Donald W. Barker, CFA, ASA
Senior Managing Director/Owner
email: dbarker@hfbe.com

Since 1978 participated in a variety of corporate finance activities, principally with three regional investment banking firms headquartered in Houston, Texas. Primary emphasis in valuation of corporate securities and partnership interests of private and closely held companies as well as publicly traded corporations. Financial advisory opinions given for purposes of corporate mergers, acquisitions and spin-offs, reorganizations and recapitalizations, estate, gift and income tax requirements, estate planning, buy/sell agreements, employee stock ownership plans, and other special reasons. Subject companies represented a diverse spectrum of industries including commercial banking, mortgage banking, printing and publishing, retailing, equipment manufacturing, oil and gas drilling and servicing, broadcasting, insurance, and real estate.

Experience
1991 to present
Howard Frazier Barker Elliott, Inc.
Houston, Texas
Position: Senior Managing Director/Owner
Duties: Management supervision and participation in valuations and financial advisory opinions.

1988 to 1991
Kemper Securities Group, Inc.
Houston, Texas
Position: Managing Director Corporate Finance Department
Duties: Valuations and financial advisory opinions.

1982 to 1988
Underwood, Neuhaus & Co. Incorporated
Houston, Texas
Position: Vice President
Duties: Provided valuations of private and closely held companies and partnerships as well as securities of publicly held corporations for purposes such as acquisitions, corporate re-organizations, recapitalizations, estate and gift tax planning, buy/sell agreements, employee stock ownership plans, and other special reasons.

1978 to 1982
Rotan Mosle, Inc.
Houston, Texas
Position: Assistant Vice President
Duties: Participated in a variety of corporate finance activities such as public securities underwriting and company acquisitions. Performed valuations of private and closely held companies for acquisitions, reorganizations, recapitalizations, estate and gift tax planning, employee stock ownership plans, and buy/sell agreements.

1973 to 1978
American National Bank
Austin, Texas
Position: Securities Analyst
Duties: Securities analysis and investment advisor to portfolio manager, member of Trust Investments Committee.

1971 to 1973
Federal Reserve Bank of Dallas
Dallas, Texas
Position: Economist
Duties: Economic Research Department Economist involved in regional economic analysis, banking industry structure analysis, and bank holding company acquisition evaluation.

Speaker at a variety of seminars in valuing business owners, attorneys, corporate executives, bankers, and accountants on business valuation issues.

Education
1973-1978 University of Texas
Austin, Texas
Graduate course work and qualifying examinations for Ph.D.in Finance and Economics

1971 University of Oklahoma
Norman, Oklahoma
Master of Arts in Economics and Statistics

1969 Austin College
Sherman, Texas
Bachelor of Arts in Business and Economics

Professional Affiliations
American Society of Appraisers (ASA), Accredited Senior Appraiser

CFA Institute
Chartered Financial Analyst (CFA)

Houston Society of Financial Analysts

Chairman of Valuation Advisory Committee, National ESOP Association

Charter Member of Southwest Chapter of National ESOP Association

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