Experience
1991 to Present
Howard Frazier Barker Elliott, Inc.
Dallas, Texas
Position: Senior Managing Director/Owner
Duties: Management supervision and participation in valuations, financial advisory opinions, and corporate finance.
7/90 to 1991
Kemper Securities Group, Inc.
(formerly Lovett Underwood Neuhaus & Webb, Inc.)
Houston, Texas
Position: Managing Director
Corporate Finance Department
Duties: Valuations and financial advisory opinions.
1/90 to 7/90
J. B. Poindexter & Co.
Houston, Texas
Position: Principal
Duties: Locating, screening, analyzing and evaluating leveraged buyout acquisition candidates.
8/81 to 12/89
Lovett Mitchell Webb & Garrison, Inc.
Houston, Texas
Position: Senior Vice President - Corporate Finance Department
Duties: Specialized in valuation and financial advisory opinions. Also involved in long-term capital financing, valuation of securities, merger/acquisitions, venture capital financing, investment banking/syndicate relationship management with other investment banking firms and sales of securities to investors.
8/75 to 8/81
Underwood, Neuhaus & Co., Incorporated
Houston, Texas
Position: Corporate Finance Department (Vice President since 1979)
Duties: General corporate finance activities
10/76 to 3/77
Institute for International Studies and Training
Fujinomiya, Japan
Position: Instructor
Duties: Taught the American business system and business communication to Japanese businessmen. Established business relationships for private placement and merger/acquisition activities at Underwood, Neuhaus & Co., Inc.
Education
December 1974
American Graduate School of International Management
Glendale, Arizona
Master of International Management
May 1973
Spring Hill College
Mobile, Alabama
Bachelor of Science in Commerce, Cum Laude
Presidential Scholar
Professional Affiliations
American Society of Appraisers (ASA), Senior Member
Business Valuation Committee of the ASA
Editorial Advisory Board, Trusts & Estates Journal
Chairman, Investment Subcommittee, McDaniel Charitable Foundation
Licenses
NASD Series 7 General Securities Representative
NASD Series 63 Uniform Securities Agent State Law Exam
NASD Series 24 General Securities Principal
Volunteer
English Language Teacher, North Dallas Shared Ministries
Published Articles
Valuation Assurance Clauses. Trusts & Estates, December 2007
Nonmarketable Investment Company Evaluation (NICE). Valuation Strategies Vol. 8., No. 3. (November/December 2006).
Quantitative Analysis of the Fair Market Value of an Interest in a Family Limited Partnership, Valuation Strategies, Vol. 8, No.3 (January/February 2005)
It's Turtles All the Way Down, Paper and Presentation to the Twenty Third Annual Advanced Business Valuation Conference of the American Society of Appraisers. October 2004.
The Valuation of Family Limited Partnerships, The Handbook of Business Valuation and Intellectual Property Analysis, The McGraw Hill Companies, Inc. (2004).
"Pure Blockage" Working Paper, 1996. Condensation of this paper published in: Blockage Discounts, The Handbook of Advanced Business Valuation. The McGraw Hill Companies, Inc. (2000).
The Effective Use of Appraisers in Estate Planning and Estate and Gift Tax Litigation,
Thirty-Third Annual Philip E.
Heckerling Institute of Estate Planning, University of Miami School of Law, 1999.
The Battle Joined: The U.S. Tax Court Grapples with the Built-in Capital Gains Tax, The
Journal of Business Valuation, The Canadian Institute of Chartered Business Valuators,
1999.
Indemnification for Business Appraisers, Valuation, Vol. 41, No. 4, (June 1997),
American Society of Appraisers.
How Corporate-Level Capital Gains Taxes Affect Fair Market Value, Estate Planning, Volume 23, No.
5 (June 1996).
Will Proposed Rule 144A and Revisions to Rule 144 Affect
Lack of Marketability Discounts? Business Valuation Review, Vol. 8, No. 4,
(December, 1989)
The Role of the Investment Advisor in the Selling of a
Company, Considerations in Buying or Selling a Business in Texas, National
Education Association, 1986.
Presentations
"Current Tax Regulatory and Legislative Issues Affecting Appraisers" – Valuation Study Group, Lana'i, Hawaii, February 14, 2008
"Recent Developments in Appraising Interests in Family Investment Entities" – Estate Planning Council Meetings:
- Orange County, CA – July 24, 2007
- Dallas, TX – September 19, 2007
- Lewisburg, PA – October 10, 2007
- Colorado Springs, CO – November 13, 2007
- Oklahoma City, OK – November 15, 2007
- Austin, TX – November 27, 2007
- Corpus Christi – February 21, 2008
- Birmingham, AL – March 6, 2008
- San Antonio, TX – March 18, 2008
"Non-Marketable Investment Company Evaluation" – Introducing "The NICE Method" – Loyola Annual Estate Planning Conference, New Orleans, LA, November 29, 2007
"Topics from a National Program Perspective" – The Second Annual National IRS Symposium on Valuation Issues, Cerritos, CA, February 8, 2007
"Practical Insights on Establishing and Defending Valuations" – 55th Tulane Tax Institute, New Orleans, LA, October 27, 2006.
"Interaction of the Attorney with the Valuation Expert" – 36th Annual Estate Planning Seminar, Louisiana State University School of Law, Baton Rouge, LA, October 20, 2006.
"Closely Held Equity Value Interpolation" – 12th Annual Advanced Estate Planning Strategies Course, Santa Fe, NM, April 7, 2006.
“The Asset Approach and Built-In Gains” – AICPA/ASA National Business Valuation Conference, Las Vegas, Nevada, November 16, 2005.
“Drafting and Planning for Family Business Entities in Light of Current Developments” – Advanced Drafting: Estate Planning & Probate Course, State Bar of Texas, Austin, TX November 1, 2002.
“The Deal” – Merger & Acquisition Valuation Presentation at Advanced Business Valuation Conference of the American Society of Appraisers; Seattle, WA, October 26, 2001 and Valuation 2000; Las Vegas, NV., July 12, 2000.
“Built-in Capital Gains Taxes in C-Corps” – Joint Business Valuation Conference of the Canadian Institute of Chartered Business Valuators and the American Society of Appraisers, Montreal, Quebec, Canada; September 25, 1998.
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William H. Frazier, ASA