Marshall & Stevens professionals are experienced audit experts.
Marshall & Stevens provides independent third-party valuation advisory services to public and privately held enterprises and investors across the spectrum including business development companies (“BDCs”), private equity firms, hedge funds, etc.
A large of percentage of our senior Financial Valuation professionals have experience working at international audit firms – they did the same review work your audit firm valuation professionals do – so they are a great resource to our clients. Our specialists understand the materiality thresholds and respect the regulatory requirements.
Assurance Letters: Sometimes all that is required is a positive assurance or negative assurance letter. Our professionals are prepared to provide these analyses or as required, upgrade to detailed valuation analyses and reports upon request.
Illiquid Investments: We provide independent opinions of the fair value of debt and equity instruments to assist clients in complying with the following guidance:
- Debt and Equity Securities: FASB ASC 320
- Derivatives and Hedging: FASB ASC 815
- Equity Compensation: FASB ASC 718, IFRS 2 and IRC 409A
- Financial Services—Investment Companies: FASB ASC 946
Our goal is to meet your financial reporting requirements for a reasonable fee.
Complex Securities: The valuation of some illiquid investments necessitates our use of complex financial modeling techniques including Black-Scholes Option Pricing Model, Binomial Lattice, and Monte Carlo Simulation.
Real Estate: Our Real Estate Valuation professionals provide independent value opinions of a great variety of properties for public and private real estate fund clients. These clients engage us to provide independent value opinions for financial reporting, buy/sell/lease consideration, recapitalization, insurance placement, cost segregation, property tax and other tax reporting requirements.
Purchase Price Allocations: Our Financial, Equipment, and Real Estate valuation professionals collaborate on multidisciplinary financial reporting assignments for an efficient well-integrated product and an easier review process for the investor and their audit firm.
Transaction Advisory Services: Independence and Expertise at a Reasonable Cost. Our fees are not contingent upon the successful closing of any transaction, as opposed to the fees paid to your investment bank, and we do not have audit conflicts since we do not provide audit services.
- Fairness Opinions: We analyze the fairness of a particular transaction, from a financial point of view, to the shareholders on either side (purchase or sale) of a public or private transaction.
- Solvency Opinions: Most often used by private equity in dividend recapitalization transactions, we opine on the ability of the corporate entity to service new financing.
Wealth Transfer: We value carried interests in funds, both prior to investment and post investment, as part of a wealth transfer strategy for the benefit of heirs and charities.
For more information on these and other services, please see the service sheets and links to the right or contact one of the staff listed below.
How Marshall & Stevens can help with Private Equity Financial Reporting
Our Purchase Price Allocation 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.
Real Estate Valuation
Attorneys, accountants, wealth managers and financing sources refer their clients to Marshall & Stevens because we deliver high-quality work through an insightful, service-oriented approach.
Financial Reporting Valuation
Auditors refer their public and private clients to Marshall & Stevens for financial reporting assignments due to the knowledge, expertise, and experience of our professionals.
Estate and Gift Tax
Our in-house valuation, consulting, and litigation professionals are engaged to assist with wealth preservation, tax reporting, and matters of dispute.
Frequently Asked Questions
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Marshall & Stevens performs hundreds of valuations and cost segregation analyses every year for renewable energy project developers, sponsors, and investors.
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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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If a company has their purchase price allocation and other financial reporting done for compliance with private company GAAP and then goes public (IPO, SPAC, merger, etc.), the financial reporting will have to be redone and restated to meet the public company standard prior to going public. The initial small cost savings of following private company GAAP for acquisitions is far outweighed by the cost to redo the work in the future.
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We perform onsite inspections of facilities to improve the accuracy of the asset records and the valuation analysis. Site inspections keep investors from capitalizing and paying for property taxes and insurance on assets no longer owned or in use (aka Ghost Assets).
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We focus on efficiency. Our team includes senior valuation professionals with experience working at international audit firms – they did the same review work your audit firm valuation professionals do – making them a great resource to our clients. These specialists understand the materiality thresholds while meeting regulatory requirements.
We provide negative and positive assurance letters upon request.
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The accelerated depreciation benefits (tax savings) from a cost segregation analysis on acquired real estate (sometimes just tenant improvements) can typically pay for a material percentage of the transaction costs and/or multiple financing payments.
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.
Client Highlights
Here are a few client success stories from
Private Equity Financial Reporting Contacts at Marshall & Stevens
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
Patrick Craig is a Principal, Executive Managing Director, and National Practice Leader for the Real Estate Valuation Practice at Marshall & Stevens Incorporated.
Mr. Craig has over 30 years of experience in the real estate business involving valuation of single assets or portfolios, serving clients in the financial services, banking, REIT, insurance, legal, accounting, audit, corporate, development, pension and asset management sectors. His experience includes valuation and consulting for proposed and existing real estate projects and real estate portfolios including office, industrial, apartment, retail, hotel, mixed-use, self-storage, and community facility uses. He has also worked on matters of dispute including serving as a valuation expert in litigation.
Mr. Craig entered the real estate business in 1986. Prior to joining Marshall & Stevens, he led the Northeast valuation practice for Colliers International, while running the firm’s Portfolio Valuation Group and Business Innovation Committee and serving on the firm’s Global Leadership Team. Prior to Colliers International, he spent almost two decades with Cushman & Wakefield serving in numerous leadership roles including co-leader of its Portfolio Valuation Group, as Chairman of the firm’s Business Innovation Committee, and as a member of the Global Business Initiatives Council. Prior to Cushman & Wakefield, he held real estate appraisal positions at Dorman & Wilson and European American Bank.
He has served on the Board of Directors for the NY Chapter of the Appraisal Institute. He is an affiliate member of ADISA, a member of the Real Estate Board of New York, NCREIF, and the International Council of Shopping Centers. He is licensed as a Certified General Real Estate Appraiser in: New York, New Jersey, Connecticut, Pennsylvania, Georgia, Florida, Michigan, Virginia, Iowa and Illinois.
Professional Highlights
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- Board of Directors, New York Chapter, former
- Affiliate Member, Alternative & Direct Investment Securities Association (ADISA)
- Member, Real Estate Board of New York
- Member, National Council of Real Estate Investment Fiduciaries (NCREIF)
- Member, International Council of Shopping Centers
- Marshall & Stevens, Inc.
Executive Managing Director, 2013-present - ARGUS Software
Senior Vice President, Client Management, 2012-2013 - Colliers International
Regional Managing Director - Northeastern US, 2010-2012 - Cushman & Wakefield
Senior Managing Director, 1991-2010 - EAB Bank
Vice President, 1990-1991 - Dorman & Wilson
Associate, 1986-1990
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
Simon Koo is a Director in the Financial Valuation and Consulting Practice of Marshall & Stevens Incorporated.
Mr. Koo provides Fairness Opinions and Solvency Opinions for public and private company transactions. He performs valuations of closely held businesses, portfolio companies of private equity and business development companies, as well as intellectual property and other intangible assets, and complex securities, including debt, preferred stock, options and warrants, and contingent consideration using Monte Carlo Simulation and Option Pricing Model methodologies.
He serves clients in a variety of industries including technology, media, pharmaceutical and life sciences, health services, industrial products, retail and consumer products, and food and beverage industries. Engagements are typically provided to assist clients with buy/sell consideration, financing and recapitalization, financial reporting, tax planning and reporting, and matters of dispute.
Mr. Koo joined Marshall & Stevens in 2019. Prior to Marshall & Stevens, he worked in the valuation practice of PWC, Grant Thornton, and RSM.
Professional Highlights
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- Marshall & Stevens, Inc.
Director, Financial Valuation & Consulting, 2019-present - RSM US LLP
Supervisor, 2018-2019 - PwC
Valuation - Senior Associate, 2016-2018 - Grant Thornton LLP
Valuation Associate / Senior Associate / Manager, 2011-2016 - Ardour Capital Investments
Equity Research Associate - Intern, 2010-2011
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
Background
Greg Feldman is a Managing Director with Marshall & Stevens Incorporated and MS Capital. He is responsible for business development and client management.
Mr. Feldman joined Marshall & Stevens in 2010. He works with public and private companies and their trusted advisors to provide valuations of businesses, equity and debt instruments, intangible assets, machinery & equipment, and commercial real estate including cost segregation studies. Analyses are provided for buy/sell consideration, financial reporting, financing and recapitalization, tax planning and reporting, insurance placement and dispute resolution.
Prior to Marshall & Stevens, Mr. Feldman successfully served in business development and operational roles within a diverse group of industries including Big 4 and other international accounting firms, retail, consumer products, and printing.
Mr. Feldman has received extensive training in Sales, Sales Management, Negotiation, Project Management and overall Business Development.
He is active on several boards including Bloomingdale Youth Sports Association and the Tampa Chapter of Association of Corporate Growth (“ACG”) serving as the Membership Committee Chair.
Professional Highlights
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- Membership Committee Chair, Association of Corporate Growth, Tampa Chapter
- Marshall & Stevens, Inc.
Managing Director, Business Development, 2010-present - Grant Thornton LLP
Business Development Executive, 2010 - Ernst & Young
Business Development Executive, 2007-2010 - RR Donnelley (formerly Wallace Computer Services)
Regional Sales Manager, 1992-2007
Background
Jonathan Adelson is a Managing Director, Business Development with Marshall & Stevens.
Mr. Adelson joined Marshall & Stevens in 2024. He leads business development efforts with public and private companies, private equity funds, and turnarounds to deliver independent financial opinions with respect to valuation, solvency, capital adequacy and fairness in connection with mergers, acquisitions, divestitures, leveraged buyouts, recapitalizations, financings and financial and tax reporting matters for businesses, equity and debt securities, loans, derivative instruments, structured products, intangible assets, fixed assets real estate and more.
Prior to Marshall & Stevens, Mr. Adelson was a Manager at KPMG and a Managing Director at Alvarez & Marsal. He has served in business development roles for Valuation Research Corporation, Adelson Strategies (a global business development and strategy firm), and Trio Media Ventures. He began his career in public policy.
Mr. Adelson volunteers with multiple organizations.
Professional Highlights
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Managing Director, Business Development, 2024-present - Valuation Research Corporation
Managing Director, 2017-2024 - Adelson Strategies
Managing Director, 2015-2017 - Trio Media Ventures
Founder, Head of Global Strategy & Business Development, 2015-2017 - Alvarez & Marsal
Managing Director, 2005-2015 - KPMG LLP
1998-2005
‣ Manager, 1999-2005
‣ Intern, Washington National Tax Practice, Summer 1998
- American Iron and Steel Institute
Law Clerk, Office of the General Counsel and VP of Public Policy, Summer 1995 - Liz Robbins Associates
Junior Associate, Washington Representatives, 1991-1994
- Bondville Fair (Bondville, VT)
Board of Directors, 2023-present - The M&A Advisor 2022 (New York, NY)
Advisory Board, 2022-2023 - The Stratton Foundation (Stratton, VT)
Volunteer, 2020-present - Stars of Hope (New York, NY)
Volunteer, 2019-present - Progressive Policy Institute (Washington, DC)
Board of Directors, 2016-present - Ithaca College Alumni Association (Ithaca, NY)
Board of Directors, 2002-2008
Relevant Insights
Valuation Services for Private Equity
Transparency, Independence, Fairness Opinions and the SEC
