Valuation

As a Director of PCE’s business valuation practice, Daniel advises public and private companies across multiple industries on valuation matters.
Daniel focuses on valuation issues related to Employee Stock Ownership Plans (ESOPs), working on transactions ranging from $1 million to $200 million in enterprise value. Daniel is a frequent speaker at ESOP events and co-authored the NCEO’s Guide to DOL ESOP Investigations (2019).

Daniel’s experience also includes valuing operating companies for estate tax purposes. Working with trust and estate attorneys, he helps high-net-worth individuals transfer wealth efficiently. He has valued holding companies for gift tax reporting purposes and has successfully defended valuation discounts during IRS audits.

Daniel has completed purchase price allocations (pursuant to ASC 805) for companies of various sizes across the manufacturing, service, and technology sectors. Other financial reporting areas of expertise include impairment tests (ASC 350) and valuations related to stock-based compensation (ASC 718).

Certifications & Affiliations

• Chartered Financial Analyst (CFA), Charterholder
• Member, The ESOP Association
• Member, NCEO

Education

• University of Oxford, Bachelor of Arts in Politics, Philosophy, and Economics (Major in Economics)

Located in PCE’s Atlanta office, Paul leads the firm’s valuation practice.  Paul has more than 20 years of consulting and valuation experience, focusing on the valuation of public and privately held businesses, business interests, intangible assets, intellectual property, and related matters for purposes of financial statement reporting, corporate planning, tax planning, litigation support, and other purposes.

Paul has been primarily focused on providing intangible asset purchase price allocation, goodwill and long-lived asset impairment testing analyses for financial statement reporting purposes pursuant to FASB ASC 805, 350, and 360, and valuing equity securities issued as compensation pursuant to FASB ASC 718 / IRC 409A. In addition, Paul has extensive experience in the valuation of privately held equity securities in complex financial structures, convertible debt, performance and market-based equity awards, warrants with price protection features, embedded derivatives, and contingent consideration for financial statement reporting and other purposes.

With his broad experience, Paul has advised public and private companies, private equity firms and their investors, nonprofits, attorneys, and government agencies in valuation, investment, and other financial consulting matters across multiple industries including technology companies focused in information services, ecommerce, social media, and cloud/SaaS, healthcare companies consisting of hospitals, physician practices, and medical clinics, manufacturing, consumer product retailers, and automotive retailers just to name a few. Paul also has prior experience in litigation support in shareholder disputes, marital dissolution and civil and criminal investigations.

Certifications & Affiliations

• FINRA Series 63 and 79 Securities Licenses
• American Society of Appraisers, Candidate Member for the Accredited Senior Appraiser (ASA)

Education

• BBA, Finance, Kennesaw State University, Atlanta, GA

Steven Krug, CFA, PhD (History) is a Director in PCE’s Valuation Group. He performs valuations for financial reporting, transaction advisory, tax and estate planning, ESOPs, and litigation support. His financial reporting experience includes purchase price allocations (ASC 805), share-based compensation (ASC 718), and goodwill testing and impairment (ASC 350). Steven works closely with company management, auditors, and other service professionals to deliver well-supported valuation analyses and conclusions.

Before joining PCE, Steven spent sixteen years as a business valuation practice leader for an international accounting and consulting firm, where he supervised valuation engagements for both publicly traded and privately held companies.

Earlier in his career, Steve served as Vice President of a middle-market investment bank where he performed valuations and fairness opinions for companies primarily in the healthcare, technology, and government services industries.

Certifications & Affiliations

• Chartered Financial Analyst (CFA)
• Certified Valuation Analyst (CVA), inactive

Education

• BS, Business Administration (Finance/Marketing), McIntire School of Commerce, University of Virginia
• PhD, History, University of Georgia