William A. Johnston
ASA
Empire Valuation Consultants

Bill, a Managing Director of Empire Valuation Consultants, LLC, is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers. He earned his M.B.A. in Finance from the Stern School of Business at NYU. He holds a B.S. in Finance and International Business from the Pennsylvania State University.

Bill has fifteen years of experience in business and intangible asset valuations. He has valued the equity, debt, options/warrants, carried interests etc. of publicly and privately held businesses for financial reporting, acquisitions, stock repurchases, lending, estate and gift tax reporting, recapitalization, litigation, fairness opinions and general corporate planning purposes. He has managed and performed numerous valuations for financial reporting purposes, including purchase price allocation, goodwill impairment testing, cheap stock and compensation expense. Bill has a significant amount of experience valuing technology companies, hedge and private equity funds and early stage businesses.

Bill also has experience valuing foreign companies located in Canada, Bermuda, Europe and Asia. Bill currently serves on the ASA's Business Valuation Committee and is past President of ASA's New York City Chapter. He was the first chairperson of a national conference annually sponsored by ASA covering financial reporting valuations. Bill has acted as a guest lecturer at Fordham University, speaking on the topic of intangible asset valuation. He has taught a Center for Advanced Valuation Studies (CAVS) course on purchase price allocation (SFAS 141) and impairment testing (SFAS 142, SFAS 144) for ASA. He also teaches its BV301 and BV302 Intangible Asset valuation classes (including the first 302 course offered), and has spoken at various ASA events on the topic of purchase price allocation valuations. Bill is a member of the Appraisal Issues Task Force (AITF), a discussion forum for financial reporting relatedvaluation issues, and the Association for Corporate Growth.

He currently serves as Empire's chairperson for its Technical and Standards Committee. Bill has served as an expert witness on a business valuation matter in New York State Supreme (Civil) Court.

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