Alex W. Howard, CFA, ASA
Principal/Owner
vCard and email: alexh@hfbe.com

Since 1972, has prepared or supervised numerous studies encompassing diverse industries for both private and public companies. These studies related to industrial, retail, wholesale, service, insurance and investment companies, natural resource and real estate operations, and banks. These studies were performed for purposes including corporate and estate planning; estate, gift, and income tax requirements; going-private situations; mergers and acquisitions; determination of the appropriate basis of exchange for mergers, advising and negotiating the sales, or purchases of companies; reorganizations and recapitalizations; employee stock ownership plans, and private placements. Participated in numerous other types of analytical and statistical assignments, including studies of market pressure, restricted securities, and cost of flotation.

Experience
1991 to Present
Howard Frazier Barker Elliott, Inc.
Houston, Texas
Position: Principal/Owner
Duties: Management supervision and participation in valuations and financial advisory opinions. Merger and acquisition advisory services.

1988 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.

1985 to 1988
First Interstate Capital Company of Texas
Houston, Texas
Position: Vice President
Duties: Valuations and financial advisory opinions.

1981 to 1985
Rotan Mosle, Inc.
1985 Houston, Texas
Position: First Vice President
Duties: Valuations and financial advisory opinions. Involved in related corporate finance activities including mergers and acquisitions and private placements.

1972 to 1981
Standard Research Consultants
New York, New York
Position: Vice President
Duties: Valuations and financial advisory opinions.

Under contract to the Pension Benefit Guaranty Corporation, rendered financial advisory opinions relating to the statutory liability of employers under Title IV of ERISA. Served on an appraisal panel under Oregon's Dissenting Shareholder Rights Statute.

Speaker at a variety of seminars involving business owners, attorneys, corporate executives, bankers, and accountants. Published articles on valuation, recapitalization, and mergers and acquisitions in several periodicals, including Prentice-Hall's "Tax Forms Service," Mergers and Acquisitions, and Management Research. Contributing author to "Financial Valuation: Business and Business Interests".

Education
June 1975
New York University
New York, New York
Master of Business Administration (Major: Economics)

June 1970
New York University
New York, New York
Bachelor of Science (Major: Finance)

Professional Affiliations
July 1991
American Society of Appraisers (ASA)
Accredited Senior Appraiser

March 1981
The Houston Society of Financial Analysts

September 1979
CFA Institute
Chartered Financial Analyst (CFA)

Licenses
NASD Series 7 General Securities Representative
NASD Series 63 Uniform Securities Agent State Law Exam
NASD Series 24 General Securities Principal

Published Articles
The Valuation of Family Limited Partnerships, The Handbook of Business Valuation and Intellectual Property Analysis, The McGraw Hill Companies, Inc. (2004).

Natural Resources, Financial Valuation: Business and Business Interests, Rosenfeld Launer Publications, (1990).

What is Your Company Really Worth?, New England Printer & Publisher, (October 1980).

What is a Distributor Firm Worth?, Maintenance Supplies, (October 1980).

Assessing the Value of Privately-Held Firms, Iron Age, (September 1980).

Contingent Earnouts Why, How and When?, Management Research: Vol.11/No.6, (Nov/Dec 1978). Co-author: A. Rosenbloom(1990).

Any Best Valuation Method In Buy-Out Agreements, Prentice-Hall, (1977).

"Bootstrap" Acquisitions and How to Value Them, The Journal of Corporate Ventures: Vol. 11/No. 4, (Winter 1977). Co-author: A. Rosenbloom.

Estate Planning Via Recapitalization of Closely-held Corporations, The Journal of Corporate Venture: Vol. 11/No. 3, (Fall 1976).

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