Equity Compensation Valuation (IRC 409A/ASC 718)

Background

John Agogliati is Senior Managing Director for Marshall & Stevens Transaction Advisory Services, LLC providing Dispute Resolution & Litigation Support, Fairness Opinions & Solvency Opinions.

Mr. Agogliati has been in the financial valuation industry since 1998. He performs valuation analyses of closely held companies, financial instruments, derivatives, and complex assets for transactions, litigation, estate and gift tax planning and reporting, and financial reporting purposes in a variety of industries. He leads Fairness Opinion and Solvency Opinion assignments.

Mr. Agogliati serves as a valuation consultant and as an expert witness in matters such as business interruption, breach of contract, product liability, shareholder oppression, legal malpractice, and accountant malpractice, among others for matters that have come before bench trials, jury trials and panel arbitrations. 

Prior to joining Marshall & Stevens in 2017, Mr. Agogliati worked in the valuation practice of multiple accounting firms including Deloitte, LLP. Mr. Agogliati earned a Master of Business Administration degree in Finance and a Bachelor of Science in Chemical Engineering with a minor in Economics from Lehigh University.  He is a Chartered Financial Analyst (CFA®) Charterholder and an Accredited Senior Appraiser (“ASA”) in business valuation.   He is a member of the CFA Institute, the New York Society of Security Analysts and the American Society of Appraisers.

Professional Highlights

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Background

Darleen Armour is a Managing Director for the Financial Valuation and Consulting practice with Marshall & Stevens. She is responsible for all financial valuation assignments in the West Region. Ms. Armour leads the Technical Standards Committee for the national Financial Valuation & Consulting practice.

Ms. Armour has been in the valuation business since 1987. Her experience includes Fairness Opinions, Solvency Opinions and the valuation of businesses, intangible assets, and securities for financial reporting purposes (purchase price allocation and impairment), estate and gift tax reporting, equity compensation/stock options (IRC 409A), ESOPs, and litigation support.

Ms. Armour works with public and private companies in a wide range of industries. She has a great amount of experience in the valuation of entertainment and media companies and their intangible assets including film libraries and music catalogs.

Prior to joining Marshall & Stevens, Ms. Armour has served as Director of BDO’s Valuation and Business Analytics practice, Senior Vice President at FMV Opinions, Inc., and Senior Vice President at Houlihan Lokey Howard & Zukin, Inc.

Ms. Armour served as an Adjunct Professor at California State University, Fullerton teaching a Graduate Level Business Valuation/Mergers & Acquisition Course from 2010 to 2018.

Ms. Armour has been qualified as an expert witness, has provided testimony, and been a neutral third appraiser in arbitration and legal proceedings.

She is an active member of the Association for Corporate Growth having served on the Orange County Board of Directors from 2001 – 2020 and is a member of the Membership Committee for the Los Angeles Chapter of the Association for Corporate Growth.

Professional Highlights

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Background

David A. Gaynor, ASA, is a National Practice Leader for our Financial Valuation Practice and Managing Director of our Healthcare Valuation Practice. Mr. Gaynor’s responsibilities include overseeing the delivery of valuation services to the Firm’s financial valuation clients.

Mr. Gaynor has more than 22 years of consulting experience, specializing in the valuation of businesses and business interests, intangible assets, liabilities, and complex securities in connection with mergers and acquisitions, financing, estate and gift tax planning, charitable contributions, litigation support services, strategic planning, fairness opinions, Employee Stock Ownership Plans (ESOPs), accounting matters, and recapitalizations. Mr. Gaynor has served clients in a wide variety of industries, including the healthcare, food & beverage, restaurant, consumer products, telecommunication and manufacturing industries.

Prior to joining Marshall & Stevens, Mr. Gaynor led the Healthcare Valuation Group at Crowe, LLP. He has also been employed at CohnReznick, LLP and EisnerAmper, as well as Management Planning Inc. and Pluris Valuation Advisors, LLC.

Mr. Gaynor earned a Bachelor of Science in Finance from The College of New Jersey in Ewing, NJ.

Mr. Gaynor is an Accredited Senior Appraiser (ASA) in business valuation with the American Society of Appraisers. In addition, Mr. Gaynor is a Member of the Appraisal Issues Task Force (AITF), a Board Member of the Towson University Family Network, and a Member of the Montgomery Township, NJ Budget and Finance Committee. Mr. Gaynor is a frequent writer and speaker on valuation topics.

Professional Highlights

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Background

Jeff Pickett is a Managing Director with more than twenty years of experience working in business, intellectual property valuation, and commercial litigation support. He joined Marshall & Stevens in 2023 with the acquisition of Lone Peak Valuation Group. 

Mr. Pickett is an expert in performing business and intellectual property valuations for transaction, income tax, gift and estate tax, financial reporting, and dispute purposes. He is also frequently called on to compute commercial litigation damages and has testified as an expert witness in Federal Court, Utah State Court, and various other state courts.

In addition to valuation and litigation, Mr. Pickett has significant experience in the areas of forensic accounting, fraud investigation, and bankruptcy and troubled company consulting.

Professional Highlights

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Background

James Sieman serves as a Principal and Managing Director for the Financial Valuation & Consulting practice of Marshall & Stevens Incorporated. Mr. Sieman is responsible for all financial and multidisciplinary assignments in the Southeast Region.

Active in the valuation profession since 1998, Mr. Sieman provides financial valuation and consulting services to private sector clients and publicly traded companies in a broad range of industries as well as to government agencies. Areas of specialization include complex valuation studies and consulting engagements requiring a financial or multidiscipline approach relating to Fairness Opinions for mergers & acquisitions, intellectual and other intangible property for allocation (ASC 805) and transfer pricing, estate & succession planning and reporting, employee stock ownership plans (ESOPs), stock options, warrants, SARS, etc. (ASC 718/IRC 409a), recapitalizations and equity financing, bankruptcy, reorganization, divestitures, litigation support for dissolutions, stockholder and ad valorem disputes, and SEC and IRS Compliance.

Mr. Sieman received a B.S. degree in Finance from Purdue University. He attends numerous educational seminars in valuation theory and practice. Mr. Sieman is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers.

Professional Highlights

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Background

Roger Smith is a Managing Director with thirty years of experience providing consulting and business valuation services to clients involved in a very wide range of industries. He joined Marshall & Stevens in 2023, with the acquisition of Lone Peak Valuation Group. He has been primarily involved with valuing businesses, intellectual property and ownership interests for transactions, buy/sells, disputes and financial reporting purposes.  

Mr. Smith is a Certified Public Accountant, Accredited in Business Valuation and Certified in Financial Forensics by the American Institute of Certified Public Accountants.  Mr. Smith has hundreds of hours of additional training in the areas of valuation, litigation, and lost profit calculations. He has testified in Federal Court, State Court, Arbitrations, and acted as a court appointed expert and special litigation committee member.

Professional Highlights

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Background

John F. Spude, ASA is a Principal and Executive Managing Director for Marshall & Stevens. 

Mr. Spude leads Marshall & Stevens’ Senior Management Team oversight to the Energy & Infrastructure (“E&I”), Financial Valuation (“FIN”), Machinery & Equipment (“M&E”), and Transaction Advisory Services (“TAS”) practices, and a member of the Fairness and Solvency Opinion Review Committee.

Mr. Spude’s responsibilities include working closely with and being a resource to the leadership of each of the firms acquired by Marshall & Stevens. He also provides oversight to the E&I, FIN, M&E and TAS practices of Marshall & Stevens. He is a longtime member of Marshall & Stevens’ internal review committee for Fairness and Solvency Opinion analysis.  

Active in the valuation profession since 1983, Mr. Spude led the national Financial Valuation & Consulting practice for Marshall & Stevens until 2023. He has managed and performed thousands of analyses including valuations for public and closely held companies, the valuation and lifing of intellectual properties and intangible assets, the quantification of economic obsolescence in tangible asset valuations, and the analysis and valuation of reporting units, debt and equity securities, and tangible and intangible assets.  

Mr. Spude led analyses for financial reporting, tax planning and reporting, buy/sell consideration, ESOP compliance, and dispute resolution. He has provided expert witness testimony in valuations and economic damage assessments in the states of Colorado, Florida, Illinois, Minnesota, Tennessee, and Texas.

Mr. Spude is an Accredited Senior Appraiser (“ASA”) of the American Society of Appraisers and a member of the Business Valuation Association. Mr. Spude has been an instructor of the Uniform Standards of Professional Appraisal Practice (USPAP).

Professional Highlights

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