Harold G. Martin, CPA, CFE, CFF, ABV, ASA

Partner, Valuation & Forensic Services

Harold G. Martin, Jr., is the Partner-in-Charge of Keiter’s Valuation and Forensic Services Group. He is also a member of Keiter’s Executive Committee.  He has over 30 years of experience and specializes in business valuation and forensic accounting, including financial investigations and litigation consulting and expert witness services. He has appeared as an expert witness in federal and state courts, served as a court-appointed neutral appraiser, served as a federal court-appointed accountant for receiverships, and served as a neutral appraiser or forensic accountant for various types of disputes.

Harold is an adjunct faculty member of The College of William and Mary Raymond A. Mason School of Business.  He has taught forensic accounting in the Master of Accounting program for 12 years and has also served as a guest lecturer on valuation for the M.B.A. program and the Marshall-Wythe School of Law.

Prior to joining Keiter, he was affiliated with Coopers & Lybrand as a Director responsible for managing the Richmond Financial Advisory Services practice, Price Waterhouse as a Senior Manager in Management Consulting Services, and First & Merchants National Bank as a Direct Loan Officer in retail banking.

He is a frequent speaker and writer on valuation topics.  He is a co-author of Financial Valuation:  Applications and Models, 1st – 4th ed. (the textbook used for the AICPA National Business Valuation School) and a contributing author to Cost of Capital:  Estimation and Applications, 2nd - 4th ed., an expert panelist for Financial Valuation and Litigation Expert, and an Editorial Board member for Business Valuation Update.  He has presented at numerous seminars, including the Federal Bureau of Investigation Supervisor Forensic Accountant Summit.

Professional Activities and Civic Associations

American Institute of Certified Public Accountants

  • Certified Public Accountant (CPA)
  • Accredited in Business Valuation (ABV)
  • Certified in Financial Forensics (CFF)
  • AICPA National Business Valuation School, instructor
  • ABV Exam Review Course, instructor
  • AICPA Expert Witness Skills Workshop, instructor
  • AICPA National Accreditation Commission, former commissioner
  • AICPA Business Valuation Committee, former member
  • AICPA National Business Valuation Conference Steering Committee, former chair and vice-chair
  • AICPA ABV e-Alert, former editor
  • AICPA CPA Expert, former editorial advisor and contributing author
  • AICPA Business Valuation Hall of Fame, inducted in 2012
  • AICPA Business Valuation Volunteer of the Year Award, 2000 and 2004

Virginia Society of Certified Public Accountants

  • VSCPA Business Valuation, Fraud, and Litigation Services Conference, creator and chair
  • VSCPA Disclosures Editorial Task Force
  • VSCPA Board of Directors, former member
  • VSCPA Business Valuation Committee and Litigation Services Committee, former chair
  • Selected as a “Super CPA” in business valuation in peer surveys sponsored by Virginia Business each year since the survey’s inception in 2001, profiled in 2007 edition
  • VSCPA Outstanding Discussion Leader, 2000

American Society of Appraisers

  • Accredited Senior Appraiser in Business Valuation (ASA)
  • Richmond Chapter, former president, vice president, and treasurer

Association of Certified Fraud Examiner

  • Certified Fraud Examiner (CFE)

Estate Planning Council

  • Member

The College of William and Mary

  • Greater Richmond Chapter, former president and past member of the Board of Directors

Boy Scouts of America

  • Former Assistant Scout Master
  • Former “Friends of Scouting” Team Captain

Richmond Jaycees

  • Former Member of the Board of Directors
  • Outstanding First Year Jaycee

Education

Virginia Commonwealth University, Masters in Business Administration and Post Baccalaureate Certificate in Accounting, member of Beta Alpha Psi (National Accounting Honorary)
The College of William and Mary, Bachelor of Arts in English

Publications

Editorial Board

  • Member of the Editorial Board for Business Valuation Resources’ Business Valuation Update, a national newsletter published monthly for the business valuation profession, 2016 – present.

Expert Panel

  • Hitchner, James R., ed. Financial Valuation and Litigation Expert.  (bimonthly journal that presents the views of leading experts in valuation, forensics/fraud, and litigation services) – June 2006  - present.

Books

  • Hitchner, James R., ed., Financial Valuation:  Applications and Models,4th ed..  New York:  John Wiley & Sons, Inc.pending publication in 2016.  (Co-author; text serves as the source material for the AICPA’s business valuation education program).
  • Martin, Jr., Harold G., “Iterative Process Using CAPM to Calculate the Cost of Equity Component of the Weighted Average Cost of Capital When Capital Structure is Constant,” qtd. in Cost of Capital: Applications and Examples 4th ed. Workbook and Technical Supplement.  Shannon P. Pratt and Roger J. Grabowski.  Hoboken:  John Wiley & Sons, Inc., 2010.  34-48.

Periodicals

  • Martin, Jr. Harold G. “What’s the Damage? – A Primer on Economic Damages in Business Litigation” Financial Valuation and Litigation Expert, December 2015/January 2016:  19-24.
  • Martin, Jr. Harold G. “AICPA Presents New Fair Value Measurement Credentials” Financial Valuation and Litigation Expert, June/July 2015:  7.
  • Martin, Jr. Harold G. “Review of Cost of Capital – Applications and Examples, 4th ed. and Cost of Capital: Workbook and Technical Supplement, 4th ed.” Financial Valuation and Litigation Expert, February/March 2011:  18-19.
  • Martin, Jr., Harold G.  “The ABCs of Selecting a Valuation Expert” Virginia Lawyers Weekly, November 8, 2010:  8, 20.
  • Martin, Jr. Harold G.  “Calculating the Terminal Period Value When Using the Discounted Cash Flow Method:  Gordon Growth Model or Exit Multiple?” Financial Valuation and Litigation Expert, April/May 2010:  9-11.
  • Martin, Jr. Harold G. and Roy M. Terry Jr. “The Vavasseur Prime Bank Securities Fraud: An Interesting Ponzi Variant Leads to Unique Collaboration Among Accountants Retained in Litigation” American Institute of Certified Public Accountants Focus, March/April 2010: 5-8.

Technical Reviews

  • Hitchner, James , Shannon P. Pratt, and Jay E. Fishman.  Hitchner · Pratt · Fishman - A Consensus View - Q&A Guide to Financial Valuation, Valuation Products and Services, LLC, 2016.
  • Trugman, Gary R. Understanding Business Valuation, 4th ed.  New York:  American Institute of Certified Public Accountants, 2012.
  • Zyla, Mark L.  Fair Value Measurements – Practical Guidance and Implementation.  Hoboken:  John Wiley & Sons, Inc., 2010.

Interviews

  • Dzamba, Andy, “Newest BVU Editorial Board Member is a Strong Advocate of Education,” Business Valuation Update, January 2016: 23-24.
  • Hazard, Carol, “Trucking Firm Owner Passed Hope, Dream Onto Successor,” Richmond Times Dispatch, October 11, 2015: D-1, D-6.
  • Hazard, Carol, “Accounting Firm Known for Entrepreneurial Spirit” and “Digging into the Numbers to Help Investigate Crime,” Richmond Times Dispatch, November 10, 2014: E12-E13.
  • Baysden, Chris “Four Factors that will Influence the L.A. Clippers; Sale Price,” Journal of Accountancy, May 8, 2014,  http://www.journalofaccountancy.com/News/201410095.htm
  • Taylor, Robin, “Volunteering for the Profession – Just Do It!” Financial Valuation and Litigation Expert, October/November 2011:  23-25.
  • Hoecker, Carl W., “The CPA:  The Fourth Leg of Fraud Business,” Virginia Society of Certified Public Accountants Disclosures, November/December 2010: 12-15.
  • Crain, Michael A., “A Competitive Analysis of Business Valuation Services,” American Institute of Certified Public Accountants Journal of Accountancy, November 2010: 36-40.

Speaking Engagements

  • “Surviving Cross Examination” – panel discussion; “Income Approach I and II”– co-presentation; “Valuation Case Study Q&A” – co-presentation - CPE seminar presented at the American Institute of Certified Public Accountants National Forensic and Valuation Services Conference, Las Vegas, Nevada, November 8-10, 2015.
  • “How to Detect and Attack a Rigged Valuation” – co-presentation; “Business Valuation and Classification of Property for Equitable Distribution in Divorce” – moderator of panel discussion; “Economic Damages for Business Litigations” – co-presentation - CPE seminar presented at the Virginia Society of Certified Public Accountants 16thAnnual VSCPA Business Valuation, Fraud, and Litigation Services Conference, Tysons Corner, Virginia, October 28-29, 2015.
  • “Business Valuations for Estate, Gift and Income Taxes” – seminar presented to the Estate Planning Council of Roanoke, Roanoke, VA, October 6, 2015 (.5 hour).
  • “Valuation for Financial and Strategic Buyers” – co-presenter of a CPE seminar to the Keiter Merger and Acquitions Group, Richmond, Virginia, July 16, 2015
  • “Forensic Accounting Overview and Case Studies” – co-presenter of a seminar for the Federal Bureau of Investigation Supervisor Forensic Accountant Summit, Crystal City, Virginia, June 18, 2015
  • “Economic Damages for Corporate Litigations” – CLE webinar sponsored by Virginia Continuing Legal Education, Charlottesville, VA, May 26, 2015
  • “Business Valuation and Classification of Property for Equitable Distribution in Divorce” – CLE webinar sponsored by Virginia Continuing Legal Education, Charlottesville, VA, May 12, 2015
  • “Business Valuations for  Estate, Gift and Income Taxes” – CLE webinar sponsored by Virginia Continuing Legal Education, Charlottesville, VA, May 12, 2015
  • “Complex Income, Assets and Support: Digging for the Dirt” – co-presenter with Heather Winter of Hall & Hall, PLC, of a CLE seminar for the VTLA Paralegal Seminar, Richmond, Virginia, November 18, 2014
  • “Financial Investigations” – CPE seminar presented to the Richmond Chapter of the Association of Government Accountants, Richmond, Virginia, October 22, 2014 (1.0 hour)
  • “Cost of Capital Update” – CPE web seminar sponsored by the Virginia Society of Certified Public Accountants,  Richmond, Virginia, August 14, 2014
  • “Cost of Capital” – CPE seminar presented at the Maryland Association of Certified Public Accountants Business Valuation Conference, Baltimore, Maryland, May 16, 2014
  • “Business Valuation” – presentation to law school students in the Accounting for Lawyers course at The College of William and Mary Marshall-Wythe School of Law, Williamsburg, Virginia, March 31, 2014
  • “Valuing Your Practice” – presentation to physicians and dentists at the University of Richmond, February 11, 2014
  • “New Year BV Update – The NEW Concepts, Data, Models and Methods From 2013 That You Need to Know and Understand” – co-presenter of a CPE web seminar broadcast nationally and sponsored by the Financial Consulting Group, Ventnor City, New Jersey, January 29, 2014
  • “Alternative Strategies for Deriving Minority Interest Values” – panel discussion; “Hardball with Hitchner” – panel discussion; CPE seminar presented at the American Institute of Certified Public Accountants National Forensic and Valuation Services Conference, Las Vegas, Nevada,  November 10-12, 2013
  • “Cost of Capital” – presentation to graduate accounting students in the Equity Valuation and Financial Statement Modeling course at The College of William and Mary Mason School of Business, Williamsburg, Virginia, October 31, 2013
  • “Expert Panel – Hot Topics, Best Practices for Marketing” – panel discussion; “Cost of Capital;” a CPE seminar presented at the Tennessee Society of Certified Public Accountants Southeastern Forensic and Valuation Services Conference, Brentwood, Tennessee, October 28-30, 2013
  • “How to Detect and Attack a ‘Rigged’ Valuation:  Preparing the Case Against an Unethical Valuation” – co-presenter of a CPE web seminar broadcast nationally and sponsored by the Financial Consulting Group, Ventnor City, New Jersey, August 15, 2013
  • “Hot Topics in Business Valuation” – moderator of a panel discussion presented at the Kentucky Society of Certified Public Accountants Business Valuation Conference, Louisville, Kentucky, August 8, 2013
  • “Cost of Capital” – CPE seminar presented at the Maryland Association of Certified Public Accountants Business Valuation Conference, Baltimore, Maryland, May 10, 2013
  • “Cost of Capital” – a CPE webinar broadcast nationally and sponsored by the American Institute of Certified Public Accountants Business Valuation Committee, Charlotte, North Carolina, May 7, 2013
  • “Valuing a Business” – CPE seminar presented to the Accounting and Finance Leadership Forum, University of Richmond Robins School of Business, Richmond, Virginia, March 28, 2013
  • “Valuation for Estate and Gift Planning” – CPE seminar presented to The Financial Service Professionals, Richmond, Virginia, February 15, 2013
  • “Cost of Capital – It Doesn’t Have to be This Hard – How to Cut Through the Fog” – CPE seminar presented at the American Institute of Certified Public Accountants National Business Valuation Conference, Orlando, Florida,  November 11-13, 2012
  • “Business Dissolution: Best Practices and Pitfalls from Corporate, Litigation and Valuation Perspectives”CLE seminar and panel discussion presented to the Richmond Bar Association, Richmond, Virginia, October 11, 2012
  • “Valuation for Estate Planning” – presentation to the Estate and Financial Planning class at the College of William and Mary Mason Graduate School of Business, Williamsburg, Virginia, April 19, 2012
  • “How to Determine, Support, and Testify on Personal Goodwill in Divorce” – co-presenter of CPE webinar sponsored by Valuation Products and Services, January 31, 2012
  • “The Future of the Business Valuation Profession” – moderator of keynote panel discussion;  “Caught in the Cross Fire – How to Survive Cross Examination” –moderator of panel discussion: CPE seminars presented at the American Institute of Certified Public Accountants National Business Valuation Conference, Las Vegas, November 6-8, 2011
  • “Forensic/Dispute and Litigation Consulting” – moderator of panel discussion presented to The College of William and Mary Mason School of Business, Williamsburg, September 16, 2011
  • “The Lawyer’s Guide to Understanding Financial Statements – What the Numbers Really Mean” – CLE seminar presented to Williams Mullen, Richmond, September 9, 2011
  • “Easy as Cake or Hard to Bake:  The Asset Approach” – co-presenter of CPE web seminar sponsored by the American Institute of Certified Public Accountants Business Valuation Committee, Charlotte, August 11, 2011
  • “What Should You Do When You Suspect Fraud?” – seminar presented to the South Richmond Rotary Club, Richmond, March 10, 2011
  • “Forensic Accounting” – presentation to the Gibbs Accounting Society at The College of William and Mary Mason School of Business, Williamsburg, February 24, 2011“Valuation Basics” – seminar presented to the Short Pump Rotary Club, Richmond, January 18, 2011
Harold G. Martin, Jr., CPA/ABV/CFF, ASA, CFE Email | vCard