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Valuation & Financial Opinions

Empowering Growth By Creating, Measuring & Protecting Value 

Whether you’re buying a company, selling to employees, reporting fair value, or planning succession, accurate valuation matters. Get it wrong, and you’re either overpaying, undervaluing your business, or facing regulatory challenges you didn’t see coming. 

Valuation work usually comes up when it’s urgently needed, for a sale, an ESOP implementation, financial reporting, or a shareholder dispute. The challenge is that valuations get scrutinized. The IRS questions them. Buyers dispute them. Auditors push back on them. Get the number wrong and you’re either leaving money on the table or creating tax and regulatory problems.​​​​​​​​​​​​​​​​ 

What's The Strategy Behind Your Biggest Transaction

GBQ Capital Advisors is nationally recognized and is among the fastest-growing valuation advisory practices in the country. We perform hundreds of valuations annually for clients nationwide, ranging from large international publicly-traded companies to small family-owned businesses.  We specialize in the valuation of businesses, business interests, intangible assets, and complex financial instruments in the context of transaction advisory, ESOP consulting, estate and gift planning, shareholder transactions and buy-sell agreements, equity-based compensation, financial reporting, and various other corporate-related matters.

Our professionals are accredited members of the CFA Institute (CFA), the American Society of Appraisers (ASA), the National Association of Certified Valuation Analysts (CVA), the Institute of Business Appraisers (CBA), and the American Institute of Certified Public Accountants (CPA/ABV) as well as being active participants in a number of professional associations.

Choose A Team That's Certified & Accredited
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Defensible Valuations For Every Stage Of Your Business
With offices in Ohio and Indiana, we perform 300+ valuation assignments annually for companies in virtually every industry nationwide. We assist our clients by providing valuations for the following purposes:
Transaction Support & Opinions
Boards need independent opinions for mergers, acquisitions, and conflict transactions. That’s where we come in. We provide fairness opinions, solvency opinions, and valuation analysis for evaluating targets. We also handle transaction analysis and due diligence.
ESOP Valuation & Advisory
Employee Stock Ownership Plans offer tax advantages and succession benefits, but they’re complex and heavily regulated. We handle feasibility studies, implementation, annual valuations, and trustee advisory. We’ve completed over 20 ESOP transactions and work with clients in 42 states.
Financial Reporting
Public companies need valuations that comply with accounting standards. We provide purchase price allocations, impairment testing, stock compensation valuations, and securities analysis. Our work meets audit requirements and regulatory standards.
Succession & Wealth Planning
Transitioning a business requires valuations for gifting, estate tax, and charitable purposes. Our defensible valuations for family partnerships, business structures, and estate planning is built to withstand IRS scrutiny.
Corporate Planning
Stock options, buy-sell agreements, conversions, redemptions, and preparing to go public. We provide the valuation work companies need for internal planning, shareholder agreements, and compensation structures.
Dispute Advisory
Disputes turn on financial facts. Judges, juries, and opposing counsel scrutinize every assumption, every calculation, every conclusion. Weak analysis gets torn apart. Strong analysis wins cases.
Recent Engagements
See Our Library Of Transactions
Transaction
Transaction
Employee Benefits Administration
Transaction
IT Consulting & Services
Transaction
Commercial Printing & Labeling
Transaction
Energy & Utilities
Transaction
IT Consulting & Services
Transaction
General Contractors
Practice Highlights
300
Valuations Annually
100
ESOP Projects Per Year
15
Valuation Professionals
42
States With Clients
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Protect The Business Value You've Worked So Hard To Build

At GBQ, we start by getting to know the purpose of the valuation and the standard required. Calculation of value, conclusion of value, and appraisal reports all serve different purposes and require different levels of work. We’ll gather financial information, conduct industry research, select appropriate methodologies, and deliver a report that meets professional standards. For advisory engagements, we work alongside your team throughout the process.  Our work is designed to be defensible. Whether it’s reviewed by auditors, challenged by the IRS, or scrutinized in litigation, we build valuations that stand up to examination. 

The Strategy Behind Your Biggest Transaction

GBQ performs hundreds of valuations annually for clients nationwide. We’re not just providing reports. We’re advising on ESOP implementation, delivering fairness opinions for boards, handling purchase price allocations, supporting financial reporting compliance, and providing expert testimony in disputes. That breadth gives us perspective on how valuations get challenged and what holds up under scrutiny. We also understand that valuation connects to tax strategy, transaction structure, and business objectives. We coordinate across those areas to deliver work that serves your broader goals. If any of the scenarios below sound like you and your situation, give GBQ Capital Advisors a call.

Who Should Reach Out For Valuation Assistance

  • Business owners considering employee ownership or evaluating succession options.
  • Investment firms requiring portfolio valuations or transaction opinions.
  • Public companies that need purchase price allocations or impairment testing.
  • Boards and committees navigating transactions with potential conflicts.
  • Family businesses planning wealth transfer or gifting strategies.
  • Companies implementing stock option plans or ownership compensation.
  • Shareholders involved in disputes, divorces, or litigation.
  • Businesses facing financial distress or reorganization​​​​​​​​​​​​​​​.
Meet Our Valuation & Financial Opinions Team
Joseph Borowski
Joseph Borowski
Managing Director, Valuation & ESOP Advisory
Craig Hickey
Craig Hickey
Managing Director, Valuation & ESOP Advisory
Kelly Noll
Kelly Noll
Managing Director, Valuation & ESOP Advisory
Drew Dixon
Drew Dixon
Manager, Valuation & ESOP Advisory
Eric Dollin
Eric Dollin
Managing Director, Valuation & ESOP Advisory
Eric Valyko
Eric Valyko
Managing Director, Valuation & ESOP Advisory

GBQ's Valuation & ESOP Advisory Team On The Move

Speaking Engagements

GBQ Capital Advisory's team regularly assists employee-owned companies on ESOP matters and has successfully guided many companies through the initial evaluation and implementation of an ESOP. We also serve as frequent speakers and authors on ESOP-related topics on a local, regional, and national basis. Contact us today if you are interested in booking a member of GBQ's Capital Advisors team for your presentation.

2026
2025
Dec. 8-10, 2025
 AICPA Construction & Real Estate Conference, Las Vegas, Nevada
Nov. 3-7, 2025
 “Unpacking The Cost Of Equity”
ESOP Conference, Las Vegas, Nevada
Oct. 29, 2025
 “ESOPs: An Idea That Can Make You A Hero To Your Clients
BDO Mini-Area Meeting, Columbus, Ohio
Oct. 6-8, 2025
 “Reading and Understanding The ESOP Valuation Report”
“ESOP Feasibility Studies: Learning Whether (And How) An ESOP Works For Your Company”
Great Lakes ESOP Conference, Sandusky, Ohio
Sept. 18, 2025
 “Cashing In Chips For Growth: Liquidity Without Letting Go” (Moderator)
Columbus Dealmakers, Columbus, Ohio
Aug. 6, 2025
 “Building Company Value”
ESOP Conference, Louisville, Kentucky 
March 27, 2025
 “From Feasibility To Reality: Phase 2’s Journey To Employee Ownership”
Rocky Mountain & Texas/Oklahoma Regional ESOP Association Conference
March 20, 2025
 “Ask the Experts”
“Reviewing, Understanding, & Communicating Your ESOP Valuation”
MI ESOP Association Conference
March 11, 2025
 “What To Expect For Your 2024 Valuation”
IN ESOP Association Conference
March 10, 2025
 “Assessing The Feasibility Of An ESOP”
OEOC: 39th Annual Ohio Employee Ownership Conference
March 4-5, 2025
 “Projections: The Centerpiece of ESOP Valuations”
“What To Expect For Your 2024 Valuation”
OH/KY ESOP Association Conference
2024
Dec. 4, 2024
 “Lessons For 2025 From 2024 Valuations”
OEOC Southwest Forum
Oct. 7-8, 2024
 “Getting Your Company Ready For A Transition To An ESOP”
“Panel Discussion: ESOP Companies Making Acquisitions”
“From Feasibility To Reality: CEC’s Journey To ESOP Ownership”
Great Lakes ESOP Conference
Oct. 1, 2024
 “Dispelling Top 10 Myths About The Value Of Your Business”
Multistate ESOP Conference
Sept. 17, 2024

 “Thinking Of Selling (Or Buying) A Business?”
Ohio University Small Business Development Center
Apr. 25, 2024

 “How A Trustee Reviews The Valuation Report”
Michigan ESOP Association Conference
Apr. 18, 2024

 “Getting Your Company Ready For A Transition To An ESOP”
38th Annual Ohio Employee Ownership Conference
Mar. 11-12, 2024
  		 “ESOP Company Acquisitions: Recent Trends and Items to Consider”
“Forecasting In Uncertain Economic Times”
Indiana ESOP Association Conference
Mar. 7-9, 2024
  		 “Improving Your ESOP Valuation Process and Communications”
NY/NJ Chapter of the ESOP Association
Mar. 5, 2024

 “ESOP Company Acquisitions: Recent Trends and Items to Consider”
“Navigating Cultural Integration in Acquisitions”
Ohio/Kentucky Chapter of the ESOP Association Annual Spring Conference
2023
Nov. 9, 2023
  Las Vegas, NV
 “Valuation Issues for Your ESOP: An Update”
  Employee Owned 2023 Conference
Oct. 16-18, 2023
  Sandusky, OH
 “Considerations when Making an Acquisition”
  9th Annual Great Lakes Regional ESOP Conference
Oct. 16-18, 2023
  Sandusky, OH
 “Forecasting in Uncertain Economic Times”
  9th Annual Great Lakes Regional ESOP Conference
Oct. 16-18, 2023
  Sandusky, OH
 “Reviewing an ESOP Valuation Report”
  9th Annual Great Lakes Regional ESOP Conference
Sep. 19, 2023
  Recording
 “Business Succession Planning: Turning Goals into Reality”
  GBQ Webinar
Apr. 20, 2023
  Akron, OH		 “ESOP Valuations: What You Need to Know”
  Ohio Employee Ownership Center – 37th Annual Ohio Employee Ownership Conference
Apr. 11, 2023
  Lansing, MI		 “Navigating the New Normal”
  Michigan Chapter of the ESOP Association Annual Spring Conference
Mar. 23, 2023
  Westerville, OH
 “How a Trustee will Review the 2022 Valuation Report”
  Ohio/Kentucky Chapter of the ESOP Association Annual Spring Conference
Mar. 14, 2023
  Virtual
 “Buy-Sell Agreements: Address Now or Distress Later”
  Conway Center for Family Business
Mar. 8, 2023
  Carmel, IN
 “How a Trustee will Review the 2022 Valuation Report” and
“Current Issues Impacting ESOP Valuations”
  Indiana Chapter of the ESOP Association Annual Spring Conference
2022
Dec. 7, 2022
  Dayton, OH
 “What’s Driving Your ESOP Valuation”
  Ohio Employee Ownership Center’s 2nd Annual Southwest Ohio Employee Ownership Forum
Dec. 1, 2022
  Recording
 “Business Owners – Preparing Your Company for an ESOP in 2023”
  GBQ Webinar
Oct. 20, 2022
  Sandusky, OH
 “From Feasibility to Reality: AHI’s Journey to ESOP Ownership”
  8th Annual Great Lakes Regional ESOP Conference
Oct. 20, 2022
  Sandusky, OH
 “How A Trustee Reviews The Valuation Report”
  8th Annual Great Lakes Regional ESOP Conference
Oct. 20, 2022
  Sandusky, OH
 “Navigating the New Normal”
  8th Annual Great Lakes Regional ESOP Conference
Oct. 13, 2022
  Recording
 “An Introduction to ESOPs”
  GBQ Webinar
Jun. 7, 2022
  Recording
 “Assessing the Feasibility of an ESOP”
  GBQ Webinar
May 3-6, 2022
  Washington, DC
 “Current ESOP Valuation Issues”
  The ESOP Association National Conference 2022
Apr. 14, 2022
  Lansing, MI
 “From Feasibility to Reality – A Company’s Journey to ESOP Ownership”
  Michigan Chapter of the ESOP Association Annual Spring Conference
Apr. 7, 2022
  Akron, OH
 “Assessing the Feasibility of an ESOP” & “What’s Impacting Valuations, and Business Value”
  Ohio Employee Ownership Center 36th Annual Ohio Ownership Conference
Mar. 24, 2022
  Powell, OH
 “Assessing the Feasibility of an ESOP” & “What’s in Store for your 2021 ESOP Valuation”
  Ohio/Kentucky Chapter of the ESOP Association Annual Spring Conference
Mar. 8, 2022
  Carmel, IN
 “Assessing the Feasibility of an ESOP”
  Indiana Chapter of the ESOP Association Annual Spring Conference
Mar. 1, 2022
  Recording
 “ESOPs: An Ownership Model for High-Performing Companies”
  GBQ Webinar
2021
Sep. 28, 2021
  Sandusky, OH		 “Assessing the Feasibility of an ESOP”
  7th Annual Great Lakes Regional ESOP Conference
Sep. 28, 2021
  Sandusky, OH		 “How to Effectively Communicate Financial Information in the New Environment”
  7th Annual Great Lakes Regional ESOP Conference
Sep. 28, 2021
  Sandusky, OH		 “What’s in Store for your 2021 ESOP Valuation”
  7th Annual Great Lakes Regional ESOP Conference
Sep. 22, 2021
  Recording		 “GBQuarterly: Is an ESOP Right for Your Company?”
  GBQ Webinar
June 15, 2021
  Recording		 “Exit Planning Institute: Business Owner Fireside Chat – ESOPs”
  GBQ Webinar
May 5, 2021
  Virtual		 “What’s In Store for Your Valuation?”
  35th Annual Ohio Employee Ownership Center Conference
Apr. 6, 2021
  Recording		 “ESOPs: An Introduction”
  GBQ Webinar
Feb. 23, 2021
  Recording		 “Assessing the Feasibility of an ESOP”
  GBQ Webinar
Feb. 2, 2021
  Recording		 “ESOPs: An Ownership Model for High-Performing Companies”
  GBQ Webinar
2020
Sep. 22, 2020
  Virtual		 “Ask the Experts: A Q&A for Non-Management Owners”
  6th Annual Great Lakes Regional ESOP Conference
Aug. 20, 2020
  Virtual		 “Caring for Your Newborn ESOP”
  34th Annual Ohio Employee Ownership Center Conference
Aug. 20, 2020
  Virtual		 “The ABCs of Selling Your Company to an ESOP”
  34th Annual Ohio Employee Ownership Center Conference
Aug. 20, 2020
  Virtual		 “ESOP Feasibility Studies”
  Interview for the 34th Annual Ohio Employee Ownership Center Conference
Jul. 15, 2020
  Virtual		 “ESOP Valuation – The Impacts of COVID-19”
  The ESOP Association 2020 Summer Webinar Series
Jun. 25, 2020
  Recording		 “ESOPs and Contractors: “Building” an Ideal Succession Plan”
  GBQ Webinar
Jun. 17, 2020
  Recording
 “ESOPs: A Strategic Alternative for Ownership Transition in a Post-COVID-19 Environment”
  GBQ Webinar
Jun. 10, 2020
  Recording
 “Engineering a Better Ownership Model: ESOPs in the A&E Industry”
  GBQ Webinar
Jun. 4, 2020
  Recording
 “How an ESOP Could Help Your Company Emerge from the COVID-19 Pandemic”
  GBQ Webinar
Mar. 26, 2020
  Recording
 “ESOPs: A Savvy Business Succession Strategy”
  GBQ Webinar
Sep. 22, 2020
  Virtual		 “Ask the Experts: A Q&A for Non-Management Owners”
  6th Annual Great Lakes Regional ESOP Conference
Apr. 22, 2020
  Virtual		 “Analyzing the Valuation Issues in Recent ESOP Lawsuits”
  National Association for Employee Ownership Annual Conference
Apr. 22, 2020
  Virtual		 “15 Valuation Glitches”
  National Association for Employee Ownership Annual Conference
Mar. 25, 2020
  Virtual		 “ESOPs: A Savvy Business Succession Strategy”
  GBQ Webinar
Mar. 5, 2020
  Indianapolis, IN		 “How to Prepare Better Projections”
  Indiana Chapter of the ESOP Association Annual Spring Conference
Mar. 5, 2020
  Indianapolis, IN		 “How to Prepare Better Projections”
  Indiana Chapter of the ESOP Association Annual Spring Conference
2019
Oct. 17, 2019
  Sandusky, OH		 “Internal Trustee Checklist for ESOP Valuations”
  5th Annual Great Lakes Regional ESOP Conference
Oct. 17, 2019
  Sandusky, OH		 “How to Prepare Better Projections”
  5th Annual Great Lakes Regional ESOP Conference
Oct. 17, 2019
  Sandusky, OH		 “ESOP Valuation Issues Q&A”
  5th Annual Great Lakes Regional ESOP Conference
Aug. 27, 2019
  Virtual		 “Ownership Transition, ESOPs & NextGen: The Future Of Your AE Firm”
  GBQ Webinar
Apr. 25, 2019
  Akron, OH		 “Assessing the Feasibility of an ESOP”
  33rd Annual Ohio Employee Ownership Center Conference
Apr. 17, 2019
  Lansing, MI		 “Analyzing the Valuation Issues in Recent ESOP Lawsuits”
  Michigan Chapter of the ESOP Association Annual Spring Conference
Apr. 17, 2019
  Lansing, MI		 “Parenting an ESOP Company through its Stages of Life”
  Michigan Chapter of the ESOP Association Annual Spring Conference
Apr. 17, 2019
  Lansing, MI		 “Ask the Experts Panel”
  Michigan Chapter of the ESOP Association Annual Spring Conference
Apr. 10, 2019
  Pittsburgh, PA		 “Analyzing the Valuation Issues in Recent ESOP Lawsuits”
  National Center for Employee Ownership Annual Employee Ownership Conference
Mar. 21, 2019
  Columbus, OH		 “How Do Successful ESOP Companies Build Financial Projections?”
  OH/KY Chapter of the ESOP Association Annual Spring Conference
Mar. 6, 2019
  Indianapolis, IN		 “ESOP Companies Making Acquisitions: A Panel Discussion”
  Indiana Chapter of the ESOP Association Annual Spring Conference
2018
Oct. 18, 2018
  Sandusky, OH		 “Assessing the Feasibility of an ESOP”
  4th Annual Great Lakes Regional ESOP Conference
Oct. 18, 2018
  Sandusky, OH		 “Demystifying the Valuator/Trustee Review Call”
  4th Annual Great Lakes Regional ESOP Conference
Oct. 18, 2018
  Sandusky, OH		 “How Tax Reform Impacts ESOPs”
  4th Annual Great Lakes Regional ESOP Conference
Aug. 9, 2018
  Lexington, KY		 “Potential Impacts of Tax Reform on ESOP Companies”
  OH/KY Chapter of the ESOP Association Annual Summer Conference
Apr. 27, 2018
  Akron, OH		 “Walking a Tightrope: Serving as an ESOP Internal Trustee in 2018”
  32nd Annual Ohio Employee Ownership Center Conference
Apr. 19, 2018
  Atlanta, GA		 “Analyzing the Valuation Issues in Recent ESOP Lawsuits”
  National Center for Employee Ownership Annual Employee Ownership Conference
Apr. 11, 2018
  Lansing, MI		 “Ask the Experts”
  Michigan Chapter of the ESOP Association Annual Spring Conference
Apr. 11, 2018
  Lansing, MI		 “ESOPs and Tax Reform: The Valuation Impact for ESOP Companies”
  Michigan Chapter of the ESOP Association Annual Spring Conference
Mar. 21, 2018
  Columbus, OH		 “Analyzing the New DOL Process Agreements for ESOP Transactions”
  OH/KY Chapter of the ESOP Association Annual Spring Conference
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