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Valuation Discounts Still in IRS Cross Hairs

June 2015 | Issue 80 Background A very popular and efficient estate and gift planning strategy is to reduce the value of estate assets by transferring such assets into a private, family-controlled entity such as a limited partnership or limited liability company. This type of entity is often referred to as a “family limited partnership” […] More...

Court DCF Valuation of Ancestry.com Comes within a Whisker of Market Price

April 2015 | Issue 79 A recent Delaware appraisal proceeding produced a stock valuation that was within 7/10 of 1% of the actual price of the transaction. The case is In Re Appraisal of Ancestry.com, Inc., Del. Ch. LEXIS 21, (January 30, 2015). Background Ancestry, Inc., located in Provo, Utah, is a leading company in […] More...

Value Shift Turns Nest Egg into Goose Egg

March 2015 | Issue 78 Bright beginnings We’ve seen this happen all too often.  Harry Jones* goes to work for Virus Systems, an early-stage biotech firm.  His compensation package includes 100,000 shares of Virus common stock. Virus’ accountant needs a valuation for the stock as of the date of grant so that he can record […] More...

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J. Mark Penny, ASA

QUALIFICATIONS AS AN APPRAISER OF CORPORATE SECURITIES

Mr. Penny, who holds the designation of senior member in the American Society of Appraisers (ASA), prepares valuation analyses of privately held firms for numerous purposes including recapitalizations, equitable distributions, estate planning, employee stock ownership plans, mergers and acquisitions, fairness opinions, purchase price allocation and calculation of economic damages. Mr. Penny is also experienced in estimating the value and useful life of intangible assets including goodwill, customer lists, franchises, trademarks, tradenames and professional degrees.

Mr. Penny has prepared valuations for a wide range of businesses including manufacturing companies, communications firms, various professional practices, small businesses and agricultural enterprises.

Mr. Penny has been qualified as an expert witness and testified in New Jersey, New York, Pennsylvania, Delaware and Florida. He has lectured on the topic of business valuation on behalf of the National Center for Employee Ownership and before estate planning groups.

Employment History

  • 1985 to date – Hempstead & Co. LLC – business valuation and merger and acquisition consultants. Associate, later Partner and Managing Director.

Educational Background

  • 1984 – MBA with concentration in finance, Temple University
  • 1981 – BA economics, University of Pennsylvania