Ethan Lee is a partner at Hemming Morse and maintains an office in Idaho Falls. He has specialized in business
valuation and forensic accounting services since 2006. He is a Certified Public Accountant (CPA), licensed in California
and Idaho, and holds the Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF) credentials
through the American Institute of CPAs (AICPA), as well as the Certified Merger & Acquisition Advisor (CM&AA)
credential promulgated by the Alliance of Merger & Acquisition Advisors. He has performed business valuations for
mergers and acquisitions, business transition planning, gift and estate tax compliance, litigation and dispute resolution,
and other purposes. Ethan has also provided consulting and expert services in connection with divorce, business
disputes, bankruptcy, and business and personal economic damage matters. He has testified as an expert witness in
federal and state courts, and has been a court-appointed expert and receiver.

Ethan has served as a member of the AICPA’s Forensic & Valuation Services Executive Committee and is currently
serving on the Business Valuation Committee of the AICPA. He is also a member of Expert Resource Connection
(a national invitation-only, limited-member group of forensic and valuation services experts), Alliance of Merger
& Acquisition Advisors, and the Idaho Society of CPAs. He is a founding member of the Idaho Business Transition
Association and served as president of the Salt Lake City Chapter of the American Society of Appraisers.

Ethan has presented at national and local venues including the AICPA Forensic & Valuation Services Conference, San
Francisco office of the Financial Industry Regulation Authority (FINRA), and at multiple other professional venues. He
is a co-author of the AICPA’s Model Business Valuation Curriculum and the Hawaii Divorce Manual published by the
Hawaii State Bar Association. Ethan has been a guest lecturer at Sonoma State University and BYU ‐ Hawaii.

2022 – CM&AA, Certified Merger & Acquisition Advisor

2009 – CFF, Certified in Financial Forensics, American Institute of CPAs

2008 – ABV, Accredited in Business Valuation, American Institute of CPAs

2008 – CPA, Certified Public Accountant, licensed in Idaho and California

2006 – Bachelors of Science, Brigham Young University – Hawaii; Laie, Hawaii

■ Certified Public Accountant, State of California (2008) and State of Idaho (2019)

■ Accredited in Business Valuation, 2008

■ Certified in Financial Forensics, 2009

■ Certified Merger & Acquisition Advisor, 2022

■ American Institute of Certified Public Accountants,
2008 – Present
– Business Valuation Committee Member, 2023 – present
– Forensic & Valuation Services Executive Committee
Member, 2016 – 2019
– ABV Champion for Hawaii, 2012-2019

■ American Society of Appraisers, 2018 – Present
– President – Salt Lake City Chapter, 2021 – 2022

■ Idaho Society of Certified Public Accountants,
2019 – Present
– Member

■ Expert Resource Connection, LLC, 2020 – Present
– Member

■ Alliance of Merger & Acquisition Advisors, 2022
– Member