Chief Valuation Officer

Stanley J. Feldman, Ph.D.
Chairman and Co-founder
Chief Valuation Officer
Email: stan@axiomvaluation.com
Phone: (781) 486-0100 x204

Dr. Feldman is Chairman and co-founder of Axiom Valuation Solutions based in Wakefield, Massachusetts. He is an expert in the valuation of public and privately held businesses. He has both consulting and academic experience in valuation. Dr. Feldman is a leading expert in valuation issues related to Purchase Price Accounting (FAS 141) and Goodwill Impairment (FAS 142), particularly as they impact the valuation of intangible assets. Dr. Feldman has extensive background in valuing complex capital structures of early and late stage VC and private equity financed firms and has conducted numerous assignments to meet the requirements of FAS 123R and IRS 409A. He is a leading advocate of using valuation to help firms devise and implement acquisition and divestiture strategies to maximize business value. He is a Daubert-qualified expert and has provided expert testimony on numerous and complicated valuation issues. He has taught and researched valuation issues as Associate Professor of Finance at Bentley College in Waltham, Massachusetts. Dr. Feldman helped draft FAS 157, the fair value standard, as a member of the Financial Accounting Standards Board’s (FASB) Valuation Resources Group, an external advisory committee on valuation issues.

Dr. Feldman is the principal author of What Every Business Owner Should Know about Valuing Their Business published by McGraw-Hill Professional Books in November 2002; and the author of a professional book Principles of Private Firm Valuation published by John Wiley Publishers in 2005.

Dr. Feldman is also an expert on industry revenue and profit forecasting. He served as Senior Vice President for Industry and Regional Services at DRI/McGraw-Hill in the late 1980s. He directed DRI’s successful expansion into detailed industry forecasting by region and by state for private sector and government clients.

A sample of Dr. Feldman's valuation-related experience includes:

• Brand Valuation: consumer products ( lighting, food, beer)
• Valuation for acquisitions and divestitures
• Valuation of early and later stage bio-tech firms using compound option pricing models
• Valuations of early stage companies with complex capital structures to meet IRS Section 409A requirements for issuing options at the fair market value of the common stock
• Purchase Price Accounting (FAS 141) and Goodwill Impairment (FAS 142) engagements for global manufacturing and service firms
• Valuing tangible assets including high and low tech equipment and plant and property
• Valuing customer lists, referral agreements, non-compete agreements, brand names, and other intangible assets including testing for goodwill impairment for firms in numerous services and manufacturing industries
• Valuing a software services firm and its derivative securities for purposes of valuing warrants
• The valuation of complex securities including warrants and contracts with embedded options
• Valuing a mid-size mechanical contracting company for a divorce and providing expert testimony in court
• Valuing a wholesale electrical and fasteners distributor for litigation between the former business partners
• Determining financial liability in a breach of contract law suit
• Valuing for gifting purposes a construction services firm with over $100 million in revenue
• Valuing for gifting purposes a cosmetics formulation company with over $40 million in revenue
• Determining the appropriate discounts for valuing a limited liability corporation containing real estate properties

Related Experience:
Dr. Feldman currently teaches courses in corporate finance, business and financial policy, and investments at both the graduate and undergraduate levels at Bentley College - Waltham, MA. He was for many years a member of the Board of Directors of the New England Economics Project, a regional forecasting consortium. Professor Feldman has written extensively on issues related to business valuation and small business financing for both the Boston Herald and the Boston Business Journal.

Prior to joining Data Resources, Professor Feldman was a senior economist with Prudential Insurance Company. In this capacity, he analyzed financial markets, forecasted interest rates and helped develop asset allocation strategies for those retirement assets that were actively managed by Prudential. Before joining Prudential, Professor Feldman was an economist with the Federal Reserve Bank of New York. Professor Feldman received a B.A. in economics from Hunter College, City University of New York, and a Ph.D. from New York University.

SELECTED PUBLICATIONS

• "The Valuation of Private Firms", Handbook of Finance, Fabozzi, Editor, John Wiley, 2008.
• "Overcoming IRS Challenges to the Amount of Marketability Discount", Estate Planning, January 2005, pp. 33-35.
• Principles of Private Firm Valuation, John Wiley, March 2005
• What Every Business Owner Should Know About Valuing Their Business (with Dr. Tim Sullivan and Roger Winsby), McGraw-Hill Professional Books, November 2002.
• "A Note on Using Regression Models to Predict the Marketability Discount", Business Valuation Review, September, 2002
• "Calculating Goodwill Impairment: Valuation Issues Raised by Financial Accounting Statement 142", Terra-Firma Publications, May 2002.
• "Investor Attitudes Toward the Value of Corporate Environmentalism: New Survey Findings" (with Peter Soyka) Journal of Environmental Quality Management, Autumn 1998.
• "Does Improving a Firm’s Environmental Management System and Environmental Performance Result in a Higher Stock Price?" (with Peter Soyka and Paul Ameer ). Journal of Investing, Winter, 1997.
• "Capturing the Business Value of EH&S Excellence" (with Peter Soyka). Environmental Management Journal, Winter, 1997.
• "Sources of Structural Change in the United States, 1963-1978: An Input-Output Perspective" (with David McClain and Karen Palmer). Review of Economics and Statistics, Vol. LXIX, No. 3, August, 1987, pp. 503-510.
• "Industry Analysis and Investment Decision-making Under Conditions of Uncertainty." Managerial and Decision Economics, Vol. 4, No. 3, 1983, pp. 193-207.
• "The Determinants of Profit Growth in the Manufacturing Sectors" (with Richard DeKaser). Profits, Deficits, and Instability, D.B. Papadimitriou ed., Macmillan, 1992.
• "The Impact of Productivity, Pricing, and Sales on Shareholder Wealth" (with Timothy Sullivan). Data Resources Long-term Review, Summer, 1992, pp. 19-23.
• "Has the Private Rate of Return on Industry R&D Increased?" (with Timothy Sullivan and Richard DeKaser). Data Resources Long-Term Review, Winter, 1991, pp. 21-24.
• "Evaluation of Citibank’s Debt Rating Model." This report reviewed Citibank’s debt rating model, made suggestions for possible improvements and reviewed the literature on credit risk and default modeling, October, 1997.

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Axiom Valuation Solutions
201 Edgwater Drive
Suite 255
Wakefield, MA, 01880