Advisory Board

Michael Adhikari, CM&AA
President, Illinois Corporate Investments
Phone Number: (847) 438-1657
Mike Adhikari has 20+ years of M&A experience and 17+ years of operating experience with a Fortune 500 company. He teaches at the Kellogg Business School of the Northwestern University. He has three post-graduate degrees, including an MBA from the University of Chicago. His valuation work has been quoted in the Wall Street Journal and US Congress. Mike used early version of BVX to quantify reduction in valuation of small businesses due to 12/99 tax law change that repealed installment sale provision. Wall Street Journal quoted this analysis and U.S. Congress used it during the hearings to reverse the tax law change. Mike worked actively with various organizations in Washington to help achieve reinstatement of the installment sale provision in 12/2000. Mike continues his M&A practice as the President and owner of Illinois Corporate Investments Inc. (ICI), a mid-market M&A Intermediary firm handling transactions valued between $1-100 Million. Over the last 15 years, ICI has successfully completed sell-side assignments, buy-side engagements, business valuations, and special M&A projects. ICI specializes in manufacturing , service and distribution businesses and has successfully represented clients in the U.S., Europe and Asia. ICI has completed transactions involving profitable, unprofitable and under-performing businesses for private and public companies. Prior to purchasing ICI, Mike worked for a $400 million division of a Fortune 500 company manufacturing graphic arts equipment and supplies. He held various positions including Director of Marketing, Director of Strategic Planning, Director of Manufacturing and Manager of R&D.

Mike has earned an MBA-Finance (1977, University of Chicago), an MS-Computers (1972, Cleveland State University), an MS-Mechanical Engineering (1970, Illinois Institute of Technology), and a BS-Mechanical Engineering (1968, India). Since 1994, Mike has been teaching Mergers & Acquisitions, as a guest speaker, in the Entrepreneurial Finance class of the MBA program at the Kellogg Business School of the Northwestern University. This class has been ranked in the "Top 12" in the country by Business Week magazine.
Dave Asmus
David G. Asmus
Managing Director, CKS Advisors
Phone Number: (480) 909-4291
CKS Advisors Managing Director David Asmus brings more than 35 years of professional experience in business transactions counseling to his clients. His experience includes advising buyers, sellers, equity investors, and financial institutions on mergers, acquisitions, succession planning, and related transitional matters. He retired from his legal practice in January, 2018. Prior to joining CKS Advisors, Asmus was a partner in several St. Louis, Missouri law firms where he represented business ownership interests and local, regional and, national banks as well as commercial finance groups regarding a wide range of transactional matters. Over the course of his professional career he handled numerous complex M&A transactions as well as workout, restructuring, and reorganization matters for lenders and business interests.

Education: Asmus received his J.D. from St. Louis University and his B.A. from Saint Ambrose University in Iowa.
Lloyd Bell, CM&AA
Lloyd advises business owners on the strategies necessary to build long-term shareholder value. He assists his clients with value growth – seeking opportunities to build value and understanding risks that erode value – with the goal of helping to achieve the business owner’s liquidity goals. This assistance often involves buying or selling a business, securing adequate growth capital or optimizing the company’s capitalization. Lloyd’s range of expertise extends to all aspects of financial and operational management. His experience allows him to identify the drivers of corporate value, which is vital in assessing the viability and worthiness of capital transactions. His knowledge of the financial marketplace enables him to structure transactions in a manner most advantageous to his clients. In addition, he provides business owners with advice on financial management, including performance measurement, costing and budgeting, with the goal of maximizing shareholder value. Before joining Meaden & Moore, Lloyd held positions in credit, finance and commercial lending with a commercial lending institution.
Chris Blees, CM&AA, CPA
Director of Mergers & Acquisitions, BiggsKofford
Phone Number: (719) 579-9090
Chris began his career with a progressive CPA and Consulting firm, BiggsKofford located in Colorado Springs immediately after graduating with a degree in Accounting. Chris progressed quickly and made Partner at BiggsKofford after only 6 years with the Firm and later became the firm's President and CEO. Today, Chris plays a key role by directing several sectors of BiggsKofford's business including the Firm's Merger & Acquisition Practice. As a result, the Firm has become a leader in this sector throughout the Western U.S., as demonstrated by the Firm's involvement in over 300 merger, acquisition, or sale transactions in California, Arizona, New Mexico, and Colorado. Chris' commitment to the acquisition and sale industry is personified by earning the Certified in Merger & Acquisition Advisor (CM&AA) designation, and by obtaining his Series-7 Securities License. He is now the lead instructor for the CM&AA designation, taught through DePaul University's Executive Education program in Chicago. Chris has been active in many professional organizations, including sitting on the board of the Alliance of M&A Advisors in Chicago, Colorado Springs Technology Incubator, High Altitude Angel Investors, CU Chancellor's Leadership Council, and formally on the board of the Colorado Association of Business Intermediaries. He is a member of the Alliance of M&A Advisors (The Alliance), Association of Corporate Growth (ACG), Colorado Association of Business Intermediaries (CABI), AICPA, and the Colorado Society of CPA's.
Urs Breitsprecher, CM&AA
Partner, Mütze Korsch Rechtsanwaltsgesellschaft mbH
Phone Number: +49 (0) 211 8 82 92-9
Urs Breitsprecher specializes in commercial and company law as well as tax law. He is a partner at MKRG and advises clients in the field of international company law, insolvency law and tax law.In these fields, Urs Breitsprecher’s focus in particular is on the area of company formations and acquisitions, corporate finance and reorganization/restructuring. He also contributes his tax law expertise in order to ensure the best possible tax structure. Urs Breitsprecher also advises foreign companies on their inbound investments in Germany, together with German companies on all outbound investments. His admission to the UK bar as a solicitor makes him the ideal legal advisor for this purpose. Urs Breitsprecher also represents his clients in disputes under criminal and civil law before courts of every level, and appears on their behalf in arbitration proceedings aimed at the out-of-court settlement of disputes. His priority is always the achievement of the economic objectives and goals of his clients by promoting their claims and interests and countering the claims of their opponents. Urs Breitsprecher has been acting on behalf of MKRG since 2016, after previously occupying various posts in the private sector and other corporate law firms, since 2013 as a partner.
Kevin Carlie
Kevin Carlie, CM&AA
Phone Number: --
Kevin possess over 35 years of diverse accounting and business consulting experience and has served in many roles. Having worked with companies ranging from emerging businesses to billion dollar corporations, Kevin has advised and established working relationships with CEOs, CFOs, controllers, business owners, public company board members, not-for-profit board members and others around the country. Kevin primarily serves as a client services partner at BDO, matching the firm’s resources with clients’ needs and is a trusted strategic partner for many of his clients.Kevin started his career in tax for 15 years working on several matters, including corporate tax, pass through entities, individual tax, ERISA, estates and trusts. Kevin spent a large portion of his career advising clients with transactions, providing business valuations and expert witness testimony where needed, primarily around valuation matters and contractual disputes. Transactions Kevin has worked on involve stock sales, asset sales, management buyouts, management buy ins, buy side transactions, sell side transactions, corporate divestures, ESOP buyouts, full ownership interest and partial ownership interest. Kevin also collaborates with team members and oversee transaction support services that are encountered including valuation, structuring and quality of earnings reports.
Anthony Citrolo, CM&AA
Managing Partner, Strategic Merger & Acquisition Advisors
Phone Number: --
Anthony J. Citrolo, is a CPA and the managing partner and founder of Strategic Merger & Acquisition Advisors, New York Business Brokerage, Inc. and NYBB Commercial Real Estate, Inc. He is also a Certified Merger & Acquisition Advisor, Certified Business Intermediary and Licensed New York Real Estate Broker. In his role as managing partner, he works directly with business owners, guiding them through every aspect of the selling or acquisition process, and also works closely with M&A Advisors and staff on the financial and operational analysis of each case to ensure that there is a maximum benefit and value in each transaction. Anthony is a CPA with more than 35 years of experience in business management, tax, operations and finance. He is a recognized leader in providing exit and succession planning guidance. He has been named an industry expert by Business Brokerage Press, Inc., a national publisher of educational content for intermediaries and business brokers. Anthony is a sought-after speaker and is quoted regularly on valuation and mergers and acquisition issues in many respected publications including The Wall Street Journal, Newsday, Long Island Business News and The Journal of the National Conference of CPA Practitioners. Anthony is a board member and officer of the Alliance of M&A Advisors (The Alliance), Chairman of the committee for Exit and Succession Planning for the New York State Society of CPAs and the chairman of the Long Island Board of Easter Seals NY. He is the immediate past president of AANG (Accountant/Attorney Networking Group) in New York. Other professional affiliations include the AICPA (American Institute of CPA's), the Mergers and Acquisitions Source (M&A Source), and the New York State Society of CPAs (NYSSCPA).
Champ Davis, CM&AA
Mr. Davis has significant experience providing investment banking services to clients in a wide variety of manufacturing, distribution and service industries. His clients have ranged from closely held private companies to large cap publicly-traded corporations. Mr. Davis has advised clients on mergers & acquisitions, financial restructurings and private placements of debt and equity. In addition, he has advised clients on structuring and financing ESOPs, recapitalizations, leveraged buyouts, management buyouts, going-private transactions and has provided complex financial analysis for the rendering of fairness and solvency opinions.
J. Michael Ertel, CM&AA
Managing Director, Transworld Business Advisors
Phone Number: --
* BS Electrical Engineering, Purdue University, 1969 * MS Industrial Administration, Krannert School, Purdue University, 1969 * 30 Years experience in corporate management with 3M, Bemis Packaging, GE Major Appliance, Hillenbrand Industries, Batesville Casket & Premier Bedding, LLC; * 20 years experience at the Senior Management level * 20 Years experience in Marketing & Strategic Planning * 10 years experience in Manufacturing, Logistics & General Management * 20 Years experience on various corporate Boards of Directors * Owner/Manager of various small businesses * Licensed Florida Real Estate Broker * Licensed Indiana Real Estate Broker * Certified Business Intermediary * M&A Master Intermediary * Certified M&A Advisor*Member: Alliance of M&A Advisers (The Alliance), Association for Corporate Growth (ACG), Business Brokers of Florida (BBF), International Business Brokers Association (IBBA), M&A Source, MainSource * Co-Chair, Alliance Licensure Task Force, 2006 to present * Honors: 2006 Alliance Chairperson of the Year, 2007 Alliance Member of the Year, 2008 Alliance Member of the Year.
Graeme Frazier
President, Private Capital Research
Phone Number: (610) 825-1153
Graeme is the founder and President of Private Capital Research LLC, a consulting firm that sources, originates, and invests in buyout and recapitalization investment opportunities for middle-market private equity firms and corporate clients; and he is also a partner in GF Data Resources LLC, a searchable proprietary database of transaction data on private equity-sponsored M&A transactions with $10 to $250 million in total enterprise value. Prior to PCR, Graeme was Director of Research for the Private Capital Group of Berwind Financial Group LP, (a subsidiary of the Berwind Corporation) where he was responsible for industry research and company research relating to the Private Capital activities at Berwind. Drawing from a broad base of operational and investment experience, Graeme also directed the process that provided both proprietary and opportunistic deal flow for the Leveraged Acquisitions Group. Graeme has a diverse background in the areas of finance, operations and marketing. Prior to joining Berwind Financial Group, L.P., he was: A founding shareholder of The Eastwind Group, Inc., an investment company specializing in acquiring underperforming middle market manufacturing companies and turnaround situations. At Eastwind, Graeme participated in the acquisition and financing of a number of transactions. He was also President of Princeton Academic Press, a book printing company, and was Marketing Director of Team Graphics, Inc., a printing industry holding company. Executive Vice President and General Manager, Murphy-Parker, Inc. At Murphy-Parker, Inc., a hundred year old bookbinding company, Graeme oversaw all aspects of the business for an absentee owner, and produced five years of record sales and profits. Previously, Graeme worked with Donaldson, Lufkin and Jenrette Securities as a regional institutional account representative, and with MCI Telecommunications in sales.

Graeme has a B.A. in Economics from Trinity College in Hartford, CT, and an M.B.A. from Temple University (Executive Program), where he received the Dean's Certificate of Excellence and was elected to the Beta Gamma Sigma honor society.
Raymond Hanson, MCBC, CMEA, BVAL
Co-Founder & Managing Director, PragmaGroup, LLC
Phone Number: --
Mr. Hanson is an Oregon licensed Real Estate Broker, Master Certified Business Counselor, Certified Machinery and Equipment Appraiser, Senior Business Analyst, and a Business Valuator Accredited in Litigation. His experience includes over 28 years of business valuation, consulting and brokerage experience; marketing and transferring over 202 small-to-middle market businesses; and valuating hundreds of other businesses for both fee and marketing purposes. In his career, Mr. Hanson has consulted, valued, and transferred retail, service, distribution, and small manufacturing businesses ranging from food products to high tech. He has testified as an expert witness in business valuation and business brokerage. In his entrepreneurial career, he has owned five businesses of which four were start-ups. He is the founding President of the Oregon Business Brokers Association, serves on the Advisory Board of the Alliance of Mergers and Acquisition Advisors, and is a Past President of the Institute of Certified Business Counselors. Mr. Hanson has served on the Board of Directors and as President of the Tillamook Chamber of Commerce and on the Tillamook County Local Business Advisory Council. He has served on the boards of the Oregon Executives Association and Loaves and Fishes in Portland. He has been a member of Lake Oswego Rotary since 1989. He is a past Prime Minister of the Royal Rosarians, the Ambassadors of Goodwill for the City of Portland, and currently serves on the Board of Directors for the Portland Rose Festival Foundation.
Michael Nall
Michael Nall, CM&AA
Founder, Alliance of Merger & Acquisition Advisors
Phone Number: (312) 856-9590
As an experienced corporate financial advisor with a proven track record as a transaction advisor for privately held companies, Mr. Nall is a published author and recognized speaker on the valuation, growth, and sale of middle market companies. He is the Founder of the Alliance of Merger & Acquisition Advisors. With the benefit of almost 30 years of experience in the industry, he lead the Alliance in the development and launch of a “1st of its kind” professional training and credential designation for the independent corporate financial advisory community: “Certified in Mergers & Acquisitions” (CM&AA).
Ronald Rudich, CM&AA, CPA, ABV, CFF, CVA
Sr. Director of Business Valuation and Litigation Support Services; Gorfine Schiller Gardyn, P.A.
Phone Number: (410) 517-6838
Ronald D. Rudich, CPA/ABV/CFF, MS, CVA, CBA, CM&AA, CMEA, SBA, BVAL the Director of the Business Valuation, Machinery and Equipment Valuation, and Litigation Support Services Department of the accounting and business consulting firm of Gorfine, Schiller & Gardyn, PA, is an authority in this area. Since 1966, Mr. Rudich has provided expert guidance, due diligence and services to clients and their businesses. Mr. Rudich's responsibilities include valuations of closely held and publicly traded companies, machinery & equipment appraisals, strategic business planning, cost segregation studies, budget and complex forecasting services, business consulting, business loss computations, depositions and court testimony.
Sid Shaver, CM&AA
BV Capital Advisors
Phone Number: (713) 353-1924
Sid Shaver is a Senior Managing Director of BVCA, a middle-market capital advisory group based in Houston focusing on closely-held businesses. His focus is on the energy services, petrochemical, technology, transportation, logistics, consumer goods, environmental, food and beverage industries. Prior to joining BVCA, Mr. Shaver was the Transaction Advisory Services Shareholder for several CPA firms and a Managing Director and Securities Principal for mid-market investment banking firms. Mr. Shaver has significant experience covering over twenty five years advising on transaction structure, private equity investments, due diligence and advanced tax planning for transactions. Professional credentials include Certified Public Accountant (CPA) and Certified Merger & Acquisition Advisor (CM&AA). FINRA registrations include Securities Principal/Investment Banker (Series 7,24,66,79). Mr. Shaver holds a Texas real estate license. Memberships include the Board of Advisors of the Alliance of Merger & Acquisition Advisors and Founders Circle, C.T. Bauer College of Business Accounting Advisory Board, University of Houston, Investment Bankers Scholars Club, University of Houston, Advisory Board Member, AICPA, TSCPA, ACG, AMAA, IR Global- Texas investment banking representative, Touchdown Club of Houston and the National Football Foundation.
Steven Silverman, CM&AA
Co-Founder & Managing Director, KingsPoint
Phone Number: --
Steven Silverman is a Certified Merger & Acquisition Advisor and Managing Director at KingsPoint. Steven Silverman has 25 years of experience in corporate finance and middle market investment banking, including working for a Fortune 100 company and successfully developing a national boutique investment bank. Prior to co-founding KingsPoint, Steven worked on over 100 transactions across various industries. Steven is a licensed investment banker, and carries the Series 63, 79 and 24 licenses. He serves on a local CEO Roundtable, is a Board Member of the AM&AA and a member of the Association for Corporate Growth.
Brian Wendler, CM&AA, MCBC
Phone Number: --
With over 29 years of professional experience in business valuation, mergers and acquisitions, analysis and structuring of traditional and non-traditional private placement investments, Brian Wendler is a Certified Public Accountant (CPA), and is Accredited in Business Valuation (ABV), Accredited Senior Appraiser (ASA), Certified Merger & Acquisitions, (CM&A), Certified Financial Planner (CFP), Master Certified Business Counselor (designated by the Institute of Certified Business Counselors), Accredited in Business Appraisal Review (ABAR – Less than 100 individuals hold this designation nationally) and is a Board Certified Broker (BCB). He also holds General Securities, Financial & Operations, and Municipal Securities Principal licenses, as well as a Texas real estate brokers license.

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