MICHAEL A. CRAIN, DBA, CPA/ABV, ASA, CFA, CFE CURRICULUM VITAE

Transcription

1 CURRICULUM VITAE EDUCATION and PROFESSIONAL CERTIFICATIONS Doctor of Business Administration, finance, Manchester Business School, University of Manchester, England Master of Business Administration, Bellarmine University, Louisville, KY B.A. in Accounting, Bellarmine University, Louisville, KY Certified Public Accountant (CPA license), State of Florida Accredited in Business Valuation (ABV certification), American Institute of CPAs Accredited Senior Appraiser (ASA certification), American Society of Appraisers Chartered Financial Analyst (CFA certification), CFA Institute Certified Fraud Examiner (CFE certification), Association of Certified Fraud Examiners EMPLOYMENT Managing Director, The Financial Valuation Group (2003 to present) Shareholder, Peed, Koross, Finkelstein & Crain, P.A. (1990 to 2003). Business valuation, economic damages, and forensic accounting. Engagements include sophisticated financial and economic analysis and research. Litigation dispute matters include lost profits, construction/delay claims, business interruption claims, partnership/shareholder disputes, fraud investigations, lost earnings, and marital dissolutions. Industry experience includes: Healthcare, real estate, and tourism. Qualified expert witness. Frequently retained as a jointly retained expert or arbitrator. Senior Manager, Pannell Kerr Forster, and Manager, Laventhol & Horwath, Supervisory experience with a Fortune 10 company involved in accounting, auditing, taxation, and consulting. PROFESSIONAL MEMBERSHIPS American Institute of Certified Public Accountants (AICPA) Florida Institute of Certified Public Accountants (FICPA) American Society of Appraisers (ASA) CFA Institute Association of Certified Fraud Examiners One East Broward Boulevard. Suite 700 Page 1 of 13

2 AWARDS Recipient of AICPA Lawler Award (2008); the award is presented by the AIPCA s Journal of Accountancy for best article of the year Inducted into AICPA Business Valuation Hall of Fame (2007) Recipient of AICPA Business Valuation Volunteer of the Year Award (2001) Recipient of NACVA Instructor of Exceptional Distinction (2007) COMMITTEES AICPA Forensic & Valuation Services Executive Committee ( ), ex officio ( ) AICPA Business Valuation Committee, Chair ( ) AICPA Business Valuation Committee, Chair-Designee ( ) AICPA Business Valuation Committee, Member ( ) AICPA ABV Examination Committee ( ) AICPA Economic Damages Task Force to the Forensic and Litigation Services Committee ( ) AICPA Forensic Accounting Task Force ( ) AICPA Litigation Services Conference Steering Committee (2000) AICPA Fraud Conference Steering Committee (1997) AICPA Fraud Conference Steering Committee (1996) AICPA Forensic and Litigation Services Committee ( ) AICPA Journal of Accountancy Editorial Advisors Board ( ) AICPA Editorial Advisory Board, CPA Expert ( ) AICPA Technical Advisory Committee, ABV E-Letter ( ) Arbitrator for American Arbitration Association, Commercial Panel ( ) National Litigation Support Services Association, Vice President ( ) National Litigation Support Services Association, Treasurer ( ) National Litigation Support Services Association, Training and Education Committee, Chair ( ) National Litigation Support Services Association, Member Training and Education Committee ( ) FICPA Valuation and Litigation Services Section Steering Committee ( ) FICPA Valuation and Litigation Services Committee, Member ( ) FICPA Valuation and Litigation Services Committee, Chair ( ) FICPA Editorial Committee, Chair ( ) Page 2 of 13

3 COMMITTEES (continued) FICPA Editorial Committee, Member ( ) FICPA Consultant to Florida CPAs on the subject of litigation services and business valuations ( ) FICPA Business Valuation Subcommittee to the Valuation and Litigation Services Committee ( ) FICPA Business Valuation/USPAP Task Force of Executive Committee (1994) FICPA Management Advisory Services Committee Chairman ( ) FICPA Management Advisory Services Committee ( ) FICPA Chapter Continuing Professional Education Committee ( ) FICPA Chapter Legislative Action Committee ( ) Business Valuation Resources, LLC, Business Valuation Update Editorial Board ( ) SPEECHES AND PRESENTATIONS Business Valuation Resources, LLC nationally broadcasted Web seminar, Ethics and standards updates and their impact on valuation, (2015) FICPA Valuation, Forensic Accounting and Litigation Services Conference, Price, value, and cost of capital, (Ft. Lauderdale, FL) (2015) AICPA Forensic & Valuation Services Conference, What s new in cost of capital, (New Orleans, LA) (2014) AICPA Forensic & Valuation Services Conference, Tax issues arising in valuation, (New Orleans, LA) (2014) Maryland Association of CPAs, Forensic Valuation Conference, Capital structure of private firms, (Baltimore, MD) (2014) FICPA Valuation, Forensic Accounting and Litigation Services Conference, Capital structure of private firms, (Ft. Lauderdale, FL) (2014) FICPA Valuation, Forensic Accounting and Litigation Services Conference, Hardball with Hitchner and other experts panel, (Ft. Lauderdale, FL) (2014) AICPA Forensic & Valuation Services Conference, Advanced DCF topics, (Las Vegas, NV) (2013) Kentucky Society of CPAs, Business Valuation & Litigation Conference, Business valuations in courts of law, (Louisville, KY) (2013) Business Valuation Resources, LLC nationally broadcasted Web seminar, Reports & reporting standards in litigation, (2013) AICPA Forensic & Valuation Services Conference, Are you committing malpractice in the FVS world?, (Orlando, FL) (2012) American Society of Appraisers, Philadelphia Chapter, Spring 2012 Business Valuation Seminar, The state of affairs on size premiums, (Philadelphia, PA) (2012) Page 3 of 13

4 SPEECHES AND PRESENTATIONS (continued) FICPA Valuation, Forensic Accounting and Litigation Services Conference, The state of affairs on size premiums, (Ft. Lauderdale, FL) (2012) American Society of Appraisers Greater Miami Chapter, The state of affairs on size premiums, (Miami, FL) (2011) American Society of Appraisers Greater Miami Chapter, BV standards of multiple organizations, (Miami, FL) (2011) AICPA National Business Valuation Conference, The state of affairs on size premiums, (Las Vegas, NV) (2011) AICPA National Business Valuation Conference, Caught in the crossfire The expert witness for valuation, (Las Vegas, NV) (2011) Arizona Society of CPAs, 2011 Business Valuation Conference, Does firm size matter?, (Phoenix, AZ) (2011) Georgia Society of CPAs, 2011 Fraud & Forensic Accounting Conference, Introduction to lost profits damages, (Atlanta, GA) (2011) Business Valuation Resources, LLC nationally broadcasted Web seminar, The diminishing size effect and link to liquidity risk, (2011) AICPA Web seminar, FVS engagement management: Best practices, (2011) FICPA Web seminar, Introduction to business valuation theory and practice, (2011) NACVA & IBA 2011 Annual Consultants Conference, Does firm size matter?, (San Diego, CA) (2011) NACVA New Jersey State Chapter, Does firm size matter?, (Iselin, NJ) (2011) New York State Society of CPAs, Has the size premium disappeared?, (New York, NY) (2011) Business Valuation Resources, LLC nationally broadcasted Web seminar, Discounting lost profits: Case law & methods, (2011) AICPA National Business Valuation Conference, What do we know about the size effect?, (Washington, DC) (2010) AICPA National Business Valuation Conference, Caught in the crossfire The expert witness for valuation, (Washington, DC) (2010) AICPA National Forensic Accounting Conference, Discount rates for general economic damages, (Boston, MA) (2010) The Knowledge Congress nationally broadcasted Web seminar, Commercial damages: Overview and cross examination Bullet proof or bullet holes?, (2010) AIPCA/ASA National Business Valuation Conference, What do we know about risk?, (Las Vegas, NV) (2008) AICPA National Forensic Accounting Conference on Fraud and Litigation Services, Advanced issues in damage calculations, (Las Vegas, NV) (2008) Page 4 of 13

5 SPEECHES AND PRESENTATIONS (continued) AICPA National Forensic Accounting Conference on Fraud and Litigation Services, Valuation standards AICPA valuation standards implementation, (Las Vegas, NV) (2008) Financial Consulting Group University Program, Dealing with multiple business valuation standards in a litigation environment (Atlanta, GA) (2008) FICPA Valuation, Forensic Accounting & Litigation Services Conference, Financial models: Intellectual property valuation vs. intellectual property damages, (Ft. Lauderdale, FL) (2008) AICPA National Business Valuation Conference, Business valuation standards update (New Orleans, LA) (2007) AICPA nationally broadcasted Web seminar, Understanding the statement on standards for valuation services No. 1: Practical guidance on the AICPA s new standard, (2007) FICPA Annual Accounting Show, Fair value measurements for auditors, (Ft. Lauderdale, FL) (2007) Virginia Society of Certified Public Accountants 8 th Annual Business Valuation, Fraud & Litigation Services Conference, Lost profits & economic damages (Richmond, VA) (2007) Financial Consulting Group Fall Conference, AICPA standards update & implementation guidance (Chicago, IL) (2007) FICPA Valuation, Forensic Accounting & Litigation Services Conference, Case law & standards update (Ft. Lauderdale, FL) (2007) AICPA National Business Valuation Conference, Reconciling between multiple professional standards (San Antonio, TX) (2006) Colorado Bar Association & Colorado Society of CPAs 2006 Litigation Conference for Attorneys & CPAs; Lost profits & damage measurements (Denver, CO) (2006) Arizona Society of CPAs Annual Business Valuation & Litigation Support Conference, Lost profit damage measurements (Phoenix, AZ) (2006) Financial Consulting Group University Program, Lost profits damage measurements (Atlanta, GA) (2006) FICPA Annual Valuation and Litigation Conference, Lost profits damage measurements (Fort Lauderdale, FL) (2006) AICPA/ASA National Business Valuation Conference, Future of the business valuation profession, (Las Vegas, NV) (2005) AICPA Practitioners Symposium, AICPA business valuation standards (Orlando, FL) (2005) FICPA Annual Valuation and Litigation Conference, Discounting lost profits in damage calculations (Fort Lauderdale, FL) (2005) AICPA National Business Valuation Conference, Business valuation standards & AICPA update (Orlando, FL) (2004) Page 5 of 13

6 SPEECHES AND PRESENTATIONS (continued) AICPA Conference on Litigation Services, What litigation experts need to know about business valuation (Phoenix, AZ) (2004) AICPA nationally televised webcast, The new ethics environment: Practical issues for valuation & litigation practitioners (2004) Association of Family Law Professionals, Business valuation & the proposed new AICPA business valuation standards (Estero, FL) (2004) Financial Consulting Group Conference, Discounting lost profits in damage calculations (Atlanta, GA) (2004) Financial Consulting Group Conference, Revenue forecasting and measuring compensatory damages (Atlanta, GA) (2004) Financial Consulting Group Conference, How auditor independence rules affect the valuation and litigation/forensic services (Atlanta, GA) (2004) FICPA Annual Valuation and Litigation Conference, Professional standards update (Fort Lauderdale, FL) (2004) AICPA National Business Valuation Conference, New professional pronouncements affecting your valuation practice (Phoenix, AZ) (2003) American Bar Association's Annual Institute on Health Care Fraud, Establishing fair market value under the anti-kickback and self-referral laws (Las Vegas, NV) (2003) FICPA Annual Accounting Show, Estate and Gift Tax Section, Valuation issues and tax cases (Fort Lauderdale, FL) (2003) AICPA Conference on Advanced Litigation Services, Revenue forecasting and measuring compensatory damages (Miami Beach, FL) (2003) AICPA Conference on Advanced Litigation Services, Discounting Lost profits in damage calculations (Miami Beach, FL) (2003) California Society of CPAs Economic Damages Section, Differences between business valuations and calculating lost profits (Los Angeles, CA) (2003) AICPA National Business Valuation Conference, Differences between business valuations and calculating lost profits (New Orleans, LA) (2002) AICPA National Advanced Litigation Services and Fraud Conference, Differences between business valuations and calculating lost profits (Las Vegas, NV) (2002) Financial Consulting Group Conference, Damages based on lost profits and economics of litigation services (Atlanta, GA) (2001) FICPA Broward Chapter Seminar, Business valuation (Fort Lauderdale, FL) (2001) AICPA National Advanced Litigation Services Conference, Written reports on expert findings (Beverly Hills, CA) (2000) Page 6 of 13

7 SPEECHES AND PRESENTATIONS (continued) AICPA National Advanced Litigation Services Conference, Valuation issues in litigation (Beverly Hills, CA) (2000) AICPA National Conference on Fraud, Creating a forensic accounting practice (Washington, DC) (1999) FICPA Annual Litigation & Valuation Services Conference, Professional standards update (Fort Lauderdale, FL) (1999) FICPA Annual Litigation Services Conference, Professional standards update (Fort Lauderdale, FL) (1998) Palm Beach County Bar Association Seminar, Placing a value on business interests and professional practices (Palm Beach Gardens, FL) (1998) Law Firm Services Association Conference, Law firm valuations (Orlando, FL) (1998) FICPA Annual Litigation Conference, Professional standards update (Fort Lauderdale, FL) (1997) AICPA National Conference on Fraud, Management of a fraud investigative practice (San Antonio, TX) (1997) AICPA National Advanced Litigation Services Conference, Written Reports: Communicating expert findings (Las Vegas, NV) (1997) Florida Liability Claims Conference (Florida Liability Claims Institute, Inc.), sponsored by the Florida Defense Lawyers Association, Analysis and approaches to computing lost profits and lost earnings damages (Orlando, FL) (1997) FICPA East Coast Chapter Seminar, Detecting fraudulent financial statements (West Palm Beach, FL) (1997) FICPA Florida State University Accounting Conference, Litigation services and business valuation services (Tallahassee, FL) (1997) FICPA South Dade Chapter Seminar, Fraudulent financial statements (1997) FICPA Annual Litigation Services Conference, Professional standards update (1996) AICPA National Conference on Fraud, How to develop and manage a fraud investigative practice (Las Vegas, NV) (1996) Association of Certified Fraud Examiners South Florida Chapter Seminar, Fraudulent financial statements (1996) FICPA Broward County Chapter Seminar, Fraudulent financial statements (1996) FICPA/FHA/GSCPA/HFMA Annual Healthcare Conference, Medical practice valuations - Advanced issues sponsored by FICPA, Florida Hospital Association, Georgia Society of CPAs and Healthcare Financial Management Association (Orlando, FL) (1996) FICPA Annual Litigation Services Conference, Professional standards update (1995) FICPA Annual Accounting Show, Litigation services (1995) Page 7 of 13

8 SPEECHES AND PRESENTATIONS (continued) FICPA Annual Accounting Show, Detecting fraud in an audit (1995) National CPA Healthcare Advisors Association Conference, Medical practice valuations (Chicago, IL) (1995) FICPA/FHA/GSCPA/HFMA Annual Healthcare Conference, Medical practice valuations - Advanced issues sponsored by FICPA, Florida Hospital Association, Georgia Society of CPAs and Healthcare Financial Management Association (Orlando, FL) (1995) FICPA Atlantic Chapter Seminar, Fraudulent financial statements (1995) FICPA University of Florida Accounting Conference, Valuation of professional practices (Gainesville, FL) (1994) FICPA/FHA/GSCPA/HFMA Annual Healthcare Conference, Medical practice valuations sponsored by FICPA, Florida Hospital Association, Georgia Society of CPAs and Healthcare Financial Management Association (Orlando, FL) (1994) FICPA Annual Litigation Services Conference, Professional update (1994) FICPA Annual Litigation Services Conference, Professional standards update and the role of the CPA in litigation (1993) FICPA Atlantic Chapter, Fraudulent financial statements (1993) FICPA Broward County Chapter, Fraudulent financial statements (1993) Association of Certified Fraud Examiners South Florida Chapter Seminar, Fraudulent financial statements (1993) FICPA Gold Coast Chapter Seminar, Fraudulent financial statements FICPA Sailfish Chapter Seminar, Fraudulent financial statements CPA Club (Broward County, FL) Seminar, Detecting fraudulent financial statements Palm Beach County Bar Association and West Palm Beach Chapter of FICPA Seminar, Litigation support services - determining commercial damages (1990) Orange County (FL) Bar Association Seminar, Valuation of closely held businesses (1988) FICPA Gold Coast Chapter Seminar, Hotel and restaurant accounting (1988) FICPA South Dade Chapter Seminar, Hotel and restaurant accounting (1988) FICPA Central Florida Chapter Seminar, Hotel and motel accounting (1988) Pannell Kerr Forster Seminar, Problem real estate loans and workouts conference Travel and Tourism Research Association Annual Florida Meeting Crittenden Research, Inc. Seminar, How to finance and develop hotels and motels Pannell Kerr Forster Seminar, Early identification and effective handling of problem real estate loans Page 8 of 13

9 INSTRUCTOR/ MODERATOR Adjunct Professor, University of Manchester (UK), Manchester Business School, corporate finance course, Global MBA program ( ) Adjunct Professor, Florida Atlantic University, School of Accounting, business valuation courses, Masters of Accounting program ( ); College of Business, Associate Graduate Faculty Instructor, National Association of Certified Valuation Analysts one-half day seminar, Working through the business valuation standards maze (Ft. Lauderdale, FL) (2007) Instructor, National Association of Certified Valuation Analysts two-day seminar, Valuing Intangible Assets for litigation and financial reporting - intangible assets & financial reporting: purchase price allocations & impairment tests (Ft. Lauderdale, FL) (2007) Instructor, National Association of Certified Valuation Analysts two-day seminar, Intangible Asset Valuation, Financial Reporting: Purchase price allocation and impairment tests (San Antonio, TX) (2006) Instructor, FICPA Valuation and Litigation Section one-half day seminar, Case study in commercial economic damages (Fort Lauderdale, FL) (2004) Instructor, AICPA Advanced Cost of Capital one-day course (Atlanta, GA) (2002) Instructor, AICPA Fundamentals in Business Valuation I three-day course (Greensboro, NC) (2002) Instructor, AICPA Accredited in Business Valuation Examination Review Course two-day seminar (Minneapolis, MN-1998) (Nashville, TN-1998) Instructor, How to value, buy and sell a medical practice, an all day seminar (Miami, FL 1995) (Chicago, IL 1995) (Minneapolis, MN 1995) (New York City, NY 1995) (Philadelphia, PA 1995) Moderator, FICPA Annual Litigation Services Conference (1992) Adjunct Professor, University of Central Florida - Hotel feasibility analysis course, Hospitality program (1989) Moderator, Pannell Kerr Forster conference on distressed hotels BOOK PUBLICATIONS Essentials of Forensic Accounting; co-author, American Institute of Certified Public Accountants (2014/2015) The Comprehensive Guide to Lost Profits Damages; contributing author: Chapter 1 Professional Standards for Experts, Chapter 14 Discounting Lost Profits in Damage Measurements, Chapter 24 Intellectual Property Overview, Business Valuation Resources, LLC (2014, 3 rd edition) Page 9 of 13

10 BOOK PUBLICATIONS (continued) The Comprehensive Guide to Lost Profits Damages; contributing author: Chapter 2 Professional Standards for Experts, Chapter 11 Discounting Lost Profits in Damage Measurements, Chapter 18 Intellectual Property Overview, Business Valuation Resources, LLC (2011, 2 nd edition) The Portable MBA in Finance and Accounting, contributing author: Chapter 16 Business Valuation, John Wiley & Sons, Inc. (2009, 4 th edition) The Comprehensive Guide to Lost Profits Damages; contributing author: Chapter 2 Professional Standards for Experts, Chapter 10A Discounting Lost Profits in Damage Measurements, Chapter 11 Intellectual Property Overview, Business Valuation Resources, LLC (2009, 1 st edition) Valuation for Financial Reporting: Fair Value Measurements and Reporting, Intangible Assets, Goodwill and Impairment; contributing author: Chapter 1 Fair Value Measurements and Financial Reporting, John Wiley & Sons, Inc. (2007, 2 nd edition) Litigation Services Handbook: The Role of the Financial Expert, contributing author: Chapter 13 Business Valuation, John Wiley & Sons, Inc. (2007, 4 th edition) Financial Valuation: Applications and Models, co-author, John Wiley & Sons, Inc. (2006, 2 nd edition) Financial Valuation: Applications and Models, co-author, John Wiley & Sons, Inc. (2003, 1 st edition) The Portable MBA in Finance and Accounting, contributing author: Chapter 18 Business Valuation, John Wiley & Sons, Inc. (2001, 3 rd edition) OTHER PUBLICATIONS Capital Structure of Private Firms, Financial Valuation and Litigation Expert, (June/July 2014) Testimony of Valuation Experts, Dunn on Damages, (Summer 2012) Statistical Inference in Damage Analysis, Dunn on Damages, (Spring 2011) A Competitive Analysis of Business Valuation Services; Five competitive forces shape industry strategy, Journal of Accountancy, (November 2010) The Appraisal Foundation Proposes Changes to USPAP that Regulates Draft Reports and Interim Communications with Client, Lawyers, and Others, Business Valuation Update, (October 2010) Using Statistics to Assess Lost Profits During an Economic Downturn, Financial Valuation and Litigation Expert, (February/March 2010) Page 10 of 13

11 OTHER PUBLICATIONS (continued) Discount Rates Used in Lost Profits Damages, Financial Valuation and Litigation Expert, (August/September 2008) Pension Protection Act Changes Valuations for Tax Purposes, Journal of Accountancy, (September 2007) New Rules for Charitable Giving, So. Florida Magazine, a publication of South Florida Business Journal, (July/August 2007) Cost Estimation in IP Damages, Financial Valuation and Litigation Expert, (June/July 2007) Savvy Investors Ferret Out Financial Fraud, So. Florida Magazine, a publication of South Florida Business Journal, (March/April 2007) The Valuation Landscape, Journal of Accountancy, (September 2006) Financial Models: IP Valuation vs. IP Damage Measurements, Financial Valuation and Litigation Expert, (June/July 2006) Response to One Man's Opinion: Comments on the Winter's Issue 'A New Look at Expected Cash Flows and Present Value Discounts', Co-author, CPA Expert, AICPA (Spring 2004) The Impact of Auditor Independence Rules on Business Valuation and Litigation Services, Coauthor, CPA Expert, AICPA (Summer 2003) The AICPA Business Damages Survey: Select Findings, CPA Consultant, AICPA (April/May 2003) Courts Want Facts, Not Fairy Tales - Unpublished District Court Order Rejects Expert Testimony on Causation and Damages, CPA Expert, AICPA (Winter 2000) It Happens to the Best of Them: Businesses Inevitably Die So Owners Should Be Prepared, Broward Daily Business Review and Miami Daily Business Review (December 7, 1998) Valuation of a Medical Practice, Practice Management Advisor, Health Care Advisors Association (Spring 1998) Estimating Costs in Computing Lost Profits, CPA Litigation Service Counselor, Harcourt Brace Professional Publishing (March 1997) Skills Used in Litigation Services, Co-author, Journal of Accountancy, AICPA (September 1996) Expert Witnesses - In Jeopardy?, Co-author, Journal of Accountancy, AICPA (December 1994) Litigation Services - Applying the Professional Standards, Florida CPA Today, FICPA (November 1993) Financial Issues in Marital Dissolution, Co-author, Florida CPA Today, FICPA (March 1993) Providing Litigation Services, Contributor, Technical Consulting Services Practice Aid No. 93-4, AICPA (1993) Page 11 of 13

12 OTHER PUBLICATIONS (continued) Financial Statement Fraud, Florida CPA Today, FICPA (October 1992) Calculating Commercial Business Damages, Florida CPA Today, FICPA (September 1991) Marital Dissolution - What Happens When Your Client Files For Divorce? Florida CPA Today, FICPA (October 1990) Litigation Services - Professional Standards and Considerations, Florida CPA Today, FICPA (January 1990) and Disclosures, Virginia Society of CPAs ( 1990) Opportunities in Litigation Support, Florida CPA Today, FICPA (November 1988) WORKING PAPERS A Literature Review of the Size Effect, available at Social Science Research Network TECHNICAL REVIEWER McGraw-Hill, The Basics of Conducting Business Valuations (1997) AICPA, Litigation Services Video course continuing professional education program (1993) BOOK REVIEW AUTHORSHIPS Litigation Services Reports: A Variety of Illustrations, a review of Litigation Support Report Writing: Accounting, Finance, and Economic Issues, CPA Consultant, AICPA, August/September 2003 Writing and Defending Your Expert Report: The Step-by-Step Guide with Models, CPA Expert, AICPA, Winter 2003 Litigation Services Handbook, 3 rd Edition, CPA Expert, AICPA, Fall 2001 Developing and Managing a Litigation Services Practice, CPA Expert, AICPA, Spring 2000 Developing and Managing a Litigation Services Practice, CPA Expert, AICPA, Winter 1997 Page 12 of 13

13 MICHAEL A. CRAIN, DBA, CPA/ABV, ASA, CFA, CFE OTHER Quoted in media several dozen times on hospitality industry. Page 13 of 13