Carl Saba is a partner in the Forensic and Financial Consulting Services Group at Hemming Morse. He is a recognized leader within the business valuation community, with over 17 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 500 valuation engagements over the last eight 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, breach of contract, fraud and disputes over businesses and intellectual property. In most cases, he has been successful in contributing to a favorable award for clients and 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, where he is currently a board member. Carl has authored several articles on cutting edge valuation topics and teaches and lectures on the subject frequently. Carl is fluent in French.
“409A Administration Handbook”, Thomson Reuters, Co-author, Valuation section, 2013 Edition
“Purchase Price Allocations Under ASC 805: A Guide to Allocating Purchase Price for Business Combinations,” as originally published for BPM Insights, 2012
“A Fresh Start for Your Financials After Chapter 11: Fair Value Measurements in Reorganization,” as originally published for BPM Insights, 2012
“Valuation Challenges for Early Stage Companies,” BV Wire, Issue 97-4, 2010
“Stock Options for Private Companies: Understanding the Risks, Realizing the Rewards,” as originally published on CFO.com, 2009
“Future Equity Financing in Early Stage Company Valuations,” Fair Value Forum Whitepaper, 2009
“The Continued Appraisal Attack,” California Tax Policy Conference, California Tax Bar, 2013
“Equity Compensation Valuation Issues – Addressing Situational Requirements When the Guidance is Insufficient,” Fair Value Summit, American Society of Appraisers, 2013
“Mergers & Acquisitions: Better Decision Making Through Financial Modeling,” Controllers Conference, AICPA, 2013
“Auditing Fair Value Measurements under IRC 409, ASC 718 and ASC 805,” OUM & Co. LLP, 2013
“Valuation Issues in Chapter 11 Reorganizations,” Inns of the Court, San Jose Federal Courthouse, 2013
“Valuation Issues in Bankruptcy and Financial Reporting,” Association of Insolvency and Restructuring Advisors National Conference, Panelist, 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
Fair Value Forum
Chair, Executive Committee
Valuation Roundtable of San Francisco
Community Legal Services, East Palo Alto
National Association of Certified Valuators and Analysts
Certified Valuation Analyst and Member
American Society of Appraisers
University of Southern California, MBA, Emphasis in Finance, 2003
University of California, Berkeley, B.S., Business Administration and Finance, 1995