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)

Rachel Pearl is engaged in all aspects of PCE’s business valuation practice including fairness opinions for ESOPs. With over nine years of experience, she has extensive valuation experience providing financial advisory and consulting services to both public and closely held businesses for transactions, gifting and estate planning, forensic accounting and litigation support, and financial reporting purposes.

Before joining PCE in 2019, Rachel gained substantial valuation experience as a senior consultant for a leading advisory, tax, and assurance firm where her work involved valuations across multiple industries including construction, healthcare, manufacturing, real estate, food and beverage, and agriculture.

Throughout her career, Rachel has provided sound solutions and strategies to business professionals, attorneys, adjustors, and government agencies.

Certifications and Affiliations

• Certified Fraud Examiner
• Member - National Center for Employee Ownership (NCEO)
• Candidate Member - American Institute of Certified Public Accountant (AICPA)
• Candidate Member - American Society of Appraisers (ASA)

Education

• University of Central Florida, Bachelor of Science in Business Administration/Accounting
• Florida Atlantic University, Master of Accounting, concentration in Forensic Accounting and Business Valuation

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

Richard Winston plays a key role in PCE’s business valuation practice. He is responsible for performing valuations for public and privately held companies for diverse purposes such as mergers and acquisitions, financial reporting, tax compliance, gift and estate planning, fairness opinions, litigation support, and various other valuation-related assignments.

Before joining PCE, Richard established and ran a valuation practice, providing clients financial and consulting services including the valuation of business enterprises, business interests, and various intangible assets (e.g., software, patents, technologies, contracts, trademarks, covenants not-to-compete, customer relationships, and other related assets).

Richard also worked for a “Big 4” accounting firm where he gained substantial valuation experience. Throughout his 30+ year career, Richard has provided business executives in various industries with thoughtful and insightful valuations.

Certifications and Affiliations

• Chartered Financial Analyst (CFA), 1992 to Present

Education

• Georgia Institute of Technology, Master of Science in Management, concentration in Finance
• University of Florida, Bachelor of Science in Business Administration, concentration in Management

Kyle Wishing is a Director in PCE's ESOP Advisory Group and is located in our Atlanta area office. In this role, Kyle provides financial advice to shareholders and fiduciaries to structure transactions that meet the client’s stated goals and objectives. With more than a decade of consulting and valuation expertise advising middle market clients on ESOP transactions and financing activities, Kyle understands the obstacles business owners encounter when attempting to grow and fund closely held enterprises.

Kyle’s past work experience includes providing valuation and financial advisory services for a national valuation firm, where he served as the firm’s ESOP practice leader. In addition to Kyle’s ESOP specialization, he prepared valuations for tax planning and compliance, forensic analysis and dispute resolution, strategic information and corporate planning, and financial reporting purposes.

Kyle has a diversified background, working with public and private companies in various industries.

Certifications and Affiliations

• Accredited Senior Appraiser from the American Society of Appraisers
• Chartered Financial Analyst charterholder and member of the Atlanta CFA Society
• FINRA Series 79 Securities License
• Member of the ESOP Association
• Member of the National Center for Employee Ownership

Education

• Middle Tennessee State University, Bachelor of Business Administration in Corporate Finance