Curtis Kimball

Biography

Curtis Kimball is a senior consultant of Willamette Management Associates. Previously, he was a managing director of the firm and the firm’s national director for wealth management valuation services. He is also president of Vinewood Investment Analytics Inc.

He has performed the following types of valuation assignments: estate and gift planning appraisals, estate tax (both date of death and alternate value date) appraisals, gift tax appraisals, generation-skipping tax appraisals, buy-sell agreement appraisals, income tax (including charitable deduction, capital gains tax, intangible asset basis and loss deduction) appraisals, transaction feasibility and appraisals, merger and acquisition valuations, fairness opinions, solvency analysis, employee stock ownership plan (“ESOP”) feasibility and initial transaction appraisals, ESOP annual update valuations, insurance appraisals, divorce and prenuptial appraisals, various litigation support appraisals (including reviewing and rebutting the work of other experts), damages and lost profits analyses, bankruptcy and restructuring analysis and valuation, fair compensation and stock option valuations, and appraisals supporting collateral values for financing purposes.

Mr. Kimball has presented expert witness testimony in federal (U.S. Tax Court, U.S. District Court, U.S. Court of Federal Claims, and U.S. Bankruptcy Court) and has extensive experience with appearances in Internal Revenue Service audits and appellate conferences.

Mr. Kimball has extensive experience in the appraisal of various types of business entities and interests. These include private family-owned businesses, private multiple-investor businesses, minority interests, fifty-percent interests, restricted public stock, large blocks of publicly traded securities, preferred stock interests, multiple classes of preferred and common stock in complex capital structures, secured and unsecured notes, subordinated debt interests, stock options, warrants and rights offerings, general and limited partnership interests, limited liability company membership interests, professional practices, new ventures, joint ventures, license agreements, franchises, and foreign-domiciled corporations.

In addition, his experience includes the valuation of various types of intangible assets and intellectual properties. These include patents, permits, copyrights, master recordings, television series libraries, core deposits, customer contracts, management employment contracts, noncompete clauses, rights and contract disputes, customer lists, assembled workforces, professional sports intangibles, trademarks, going-concern values, goodwill, tax issues, branching rights, regulatory accounting principles rights, and transfer price agreements.

Previous Experience

Before joining Willamette Management Associates, Mr. Kimball was a vice president and manager of the Business Owners Services Group of the Citizens & Southern Trust Company, the trust subsidiary of the Citizens & Southern Corporation of Atlanta, Georgia (subsequently acquired by Bank of America). Mr. Kimball provided the C&S Corporation’s trust and banking customer base throughout the Southeast with valuation and appraisal services. In addition, his area acted as the trust department’s analyst and administrator in matters relating to the management, purchase, and sale of private business interests and illiquid securities held in estates and trusts. Mr. Kimball has managed closely held businesses after the founder’s death and has served as a member of the board of directors of a number of family-owned businesses in his capacity as representative of the bank as fiduciary.

Mr. Kimball also acted as part of C&S Trust’s ESOP fiduciary services group, with input regarding the retention of independent appraisal firms to advise the bank as trustee on ESOP valuations and review of outside appraisers’ work. Mr. Kimball’s position at C&S included work as part of the team that acted as ESOP trustee for the leveraged buyout of AVIS Rent-a-Car, one of the largest and most successful employee-owned firms in the nation at that time.

Prior to joining C&S, Mr. Kimball was an Assistant Vice President with the Trust Department of Wachovia Bank & Trust Company, N.A., a major regional bank located in North Carolina (subsequently acquired by Wells Fargo). As the assistant manager of the closely-held business unit at Wachovia, Mr. Kimball managed the trust department’s holdings of private business interests and conducted valuations of closely-held businesses and business interests for bank clients in the region. He also worked as a commercial loan administration officer and in the internal audit department at Wachovia.

Mr. Kimball joined the Portland, Oregon, office of Willamette in 1988 and moved to Atlanta in 1995 to open this regional office for the firm. He is a noted speaker and author on the subject of valuations for wealth planning and other purposes. He is also an accredited investor who has purchased and sold private company investments for his own account.

Education

• Master of Business Administration, Emory University
• Bachelor of Arts, Economics, Duke University

Professional Affiliations

Mr. Kimball holds the professional designation Accredited Senior Appraiser in business valuation and in appraisal review and management for business valuation (“ASA”) from the American Society of Appraisers. He is currently a member of the ASA’s Board of Governors. He served as a member and the Treasurer of ASA’s Business Valuation Committee, as a member of the ASA’s International Ethics Committee, its Investment Policy Committee, and its International Board of Examiners. He was also a member of the ASA’s Business Valuation Standards Sub-Committee. He has served as president, secretary, and treasurer of the Atlanta Chapter of the ASA. He is the past chair of the Atlanta Chapter’s Business Valuation Committee. He has served as Treasurer of the Portland Chapter of the ASA.

Mr. Kimball also holds the Chartered Financial Analyst (“CFA”) professional designation from the CFA Institute (“CFAI”). He was a member of CFAI’s Board of Examiners and was a senior grader for the examinations leading to the CFA designation. He served as a member of the Disciplinary Review Committee of CFAI and served as a member of the disciplinary/ethics hearing panelist pool. He was a member of the Portland Society of Financial Analysts (CFAI’s Oregon chapter), for which he served as secretary and a member of the board of directors. He served on the board of trustees of the CFA Society Atlanta (CFAI’s Georgia chapter) and has also served as its Membership Chair.

He is also a member of the Institute of Management Accountants, the National Association of Corporate Directors, the Society for Human Resource Management, and the National Association of Business Economists, for which he held positions as president of the Portland chapter and treasurer of the Atlanta chapter.