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Forensic Accounting, Business Valuation, and Litigation Support
Business Valuation

Business Valuation

Knowing the proper value of a business ownership interest is crucial in circumstances such as litigation, shareholder disputes, buy-sell agreements, and estate planning. The majority of closely held business owners do not know the value of their business ownership interest. Adding to the complexity, the value of a business ownership interest may vary for different purposes. For example, a business ownership interest may have one value for marital dissolution purposes and a different one for estate and gift tax purposes.

Valuing a business requires a high level of expertise. Our business valuation professionals have the specialized training, knowledge, and skills, as well as the in-depth accounting, finance, valuation and tax experience necessary to effectively provide clients with an accurate and defensible business valuation that holds up to meticulous scrutiny.

Our experts perform a thoughtful and thorough analysis, utilizing professional skepticism, to obtain a deep understanding of the unique characteristics and prospects of each business ownership interest. We apply recognized, generally accepted valuation methodologies to deliver a highly credible business valuation.

Our professionals have valued majority and minority business interests to address a wide range of valuation needs, including:

Marital Dissolution
Shareholder Disputes
Buy-sell Agreements
Commercial Litigation
Estate Planning

Meet the Experts

David Landau

Kevin Baldwin

Back to Forensic Accounting, Business Valuation, and Litigation Support

David Landau, CPA, CVA

David Landau is the Founder & CEO of DLA, LLC and has served in this capacity since founding the firm in 2001. David is a recognized expert in forensic accounting and financial matters relating to litigation. David has served as a financial expert in the areas of matrimonial matters, business valuation, construction fraud, partnership disputes, lost profits, employee investigations, restrictive covenant issues, internal control deficiencies, SEC investigations, and various real estate cases. David has provided testimony on behalf of clients.

Prior to forming DLA, David worked for PricewaterhouseCoopers, LLP in the Mergers & Acquisition Advisory Services department serving a variety of industries. His responsibilities included performing advisory due diligence for buy-side LBO and strategic clients ranging from $10 million to $4 billion. In addition to his Mergers & Acquisition Advisory Services experience, David worked for Ernst & Young LLP performing financial audits of American Express (Europe), Lehman Brothers, Bankers Trust, and McGraw Hill. David was also the CEO of Alumnipride.com, Inc., a social media website he founded in 1997 and sold in 2000.

David co-authored the tax section of New Jersey Family Law – 2^nd Edition. David also presents and lectures on various litigation issues, including hidden income, asset tracing, business valuation, and cost-effective strategies for settlement. Some of his recent speaking engagements include:

- “Valuing a Member’s Interest in a Private Equity Fund” – American Academy of Matrimonial Lawyers (AAML)
- “Business Valuation and Forensic Accounting in Divorce” – New Jersey State Bar Association Family Law Symposium
- “How Business Owners Hide Income in a Divorce” – American Academy of Matrimonial Lawyers
- “Cost Effective Ways to Utilize a Forensic Accountant in a Divorce” – New Jersey State Bar Association Family Law Section
- “Business Valuation in Divorce” – NJICLE Matrimonial Math Course
- “Handling Financial Issuers in Divorce – From Moderate to High Net Worth Clients” – AAML

David has been involved in numerous matters, including:

- Identifying and determining pre-marital, marital and post-complaint assets subject to equitable distribution
- Investigating a developer accused of improperly using funds
- Reviewing of records to determine if intercompany transactions were used to hide improper loans
- Investigating owners of closely-held businesses to identify hidden assets and income
- Investigating Joint Venture partners to determine if accounting controls were proper and if the partner was committing fraud
- Performing an asset tracing of a husband accused of misappropriating over $20 million from his wife and children
- Performing valuations on various closely held businesses for the purpose of litigation
- Investigating an employee on behalf of an Audit Committee to determine if they committed fraud with a General Contractor
- Representing a client that felt it acquired a company that misrepresented its business and financial operations
- Serving as a financial expert for plaintiffs and defendants in matrimonial actions where pendente lite support, lifestyle, cash flow, hidden assets, and business valuation were being litigated
- Performing forensic audits of insurance carriers that improperly paid broker commissions
- Identifying a significant recovery for a client whose employee improperly disbursed millions of dollars of firm capital
- Serving as a financial expert for a company seeking damages from a competitor for breach of restrictive covenant

Prior Work Experience

PricewaterhouseCoopers, LLP

Ernst & Young, LLP

Alumnipride, Inc.

Education, Certifications & Affiliations

Pennsylvania State University – B.S. in Accounting

Certified Public Accountant (NY)

Certified Valuation Analyst (CVA)

Member of the Finance and Accounting Consultants Alliance (FINACA)

Formerly a member of the Real Estate Advisory Board at the Pennsylvania State University

Contact Information

Address: 55 Lane Road, Suite 310 Fairfield, NJ 07004
Phone: (973) 575-1565
Fax: (973) 575-1615
Email: David.Landau@dlallc.com

Kevin Baldwin, CPA, ABV

Kevin Baldwin is a Partner at DLA, LLC and heads the Forensics, Valuation & Litigation Support practice. Kevin has over 15 years of business advisory expertise including matrimonial and commercial litigation support, forensic accounting, business valuation, and tax consultation. Previously, Kevin was a Director in the Advisory Services department of a large regional accounting firm and currently lends his expertise to several industry organizations, as well as his professional affiliated organizations.

Kevin’s practice is focused on matrimonial litigation support, business valuation, and forensic accounting. He also advises on specific and complex tax issues arising from marital dissolution. Kevin has been engaged by attorneys to represent high net worth clients in divorce matters and to value business enterprises, such as early childhood education and daycare facilities, medical practices, and real estate development and construction firms. He has consulted on matters of equitable distribution between spouses, cash flow analysis, diversion of assets and income, and marital lifestyle analysis.

Kevin presents and lectures on topics such as business valuation, tax aspects of divorce and settlement agreements, and matrimonial accounting. His speaking engagements include:

“Valuing a Member’s Interest in a Private Equity Fund” – American Academy of Matrimonial Lawyers (AAML)
“Matrimonial Math: 9 Key ‘Equations’ You Need to Master to Succeed” – New Jersey Institute for Continuing Legal Education
“The Subjective Components of Valuation Reports Which Every Attorney Should Know” – Middlesex County Bar Association
“Reasonable Compensation: Key Factors to be Considered” – 2015 NJSBA Family Law Retreat
“Business Valuation – Determining Pre-Marital Value and Other Income” – Jersey Shore Inns of Court
“Beyond Your ‘Normal’ Normalization Adjustments ‘Fixing the Books’” – 2012 AICPA/AAML National Conference on Divorce
“Business Valuations Terms and Concepts and ‘Rules of Thumb’” – Middlesex County Bar Association
“The 411 on Case Information Statements” – Young Lawyers Division of the Family Law Section of the New Jersey State Bar Association
“Business Valuations ‘What Every Attorney Must Know’” – Marcum LLP Seminar Series
“Tax Aspects in Divorce and Matrimonial Accounting” – MarcumRosenfarb, LLC Seminar Series
“Tax Aspects of Settlement Agreements” – MarcumRosenfarb, LLC Seminar Series
“What to Look for on a Tax Return” – RosenfarbWinters, LLC Seminar Series

Prior Work Experience

Marcum LLP

RosenfarbWinters, LLC

Paychex, Inc.

Education, Certifications & Affiliations

Monmouth University – Bachelor of Science in Business Administration (BSBA); Accounting Concentration

Certified Public Accountant (NJ)

Member of the New Jersey Society of Certified Public Accounts (NJCPA)

Member of the Monmouth/Ocean County Litigation Support Committee

Honorary board member of “The Next Generation Foundation” – a not-for-profit cancer organization

Contact Information

Address: 55 Lane Road, Suite 310 Fairfield, NJ 07004
Phone: (973) 575-1565
Fax: (973) 575-1615
Email: Kevin.Baldwin@dlallc.com