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

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 35 years of experience in valuation, forensic accounting, public accounting, and financial services.  He has performed over 1,400 valuation and forensic accounting projects.    

He has qualified as an expert witness before the U.S. District Court, U.S. Bankruptcy Court, various circuit courts, the American Arbitration Association, and the National Association of Securities Dealers.   He has been appointed by two U.S. District Courts as a forensic accountant on cases in which he collaborated with the Securities and Exchange Commission and the Federal Bureau of Investigation.  He has also been appointed by the U.S. Office of the Federal Public Defender as a consultant on two major fraud cases.  He was also recently retained by the U.S. Department of Justice as a consultant/expert in a litigation to be tried before the U.S. District Court.  He has presented testimony at trial, arbitration, and deposition over 70 times. 

Harold is also 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 14 years, and has also served as a guest lecturer for the M.B.A program and the Marshall-Wythe School of Law.

Prior to joining Keiter, he was affiliated for 13 years with two of the “Big Eight” (now “Big Four”) international accounting firms, serving as a Director responsible for managing the Financial Advisory Services practice for Coopers & Lybrand’s Richmond, Virginia office and as a Senior Manager in Management Consulting Services for Price Waterhouse. He also served as a Direct Loan Officer in retail banking at First & Merchants National Bank.

He is a frequent speaker and writer on valuation and forensic accounting.  He is a co-author of Financial Valuation:  Applications and Models, 1st - 4th ed., a contributing author to Cost of Capital:  Estimation and Applications, 2nd - 4th ed., an expert panelist for Financial Valuation and Litigation Expert, an Editorial Board member for Business Valuation Update, and a member of the Editorial Task Force for VSCPA Disclosures.   

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

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 from 2001 (inception) to 2014 (final year), and was 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

Editor, Editorial Board, and Expert Panel

  • 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 panelist for Financial Valuation and Litigation Expert, a bimonthly journal that presents the views of leading experts in valuation, forensics/fraud, and litigation services edited by James R. Hitchner, 2006 – present.
  • Member of the Editorial Task Force for the Virginia Society of Certified Public Accountant’s Disclosures, a monthly publication published for members in Virginia, 2016-present.
  • Former editorial adviser and contributing author for the American Institute of Certified Public Accountants CPA Expert, a national newsletter published quarterly for CPAs who specialize in providing valuation, fraud, and litigation consulting services, 2002 to 2010.
  • Former editor of the American Institute of Certified Public Accountants Business Valuation Committee ABV e-Alert, a national electronic newsletter published monthly for CPA/ABVs who specialize in valuation – 1999 (inception) to 2006.

Books

  • Hitchner, James R., ed., Financial Valuation:  Applications and Models,4th ed..  New York:  John Wiley & Sons, Inc. 2017.  (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. “D-I-V-O-R-C-E (With Apologies to Tammy Wynette) – A Primer on Business Valuation and Classification of Property for Equitable Distribution in Divorce,” Virginia Society of Certified Public Accountants Disclosures, September/October 2017: 24-31. 
  • Martin, Jr. Harold G. “Review: Discount for Lack of Marketability Guide and Toolkit,” Business Valuation Update, March 2017: 1-5.
  • Martin, Jr. Harold G. “Review of A Consensus View - Q&A Guide to Financial Valuation,” Business Valuation Update, May 2016: 10-12.
  • 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 R., et al. Discount for Lack of Marketability Guide, Ventnor:  Valuation Products and Services, LLC, 2017.

  • Hitchner, James R. AICPA National Business Valuation School. National Fastener Case Study, Ventnor:  Valuation Products and Services, LLC, 2016.

  • 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.
  • Zyla, Mark L.  Fair Value Measurements – Practical Guidance and Implementation, 2nd ed.  Hoboken:  John Wiley & Sons, Inc., 2013.

  • Trugman, Gary R. Understanding Business Valuation, 4th ed.  New York:  American Institute of Certified Public Accountants, 2012.

Interviews

  • Knighton, Chip, “Conference Calls:  Inside VSCPA Conferences With the Members Who Plan Them,” Virginia Society of Certified Public Accountants, September 2, 2016, https://www.vscpa.com/Content//65605.aspx.
  • 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

  • “How to Detect and Attack a Rigged Valuation”; “Cost of Capital – Theory and Applications”; and “A Consensus View Q&A on Controversial Valuation Issues with Jay Fishman, Jim Hitchner, and Harold Martin” – co-presenter of CPE seminars at the American Institute of Certified Public Accountants National Forensic and Valuation Services Conference, Las Vegas, Nevada, November 13-15, 2017.
  • “The Six Elements to Assembling an Accurate Valuation – Part 3: Cost of Capital and Part 4:  Guideline Public Company Method” – CPE seminar presented to the Tennessee Society of Certified Public Accountants Southeastern Forensic and Valuation Services Conference, Brentwood, Tennessee, October 24, 2017.
  • “AICPA Expert Witness Skills Workshop – Key Basic Concepts of Economic Damages” –co-presenter of webinar broadcast nationally by the American Institute of Certified Public Accountants, August 30, 2017.
  • “Valuation in Litigation Services” – co-presenter of webinar broadcast nationally and sponsored by the American Institute of Certified Public Accountants, July 12, 2017.
  • “Deconstructing a Rigged Report” – seminar presented to the Maryland Association of Certified Public Accountants 2017 Forensic Valuation Conference, Baltimore, Maryland, June 2, 2017.
  • “Business Valuations for Estate, Gift and Income Taxes” – seminar presented to the Estate Planning Council of Lynchburg, Lynchburg, Virginia, May 2, 2017.
  • “Enterprise vs. Personal Goodwill:  Case Studies with Legal Insights (An Advanced Workshop)” – co-presenter of webinar broadcast nationally by Business Valuation Update, March 9, 2017.
  • “How to Detect and Attack a Rigged Valuation”; “Income Approach II:  Cost of Capital”; “Valuation Case Study Q&A”; - co-presenter of CPE seminars at the American Institute of Certified Public Accountants National Forensic and Valuation Services Conference, Nashville, Tennessee, November 6-8, 2016.
  • “Economic Damages for Business Litigations” and “Cost of Capital” – CPE seminar presented at the Tennessee Society of Certified Public Accountants Southeastern Forensic and Valuation Services Conference, Brentwood, Tennessee, October 25, 2016.
  • “Interview with an Expert – Cost of Capital” – co-presenter of webinar broadcast nationally by the National Association of Certified Valuation Analysts, October 17, 2016.
  • “Case Studies in Forensic Accounting” - CPE seminar presented at the 17th Annual Virginia Society of Certified Public Accountants Business Valuation, Fraud, and Litigation Services Conference, Richmond, September 19-20, 2016.
  • “Forensic Accounting” - moderator of panel discussion presented to The College of William and Mary Raymond A. Mason School of Business, Williamsburg, Virginia, September 16, 2016.
  • “Goodwill:  Let’s Get Personal” – co-presenter of webinar broadcast nationally by Business Valuation Update, August 9, 2016.
  • “Business Valuation and Classification of Property for Equitable Distribution in Divorce” –seminar presented to Owen & Owens, Midlothian, Virginia, June 29, 2016.
  • “Forensic Accounting Panel” – panel discussion presented to undergraduate accounting students at the Virginia Commonwealth University School of Business, Richmond, Virginia, March 14, 2015.
  • “Surviving Cross Examination”; “Income Approach I and II; “Valuation Case Study Q&A”; ––co-presenter of CPE seminars 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”; “Business Valuation and Classification of Property for Equitable Distribution in Divorce”; “Economic Damages for Business Litigations”;- co-presenter of CPE seminars 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.
  • “Valuation for Financial and Strategic Buyers” – co-presenter of a CPE seminar to the Keiter Merger and Acquisitions Group, Richmond, Virginia, July 16, 2015.
  • “Forensic Accounting Overview and Case Studies” –co-presenter of a seminar to 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 of a CLE seminar to 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.
  • “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 webinar broadcast nationally by the Financial Consulting Group, Ventnor City, New Jersey, January 29, 2014.
  • “Alternative Strategies for Deriving Minority Interest Values”; “Hardball with Hitchner”; - co-presenter of CPE seminar 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;” CPE seminars 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 webinar broadcast nationally 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 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” – co-presenter of a CLE seminar 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 broadcast nationally by Valuation Products and Services, January 31, 2012.
  • “The Future of the Business Valuation Profession”;  “Caught in the Cross Fire – How to Survive Cross Examination”; co-presenter of CPE seminars 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 webinar broadcast nationally 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” – seminar presented 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.
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