Daniel R. Van Vleet, ASA

Managing Principal
Daniel Van Vleet
  • Master of Business Administration, Finance
    University of Chicago Booth School of Business
  • Bachelor of Science, Business
    Administration,
    Finance and
    Business Law

    Portland State University
  • Accredited Senior Appraiser
    (Business Valuation)

    American Society of Appraisers

Daniel R. Van Vleet, ASA is a Managing Principal at The Griffing Group. Mr. Van Vleet has more than 27 years of experience in providing valuation opinions and expert witness testimony in a broad range of industries for a variety of purposes, including bankruptcy, board advisory services, corporate transactions, estate and gift tax disputes, fairness and solvency opinions, marital dissolution, shareholder disputes, tax restructuring, and other controversy, tax, corporate, and shareholder transaction related matters. He is a nationally-recognized expert on the valuation of pass-through entities (such as S corporations and limited liability companies) and is the developer of the Van Vleet Model, a widely-used pass-through entity valuation model. Mr. Van Vleet has testified more than 30 times in depositions and at trials in U.S. Bankruptcy Court, U.S. District Court, the Delaware Court of Chancery, the Chancery Court of Cook County, Federal arbitrations, and various state courts and arbitrations. He also has extensive experience providing opinions of fair market value to the Internal Revenue Service in controversy matters at audit, appeals, and fast track settlement involving closely-held businesses and fractional equity interests. He is a contributing author to seven valuation textbooks and author of over 30 published articles. He has presented over 70 lectures on advanced subjects in the areas of business valuation, litigation, and corporate transactions and routinely works on complex valuation issues with some of the largest corporations and wealthiest families in the U.S.

Mr. Van Vleet is an International Past President of the American Society of Appraisers and a former President of the Business Valuation Association. He earned his MBA in finance from the University of Chicago Booth School of Business, and he has served as an Adjunct Professor of Finance at the Kellstadt Graduate School of Business at DePaul University; as a Finance Instructor at the School of Continuing Studies at Northwestern University; and as a Business Valuation Instructor for the American Society of Appraisers. Mr. Van Vleet is a member of the valuation editorial review board for Trusts & Estates magazine and has served as the American Society of Appraisers representative to the International Valuation Standards Council (IVSC), the International Institute of Business Valuers (IIBV), and the Saudi Authority for Accredited Valuers (TAQEEM).

United States Bankruptcy Court

Northern District of Ohio, Eastern Division

In re AmFin Financial Corporation, et al.

Case No. 09-21323; 2014. Fraudulent conveyance, solvency, economic damages.

Northern District of Illinois, Eastern Division

In re K&K Holdings, LLC

Case No. 12-23916; 2013. Interest rate “cram down” analysis.

In re Pethinaidu Veluchamy and Parameswari Veluchamy

Case No. 11-33413; 2013. Fraudulent conveyance, solvency, economic damages.

In re Tomahawk Limited Partnership

2003. Interest rate “cram down” analysis.

District of Nevada

In re Windmill Durango Office, LLC

Case No. 10-25594; 2011. Interest rate “cram down” analysis.

United States District Court

Southern District of Florida

Charleston Laboratories, Inc. v. Dr. Raymond Takigiku

Case No. 15-81694; 2016. Fair value, shareholder dispute, valuation of equity interest.

Middle District of Louisiana

Joseph N. Broyles v. Cantor Fitzgerald & Co., et al.

Civil Action No. 3:10-854-JJB-SCR; 2016. Fair market value, corporate transaction dispute, economic damages.

Northern District of Illinois, Eastern Division

Semir D. Sirazi, et al. v. General Mediterranean Holdings, et al.

Case No. 1112-CV-00653; 2014. Fair market value, corporate transaction dispute, economic damages.

Southern District of New York

Mark Boyce v. Soundview Technology Group, Inc.

2008. Fair market value, shareholder dispute, valuation of equity interest.

District of Utah

Salt Lake Tribune Publishing Co., LLC v. Management Planning, Inc.

2007. Fair market value, corporate transaction dispute, valuation of a business enterprise.

State of Delaware

Court of Chancery

John Douglas Dunmire, et al. v. Farmers & Merchants Bancorp of Western Pennsylvania, Inc.

C.A. No. 10589-CB; 2016. Fair value, shareholder dispute, valuation of equity interest.

State of Georgia

Superior Court of Fulton County

Glen W. Rollins, et al. v. LOR, Inc., Gary W. Rollins and R. Randall Rollins

No. 2014CV249480; 2016. Fair market value, fiduciary duty dispute, economic damages.

State of Illinois

Circuit Court of Cook County, Chancery Division

The Patriot Group, LLC v. Hilco Financial, LLC

Case No. 10 L 03914; 2015. Fair value, corporate transaction dispute, economic damages.

The City of Chicago v. The Chicago Park District, Millennium Park Joint Venture, LLC, and Millennium Park Management Venture, LLC

Case No. 11 CH 41075; 2014. Fair value, corporate transaction dispute, economic damages.

Leslie J. Weiss, et al. v. Sugar, Friedberg & Felsenthal

Case No 08 CH 30890; 2013. Fair value, shareholder dispute, economic damages.

Tong Hu, et al. v. Sun Holdings, LLC

Case No. 10 CH 01570; 2011. Fair value, shareholder dispute, valuation of equity interest.

Align Risk Analysis, Inc. v. Robin Robinson

2002. Fair value, corporate transaction dispute, economic damages.

Pachmeyer v. Gibson & Associates

1999. Fair value, shareholder dispute, valuation of equity interest.

Estate of Richard Clatch v. Quality Beer Distributors

1996. Fair value, economic damages.

Circuit Court of Cook County, Domestic Relations Division

In Re the Marriage of Eisenberg

2002. Fair market value, marital dissolution, valuation of equity interest.

In Re the Marriage of DiMichele

1997. Fair market value, marital dissolution, valuation of equity interest.

Circuit Court of the 19th Judicial Circuit, Lake County

Crane v. Crane

Case No. 09 D 1349; 2010. Fair market value, marital dissolution, economic damages.

State of Indiana

Circuit Court for the County of Huntington

In the Matter of the Revocable Trust Agreement of Kay Joan Brown

2006. Fair market value, fiduciary duty dispute, economic damages.

Circuit Court for the County of Whitley

Dye v. Dye

2001. Fair market value, marital dissolution, valuation of equity interest.

State of Iowa

District Court for the County of Johnson

Lyman v. Lyman

1999. Fair market value, marital dissolution, valuation of equity interest.

State of Michigan

Circuit Court for the County of Ingham

Jerome McCarthy v. Lyle W. Miller

Fair value, shareholder dispute, valuation of equity interest.

Circuit Court for the County of Jackson

Warren E. Shoulders v. J.A. Knight and Heat Controller, Inc.

1997. Fair market value, shareholder dispute, valuation of business enterprise.

State of Minnesota

District Court for the County of Hennepin

Kuban Dissolution of Marriage

1999. Fair market value, marital dissolution, valuation of equity interest.

State of Wisconsin

Circuit Court for the County of Ozaukee

Crabel v. Crabel

2005. Fair market value, marital dissolution, valuation of equity interest.

American Arbitration Association

State of Illinois

Chrysler Dealer Termination Hearings

2010. Fair market value, corporate transaction dispute, valuation of business enterprises.

SFX Sports Group, Inc. v. Clear Channel Communications, Inc.

2002. Fair market value, corporate transaction dispute, valuation of a business enterprise.

State of Indiana

Telechron of Florida, Inc. v. General Electric Company

1999. Fair market value, corporate transaction dispute, valuation of a business enterprise.

Other Selected Controversy Matters

2015 – Securities and Exchange Commission, Division of Enforcement

Provided valuation and economic damages analysis for a dispute regarding the impact on stock price of alleged accounting fraud at a publicly-traded commercial bank holding company

2014 – Internal Revenue Service, Office of Appeals

Provided valuation analysis for a gift tax dispute regarding the value of an equity interest in an agricultural equipment company (an S corporation)

2013 – Circuit Court of Cook County, Domestic Relations Division

Provided analysis regarding the value of an architectural and engineering firm and served as a neutral valuation expert for both sides of a marital dissolution (Illinois Collaborative Law Process)

2012 – District Court of Rusk County, Texas, Mediation Proceeding

Served as a neutral valuation expert for both sides of a shareholder dispute regarding the enterprise value of a heavy equipment dealership (a limited liability company)

2011 – U.S. Bankruptcy Court, Chapter 7 Mediation Proceeding

Served as a neutral valuation expert for both sides of a shareholder dispute regarding the enterprise value of an airport distribution facility (a limited liability company)

2010 – Internal Revenue Service, Examination (Audit)

Provided valuation analysis for a gift tax dispute regarding the value of an equity interest in a cookware manufacturing company (an S corporation)

2008 – Internal Revenue Service, Fast Track Settlement

Provided valuation analysis for a capital gains tax dispute stemming from the corporate restructuring of a Japanese division of a multi-national packaging company (a publicly-traded C corporation)

2006 – Internal Revenue Service, Fast Track Settlement

Provided valuation analysis for a capital gains tax dispute regarding a billion-dollar hedge fund (a limited liability company)

Valuation Impact of Trump Tax Changes by Daniel R. Van Vleet, ASA

The Trump administration recently announced plans to significantly change the U.S. tax code for businesses and individuals. The potential impact on the U.S. and world economies as well as the value of C corporations and pass-through entities (PTEs) could be significant. In this TGG Valuation Update, we address the impact of the potential tax rate changes on the valuation of C corporations and PTEs. Click here to read on.

Book Publications – Contributing Author

“The Van Vleet Model”

Financial Valuation: Application and Models, 2nd ed., 3rd ed. and 4th ed., edited by James R. Hitchner, New Jersey: John Wiley & Sons, Inc., 2006, 2011, and 2015

“Valuation of S Corporations and Other Pass-Through Entities”

Business Valuation & Taxes: Procedure, Law and Perspective, edited by Shannon P. Pratt, Ph.D. and U.S. Tax Court Judge David Laro, 1st ed., New York: John Wiley & Sons, Inc., 2005

“The S Corporation Economic Adjustment”

The Handbook of Business Valuation and Intellectual Property Analysis, edited by Robert F. Reilly and Robert P. Schweihs, 2nd ed., New York: McGraw-Hill, 2003

“Discounts and Premiums in Undivided Interest Valuations”

Business Valuation Discounts and Premiums, edited by Shannon P. Pratt, Ph.D., 1st ed., New York: John Wiley & Sons, Inc., 2001

“Application of Daubert-Related Decisions on Economic Damages Expert Testimony”

Intellectual Property Infringement Damages: A Litigation Support Handbook, edited by Russell L. Parr and Gordon v. Smith, 2nd ed., New York: John Wiley & Sons, Inc., 2000

“Litigation”

Valuing Small Businesses and Professional Practices, Shannon P. Pratt, Ph.D., 3rd ed. New York: McGraw-Hill, 1998

“Fair Value in Dissenter Actions”

Financial Valuation: Businesses and Business Interests, 1997 Update, edited by James H. Zukin, New York: Warren, Gorham & Lamont, 1997

Published Articles

“Delaware Open MRI and the Van Vleet Model”

Business Valuation Review, American Society of Appraisers, June 2015

“Life Insurance Valuation: It Involves a Variety of Methods and Analytical Assumptions”

Trusts & Estates Magazine, December 2014

“Estate of Gallagher: It’s Déjà Vu All Over Again”

Trusts & Estates Magazine, June 2012

“Cramdown Interest Rates under Chapter 11: A Valuation Experts Perspective”

American Bankruptcy Institute Journal, March 2011

“High Frequency Trading Firms: What They Do and How to Figure out What They’re Worth”

Trusts & Estates Magazine, Fall 2011

“Warning! The Service Believes S Corporations are Undervalued”

The SRR Journal, Fall 2010

“Higher Valuation Discounts for Undivided Interests?”

The SRR Journal, Spring 2010

“Valuation Impact of the Built-in Gains Tax Liability”

The SRR Journal: Trusts & Estates Edition, Summer 2009

“An IRS Alternate Dispute Resolution Process: The Fast Track Settlement Program”

The SRR Journal: Trusts & Estates Edition, Summer 2009, co-authored with Lawrence B. Gibbs, former Commissioner of the Internal Revenue Service

“A Review and Critique of the Fannon S Corporation Model”

Business Valuation Review, American Society of Appraisers, March 2008

“What’s an S Corp Really Worth”

Trusts & Estates Magazine, December 2007

“S Corporation Valuation Update”

Financial Valuation and Litigation Expert, February 2007

“The S Corporation Economic Adjustment Model”

Business Valuation Review, American Society of Appraisers, December 2004

“The S Corporation Economic Adjustment Model Revisited”

Insights, Willamette Management Associates, Winter 2004

“Appraisers: An Important Resource”

American Bankruptcy Institute Law Review, July/August 2004

“The Valuation of S Corporation Stock: The Equity Adjustment Multiple”

Insights, Willamette Management Associates, Winter 2003

“The Valuation of S Corporation Stock: The Equity Adjustment Multiple”

Pennsylvania Family Lawyer, Pennsylvania Bar Association, May/June 2003

“A New Way to Value S Corporation Securities”

Trusts & Estates Magazine, March 2003

“Valuing a Hedge Fund”

Family Advocate, American Bar Association, January 2003

“Intangible Asset Valuation Issues Under SFAS 142”

Insights, Willamette Management Associates, Winter 2002

“Valuation of Copyright Intellectual Property”

Insights, Willamette Management Associates, Summer 2002

“Valuation Analysis of Restricted Stocks of Public Companies”

Insights, Willamette Management Associates, Winter 1999

“Application of Daubert-Related Decisions on Economic Damages Expert Testimony”

Insights, Willamette Management Associates, Autumn 1999

“Economic Analysis Related to Controversy Matters”

Insights, Willamette Management Associates, 30th Anniversary Issue, 1999

“Valuation Analysis of Restricted Stocks of Public Companies”

Mergers & Acquisitions, January 1999

“Revised Edition of Valuation Training for Appeals Officers Coursebook”

Insights, Willamette Management Associates, Summer 1998

“Fair Value in Dissenting Shareholder Disputes”

Insights, Willamette Management Associates, Winter 1997

“Business Plans and Financing Memorandums”

Insights, Willamette Management Associates, Spring 1997

“Murphy and Frank Provide Insight on Minority Interest Discounts”

Insights, Willamette Management Associates, Autumn 1996

“Estate of Bonner: Court of Appeals Allows Valuation Discount for Fractional Undivided Interests”

Insights, Willamette Management Associates, Autumn 1996

“Final Regulations Issued regarding Section 2701 Valuation Rule Gift and Estate Tax Adjustments”

Insights, Willamette Management Associates, Winter 1995

“Quantitative and Qualitative Considerations in the Valuation of Medical Practices”

Insights, Willamette Management Associates, Fall 1995

“IRS Letter Ruling Requires Different Valuation on Closely Held Stock for Estate Tax Purposes and for Marital Deduction Purposes”

Insights, Willamette Management Associates, Summer 1994

“Pass-through Entities Issues and Developments”

Presented to the Foundation for Accounting Education and the New York State Society of CPAs in New York, New York, May 2016

“Financial Valuation Quality Initiative”

Presented to the American Society of Appraisers at the Fair Value Summit in San Francisco, California, November 2015

“Tax Issues and Valuation”

Presented to the American Society of Appraisers at the National Business Valuation Conference in Las Vegas, Nevada, October 2015

“Complex Shareholder Disputes and Potential Solutions”

Presented to the American Society of Appraisers at the National Business Valuation Conference in Las Vegas, Nevada, October 2015

“The U.S. Valuation Profession Infrastructure Initiative”

Presented to the International Valuation Standards Council in Paris, France, October 2015

“Valuation Roundtable”

Panel member, The Appraisal Foundation, Washington D.C., October 2015

“Complex Shareholder Dispute Valuation Issues”

Presented to the Business Valuation Association in Chicago, Illinois, September 2015

“Navigating the IRS Process and Addressing Valuation Related Controversies”

Presented to the National Trust Closely Held Business Association in New Orleans, Louisiana, September 2015

“Legal & Financial Forum”

Presented to the Lake Forest/Lake Bluff Chamber of Commerce in Lake Forest, Illinois, January 2015

“Valuation Controversies”

Presented to JPMorgan Chase & Co. in Columbus, Ohio, April 2015

Presented to JPMorgan Chase & Co. in Columbus, Ohio, April 2014

“Red Flag Valuation Issues in Tax Related Matters”

Presented to The Chicago Finance Group in Chicago, Illinois, January 2014

“Energy Valuation”

Presented at the International Valuation Conference in Xiamen University, Xiamen, China, November 2013

“Valuation Issues from a U.S. Tax Court Perspective”

Joint presentation with U.S. Tax Court Judge David Laro at the Business Valuation Association in Chicago, Illinois, March 2013

“S Corporation Valuation Analysis and Court Case Update”

Presented to the National Association of Certified Valuators and Analysts in Chicago, Illinois, November 2012

“Valuation Issues Surrounding Buy/Sell Provisions of Shareholder Agreements”

Presented to the Notre Dame Tax & Estate Planning Institute at the University of Notre Dame in South Bend, Indiana, September 2012

Presented to the Illinois Institute for Continuing Legal Education in Chicago, Illinois, June 2012

“Estate of Louis Paxton Gallagher: TC Memo 2011-148”

Presented to the Business Valuation Association in Chicago, Illinois, May 2012

Presented to the New York Chapter of the American Society of Appraisers, New York, NY, May 2012

“Judicial, Legal and Valuation Perspectives on Controversial Estate Tax Issues”

Joint presentation with U.S. Tax Court Judge David Laro and Carol Harrington of McDermott, Will & Emery to the Chicago Estate Planning Council in Chicago, Illinois, May 2012

“Financial Reporting Valuation: The BV Perspective”

Presented at the Capital University of Economics and Business, Beijing, China, October 2011

“S Corporations: Issues and Analysis of Controlling Equity Interests”

Presented to the American Society of Appraisers at the Advanced Business Valuation Conference in Chicago, Illinois, October 2011

“Ask the Experts”

Presented to the American Society of Appraisers at the 2011 Advanced Business Valuation Conference in Chicago, Illinois, October 2011

“Valuation Reports and Estate Tax Controversies”

Presented to the 2011 Notre Dame Tax & Estate Planning Institute in South Bend, Indiana, September 2011

“Valuation of S Corporations”

Presented to the Illinois Certified Public Accountants Society in Chicago, Illinois, May 2011

“Effectively Defending Discounts for Lack of Marketability,”

SRR Webinar, November 2010

“Valuation of Controlling Equity Interests in Pass-Through Entities,”

Presented to the American Society of Appraisers and the Business Valuation Association in Chicago, Illinois, May 2010

“Estate of Litchfield v. Commissioner: The Latest Development in the Evolution of Case Law Recognizing Built-in Gains Tax Liabilities”

SRR Webinar, April 2009

“The Van Vleet Model”

Presented to the Minnesota Society of Certified Public Accountants at the Business Valuation Conference in Minneapolis, Minnesota, October 2008

Presented to the Wisconsin National Association of Certified Valuation Analysts at the Business Valuation Education Seminar in Milwaukee, Wisconsin, October 2008

Presented to the Minnesota Society of Certified Public Accountants at the Business Valuation Conference in Brookfield, Minnesota, May 2008

Presented to the Foundation for Accounting Education and the New York State Society of Certified Public Accountants in New York, New York, May 2008

Presented to the American Society of Appraisers in Philadelphia, Pennsylvania, March 2008

Presented to the National Association of Certified Valuation Analysts at the Massachusetts Institute of Technology in Boston, Massachusetts, October 2005

“Tax Affecting is Not the Issue – Never Was”

Presented to The American Institute of Certified Public Accountants at the National Business Valuation Conference in New Orleans, Louisiana, December 2007

“The S Corporation Economic Adjustment Model”

Presented to The Institute of Business Appraisers at the National Business Valuation Conference in Denver, Colorado, June 2007

Presented to the National Association of Certified Valuation Analysts at the National Business Valuation Conference in Washington, D.C., June 2007

Presented to the American Society of Appraisers, Miami Chapter in Miami, Florida, November 2006

Presented to RSM McGladrey, Inc. at the National Business Valuation Training Seminar in Chicago, Illinois, November 2004

Presented to the Business Valuation Association in Chicago, Illinois, September 2004

Presented to the Institute of Business Appraisers at the 2004 Annual National Business Valuation Conference in Las Vegas, Nevada, June 2004

Presented to the American Society of Appraisers at the 22nd Advanced Business Valuation Conference in Chicago, Illinois, October 2003

“The Valuation of Pass-through Entities”

Presented to The Institute of Business Appraisers at the National Business Valuation Conference in Denver, Colorado, June 2007

Presented to the Illinois Institute of Certified Public Accountants in Chicago, Illinois, May 2006

Presented to the New Jersey Society of Certified Public Accountants at the Valuation and Litigation Support Conference in West Orange, New Jersey, October 2003

“The Valuation and Analysis of S Corporations”

Presented to the Center for Advanced Valuation Studies of the American Society of Appraisers in Washington, D.C., May 2007

“Valuation of a Privately-Owned Business”

Presented to the School of Continuing Studies of Northwestern University in Chicago, Illinois, September 2006

“The Income Approach”

Presented to the American Society of Appraisers in Washington, D.C., September 2006

“Marketing Your Practice and Yourself”

Presented to the American Society of Appraisers in Chicago, Illinois, February 2006

“S Corporations and Pass-through Entities”

Presented to the American Institute of Certified Public Accountants and the American Society of Appraisers at the National Business Valuation Conference in Las Vegas, Nevada, November 2005

“Quantifying Discounts for Lack of Marketability and Lack of Liquidity”

Presented to the American Society of Appraisers and the Business Valuation Society of Chicago in Chicago, Illinois, October 2005

Presented to the American Society of Appraisers at the Thirteenth Annual Seminar on Current Topics in Business Valuation in New York, New York, May 2005

“The Valuation of Pass-through Entities: The Plot Thickens”

Presented to the American Institute of Certified Public Accountants at the National Business Valuation Conference, in Orlando, Florida, November 2004

“Business Valuation Made Understandable for Estate Planners”

Presented to the Illinois Institute of Continuing Legal Education at the 14th Annual Estate Planning with the Masters Series in Chicago, Illinois, October 2004

“S Corporation Valuation Issues: Tax Affecting Income and Minority vs. Control”

Presented at an Internet National Conference of Business Valuation Resources, LLC, June 2004

“The Valuation of Limited Partnership Interests”

Presented to The Center for Professional Education in Chicago, Illinois, July 2003

“S Corporations vs. C Corporations: Important New Valuation Issues”

Presented to the Alliance of Mergers and Acquisitions Advisors at the 9th Annual SuperConference in Chicago, Illinois, July 2003

“Panel Review of New Research Articles in the Field of Business Valuation”

Presented to the American Society of Appraisers at the 21st Advanced Business Valuation Conference in Orlando, Florida, October 2002

“Finance 798: Business Valuation”

Taught at the Kellstadt Graduate School of Business of DePaul University, Chicago, Illinois, 1st and 2nd Quarters, 2001

“International Business Valuation Analysis and Non-Performing Loans”

Presented to the Chicago Institute of Futures and Options and Hanvitt Bank of Seoul, Korea at the Comprehensive Financial Management Program in Chicago, Illinois, May 2000

“Valuation of Independent Trust Companies”

Presented to Association of Independent Trust Companies in San Francisco, California, October 1999

“Recent Court Case Developments in Business Valuation”

Presented to the American Society of Appraisers in Chicago, Illinois, November 1998

Presented to the Estate Planning Council of Greater Joliet in Joliet, Illinois, August 1998

“Expert Witness Training for General Engineers and Appraisers”

Presented to the Internal Revenue Service, Office of Chief Counsel in Chicago, Illinois, July 1998

“Current Issues in Business Valuation”

Presented to the Illinois Association of Certified Public Accountants in Chicago, Illinois, May 1998

“How to Value a Business—Reconciling Theory with Real World Practice”

Presented to the Twin Cities Society of Securities Analysts in Minneapolis, Minnesota, February 1998

“Distinguishing Professional & Enterprise Goodwill in Dissolutions”

Presented to the Kentucky Bar Association in Lexington, Kentucky, January 1997

“The Asset Accumulation Approach to Business Valuation”

Presented to the Venture Club of Indiana in Indianapolis, Indiana, October 1996