Carolyn Armbrust, MBA, AIBA, ASA
Principal, Access Value, LLC
Carolyn Armbrust is an accredited business appraiser, specializing in privately held and closely held businesses. Her professional practice encompasses business valuation consulting and financial advisory services for mergers & acquisitions, financial reporting, tax and regulatory compliance, litigation support alternative dispute resolution, and other purposes.
Professional Experience
Carolyn has over 25 years of professional experience in domestic and international markets, across a wide range of industries, with particular expertise in the media industry, business-to-business services, manufacturing, and construction. She has managed and consulted on valuation and financial advisory engagements for closely held businesses, multi-national corporations, private equity firms, boutique investment banks, and non-profit organizations. Her professional engagements have been used by clients and their advisors for business formation and dissolution, buy/sell agreements, shareholder dispute resolution, contract negotiations and capital raising, mergers and acquisitions, management buyouts, business succession, fairness opinions, purchase price allocations, transfer pricing/IP migration, employee stock ownership plans, equity compensation plans, charitable contributions and gifting, and marital dissolution.
In serving business owners, principals, investors, corporate boards and fiduciaries, legal and tax advisors, and audit professionals, Carolyn’s appraisal experience includes developing opinions of value for fair market value, fair value, and investment value applications. She has valued control and minority business interests as well as intangible assets and intellectual property such as corporate brands, trademarks, licensing and royalty arrangements, non-compete agreements, customer and supplier relationships.
Carolyn has performed over 300 valuations, business development, and M&A assignments in the following industries: apparel retail and manufacturing, automated manufacturing, broadcasting, building and construction, business services, communications, computer and Internet technology, commercial advertising, design engineering, energy, environmental, electrical and electronics engineering and manufacturing, financial services, fire safety, food processing, food service and hospitality, gifts, home furnishings, health and beauty, industrial assembly, instrumentation, jewelry, media and entertainment, medical devices, metal finishing, optical, packaging and plastics, pharmaceuticals, printing, publishing, real estate, security and rescue, sports retail, stationery and office products, tradeshow management, transportation/distribution, and video production.
Professional Affiliations
Carolyn is the principal and founder of the Connecticut-based business valuation and financial advisory firm, The Axcess Group, LLC. Carolyn has led valuation engagements with Willamette Management Associates, The Compass Group International, DeSilva & Phillips, and Reed Exhibitions, a division of Reed Elsevier.
In the corporate arena, Carolyn possesses senior management and leadership expertise in B2B and B2C publishing, exhibitions, technical conferences, and technology-based content providers. Carolyn also led mergers & acquisitions, strategic planning, and international market development for a division of Reed Elsevier, an $8 billion diversified, global media, and information provider. Prior to that, Carolyn held various financial, technical, and marketing management roles with Cahners Publishing, Motorola, and a boutique financial services firm.
Education
Masters of Business Administration, Business Policy & Strategic Planning, <st1:ST1:PLACETYPE w:st="on">University of <st1:ST1:PLACENAME w:st="on">New Haven in <st1:ST1:STATE w:st="on"><st1:ST1:PLACE w:st="on">Connecticut
Bachelor of Arts, International Business and Foreign Language, North Central College in Illinois
Continuing Professional Education through the American Society of Appraisers, Institute of Business Appraisers, and other business valuation education providers
Professional Designations
Accredited Senior Appraiser (ASA) the American Society of Appraisers
Accredited Business Appraiser (AIBA) the <st1:ST1:PLACE w:st="on"><st1:ST1:PLACETYPE w:st="on">Institute of <st1:ST1:PLACENAME w:st="on">Business Appraisers
Qualified as an expert witness in the Superior Court in <st1:ST1:PLACE w:st="on"><st1:ST1:CITY w:st="on">Bridgeport, <st1:ST1:STATE w:st="on">Connecticut
Professional Memberships and Board Positions
American Society of Appraisers
Association for Corporate Growth
Estate Planning Council of Lower Fairfield County, Connecticut
Fairfield County Bar Association
Institute of Business Appraisers
International Association of Exhibitions & Events
International Business Brokers Association
Professional Advisory Network
Westport-Weston Chamber of Commerce
Community Involvement
Connecticut Yankee Council Boy Scouts of America
Lachat Advisory Committee
Sound Cyclists Bike Club
United Way Community Advisory Group
Weston Little League
Weston Zoning Board of Appeals
Presentations Conducted
2011 “Valuation Case Law Update”
American Society of Appraisers, Connecticut Chapter, New Haven, Connecticut
2010 “Impact of Buy/Sell Terms on Valuations of Privately Held Companies”
Sponsor: Sagemark Consulting, Rye Brook, New York
2009 “Do’s and Don’t’s in Buy/Sell Agreements for Valuation Purposes”
Sponsor: Estate Planning Council of Lower Fairfield County, Westport, Connecticut
2008 “Covering Your Assets: Use of Valuation Experts in Buying and Selling Businesses and In Business Litigation”
Sponsor: New Jersey State Bar Association, Annual Meeting, Atlantic City, New Jersey
2007 “What Are Those Intellectual Property Assets Really Worth? Understanding the Full Value of Your Clients’ IP”
Sponsor: Fairfield County Bar Association, Stamford, Connecticut
2006 “Selected Case Studies in Valuation of FLP’s”
Sponsor: Private Capital Group, West Hartford, Connecticut
2005 “Business Valuation for Mediation”
Sponsor: Connecticut Collaborative Law Group, Darien, Connecticut
2005 “Who’s Driving (or Deriving) My Client’s Business Value?”
Sponsor: Estate Planning Council of Lower Fairfield County, Connecticut
2004 “Driving Growth in a Turnaround Economy—Improving Top and Bottom Line Performance Through Creative Business Practices”
Sponsor: International Association of Exhibitions & Events, New York, NY
2004 “Business Appraisal Fundamentals”
Sponsor: Professional Advisory Network, Wilton, Connecticut
2003 “Discounts & Premiums; Valuing Closely Held Businesses”
Sponsor: Sagemark Consulting, Windsor, Connecticut
2003 “How Much is Your Business Worth?”
Sponsor: Successful Women in Business, Quinnipiac University, Bridgeport, Connecticut
2003 “Valuing a Business”
Sponsor: National Association of Women Business Owners (NAWBO), Fairchester, Connecticut Chapter
2002 “Business Networking – Professional Services”
Sponsor: Connecticut Business Expo, New Haven, Connecticut
2001 “Valuation for Estate Planning – An Overview”
Sponsor: Sagemark Consulting, Windsor, Connecticut
Articles Published
“Section 2703 Keeping Buy/Sell Agreements In Tact for Estate Planning & Succession Planning in Family Owned Businesses”, co-authored with attorneys N. Todd Angkatavanich and Edward A. Renn, Withers Bergman, Insights, WMA Newsletter, October 2007.
“Analyst Insight – Buyers being More Selective”, BtoB Media Business, Crain Communications, June 2007.
Contact Information:
P.O. Box 286 | Westport, Connecticut 06880
(203) 226-3064 office | (203) 451-3050 cell
c.armbrust@axcessvalue.com | www.axcessvalue.com