Independent Insight for Value Opinions
From transaction planning, execution and reporting consulting, our professionals spend time getting to know the subject business in order to provide a thoughtful value opinion.
Marshall & Stevens’ Financial Valuation professionals are called upon to provide independent opinions of value of:
- Businesses – private businesses, thinly traded public companies, and divisions of both publicly traded and private companies
- Debt and Equity instruments – this includes shareholder notes, options, warrants, convertible debt, preferred equity, etc.
- Fractional Interests in assets or entities (aka “discount studies”) – this includes equity in a public or private company as well as fractional interests in real estate
- Intangible assets such as tradenames, customer relationships, intellectual property, IPRD, internally developed software
We also provide transaction independent insight to boards of directors, corporate management, trustees, debt and equity investors for the planning and execution of transactions in the form of independent:
- Fairness Opinions
- Solvency Opinions
- Letters of Adequate Consideration
Fund clients have some unique needs and we have specialists who perform these analyses, some of whom are public accounting valuation alumni.
Due to diverse experience of our senior professionals, we provide valuations in a wide range of industries. Our specialty practices include:
Our Financial Valuation professionals collaborate on assignment with our in-house machinery and equipment and real estate valuation professional to deliver an integrated effort in the valuation of asset intensive businesses.
Professional Designations earned by our Financial Valuation professionals include, ASA, CFA, and CEIV.
Please click on the service pages on the right for more information about specific topics or reach out to one of our professionals listed below for a conversation.
How Marshall & Stevens can help with Financial Valuation
Our Financial Valuation team collaborates with our internal multi-disciplinary professionals to provide the value analyses and fresh independent opinions to fiduciaries, financing sources and investors for public and private company transactions.
Business Valuation
Whether for purchase, sale, investment, gifting, recapitalization, or equity/option grants, establishing an understanding of value is crucial for decision makers.
Equity Compensation Valuation
The valuation of equity as compensation is a requirement for tax reporting, Internal Revenue Code 409a, and financial reporting, per FASB ASC 718 – Compensation – Stock Compensation.
ESOP Valuation Services
Our ESOP Valuation professionals provide independent valuation and advisory services for ESOP formation and annual reporting. We work with corporate shareholders, independent trustees, trust committees, and ESOP...
Frequently Asked Questions
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Marshall & Stevens performs portfolio valuations for a large and diverse pool of investments and investment funds.
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Marshall & Stevens performs real estate appraisals for financing, estate and gift tax planning and reporting, buy/sell consideration, insurance, easements, property tax, and litigation.
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Marshall & Stevens provides appraisals of machinery, equipment, vehicles, and special purpose property for financing, financial reporting, property tax, insurance, and litigation.
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Marshall & Stevens values companies and assets around the world. Our staff travels as necessary to conduct site inspections, management interviews and perform other due diligence.
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A 409a analysis (IRS section 409a) refers to valuing the class of equity provided to parties without remuneration (as an incentive) for federal tax reporting purposes. The analysis is also required for financial reporting purposes (FASB ASC 718). The analysis typically requires a valuation of the underlying business or assets. Sometimes we can backsolve a value for the equity based upon a recent subject company transaction.
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A SPAC is a public company; as such, all public company transactions receive scrutiny from a larger audience than private company transactions. That said, fairness opinions differ by scope of work – are we being asked to opine only to the consideration being paid (or received) or are we to also opine as to the process undertaken to arrive at the proposed transaction.
Our SPAC / de-SPAC transaction fairness analyses and opinions are typically done in phases to address value first, then fairness of the transaction consideration to the party engaging us.
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We review financial projections against past performance, comparable company performance, and industry forecasts. We ask for support from our clients, as necessary, to make us comfortable with their projections and to provide an explanation in our valuation report.
The Marshall & Stevens Difference
Marshall & Stevens provides Fairness and Solvency Opinions, valuation analyses, investigative accounting, and expert witness services to assist public and private clients with their important transactions and litigation matters.
- 11 offices
- over 200 employees
- 26 Unique Professional Certifications
- 8 firms acquired since 2023
- 93 years (founded 1932)
- over 55 staff with tenure of 9+ years
Client Highlights
Here are a few client success stories from public and private companies we’ve worked with
Financial Valuation Contacts at Marshall & Stevens
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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- Member, New York Society of Security Analysts
- Member, American Society of Appraisers
- Marshall & Stevens, Inc.
Senior Managing Director, 2017-present - Anchin, Block & Anchin LLP
Senior Consultant, 2017 - Berdon LLP
Principal – Litigation, Valuation and Dispute Resolution Group, 2004-2017 - Deloitte & Touche
Manager, 1998-2004 - Fuss & O’Neill
Chemical Engineer, 1995-1996 - Ogden Martin Systems
Chemical Engineer, 1994-1995
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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- Membership Committee, Los Angeles Chapter
- Orange County Board of Directors, 2001-2020
- Marshall & Stevens, Inc.
October 2015-present
‣ Managing Director, Financial Valuation & Consulting, 2019-present
‣ Director, Financial Valuation & Consulting, 2015-2019 - BDO
Director, Valuation & Business Analytics, 2014-2015 - FMV Opinions
Senior Vice President, 2012-2014 - Cronkite & Kissell
Principal, 2001-2012 - Houlihan Lokey
Senior Vice President, 1987-2001
- California State University, Fullerton
Adjunct Professor, 2010-2018
‣ Business Valuation/Mergers & Acquisitions (graduate level)
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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- Board Member, Towson University Family Network
- Member, Montgomery Township, NJ Budget and Finance Committee
- Marshall & Stevens, Inc.
December 2019-present
‣ Managing Director, Northeast Financial Valuation Practice Leader, 2023-present
‣ Managing Director, 2019-2023 - Crowe
February 2014-November 2019
‣ Managing Director, Healthcare Valuation Services Leader, 2019
‣ Senior Manager, 2014-2019 - CohnReznick LLP
Senior Manager, 2012-2014 - Pluris Valuation Advisors LLC
Vice President, 2010-2012 - Management Planning, Inc.
Vice President, 2008-2010 - Valuation Research Corporation
Vice President, 2007-2008 - Crowe Horwath LLP
Manager, 2004-2007 - EisnerAmper
Supervisor, 2002-2003
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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Managing Director, 2009-present - Kroll
Director, 2005-2008 - Shepard Schwartz & Harris LLP
Director, 2003-2005 - Marshall & Stevens, Inc.
Manager, 1998-2003
Background
Matthew R. West, is a Principal and Executive Managing Director with Marshall & Stevens Incorporated. He serves as National Practice Leader for the Healthcare Practice and the Energy & Infrastructure Practice. He is also active in the Financial Valuation & Consulting Practice.
Mr. West specializes in the valuation of healthcare systems, physician practices, business enterprises, debt and equity instruments, and intangible assets. Analyses performed are used for compliance and consulting purposes including buy/sell consideration, purchase price allocation (FASB ASC 805), capital stock/stock option valuations (IRC 409A, FASB ASC 718), impairment (FASB ASC 350), estate and gift tax reporting, ESOP formation and reporting, and financial reporting of complex financial instruments including auction-rate securities (FASB ASC 820). He also leads Fairness Opinion engagements.
Mr. West has a specialty in the valuation of dialysis centers and practices.
Mr. West has provided expert witness testimony in valuation and economic damage assessments on separate occasions in the states of Colorado and Oklahoma.
Mr. West earned a Master's in Business Administration with an emphasis in Accounting and Taxation from St. Louis University and a Bachelor of Science in Business Administration and Finance from the University of Kansas.
Mr. West is an Accredited Senior Appraiser (“ASA”) of the American Society of Appraisers, in the Business Valuation discipline and in Intangible Asset Valuation. He has also received a Certification of Completion, American Society of Appraisers— Advanced Multidisciplinary Healthcare Valuation Education Program.
Professional Highlights
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Executive Managing Director, 2002-present
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