David A. Maschino, ASA
Accredited Senior Appraiser


Mr. Maschino has issued opinions of value and furnished corporate financial advisory services in support of resolving numerous corporate shareholder disputes, reorganizations, recapitalizations, liquidations, marital property divisions, joint ventures, asset and equity sales, tax, and litigation matters. He has testified as an expert witness on business valuation matters in federal district court and local court systems. He is an accredited member of the American Society of Appraisers holding the designation of Accredited Senior Appraiser in Business Valuation.



Business Appraisal experience includes a broad spectrum of assignments from business start-ups to mature closely held business interest requiring a formal opinion of value and appropriate report. Appraisal subjects have included general and limited partnership interests, voting and non-voting common shares, preferred securities, licenses, contracts and intangible assets (customer base, brand, workforce, etc.). Engagement purposes include estate and gift tax, SFAS 123R (Share-Based Payment); shareholder disputes to include dissenting, distressed and other derivative claims of minority interests to estimating the contribution of stock appreciation rights as a component of reasonable executive compensation. 

Markets served include manufacturing, distribution, entertainment, construction, transportation, agricultural, petroleum and LP marketers, publishing, business associations, real estate development, hospitality, retail, financial services, integrated healthcare services, assisted living, insurance agencies and third-party administrators, IT consulting and professional service firms, among others.

Valuation Consulting: Engaged in a consulting capacity (and not as a fact witness) by legal counsel to advise counsel in identifying the premise, purpose, level(s) of value, valuation theory and economic variables that influence the merit of their clients’ economic claims. He has researched and advised counsel regarding industry specific conditions, sources of information, and subject matter experts. He has provided credible and objective formal appraisal reviews of both retained and opposing party expert reports to facilitate resolution of issues without litigation.

Economic Damages and Fairness Opinions: Engaged as an expert witness regarding economic damages stemming from breach of contract to fairness and solvency opinions under the fraudulent conveyances statute. Developed market based but-for analytical methodologies and economic models for the quantification of economic damages and lost profits that have successfully withstood challenge in the litigation arena.

Corporate Finance:  Has marketed, negotiated and successfully closed the sale of closely held business interests. Supported client management of key-man relationships by performing compensation studies, structuring performance based compensation incentives (phantom stock, stock appreciation rights, and cash-flow index based bonus programs) and assisted management in the negotiation and implementation of such programs.

Capital Budgeting and Capitalization: Successfully reorganized the affairs of a series of privately held companies in the metal processing, plastic forming, wholesale consumer foods, logistics, entertainment, equipment leasing and commercial real estate industries, among others - often under adverse client financial and market conditions.

Education and Professional Associations

He holds degrees in Political Science and Military Science from Ball State University.

Ball State University, Muncie, IN: B.S. in Political Science 1983, B.A. in Military Science 1982.
Masters level courses in Business Administration and other electives completed:
Managerial Cost Accounting, Financial Accounting, Financial Management, Individual & Corporate Taxation, Insurance, Business Data Management, International Law, Will/Trust & Estate Administration, Administrative Law, Family Law, Contract Law, Business Law, Real Estate Law, Uniform Commercial Code, Marketing Management & Strategies, Managerial Economics, Finance, Production Management, Business Calculus and Correlation/Regression Analysis.

United States Army: Honor Graduate from Ordinance Officers Advanced Military School, Field Artillery Officers Basic and USAOMMCS Defense Logistics and Acquisition Management College.

Trained in Federal Acquisition Regulations, purchasing & procurement, weapons development, supply/inventory management, and wholesale material management.

Other Significant Work Experiences

After a career as an U.S. Army Combat Arms Officer, he joined Cummins Engine Technical Center and Cummins Military Systems as a cost systems analyst and senior financial analyst in support of DOD R&D contracts. Upon project completion, he founded Business Development & Management Inc. (BV&D) and provided business appraisal and corporate financial advisory services from 1993 to 2002. In response to adverse market conditions, he merged his valuation practice with that of BGBC Partners, P.C. as their Manager of Valuation Services. Mr. Maschino merged Private Equity Valuation Advisors, Inc., (PEVA) into Lighthouse Advisors, Inc., to better serve the needs of private business and those of their advisors in response to market competitive conditions and regulatory environment.

BGBC Partners, PC (11/06/02 to 06/15/06): Manager of Business Appraisal and Valuation Services: Responsible for business valuation product development, promotion and delivery. Manage all aspects of appraisal engagement, contract negotiation and product delivery in support of estate, tax, acquisition, divestiture, financial reporting, share-holder dispute and litigation support matters. Developed advanced valuation and econometric models with reporting templates supporting the estimation of intangible assets and personal goodwill. 

Cummins Military Systems, Inc. and Cummins Engine Company, Inc. (10/01/91 – 03/01/93)
Senior Financial Analyst: Assisted Director, Financial Control, in management and administration of the Columbus based and consolidated general ledger, financial reporting, monthly close, consolidation and account reconciliation. Participated in the design and implementation of a project accounting system for engineering and production based activities. Cost Systems Analyst: Managed and maintained Cost/Schedule Control System for separate government research and development programs. Participated in daily R&D program management and provided financial management information to program management to include cost, profit and funding forecast, cost performance and cost objective data.

Dennis, Raisor, Wenger, Haynes, Attorneys, Muncie, Indiana
Legal Assistant and researcher; Under the guidance of a supervisory attorney, performed damage estimates, investigations, insurance settlements, prepared contracts, security agreements, court pleadings and briefs; researched probate, trust, real estate, tax and business common and statutory legal issues.

U.S. Army (Captain): (Honorably Discharged 09/30/95); ROTC/SMP 1978 – 1983; USAR commission received 03/20/82 (infantry); Active duty 06/84 – 12/90 (field artillery & munitions material management); Ready Reserve 01/91 – 03/93; Inactive Reserve 04/93 – 09/95.


American Society of Appraisers: Member ID 038946.

Hoosier Hills Estate Planning Council

Indiana Association for Corporate Renewal

Estate Planning Council of Indianapolis


Accredited Senior Appraiser in Business Valuation by the American Society of Appraisers, ID: 038946

Business Valuator Accredited in Litigation by The Institute of Business Appraisers, ID: 9171-01

Other Appraisal and Related Education

Uniform Standards of Professional Appraisal Practice, ASA, August, 1998

Mastering Appraisal Skills for Valuing the Closely Held Business, IBA, Jan.- June, 1997

Asset Differences between Disciplines, ASA, June, 1999

Ethics Examination: Principles of Appraisal Practice and Code of Ethics, ASA,
 January, 1999

USPAP Examination, ASA, August, 1998

BV201, ASA Introduction to Business Valuation, Part 1, March, 2000
(Asset & Market Approaches)

BV202, ASA Introduction to Business Valuation, Part 2, May, 2000
(Income Approach)

Report Writing for Appraisers, joint conference of ASA & IBA, May 2000

IBA’s Academy of Business Appraisal, Valuation of Healthcare Entities, July 2000

BV203, ASA Part III, Case Studies, August, 2000

BV204 , ASA Selected Advanced Topics, November, 2000

Institute of Business Appraisers 2002 Annual Business Conference May 2002; Track III, Advanced Business Appraisal

ASA/CICBV 5th Joint Advanced Business Valuation Conference, Orlando, Florida, October 24-26, 2002

Hoosier Hills Estate Planning Council, Complex Laws in Complex Times, Roy Adams, May 2003

Institute of Business Appraisers 2003 Annual Business Conference June 2003; Track III, Advanced Business Appraisal

ASA Advanced Business Valuation Conference, Chicago, Illinois, October 16-18, 2003

Institute of Business Appraisers 2004 Annual Business Valuation Conference June 2004; Track III, Advanced Business Appraisal

ASA Advanced Business Valuation Conference, San Antonio, Texas, October 6-9, 2004

Institute of Business Appraisers 2005 Annual Business Valuation Conference May 2005

Institute of Business Appraisers Masters class: Valuing Intangible Assets, May 2005

Indiana Continuing Legal Education Forum, Mergers & Acquisitions, July 22, 2005

Business Valuation Resources teleseminar, “Solvency Opinions”, October, 2005

Mercer Capital’s Value Matters teleseminar, “Is Your Business Ready for Sale?” part 1, November 2, 2005

1st ASA/AICPA Joint Business Valuation Conference, Las Vegas, November 14, 2005

Indiana Continuing Legal Education Forum, Annual Bankruptcy Institute, December 14-15, 2006

ASA Advanced Business Valuation Conference, San Diego, Ca, October 28-31, 2007

NAECP National Conference, Scottsdale, Arizona, November 2008

Hoosier Hills Estate Planning Council, Buy-Sell Agreements by Chris Mercer, April 29, 2009

American Society of Appraisers SE100: 15-Hour USPAP Instruction and Examination 2010-2011 Uniform Standards of Professional Appraisal Practice


Chair, “Business Valuation & Appraisal for the Legal Practitioner: The Fundamentals”, February 18, 2004, Indiana Continuing Legal Education Forum.

Institute of Business Appraisers 2004 Annual Business Valuation Conference June 2004; Track I, Introduction to Business Appraisal, Market Approach Case Study


“Evolving Standards of Value in Marital Property Disputes,” Business Valuation Update - Judges & Lawyers, Vol. 3, Issue 7, July 2001.


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