PROFESSIONAL EXPERIENCE
Daniel R. Van Vleet, ASA is a Managing Principal at The Griffing Group. Mr. Van Vleet has more than 35 years of experience in providing valuation opinions and expert witness testimony in a broad range of industries for a variety of purposes including bankruptcy, board advisory services, corporate transactions, estate and gift tax disputes, fairness and solvency opinions, marital dissolution, shareholder disputes, tax restructuring, and other controversy, tax, corporate, and shareholder transaction related matters.
Mr. Van Vleet has been retained to provide expert valuation services, opinions, and testimony for litigants in a variety of jurisdictions, including U.S. Bankruptcy Court, U.S. District Court, the Delaware Court of Chancery, the Chancery Court of Cook County, Federal arbitrations, and various state courts and arbitrations. Mr. Van Vleet’s testifying experience includes providing opinions of fair market value and fair value regarding businesses and fractional equity interests in bankruptcy avoidance actions, economic damages cases, fiduciary actions, marital dissolutions, shareholder appraisal actions, and corporate transaction disputes. He also has extensive experience providing opinions of fair market value to the Internal Revenue Service in controversy matters at audit, appeals, and fast track settlement involving closely-held businesses and fractional equity interests.
Mr. Van Vleet is a contributing author to seven business valuation textbooks. He has lectured extensively and presented numerous advanced education seminars on the topics of business valuation, pass-through entity valuation, controversy, and transaction advisory services. He is a nationally recognized expert on the valuation of pass-through entities such as S corporations and limited liability companies. He is also the developer of the Van Vleet Model, a widely used pass-through entity valuation model.
Mr. Van Vleet is an International Past President of the American Society of Appraisers and a former President of the Business Valuation Association. Mr. Van Vleet has served as an Adjunct Professor of Finance at the Kellstadt Graduate School of Business at DePaul University, as a Finance Instructor at the School of Continuing Studies at Northwestern University, and as a Business Valuation Instructor for the American Society of Appraisers.
Mr. Van Vleet has provided professional services in a broad variety of industries, including the following: aerospace, agriculture, apparel, architecture, automotive, alcohol distribution, biotechnology, cable television, chemical manufacturing, commercial and community banking, computer hardware, construction, e-commerce, education, engineering, food brokerage and distribution, forest products, furniture manufacturing and distribution, gaming casinos, gold mining and exploration, grocery, health care, high frequency trading, HVAC, hotels, insurance, investment banking, internet B2B and B2C, IT services, law firms, liquor distillers, management consulting, manufacturing, mortgage banking, multi-level marketing, newspapers, office equipment, oil and gas pipelines and exploration, paper brokerage and distribution, petrochemical, pharmaceuticals, plastics, professional sports, publishing, pulp and paper manufacturing, real estate development, restaurants (quick service and fine dining), retail, soft drinks and beverages, software, television and radio broadcasting, tobacco, transportation and trucking, and wholesale distribution.
Prior to joining The Griffing Group, Mr. Van Vleet was a Managing Director in the Valuation and Financial Opinions practice at Stout Risius Ross from 2008 to 2016. Prior to joining SRR, Mr. Van Vleet was a Managing Director with Duff & Phelps in its Valuation Advisory Services Group in Chicago from 2004 to 2008. Prior to his affiliation with Duff & Phelps, he was the Managing Director in Charge of the Chicago office of Willamette Management Associates from 1989 to 2004. His professional practice at each of these firms was substantially similar to the professional activities and services he provides at The Griffing Group.
ACADEMIC AND PROFESSIONAL CREDENTIALS
Master of Business Administration, Finance, University of Chicago, 1995
Bachelor of Science, Business Administration, Finance and Business Law, Portland State University, 1990
Accredited Senior Appraiser (Business Valuation), American Society of Appraisers, 1997
American Society of Appraisers (ASA)
- International Past President, 2013 –2014
- International President, 2012 – 2013
- International Vice President, 2011 – 2012
- International Secretary Treasurer, 2010 – 2011
- Board of Governors, Business Valuation, 2006 – 2010
- Business Valuation Committee, 2002 – 2006
- Chicago Chapter President, 2000 – 2001
DePaul University, Graduate School of Business
- Adjunct Professor of Finance, 2002 – 2003
Northwestern University, School of Continuing Studies
- Finance Instructor, 2003 – 2004
Trusts & Estates Magazine
- Valuation Editorial Review Board, 2007 – Present
Business Valuation Association
- Executive Committee, 2006 – 2008
Association for Insolvency and Restructuring Advisors (AIRA)
Saudi Authority for Accredited Valuers (TAQEEM)
- ASA Representative, 2012 – 2014
International Valuation Standards Council (IVSC)
- Advisory Forum Working Group, 2014 – 2015
International Institute of Business Valuers (IIBV)
- ASA Representative, 2014 – 2015
EXPERT WITNESS TESTIMONY
United States Bankruptcy Court
Northern District of Ohio, Eastern Division
In re AmFin Financial Corporation, et al., Case No. 09-21323; 2014
Fraudulent conveyance, solvency, economic damages
Northern District of Illinois, Eastern Division
In re K&K Holdings, LLC, Case No. 12-23916; 2013
Interest rate “cram down” analysis
In re Pethinaidu Veluchamy and Parameswari Veluchamy, Case No. 11-33413; 2013
Fraudulent conveyance, solvency, economic damages
In re Tomahawk Limited Partnership; 2003
Interest rate “cram down” analysis
District of Nevada
In re Windmill Durango Office, LLC, Case No. 10-25594; 2011
Interest rate “cram down” analysis
United States District Court
Southern District of Florida
Charleston Laboratories, Inc. v. Dr. Raymond Takigiku, Case No. 15-81694; 2016
Fair value, shareholder dispute, valuation of equity interest
Middle District of Louisiana
Joseph N. Broyles v. Cantor Fitzgerald & Co., et al., Civil Action No. 3:10-854-JJB-SCR; 2016
Fair market value, corporate transaction dispute, economic damages
Northern District of Illinois, Eastern Division
Semir D. Sirazi, et al. v. General Mediterranean Holdings, et al., Case No. 1112-CV-00653; 2014
Fair market value, corporate transaction dispute, economic damages
Southern District of New York
Mark Boyce v. Soundview Technology Group, Inc.; 2008
Fair market value, shareholder dispute, valuation of equity interest
District of Utah
Salt Lake Tribune Publishing Co., LLC v. Management Planning, Inc.; 2007
Fair market value, corporate transaction dispute, valuation of a business enterprise
State of Delaware
Court of Chancery
John Douglas Dunmire, et al. v. Farmers & Merchants Bancorp of Western Pennsylvania, Inc., C.A. No. 10589-CB; 2016
Fair value, shareholder dispute, valuation of equity interest
State of Georgia
Superior Court of Fulton County
Glen W. Rollins, et al. v. LOR, Inc., Gary W. Rollins and R. Randall Rollins,
No. 2014CV249480; 2016
Fair market value, fiduciary duty dispute, economic damages
State of Illinois
Circuit Court of Cook County, Chancery Division
The Patriot Group, LLC v. Hilco Financial, LLC, Case No. 10 L 03914; 2015
Fair value, corporate transaction dispute, economic damages
The City of Chicago v. The Chicago Park District, Millennium Park Joint Venture, LLC, and Millennium Park Management Venture, LLC, Case No. 11 CH 41075; 2014
Fair value, corporate transaction dispute, economic damages
Leslie J. Weiss, et al. v. Sugar, Friedberg & Felsenthal; Case No 08 CH 30890; 2013
Fair value, shareholder dispute, economic damages
Tong Hu, et al. v. Sun Holdings, LLC, Case No. 10 CH 01570; 2011
Fair value, shareholder dispute, valuation of equity interest
Align Risk Analysis, Inc. v. Robin Robinson; 2002
Fair value, corporate transaction dispute, economic damages
Pachmeyer v. Gibson & Associates; 1999
Fair value, shareholder dispute, valuation of equity interest
Estate of Richard Clatch v. Quality Beer Distributors; 1996
Fair value, economic damages
Circuit Court of Cook County, Domestic Relations Division
In Re the Marriage of Eisenberg; 2002
Fair market value, marital dissolution, valuation of equity interest
In Re the Marriage of DiMichele; 1997
Fair market value, marital dissolution, valuation of equity interest
Circuit Court of the 19th Judicial Circuit, Lake County
Crane v. Crane; Case No. 09 D 1349; 2010
Fair market value, marital dissolution, economic damages
State of Indiana
Circuit Court for the County of Huntington
In the Matter of the Revocable Trust Agreement of Kay Joan Brown; 2006
Fair market value, fiduciary duty dispute, economic damages
Circuit Court for the County of Whitley
Dye v. Dye; 2001
Fair market value, marital dissolution, valuation of equity interest
State of Iowa
District Court for the County of Johnson
Lyman v. Lyman; 1999
Fair market value, marital dissolution, valuation of equity interest
State of Michigan
Circuit Court for the County of Ingham
E. Jerome McCarthy v. Lyle W. Miller; 2003
Fair value, shareholder dispute, valuation of equity interest
Circuit Court for the County of Jackson
Warren E. Shoulders v. J.A. Knight and Heat Controller, Inc.; 1997
Fair market value, shareholder dispute, valuation of business enterprise
State of Minnesota
District Court for the County of Hennepin
Kuban Dissolution of Marriage; 1999
Fair market value, marital dissolution, valuation of equity interest
State of Wisconsin
Circuit Court for the County of Ozaukee
Crabel v. Crabel; 2005
Fair market value, marital dissolution, valuation of equity interest
American Arbitration Association
State of Illinois
Chrysler Dealer Termination Hearings; 2010
Fair market value, corporate transaction dispute, valuation of business enterprises
SFX Sports Group, Inc. v. Clear Channel Communications, Inc.; 2002
Fair market value, corporate transaction dispute, valuation of a business enterprise
State of Indiana
Telechron of Florida, Inc. v. General Electric Company; 1999
Fair market value, corporate transaction dispute, valuation of a business enterprise
OTHER SELECTED CONTROVERSY MATTERS
2015 – Securities and Exchange Commission, Division of Enforcement
Provided valuation and economic damages analysis for a dispute regarding the impact on stock price of alleged accounting fraud at a publicly-traded commercial bank
2014 – Internal Revenue Service, Office of Appeals
Provided valuation analysis for a gift tax dispute regarding the value of an equity interest in an agricultural equipment company (an S corporation)
2013 – Circuit Court of Cook County, Domestic Relations Division
Provided analysis regarding the value of an architectural and engineering firm and served as a neutral valuation expert for both sides of a marital dissolution (Illinois Collaborative Law Process)
2012 – District Court of Rusk County, Texas, Mediation Proceeding
Served as a neutral valuation expert for both sides of a shareholder dispute regarding the enterprise value of a heavy equipment dealership (a limited liability company)
2011 – U.S. Bankruptcy Court, Chapter 7 Mediation Proceeding
Served as a neutral valuation expert for both sides of a shareholder dispute regarding the enterprise value of an airport distribution facility (a limited liability company)
2010 – Internal Revenue Service, Examination (Audit)
Provided valuation analysis for a gift tax dispute regarding the value of an equity interest in a cookware manufacturing company (an S corporation)
2008 – Internal Revenue Service, Fast Track Settlement
Provided valuation analysis for a capital gains tax dispute stemming from the corporate restructuring of a Japanese division of a multi-national packaging company (a publicly-traded C corporation)
2006 – Internal Revenue Service, Fast Track Settlement
Provided valuation analysis for a capital gains tax dispute regarding a billion-dollar hedge fund (a limited liability company)
BOOK PUBLICATIONS – CONTRIBUTING AUTHOR
“The Van Vleet Model”, Financial Valuation: Application and Models, 2nd ed., 3rd ed. and 4th ed., edited by James R. Hitchner, New Jersey: John Wiley & Sons, Inc., 2006, 2011, and 2015
“Valuation of S Corporations and Other Pass-Through Entities”, Business Valuation & Taxes: Procedure, Law and Perspective, edited by Shannon P. Pratt, Ph.D. and U.S. Tax Court Judge David Laro, 1st ed., New York: John Wiley & Sons, Inc., 2005
“The S Corporation Economic Adjustment”, The Handbook of Business Valuation and Intellectual Property Analysis, edited by Robert F. Reilly and Robert P. Schweihs, 2nd ed., New York: McGraw-Hill, 2003
“Discounts and Premiums in Undivided Interest Valuations”, Business Valuation Discounts and Premiums, edited by Shannon P. Pratt, Ph.D., 1st ed., New York: John Wiley & Sons, Inc., 2001
“Application of Daubert-Related Decisions on Economic Damages Expert Testimony”, Intellectual Property Infringement Damages: A Litigation Support Handbook, edited by Russell L. Parr and Gordon v. Smith, 2nd ed., New York: John Wiley & Sons, Inc., 2000
“Litigation”, Valuing Small Businesses and Professional Practices, Shannon P. Pratt, Ph.D., 3rd ed. New York: McGraw-Hill, 1998
“Fair Value in Dissenter Actions”, Financial Valuation: Businesses and Business Interests, 1997 Update, edited by James H. Zukin, New York: Warren, Gorham & Lamont, 1997
PUBLISHED ARTICLES
“Delaware Open MRI and the Van Vleet Model”, Business Valuation Review, American Society of Appraisers, June 2015
“Life Insurance Valuation: It Involves a Variety of Methods and Analytical Assumptions”, Trusts & Estates Magazine, December 2014
“Estate of Gallagher: It’s Déjà Vu All Over Again”, Trusts & Estates Magazine, June 2012
“Cramdown Interest Rates under Chapter 11: A Valuation Experts Perspective”, American Bankruptcy Institute Journal, March 2011
“High Frequency Trading Firms: What They Do and How to Figure out What They’re Worth”, Trusts & Estates Magazine, Fall 2011
“Warning! The Service Believes S Corporations are Undervalued”, The SRR Journal, Fall 2010
“Higher Valuation Discounts for Undivided Interests?”, The SRR Journal, Spring 2010
“Valuation Impact of the Built-in Gains Tax Liability”, The SRR Journal: Trusts & Estates Edition, Summer 2009
“An IRS Alternate Dispute Resolution Process: The Fast Track Settlement Program”, The SRR Journal: Trusts & Estates Edition, Summer 2009, co-authored with Lawrence B. Gibbs, former Commissioner of the Internal Revenue Service
“A Review and Critique of the Fannon S Corporation Model”, Business Valuation Review, American Society of Appraisers, March 2008
“What’s an S Corp Really Worth”, Trusts & Estates Magazine, December 2007
“S Corporation Valuation Update”, Financial Valuation and Litigation Expert, February, 2007
“The S Corporation Economic Adjustment Model”, Business Valuation Review, American Society of Appraisers, December 2004
“The S Corporation Economic Adjustment Model Revisited”, Insights, Willamette Management Associates, Winter 2004
“Appraisers: An Important Resource”, American Bankruptcy Institute Law Review, July/August 2004
“The Valuation of S Corporation Stock: The Equity Adjustment Multiple”, Insights, Willamette Management Associates, Winter 2003
“The Valuation of S Corporation Stock: The Equity Adjustment Multiple”, Pennsylvania Family Lawyer, Pennsylvania Bar Association, May/June 2003
“A New Way to Value S Corporation Securities”, Trusts & Estates Magazine, March 2003
“Valuing a Hedge Fund”, Family Advocate, American Bar Association, January 2003
“Intangible Asset Valuation Issues Under SFAS 142”, Insights, Willamette Management Associates, Winter 2002
“Valuation of Copyright Intellectual Property”, Insights, Willamette Management Associates, Summer 2002
“Valuation Analysis of Restricted Stocks of Public Companies”, Insights, Willamette Management Associates, Winter 1999
“Application of Daubert-Related Decisions on Economic Damages Expert Testimony”, Insights, Willamette Management Associates, Autumn 1999
“Economic Analysis Related to Controversy Matters”, Insights, Willamette Management Associates, 30th Anniversary Issue, 1999
“Valuation Analysis of Restricted Stocks of Public Companies”, Mergers & Acquisitions, January 1999
“Revised Edition of Valuation Training for Appeals Officers Coursebook”, Insights, Willamette Management Associates, Summer 1998
“Fair Value in Dissenting Shareholder Disputes”, Insights, Willamette Management Associates, Winter 1997
“Business Plans and Financing Memorandums”, Insights, Willamette Management Associates, Spring 1997
“Murphy and Frank Provide Insight on Minority Interest Discounts”, Insights, Willamette Management Associates, Autumn 1996
“Estate of Bonner: Court of Appeals Allows Valuation Discount for Fractional Undivided Interests”, Insights, Willamette Management Associates, Autumn 1996
“Final Regulations Issued regarding Section 2701 Valuation Rule Gift and Estate Tax Adjustments”, Insights, Willamette Management Associates, Winter 1995
“Quantitative and Qualitative Considerations in the Valuation of Medical Practices”, Insights, Willamette Management Associates, Fall 1995
“IRS Letter Ruling Requires Different Valuation on Closely Held Stock for Estate Tax Purposes and for Marital Deduction Purposes”, Insights, Willamette Management Associates, Summer 1994
LECTURES AND PRESENTATIONS
“Pass-through Entities Issues and Developments”, presented to the Foundation for Accounting Education and the New York State Society of CPAs in New York, New York, May 2016
“Financial Valuation Quality Initiative”, presented to the American Society of Appraisers at the Fair Value Summit in San Francisco, California, November 2015
“Tax Issues and Valuation”, presented to the American Society of Appraisers at the National Business Valuation Conference in Las Vegas, Nevada, October 2015
“Complex Shareholder Disputes and Potential Solutions”, presented to the American Society of Appraisers at the National Business Valuation Conference in Las Vegas, Nevada, October 2015
“The U.S. Valuation Profession Infrastructure Initiative”, presented to the International Valuation Standards Council in Paris, France, October 2015
“Valuation Roundtable”, panel member, The Appraisal Foundation, Washington D.C., October 2015
“Complex Shareholder Dispute Valuation Issues”, presented to the Business Valuation Association in Chicago, Illinois, September 2015