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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
Food & Beverage
Restaurants
Valuation of Equity
Transaction
Retail
Goodwill Impairment Testing
Transaction
Food & Beverage
Restaurants
Valuation of Equity
Transaction
Gifts & Accessories
Retail
Transaction Advisory
Transaction
Food & Beverage
Restaurants
Valuation of Equity
Transaction
Home Furnishings & Products
Retail
Valuation of Equity
Transaction
Home Furnishings & Products
Retail
Valuation of Equity
Transaction
Telecommunications
Purchase Price Allocation
Transaction
Gifts & Accessories
Retail
Equity-Based Compensation
Goodwill Impairment Testing
Transaction
Food & Beverage
Valuation of Equity
Equity-Based Compensation
Transaction
Building Materials
Transaction
Purchase Price Allocation
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
October 22

"Preparing Better Projections"
National Center For Employee Ownership, Webinar
June 15-16

"Determining ESOP Stock Value"
NCEO: Is An ESOP Right For Me?, Columbus, Ohio
June 9

"ESOP Valuation Potpourri: Current Issues & Practical Considerations"
American Society of Appraisers 2026 ESOP Conference, Webinar
June 5

"ESOP: A Savvy Business Succession Strategy"
Conway Center For Family Business, Manufacturing & Logistics CEO Peer Group, Dublin, Ohio
May 26

"ESOPs: What's All The Buzz About?
Conway Center for Family Business, Webinar
May 5-8

ESOP Association National Conference, Washington, D.C.
April 23

"From Feasibility To Reality: Horizons' Journey To Employee Ownership"
OEOC Conference, Fairlawn, Ohio
March 23-25

"Improving Your Valuation Process (& Reducing Valuation Frustrations)
PA/Delaware Chapter ESOP Conference, King of Prussia, Pennsylvania
March 16-17

"How To Prepare Better Projections, & Why They Matter"
Michigan ESOP Conference, East Lansing, Michigan
March 11-12

"How To Prepare Better Projections, & Why They Matter"
New England Spring ESOP Conference, Nashua, New Hampshire
March 10

"What To Expect For Your 2025 Valuation"
Indiana ESOP Conference, Carmel, Indiana
March 3-4

"How To Prepare Better Projections, & Why They Matter"

"Improving Your Valuation Process (& Reducing Valuation Frustrations)"
Ohio ESOP Conference, Columbus, Ohio
February 12

"Understanding & Improving Your ESOP Valuation Process"
University of Cincinnati Goering Center For Family & Private Business, ESOP Financial Leaders Peer Group, Cincinnati, Ohio
February 12

"Understanding & Improving The Value Of Your Business:
Conway Center For Family Business, Webinar
2025
December 8-10
 AICPA Construction & Real Estate Conference, Las Vegas, Nevada
November 3-7

“Unpacking The Cost Of Equity”
ESOP Conference, Las Vegas, Nevada
October 29

“ESOPs: An Idea That Can Make You A Hero To Your Clients
BDO Mini-Area Meeting, Columbus, Ohio
October 6-8

“Reading & Understanding The ESOP Valuation Report”

“ESOP Feasibility Studies: Learning Whether (And How) An ESOP Works For Your Company”
Great Lakes ESOP Conference, Sandusky, Ohio
September 18

“Cashing In Chips For Growth: Liquidity Without Letting Go” (Moderator)
Columbus Dealmakers, Columbus, Ohio
August 6

“Building Company Value”
ESOP Conference, Louisville, Kentucky 
March 27

“From Feasibility To Reality: Phase 2’s Journey To Employee Ownership”
Rocky Mountain & Texas/Oklahoma Regional ESOP Association Conference
March 20

“Ask the Experts”

“Reviewing, Understanding, & Communicating Your ESOP Valuation”
MI ESOP Association Conference
March 11

“What To Expect For Your 2024 Valuation”
IN ESOP Association Conference
March 10

“Assessing The Feasibility Of An ESOP”
OEOC: 39th Annual Ohio Employee Ownership Conference
March 4-5

“Projections: The Centerpiece Of ESOP Valuations”

“What To Expect For Your 2024 Valuation”
OH/KY ESOP Association Conference
2024
December 4

“Lessons For 2025 From 2024 Valuations”
OEOC Southwest Forum
October 7-8

“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
October 1

“Dispelling Top 10 Myths About The Value Of Your Business”
Multistate ESOP Conference
September 17

“Thinking Of Selling (Or Buying) A Business?”
Ohio University Small Business Development Center
April 25

“How A Trustee Reviews The Valuation Report”

Michigan ESOP Association Conference
April 18

“Getting Your Company Ready For A Transition To An ESOP”

38th Annual Ohio Employee Ownership Conference
March 11-12
  

“ESOP Company Acquisitions: Recent Trends & Items to Consider” & 
“Forecasting In Uncertain Economic Times”

Indiana ESOP Association Conference
March 7-9
  

“Improving Your ESOP Valuation Process & Communications”

NY/NJ Chapter of the ESOP Association
March 5

“ESOP Company Acquisitions: Recent Trends & Items To Consider” &
“Navigating Cultural Integration in Acquisitions”

Ohio/Kentucky Chapter of the ESOP Association Annual Spring Conference
2023
November 9

“Valuation Issues For Your ESOP: An Update”
Employee Owned 2023 Conference, Las Vegas, Nevada
October 16-18

“Considerations When Making An Acquisition”

“Forecasting In Uncertain Economic Times”

“Reviewing An ESOP Valuation Report”
9th Annual Great Lakes Regional ESOP Conference, Sandusky, Ohio
September 19

“Business Succession Planning: Turning Goals Into Reality”
GBQ Webinar
April 20

“ESOP Valuations: What You Need To Know”
Ohio Employee Ownership Center – 37th Annual Ohio Employee Ownership Conference, Akron, Ohio
April 11

“Navigating The New Normal”
Michigan Chapter of the ESOP Association Annual Spring Conference, Lansing, Michigan
March 23

“How A Trustee Will Review The 2022 Valuation Report”
Ohio/Kentucky Chapter of the ESOP Association Annual Spring Conference, Westerville, Ohio
March 14

“Buy-Sell Agreements: Address Now Or Distress Later”
Conway Center for Family Business, Virtual
March 8

“How A Trustee Will Review The 2022 Valuation Report” &
“Current Issues Impacting ESOP Valuations”
Indiana Chapter of the ESOP Association Annual Spring Conference, Carmel, Indiana
2022
December 7

“What’s Driving Your ESOP Valuation”
Ohio Employee Ownership Center’s 2nd Annual Southwest Ohio Employee Ownership Forum, Dayton, Ohio

December 1

“Business Owners: Preparing Your Company For An ESOP in 2023”
GBQ Webinar
October 20

“From Feasibility To Reality: AHI’s Journey To ESOP Ownership”

“How A Trustee Reviews The Valuation Report”

“Navigating The New Normal”
8th Annual Great Lakes Regional ESOP Conference, Sandusky, Ohio
October 13

“An Introduction To ESOPs”
GBQ Webinar
June 7

“Assessing The Feasibility Of An ESOP”
GBQ Webinar

May 3-6

“Current ESOP Valuation Issues”
The ESOP Association National Conference 2022, Washington, D.C.

April 14

“From Feasibility To Reality – A Company’s Journey To ESOP Ownership”
Michigan Chapter of the ESOP Association Annual Spring Conference, Lansing, Michigan
April 7

“Assessing The Feasibility Of An ESOP” & “What’s Impacting Valuations, & Business Value”
Ohio Employee Ownership Center 36th Annual Ohio Ownership Conference, Akron, Ohio
March 24

“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, Powell, Ohio
March 8

“Assessing The Feasibility Of An ESOP”
Indiana Chapter of the ESOP Association Annual Spring Conference, Carmel, Indiana
March 1

“ESOPs: An Ownership Model For High-Performing Companies”
GBQ Webinar
2021
September 28

“Assessing The Feasibility Of An ESOP”

“How to Effectively Communicate Financial Information In The New Environment”

“What’s In Store For Your 2021 ESOP Valuation”
7th Annual Great Lakes Regional ESOP Conference, Sandusky, Ohio
September 22

“GBQuarterly: Is An ESOP Right For Your Company?”
GBQ Webinar
June 15

“Exit Planning Institute: Business Owner Fireside Chat – ESOPs”
GBQ Webinar
May 5

“What’s In Store For Your Valuation?”
35th Annual Ohio Employee Ownership Center Conference, Virtual
April 6

“ESOPs: An Introduction”
GBQ Webinar
February 23

“Assessing The Feasibility Of An ESOP”
GBQ Webinar
February 2

“ESOPs: An Ownership Model For High-Performing Companies”
GBQ Webinar
2020
September 22

“Ask The Experts: A Q&A For Non-Management Owners”
6th Annual Great Lakes Regional ESOP Conference, Virtual
August 20

“Caring For Your Newborn ESOP”

“The ABCs of Selling Your Company To An ESOP”

“ESOP Feasibility Studies”
34th Annual Ohio Employee Ownership Center Conference, Virtual
July 15

“ESOP Valuation – The Impacts Of COVID-19”
The ESOP Association 2020 Summer Webinar Series, Virtual
June 25

“ESOPs & Contractors: Building An Ideal Succession Plan”
GBQ Webinar
June 17

“ESOPs: A Strategic Alternative For Ownership Transition In A Post-COVID-19 Environment”
GBQ Webinar
June 10

“Engineering A Better Ownership Model: ESOPs In The A&E Industry”
GBQ Webinar
June 4

“How An ESOP Could Help Your Company Emerge From The COVID-19 Pandemic”
GBQ Webinar
March 26

“ESOPs: A Savvy Business Succession Strategy”
GBQ Webinar
April 22

“Analyzing The Valuation Issues In Recent ESOP Lawsuits”

“15 Valuation Glitches”
National Association for Employee Ownership Annual Conference, Virtual
March 25

“ESOPs: A Savvy Business Succession Strategy”
GBQ Webinar
March 5

“How To Prepare Better Projections”
Indiana Chapter of the ESOP Association Annual Spring Conference, Indianapolis, Indiana
2019
October 17

“Internal Trustee Checklist for ESOP Valuations”

“How to Prepare Better Projections”

“ESOP Valuation Issues Q&A”
5th Annual Great Lakes Regional ESOP Conference, Sandusky, Ohio
August 27

“Ownership Transition, ESOPs & NextGen: The Future Of Your AE Firm”
GBQ Webinar
April 25

“Assessing the Feasibility of an ESOP”
33rd Annual Ohio Employee Ownership Center Conference, Akron, Ohio
April 17

“Analyzing The Valuation Issues in Recent ESOP Lawsuits”

“Parenting An ESOP Company Through Its Stages of Life”

“Ask the Experts Panel”
Michigan Chapter of the ESOP Association Annual Spring Conference, Lansing, Michigan
April 10

“Analyzing the Valuation Issues in Recent ESOP Lawsuits”
National Center for Employee Ownership Annual Employee Ownership Conference, Pittsburgh, Pennsylvania
March 21

“How Do Successful ESOP Companies Build Financial Projections?”
OH/KY Chapter of the ESOP Association Annual Spring Conference, Columbus, Ohio
March 6

“ESOP Companies Making Acquisitions: A Panel Discussion”
Indiana Chapter of the ESOP Association Annual Spring Conference, Indianapolis, Indiana
2018
October 18

“Assessing The Feasibility Of An ESOP”

“Demystifying The Valuator/Trustee Review Call”

“How Tax Reform Impacts ESOPs”
4th Annual Great Lakes Regional ESOP Conference, Sandusky, Ohio
August 9

“Potential Impacts Of Tax Reform On ESOP Companies”
OH/KY Chapter of the ESOP Association Annual Summer Conference, Lexington, Kentucky
April 27

“Walking A Tightrope: Serving As An ESOP Internal Trustee In 2018”
32nd Annual Ohio Employee Ownership Center Conference, Akron, Ohio
April 19

“Analyzing The Valuation Issues In Recent ESOP Lawsuits”
National Center for Employee Ownership Annual Employee Ownership Conference, Atlanta, Georgia
April 11

“Ask The Experts”
Michigan Chapter of the ESOP Association Annual Spring Conference, Lansing, Michigan
April 11

“ESOPs & Tax Reform: The Valuation Impact For ESOP Companies”
Michigan Chapter of the ESOP Association Annual Spring Conference, Lansing, Michigan
March 21

“Analyzing The New DOL Process Agreements For ESOP Transactions”
OH/KY Chapter of the ESOP Association Annual Spring Conference, Columbus, Ohio

 

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