Business-valuation | RKL LLP
Posted on: January 9th, 2018

5 Factors in Valuing the Family Business During a Divorce

5 Factors in Valuing the Family Business During a DivorceGiven the intertwined nature of personal and commercial factors at play in a family owned business, it’s natural for the enterprise to wind up in the center of an owner’s divorce dispute. An equity ownership in a private company often represents the largest component of an owner’s personal net worth. Calculating its overall value for the equitable distribution of marital property plays a significant role in the financial aspect of divorce proceedings. Below, we outline several steps to help owners assess the value of the family owned business during a divorce settlement.

Examine and recast five years of financial data

A sustainable level of profits is one of the biggest factors that drives value. Looking back at five years of financial statements and tax returns provides a good sample size of the business’ activities and trends. From there, income statements may require adjustment, eliminating any unusual and nonrecurring income or expense items. Typical expense adjustments might include changes to officer compensation, fringe benefits and related party rents.

Review normalized profitability

Recasting expenses to a normalized level creates a true economic profit level for the company, exposing the entity’s actual financial performance. Making those adjustments can often be an educational experience for the owners, as the normalized results may look quite different from the financial data reported on income tax returns and year-end financial statements. As a result, the owners may find out their businesses make significantly more or less profits than they realized.

Valuation approaches

To determine value, an asset-based approach, income approach or market approach can be used. In the case of a business with an adequate level of normalized profits, it is most appropriate to use an income-based approach. Under this approach, a normalized profit level can be divided by a risk rate to equate a measure of value. While it may seem simple on paper, it is a complex process to measure those two elements in the formula. Because of the scrutiny and debate around the assumptions made and results obtained during the divorce process, it is best to tap the judgment and expertise of a professional business valuation expert.

Impact of valuation discounts

The privately owned business is not readily marketable like a publicly traded stock. This marketability factor may result in a significant investment in time and transaction costs before the owner can receive any cash from the sale of their business. In addition, the value of an ownership interest in a closely held business is seldom equal to a proportionate share of the total value determined from the various valuation approaches. If the owner is not the majority shareholder (ownership of greater than 50 percent), the stock may be treated as a non-controlling interest. Estimating the valuation discounts associated with a lack of marketability or lack of control is a process best left up to a professional valuation expert, particularly since these factors can be frequently disputed as the underlying value of the marital asset is determined.

Other factors in measuring a business’ marital value

If the business was started before the marriage occurred, then its value at the date of the marriage is considered non-marital. And, if any business interest was received through an inheritance or gift, that value at the date of receipt is considered non-marital. In these cases, only the appreciation that occurs during the marriage would be considered marital property.

Often a small business owner represents a significant portion of the enterprise value, maintaining most of the critical relationships or operational skills. Continued success can be dependent on the owner’s unique attributes. Where these skills cannot easily transfer to another owner is referred to as personal goodwill. Under Pennsylvania law, personal goodwill is not considered martial property. The difficulties in measuring the business owner’s personal attributes and quantifying personal goodwill presents an additional challenge to the valuation process.

Determining the value of a family business is a critical step in completing the property settlement phase in a divorce. There are many factors to consider, and, with the high degree of professional judgment required, it is important to address the business value issue early in the process. This allows both parties and their respective advisers time to gain a good understanding of the overall property value of the marital estate.

Given the complexity of the factors outlined above and the high degree of professional judgment required, family business owners should rely on an expert to gain a thorough and comprehensive assessment of the overall property value of the marital estate. RKL’s team of business consultants has deep experience in a variety of valuation circumstances – contact us today to learn how we can serve your valuation needs. 


Francis D. Morris, CPA, ABV, CFF, a Manager in RKL’s Business Consulting Services GroupContributed by Francis D. Morris, CPA, ABV, CFF, a Manager in RKL’s Business Consulting Services Group. Frank has experience conducting valuations and financial analysis for a variety of transactions, including divorce proceedings and business sales.




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Posted on: December 18th, 2017

RKL’s Barrett Earns Certified Exit Planning Advisor Credential

Paula K. Barrett, CPA/ABV, CVA, CGMA, Partner in RKL's Business Consulting Services GroupPRESS RELEASE

WYOMISSING, PA (December 18, 2017) – RKL LLP today announced that Paula K. Barrett, CPA/ABV, CVA, CGMA, achieved an advanced level of professional certification in business exit planning and value acceleration. Barrett, a Partner in RKL’s Business Consulting Services Group, recently earned the Certified Exit Planning Advisor (CEPA) credential from the Exit Planning Institute.

Established in 2007, the CEPA program is the most widely endorsed exit planning designation in the world. To earn the CEPA credential, Barrett completed a comprehensive curriculum of individual study, hands-on instruction and a proctored examination, specifically designed for business advisors to privately held companies.

One of the region’s most skilled and highly credentialed business consultants and valuation experts, Barrett has three decades of experience assisting closely held companies and their owners with exit strategy formulation, ownership interest transfers, business valuations and succession plan development.

Barrett holds the Chartered Global Management Accountant designation and an Accreditation in Business Valuation from the American Institute of Certified Public Accountants. She also belongs to the National Association of Certified Valuation Analysts. She resides in Maidencreek Township, Pennsylvania with her husband.


Posted on: October 10th, 2017

Three Intangible Assets That Drive Your Company’s Value

Due to its heavy reliance on assumptions, fair value reporting has often been dismissed as an art, not a science. Thanks to expanded regulatory requirements, improved technical training and certifications for practitioners and increasingly sophisticated methodology, today’s fair value reporting is more reliable and sound than ever. What does this all mean for business owners and their management teams? Increased scrutiny and standards will only serve to improve the quality of the information provided by fair value reporting. 

Fair value reporting as long-term investment

Business owners and financial executives who are required to obtain a valuation for financial reporting purposes (fair value) should not dread this additional cost, but instead consider the information provided a useful management tool that provides insight on what drives the value of their companies. Intangible assets are often the primary contributors to a company’s earning power, allowing it to create value through revenue growth, innovation and profitability, so they should also inform business strategy and decision-making.

Customer relationships

Retaining a loyal customer base is critical to a company’s profitability. Long-standing business axioms related to customer satisfaction and retention are now backed up with data. Market research firm Forrester puts the cost of acquiring new customers five times higher than the cost to keep current ones.

Business owners who understand the relationship between customer loyalty and fair value can leverage that information into strategies to reduce attrition, drive repeat business and increase future revenue. Companies that measure and manage customer retention are making an investment that will reduce operating costs, generate referral activity and increase long-term profitability.   


Whether it is a company logo (McDonald’s golden arches) or a slogan (Nike’s “Just do it”), trademarks are important legal and social defenders of a brand identity. As a company’s brand reputation strengthens, so does the value of the trademarks that protect its design and text elements. The goodwill created by trademarked brand identifiers can be an asset in the war for talent. It can also influence buying decisions and increase the loyalty of the customer base. Respected and easily identifiable trademarks can help companies expand more easily into new products or services, and enhance marketability in the event of a sale of the business. 

Workforce in place

Many businesses boast that “our people are our best asset” for marketing and recruiting purposes, but what if it could be proven true? Valuations of the workforce in place often reveal it as one of a company’s most valuable assets. Regardless of the size of the business, the expense related to recruiting, hiring and training a replacement workforce could be significant. Having a well-trained, highly skilled employee complement in place not only drives the inherent value of a company; it is also attractive to potential buyers who would be spared the considerable expense of investing in an entirely new team.

Viewing employees collectively as an asset that drives value instead of simply another operating expense may be a change in perspective, but this mind shift could inform decisions and policies related to workforce development, training and learning opportunities, recruitment efforts, employee engagement and even compensation.

Beyond the compliance reasons, the fair value process can help business owners and their management teams gain a more comprehensive understanding of how intangible assets drive their company’s value. In a competitive economic landscape, this useful business intelligence can be deployed strategically by decision makers to support growth, expansion and competitiveness in the marketplace.

Gretchen G. Naso, CVA, MBA, Principal in RKL’s Business Consulting Services GroupContributed by Gretchen G. Naso, CVA, MBA, Principal in RKL’s Business Consulting Services Group. As a Certified Valuation Analyst, Gretchen specializes in valuations required for GAAP-based financial statement reporting including purchase price allocation and employee stock options issued as compensation. Gretchen’s valuation work often focuses on the intangible assets of a company, such as trademarks, customer relationships and intellectual property.


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Posted on: February 15th, 2017

RKL Announces New Hire in Business Consulting Services Group

Ryan P. Hurst, ASA, Manager in RKL's Business Consulting Services GroupPRESS RELEASE

WYOMISSING, PA (February 15, 2017) – RKL LLP today announced the hiring of Ryan P. Hurst, ASA, as a Manager in its Business Consulting Services Group. Based in the firm’s Wyomissing office, Hurst will perform valuations and related consulting services for clients in a wide range of industries throughout RKL’s Central and Eastern Pennsylvania footprint.

Hurst’s expertise includes conducting valuations for gifting and estate planning purposes, employee stock ownership plans (ESOPs), business purchases and sales, buy/sell agreements, fair value accounting and GAAP reporting (ASC 805 and 350), litigation support for shareholder disputes and strategic alternatives analyses.

An Accredited Senior Appraiser (ASA), Hurst brings 13 years’ experience in valuation, investment banking and consulting to RKL, including several years at major investment banks and a top 25 public accounting firm. He serves on the Board of the Berks County Estate Planning Council, and is a member of the Estate Planning Council of Central Pennsylvania. Hurst is also a member of the ESOP Association and National Center for Employee Ownership (NCEO).

Hurst received his B.S. in Business Administration with a concentration in Accounting and Finance from Shippensburg University. He is a member of the Greater Reading Young Professionals and the Philadelphia chapter of the GF Network. Hurst is an avid runner, cyclist and Ironman triathlon finisher. He resides in Sinking Spring with his wife, Kristen, daughters, Sadie and Kallie, and dog, Joey.


Posted on: August 23rd, 2016

Days Numbered for Common Estate Planning Technique

Days Numbered for Common Estate Planning TechniqueRegulations that would restrict the use of a common estate planning technique are moving through the approval process in Washington, D.C. The U.S. Treasury Department and IRS earlier this month issued proposed regulations regarding a technique used to transfer interests in family businesses at a reduced value. These proposed changes seek to prevent undervaluation of transferred interests, but will result in the elimination of a significant gift and estate tax benefit.

What is the current practice for business transfers?

Under the current laws, transfers by an individual or their estate in excess of the $5.45 million exemption amount are subject to estate and gift tax. For married couples, the exemption amount is $10.9 million. The estate and gift tax applies at a top rate of 40 percent on values in excess of these exemption amounts, so the elimination or reduction in discounts applied to ownership interests will have a sizable impact on the gift or estate tax due.

How would these regulations impact my estate plans?

The proposed regulations under Internal Revenue Code Section 2704 would severely limit the applicability of sizeable discounts commonly applied to ownership interests in Family Limited Partnerships (FLPs) and Family Limited Liability Companies (FLLCs) for estate, gift and generation-skipping transfer tax purposes. Under the new regulations, the determination of fair market value for interests transferred via FLPs and FLLCs would disregard certain restrictions in operating and partnership agreements. This would essentially eliminate the valuation discounts for lack of control and lack or marketability, which often can result in tax-friendly reductions ranging from 20 to 50 percent.

When will these regulations take effect?

The proposed regulations are open for public comment, for a period of 90 days after their initial release on August 2, 2016. The regulations would then take effect 30 days after finalization by the U.S. Treasury. It is important to note that these regulations will be applied prospectively, not retroactively, so there is still time to take advantage of the discounts up until the effective date.

RKL’s Business Consulting Services Group will continue to monitor these proposed regulations. Individuals or businesses in the midst of estate planning projects should consider accelerating their timelines to take advantage of these discounts while they are still fully available. Have questions as to how this may impact your business ownership transfer plans? Contact your RKL advisor or one of our local offices today.

Paula K. Barrett, CPA/ABV, CVA, CGMAContributed by Paula K. Barrett, CPA/ABV, CVA, CGMA, partner in RKL’s Business Consulting Services Group. Paula specializes in business valuation and litigation support services, assisting clients in the acquisition or sale of closely-held businesses and general business planning services. She also has experience in tax-exempt bond financing services, including bond verifications and arbitrage rebate computations.


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Posted on: January 19th, 2016

Mergers & Acquisitions 101: Preparing to Sell Your Business

Word cloudConsidering selling your business? Before stepping into the world of mergers and acquisitions, there are several preliminary tasks that can give business owners a competitive advantage. Going into the sale process armed with accurate and clear information about your business allows you to proceed from a position of strength.

Here are some steps to help you assess the attractiveness of your business to potential buyers.

1. Review financial performance.

It is important to look back before moving ahead with a sale. Take a look at your past financial statements and recast them to remove non-essential, non-recurring or unusual expenses. This gives you a standardized and organized way to examine the operational results, recent trends, historical data and cash flow generated from operations. Any potential buyer will conduct this type of analysis, so getting a sense ahead of time of your business’ “value proposition” can be an advantage going into the marketplace.

An experienced business valuation professional can help by standardizing this information in a clear and efficient manner, as well as identifying trends or other relevant information to provide deeper insight into the appraisal. Leveraging an outside expert also brings the benefit of a “fresh set of eyes,” which is critical to an honest and thorough evaluation of any business.

2. Develop forward-looking financial projections.

Once you’ve established your business’ history, it’s time to look ahead. Fleshing out financial projections based on the current status of operations will give you (and buyers) a sense of what to expect after the purchase. It’s important, however, to document the key assumptions you used in developing the projections and be sure to present all the information in standardized format.

3. Gather relevant industry and market activity data.

We all know that businesses don’t exist in a vacuum, so it’s also critical to understand what is happening in your industry. Researching recent activity and trends in the marketplace can help you find out what buyers are paying for similar businesses, who is in acquisition mode, and if there are any other potential interested parties you should be considering. All of this information and data is useful intelligence that can help shape your game plan for a potential sale.

Carrying out the research tasks above will leave you fully prepared for meetings with potential buyers. Knowing what to say and what not to mention, deciding what information to provide and in what format and making a good first impression are essential to maximizing the deal price. After all, when preparing your business for sale, knowledge most definitely is power.

RKL’s team of business consulting professionals can provide transaction advisory services to prepare your business for sale. Contact one of our local offices today to get started.

John S. Stoner, CPA, CVAContributed by John S. Stoner, CPA, CVA, partner and leader of RKL’s Business Consulting Services Group in the Lancaster office. John provides a wide range of business consulting services, including business valuation, financial analysis, litigation support, merger/acquisition assistance and business succession planning.



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Posted on: December 7th, 2015

What Makes Your Business Valuable, Part 2: Value Drainers

Female business ownerIn part one of our blog series on business value, we identified key drivers that underpin a company’s worth. Just as certain factors drive value, the lack of them, or their inverse, can drain value from a business, and this can have an impact far beyond daily operations and short-term profitability.

Keep in mind the same threats and weaknesses that keep a business owner up at night will be scrutinized should the business ever be up for sale. Value draining traits or problems in a business will be uncovered during a potential buyer’s due diligence process, and they can decrease perceived value and ultimately, the asking price. After all, value is in the eyes of the beholder, regardless of whether the price is rational.

Factors that Decrease Business Value

Understanding what could be decreasing the value of your business will allow you to stop the bleeding and position it for long-term growth and marketability. Let’s take a closer look at some value drainers across four key areas of a business.

1. Financial:

Buyers like steady, predictable cash flows and a strong history of profitability. Companies with low levels of profitability, unsustainable earnings, low levels of working capital, heavy debt load, and flat or declining revenue and “earnings before interest, taxes, depreciation and amortization” (EBITDA) are less appealing to potential buyers. Likewise, a business with poorly maintained and presented financial information is less attractive to a potential buyer than a business with strong financial controls and clean, detailed financial information, including sales by customer and product margin data.

Buyers like value they can see, which often is the presentation of financial information without significant adjustments for extraordinary, non-recurring, personal and discretionary items.

2. Management:

While strong leadership in a business is important, too much reliance or dependence on key management can be a value drainer for businesses. Potential investors may be disenchanted by a business owner unwilling to relinquish control or customer relationships. On the other end of the spectrum, the lack of a strong management team committed to staying on post-transaction could detract from perceived value if a potential buyer does not already have a strong team in place to manage the new acquisition. The value of a business also can suffer due to mismanagement of a business’ intangible and tangible assets, such as incomplete or disorganized operations, policies and procedures; poor maintenance of infrastructure; outdated technology and fixed assets; and labor force/union issues. 

3. Supply Chain/Market:

Whereas the existence of strong vendor and customer relationships is undoubtedly a value driver, too much reliance on individual suppliers or major customers can have the opposite effect. The lack of diversification, whether it be from a product, asset class, industry, geographic, vendor or customer standpoint, is a potential value drainer. Additionally, a bleak industry outlook with limited growth potential could result in declining future cash flows, which has a direct negative impact on business value. 

4. Legal/Regulatory:

Excessive legal costs and regulatory violation penalties are drains on cash flow, and the excessive occurrence of lawsuits or regulatory violations can be red flags for a potential buyer. 

The unknowns and future risks of a business are among the largest fears of a potential buyer. Even though business owners do not have crystal balls, it is critical to review the current state of their companies for the presence of these value drainers. While some of these issues can be addressed quickly and easily, others can take several years to fix, such as a heavy dependence on the owner or a lack of a strong management team.

RKL’s experienced team of business appraisers can develop a strategic plan to minimize your company’s value drainers. We can help drive value in your business and make it more attractive on the acquisition market. Contact us today to get started.

Steven M. Frank, CPA/ABVContributed by Steven M. Frank, CPA/ABV, Manager in RKL’s Business Consulting Services Group. Steve provides business valuation, litigation support services and financial analysis to clients, along with conducting special projects including cash flow modeling and assistance with acquisitions and sales of closely-held businesses.


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Posted on: October 28th, 2015

What Makes Your Business Valuable, Part 1: Value Drivers

Female business ownerFor many entrepreneurs, their business represents their largest financial asset. Business owners may not have a sense of the factors that underpin their company’s worth. It’s critical to understand what drives this value and what could be draining it from your business, so in this two-part blog series, we take a closer look at these factors.

Tangible vs. Intangible Assets

To identify what drives value in your business, it’s important to understand the two sides of value: tangible and intangible.

The tangible portion of a business’ value is comprised of assets like cash, accounts receivable, inventory or fixed assets.

The intangible portion of a business’ value is comprised of assets like brand name, supplier relationships; or proprietary formulas, technology or products.

The nature of the business or industry will dictate whether it has more tangible or intangible value. For example, most service businesses will have greater intangible value while asset-intensive businesses will have greater tangible value. Keep the nature of your business in mind as we look at some key value drivers.

1. Effective management

The unique assemblage of individual assets is what comprises a business as a whole, but the efficient and effective employment of both tangible and intangible assets is a driving force in the value of a business. Like a well-oiled machine, a valuable business will operate most efficiently when all its individual components work synergistically.

A company’s interconnectedness means that effective management in one area of the business can have positive effects on the other areas. This is why the management of a business – whether by the owner or a trusted, experienced individual or management team – is one of its most valuable assets. For example, management can implement effective controls, which reduces the possibility of fraudulent activity or poor product quality or service. This in turn can maintain or enhance brand name or reputation and help keep an effective workforce in place.

2. Cash flow

As with any other type of investment, the value of a business is measured by its ability or expectation to generate earnings. “Cash is king” is especially true in the valuation world. A business’s cash flow is the most fundamental determinant of value, and a business with stable and predictable cash flow is a valuable asset to the investor. Of course, quantifying that steady cash flow is just as important, which can only be done through the tracking and maintenance of reliable financial information.

3. Differentiators

Determining more specific value drivers may take some work and, as noted above, may depend on the type of business. A thorough and honest assessment of your business via SWOT analysis will give you an idea of what strengths to maintain and what opportunities to target, along with the weaknesses and threats we discuss in part two of this blog series.

Factors such as customer loyalty, sales or supply agreements and proprietary machinery or equipment can all be strong value drivers for your business. Don’t overlook the external factors, such as location, regulatory and legal landscape or industry trends and changes, which could also impact your business value. Evaluating both internal and external factors and understanding how they strengthen your business can be a daunting and time-consuming task, but identifying these differentiators is an investment that will certainly pay off in the long run.

Once you recognize your business’ value drivers, you will be able to evaluate them as part of your strategic planning or key decision-making processes. A business with strong value drivers has more marketability, which in valuation terms refers to the liquidity of an investment, or the ease and expediency in which a particular investment can be sold. Business owners who establish effective management, maintain strong and stable cash flow, and possess an accurate grasp of factors affecting their organizations will likely own valuable investments.

If you’d like to get a sense of what drives your business’ value, RKL boasts Central and Eastern Pennsylvania’s largest team of credentialed valuation specialists. To enlist the guidance of an RKL expert, contact one of our local offices.

Hartland, Matt_2014Contributed by Matthew Hartland, CPA/ABV, a manager in RKL’s Business Consulting Services Group, who specializes in providing business valuation and litigation support services. Matt also has experience in financial analysis, forensic accounting, budgets and projections, assistance with acquisition and sale of closely-held businesses, and ad hoc analysis.



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Posted on: September 1st, 2015

Popular Estate Tax Planning Tool on IRS Chopping Block

IRS office

The IRS may soon unveil changes in the discounts given to certain wealth transfer vehicles.

An effective and common estate tax planning tool could soon be up for elimination by the Internal Revenue Service. The IRS is considering a change in its rules regarding the use of Family Limited Partnerships (FLPs) and Family Limited Liability Companies (FLLCs).

There are many reasons a family business owner would choose to set up a FLP or FLLC but one of the more popular motivations for doing so is the benefit associated with valuation discounts used for gift or estate tax purposes. Currently, families who own closely-held businesses can set up a FLP or FLLC for the purpose of transferring (either via gift or sale) interests in the business to children or other family members. The value of the interest is typically discounted for valuation and tax purposes, often as high as 20 to 50 percent.

These valuation discounts allow senior business owners to transfer assets out of their estate at values lower than the actual value of the underlying assets. The discounts can also lower the eventual estate tax bill for heirs, and can potentially decrease future transfer taxes.

The IRS has signaled its intent to release, as early as this month, new regulations under IRC Section 2704(b)(4) that would curtail or eliminate the use of valuation discounts in FLPs and FLLCs. It appears that the changes would be prospective instead of retroactive, so any transfers made via these structures before the new rules take effect would still be able to use valuation discounts. Any transfers made after the date of change would not.

The gift and estate tax benefits of these valuation discounts can be significant. However, as with any wealth transfer vehicle, it is critical to review your particular set of circumstances, and find the right fit for you. The federal income tax and estate tax rules are constantly subject to change so it is also important to periodically reevaluate your overall estate plan and wealth transfer objectives.

RKL’s Business Consulting team is tracking the progress of IRS moves on this topic. If you have questions about this particular issue, or how this will impact your family business ownership transfer or succession plans, contact one of RKL’s valuation professionals today. Our team is ready to help you find the wealth transfer strategy that best suits your unique business circumstance.

John S. Stoner, CPA, CVAContributed by John S. Stoner, CPA, CVA, partner and leader of RKL’s Business Consulting Services Group in the Lancaster office. John provides a wide range of business consulting services, including business valuation, financial analysis, litigation support, merger/acquisition assistance and business succession planning to business clients.



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Posted on: June 10th, 2014

Investment Banking Services for Middle Market Companies

RKL is pleased to announce the launch of its new investment banking and strategic advisory firm, RKL Capital Advisors LLC. Located in Allentown, RKL Capital Advisors offers a wide range of investment banking transaction and strategic advisory services for family- and privately-owned companies in the middle market.

investment banking Allentown PA

RKL Capital Advisors is led by Joseph T. DiGiacomo.

RKL Capital Advisors specializes in investment banking transaction services including business sales, mergers and acquisitions, private equity recapitalizations, management buy-outs, outsourced corporate development services and transaction related debt and equity capital raises. With seven out of 10 businesses expected to change hands in the next seven years, the need for advisors who can help business owners with that transition has substantially increased.

“This new entity will allow RKL to help meet the growing demand among business owners for an experienced partner who can guide them through the process of monetizing their ownership equity as they exit their business,” commented RKL CEO Edward W. Monborne.

RKL Capital Advisors is led by Joseph T. DiGiacomo, who brings more than 35 years of financial, operational, business and consulting experience to his clients, including 10 years of investment banking experience. DiGiacomo has held senior level executive positions managing and growing both operating businesses and professional practices. He has  advised businesses and their owners on matters relating to growth strategies, business sales, mergers and acquisitions, raising capital, recapitalizations, ownership transitions, management buy-outs, business valuations and other business consulting services. DiGiacomo is a member of the Association for Corporate Growth, Alliance of Merger & Acquisition Advisors, Estate Planning Council of the Lehigh Valley (Board member), and the American and Pennsylvania Institutes of Certified Public Accountants.

“This new venture combines my deep investment banking and business consulting experience with RKL’s highly regarded business consulting services, including business valuations, succession planning and investment management to meet the diverse needs of middle-market, family- and privately owned businesses and their owners throughout the process of ownership transition,” commented DiGiacomo.

The firm is wholly owned by RKL, a leading CPA and business consulting firm based in Central and Eastern Pennsylvania with offices in Harrisburg, Lancaster, Reading and York, PA.  Learn more about RKL Capital Advisors at