the ever-evolving deal landscape.
Randy Guerrero
Mr. Guerrero specializes in business enterprise and equity interest valuations for financial reporting and tax purposes. Prior to VRC, Mr. Guerrero was a senior associate…
Goodwill Impairments Impacted By High Interest Rates
As interest rates remain high, companies may need to become more mindful about corporate goodwill.
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.
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.
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,…
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…
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…
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.
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).
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…
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…
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.
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…
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…
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.
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.
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 over 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.
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?
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…
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…
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…
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.
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…
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.
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…
Personal Goodwill: Valuation, Documentation, and Tax Considerations
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.
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…
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…
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.
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
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 nearly two decades 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 co-leads the San Francisco and Los Angeles offices of VRC. She specializes in business enterprise valuations, purchase price allocations and impairment analyses for financial…
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 co-leads the San Francisco and Los Angeles offices of VRC. He has nearly 30 years of financial and valuation advisory experience, which includes…
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…
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 40 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 is a senior member of VRC’s Portfolio Valuation Group, bringing more than 15 years of specialized experience in the valuation of portfolios of…
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. With more than…
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
Manufacturing
An industrial property consisting of various manufacturing machinery & equipment was a candidate for an ad valorem tax reduction.
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.
Preparing for FASB Changes to Revenue Recognition and Lease Accounting
FASB guidance addresses inconsistency and weakness in existing revenue recognition and lease accounting requirements.
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
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.
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?
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.
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.
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.
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.
Valuation Plays Key Role in Section 338 Elections
Sec. 338 elections take two forms: the Sec. 338 (g) election, used for foreign acquisitions, and the Sec. 338(h)(10) election, used in domestic cases.
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.
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.
How Do You Put a Price Tag on the Panama Canal?
How Do You Put a Price Tag on the Panama Canal?