Goodwill and Intangible Asset Impairment: A 2014 Perspective

Stephen Shulman, CPA/ABV, CFF and CVA is the Co-Practice Leader of Anchin, Block and Anchin’s Litigation, Forensic, & Valuation Services Group and its Business Risk Services Group. Stephen provides valuation services to businesses that include ASC 350 and 360 – goodwill, intangible and long-lived asset impairment analysis, ASC-805- purchase price allocations, ASC 820- fair value measurements for financial statements, and ASC 718- valuing equity compensation. Stephen has been qualified as an expert in the Supreme Court of New York and Federal Courts. He has provided damage calculations requiring fair value and fair market value standard of value in oppressed shareholder matters, lost value and matrimonial matters. He also performs valuations for tax purposes. Stephen has presented on different issues to the attorneys in the office of the NYS Attorney General, NYC Corporate Counsel, the local chapters of the NYS Bar Association and other professional groups. 

Mr. Germany is a director in the Southwest region of CBIZ Valuation Group. He specializes in the valuation of businesses, business interests, and intangible assets across a wide range of industries. Mr. Germany has more than 15 years of experience as a business valuation professional, investment banker and entrepreneur. He has led valuation engagements for hundreds of companies and his work has been relied upon for financial reporting, estate and gift taxation, litigation, and transaction support purposes.

Mr. Germany comes to CBIZ Valuation Group from Waterview Advisors, where he was Director of Valuation Services. Prior to Waterview, Mr. Germany was part of an investment group that acquired a regional wholesale distribution business in 2005. He was actively involved in overseeing the acquisition process and growth strategy. Mr. Germany remained involved at a board level until the business was sold in 2011.

Mr. Germany’s investment banking career began in 1997 with Citi Capital Strategies, the middle market M&A division of Citigroup and Smith Barney, before he joined the healthcare investment banking team at SWS Securities, Inc. His cumulative investment banking experience comprises more than $500 million in middle market mergers and acquisitions transactions, public and private equity offerings, and debt placements.

Mr. Germany holds a Bachelor of Business Administration concentrating in finance from The University of Texas at Austin, McCombs School of Business and a Master of Business Administration from Southern Methodist University, Edwin L. Cox School of Business. He also holds the Certified Valuation Analyst (CVA) designation from the National Association of Certified Valuation Analysts. 

Nancy is a senior managing director of American Appraisal’s financial valuation practice and national director of its solvency and fairness opinion practice. She has provided solvency and fairness opinions to clients in numerous industries and financial analyses and business, intangible asset, and liability valuations for private and public companies for various purposes including acquisitions, bankruptcy and restructuring, tax restructuring, and exchanges and mergers. She has also provided valuations of interests in privately held companies including partnerships, S corporations and limited liability companies.

Nancy has presented testimony as an expert witness for the Court of Chancery with the State of Delaware, the US Bankruptcy Court for the Eastern District of Wisconsin, and the US Tax Court. Her experience includes income tax and financial reporting audits, depositions on valuation matters, and assisting clients in negotiations pursuant to closely held valuation litigation issues.

Carlo is a director for American Appraisal’s financial valuation practice. He has performed numerous valuations of public and private businesses; intangible assets such as patents, unpatented technology, contracts, licenses, copyrights, computer software, franchises, noncompetition agreements and customer relationships; and financial assets such as inventory. He has completed appraisals for purposes including purchase price allocations, goodwill and asset impairment, mergers and acquisitions, divestitures, financing, strategic planning, management planning, shareholder buy/sell agreements, corporate restructuring, dispute resolution, federal and multinational corporate tax planning, estate and gift taxation, accounting and tax reporting, litigation support, and bankruptcy. Much of his work has been for financial reporting purposes; he also has performed tax-related assignments in connection with the valuation of closely held securities and in accordance with guidance provided in IRC § 482, IRC § 382, IRC § 1060 and IRC § 409A.

Jim is the founder, COO, and leads the IP valuation practice of Coller IP. He has over 14 years’ experience of valuation of many intangible asset classes in businesses ranging from start-ups to multi-nationals and across many sectors.

A physicist by background, Jim has worked for over 30 years in technology development, transfer and commercialisation in physical sciences and engineering, healthcare and software sectors.

Jim has led hundreds of valuations for companies, investors, for M&A and restructuring, tax and insolvency purposes, impairment reviews, asset financing and due diligence. These range from indicative valuations for management purposes, through to formal independent opinions subject to tax authority/regulator scrutiny, and as an expert witness in litigation.