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Carl Saba
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- MBA, CVA, ASA, ABV
- San Francisco, Campbell
Carl Saba is a partner at Hemming Morse. He is a recognized leader within the business valuation community, with nearly 25 years of experience advising companies on complex valuation issues for litigation, mergers and acquisitions, tax and financial reporting matters.
Carl’s valuation expertise spans business valuation, valuation of intellectual property and other intangible assets, and valuation of options and other derivatives. He has led in excess of 800 valuation engagements over the last 15 years across a broad range of industries with niche expertise in the areas of technology, life sciences and medical devices. Carl has assisted clients as a valuation expert in high exposure situations in initial public offerings, acquisitions, corporate restructure transactions and bankruptcy reorganizations with transaction values exceeding $1 billion. He has also assisted clients with resolving valuation disputes with the Internal Revenue Service (IRS) and in addressing valuation inquiries and reviews by the Public Companies Oversight Board (PCAOB) and Securities and Exchange Commission (SEC).
On litigation and forensic matters, Carl has served as an expert and testified on civil litigation issues, including economic damages, shareholder dissolution actions, buyout disputes, business interruption, unfair competition, patent infringement, alter ego, lost wages, and fraud claims. In most cases he has been successful in contributing to an out of court settlement of the dispute. Carl also has significant financial advisory experience in mergers and acquisitions due diligence and turnaround management. He has led due diligence efforts that have assisted his clients in negotiating key deal terms, negotiated with creditors to recapitalize companies, and helped management teams define strategic direction.
Contributing to thought leadership within the valuation community is something Carl is passionate about. He co-founded and currently chairs the Executive Committee of the Fair Value Forum, a business valuation expert group dedicated to defining best practices within the profession. He also served a term as president of the Valuation Roundtable of San Francisco, as well as many years as a board member. Carl has authored several articles on cutting edge valuation topics and teaches and lectures on the subject frequently.
Carl has an MBA from the Marshall School of Business at the University of Southern California where he graduated with honors. He earned his bachelor’s degree at U.C. Berkeley’s Haas School of Business and is a Certified Valuation Analyst with the National Association of Certified Valuators and Analysts. He is also an Accredited Senior Appraiser with the American Society of Appraisers, and Accredited in Business Valuation with the American Institute of Certified Public Accountants. Carl is fluent in French.
University of Southern California, MBA, Emphasis in Finance, 2003
University of California, Berkeley, B.S., Business Administration and Finance, 1995
Certified Valuation Analyst (CVA), National Association of Certified Valuators and Analysts
Accredited Senior Appraiser (ASA), American Society of Appraisers
Accredited in Business Valuation (ABV), American Institute of Certified Public Accountants
Fair Value Forum
Co-founder
Chair, Executive Committee
Valuation Roundtable of San Francisco
Board Member
Former President
National Association of Certified Valuation Analysts
American Society of Appraisers
American Institute of Certified Public Accountants
Community Legal Services, East Palo Alto
Executive Committee Board Member
Treasurer
Beta Gamma Sigma – National Business Honor Society
■ “Quantifying Personal Goodwill by Analyzing Customer Retention”, BVR Business Valuation Update Vol. 23 No. 11, November 2017
■ Co-author of the valuation section of The 409A Administration Handbook, Thomson Reuters, 2013 Edition
■ “Due Diligence Can Attract, Support an Acquisition”, North Bay Business Journal, April 2013
■ “Purchase Price Allocations Under ASC 805”, A Guide to Allocating Purchase Price for Business Combinations, BPM Insights, July 2012
■ “A Fresh Start for Your Financials After Chapter 11, Fair Value Measurements in Reorganization”, BPM Insights, March 2012
■ “Valuation Challenges for Early Stage Companies”, BV Wire Issue 97-4, October 2010
■ “Valuation Challenges for Early Stage Companies”, BV Wire Issue 97-4, October 2010
■ “Stock Options for Life Science Companies, Understanding the Risks, Realizing the Rewards”, CFO.com, 2009
■ “Future Equity Financing in Early Stage Company Valuations”, Fair Value Forum Whitepaper, 2009
■ “Finding Value in Valuations” – The Importance of Valuations for Biotech Companies, Smart Business, 2008
■ “Accounting Practices for Medical Technology”, MX Magazine, July/August 2007
■ “Hot Issues in Biotech and Life Sciences”, California CPA, March/April 2006.
■ “Complexities and Challenges of Business Valuation in Litigation”, VPS Straight Talk Series Webcast, October 2023
■ “Preparing your Business for a Successful 2022”, Associated General Contractors (AGC) California, June 2022
■ “Experts In Uncharted Waters”, Association of Business Trial Lawyers Conference , October 2021
■ “Auditing IRC 409A and ASC 805 Valuations”, OUM & CO, September 2020
■ “Fair Value Forum Case Study – Unpacking Differences Between Diverse Valuation Opinions”, American Society of Appraisers 2018 Fair Value Summit, November 2018
■ “Case Studies in 409A Valuations”, American Society of Appraisers 2017 Fair Value Summit, November 2017
■ “To Dissolve or Not to Dissolve, Navigating the Waters of Shareholder Disputes”, Beverly Hills Bar Association, June 2017
■ “To Dissolve or Not to Dissolve, Overview of Section 2000 of the California Corporations Code”, Ventura County Bar Association, May 2017
■ “To Dissolve or Not to Dissolve, the Pros and Cons of Section 2000 of the California Corporations Code”, ProVisors Lawyers and Legal Professionals Affinity Group, April 2017
■ “409A and Private Companies Valuation Update”, American Society of Appraisers 2016 Fair Value Summit, November 2016
■ “Developments in the Valuation of Early Stage Companies”, AICPA Webcast, June 2016
■ “Business Valuation in Litigation: Overview and Case Studies”, American Society of Appraisers Northern California Chapter, June 2016
■ “Hot Topics in Early Stage Company Valuations”, Montgomery & Hansen LLP, April 2016
■ “What CPAs Should Know About Business Valuation for Estate and Gift Tax Matters”, Crawford Pimentel, January 2016
■ “409A Valuation Issues Update”, American Society of Appraisers 2015 Fair Value Summit, November 2015
■ “Developments in the Valuation of Early Stage Companies”, AICPA Forensic and Valuation Services Conference, November 2015
■ “Stock Transactions as an Indication of Fair Value in Common Stock Valuations”, American Society of Appraisers 2014 Fair Value Summit, November 2014
■ “Valuation of Winery Brand and Operations, Building Value in the Wine Business”, The Seminar Group, November 2014
■ “Valuation in Dissenting Shareholder Actions, Estate and Gift Tax Matters, and Transactions”, McCormick Barstow LLP, September 2014
■ “Damages and Valuation for New or Unestablished Businesses”, Winston & Strawn, May 2014
■ “The Continued Appraisal Attack”, 2013 California Tax Policy Conference of the California Tax Bar, November 2013
■ “Equity Compensation Valuation Issues – Addressing Situational Requirements When the Guidance is Insufficient”, American Society of Appraisers 2013 Fair Value Summit, November 2013
■ “Mergers & Acquisitions: Better Decision Making Through Financial Modeling”, AICPA Controllers Conference, November 2013
■ “Auditing Fair Value Measurements under IRC 409, ASC 718, and ASC 805”, OUM & Co. LLP, September 2013
■ “Valuation Issues in Chapter 11 Reorganizations, Inns of Court”, San Jose Federal Courthouse, July 2013
■ “Panelist on Valuation Issues in Bankruptcy and Financial Reporting”, Association of Insolvency and Restructuring Advisors National Conference, June 2011
■ “Alternative Investments, Fair Value Issues”, San Francisco Nonprofit Roundtable, 2009
■ “The Guideline Public Company Valuation Method and Minority versus Control Value Conclusion”, Valuation Roundtable of San Francisco, 2009
■ “Modeling Techniques for Future Rounds of Equity Financing in Early Stage Technology and Biotech Companies”, Fair Value Forum, 2009
■ “Acquired Intangible Assets and Impairment Testing Under FAS 141, 142, 144”, San Francisco State University, 2008
■ “FAS 157 and Mark-to-Market or Mark-to-Make Believe Accounting?”, Golden Gate University, 2008
■ “Analyzing Financial Statements, and Interpreting Financial Ratios”, Building Owners and Managers Association (BOMA), 2005-2007
■ “Valuations of Early Stage Companies”, Frost, and Sullivan Medical Devices Conference, 2007
■ “Complex Capital Structures – DCF with Future Capital Requirements and the Impact of Existing Shareholders”, Valuation Roundtable of San Francisco Annual Seminar, 2007
■ “Audits of Investments in Private Equity Securities, Are you Ready?”, San Francisco Nonprofit Roundtable, 2007
■ “Valuation and Accounting under FAS 123R”, Cal Society East Bay Business & Industry Group, 2006
■ “Panelist on Implementation and Valuation Considerations Under FAS 123R”, Cal Society Life Sciences Industry Group, 2006
