Roger J. Grabowski, FASA, is a Managing Director at Kroll, LLC (previously Duff & Phelps). Prior to joining Kroll, he was Managing Director of the Standard & Poor’s Corporate Value Consulting practice, a partner of PricewaterhouseCoopers LLP and one of its predecessor firms, Price Waterhouse (where he founded its U.S. Valuation Services practice and managed the real estate appraisal practice).
Roger has testified in court as an expert witness on matters of solvency, the value of closely held businesses and business interests, valuation and amortization of intangible assets and other valuation issues. His testimony in U.S. District Court was referenced in the landmark New Morning Ledger opinion decided in his client’s favor (Supreme Court of the United States, No. 91-1135) which allowed amortization of customer based intangible assets. His use of the discounted cash flow (DCF) method for valuing a closely held business was accepted by the U.S. Tax Court in the Northern Trust Company decision (87 T.C. 349 (U.S.T.C. 1986)); this was the first time that Court accepted the use of the DCF method in valuing a closely held business.
Roger is co-developer of the annual Risk Premium Report – Size and Risk Studies for estimating cost of equity capital (available via the Kroll Cost of Capital Navigator).
Roger is co-author with Shannon Pratt of Cost of Capital: Applications and Examples 5th ed. (Wiley, 2014); co-author with Shannon Pratt of The Lawyer’s Guide to Cost of Capital (ABA, 2014); and co-author of the source of cost of capital data, the Kroll Cost of Capital Navigator digital platform and the annual Duff & Phelps Valuation Handbook series; and contributing author to Shannon Pratt’s Valuing a Business – The Analysis and Appraisal of Closely Held Companies 6th ed. (McGraw-Hill, 2022).
Roger lectures often for professional organizations.