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Our Team

Independent Business Valuation & Forensic Accounting Experts

FRA is a nationally recognized leader in financial valuation and forensic accounting. In addition, we work with attorneys and corporate leadership to provide these and other financial consulting services and litigation support.

 

Our Founders, Jay E. Fishman, Lester Barenbaum (emeritus), and Bonnie O’ Rourke (emeritus), established the firm in 1981. Over the years, these three industry leaders have published books and articles, provided educational training, and participated in seminars and conferences that have helped shape many careers and the valuation profession as a whole.

 

We understand the value of credibility. That’s why the professionals you work with at FRA are accredited as designated appraisers, accountants, or financial analysts. Our team also regularly participates in national and regional conferences, seminars, and continued learning educational events. Our leadership team ensures credible work products through our internal system of checks and balances, with our opinions based on thorough analysis and attention to detail. We can explain those details and clearly communicate the big picture to our clients. We’re also prepared to testify in court to that information, should it be required.

 

If you’re looking for a team that reliably delivers the most thorough information and analysis possible so that you can confidently negotiate or present your case, FRA should be your financial expert of choice.

 

Contact us for references or get to know our team a little better.

Managing Directors

FRA’s Managing Directors are Jay E. Fishman, Stacy P. Collins, Sandra R. Klevan, Michael A. Saponara, Jeremy C. Smith,  Kyle S. Garcia, and Sheila Gorman. All are qualified national experts with finance, accounting, and economics specialties. They’ve worked at our firm for 10 to 40-plus years, producing a thriving, collaborative work environment that benefits our clients and employees significantly. As the core part of FRA’s management team, they continue to uphold our firm’s stellar reputation for providing thorough, objective, and reliable financial reports and testimony for the legal and business communities.

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Jay E. Fishman,  FASA, FRICS

BIO HIGHLIGHTS
Alma Mater: La Salle University and Temple University

Founded FRA: 1981

Financial Expertise: accounting and finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations

Affiliations: American Society of Appraisers (ASA)
Royal Institute of Chartered Surveyors (RICS)

Recognition: 2020 American Society of Appraisers Lifetime Achievement Award
Appraisal Foundation’s Chairman’s Public Service Award

Publications & Contributions:

The Business Valuation Bench Book, with William J. Morrison
Standards of Value: Theory and Applications, with Shannon Pratt & William Morrison
Guide to Business Valuations, with Shannon Pratt

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Stacy P. Collins, CPA/ABV, CFF

BIO HIGHLIGHTS
Alma Mater: Drexel University

Joined FRA: 1993

Financial Expertise: accounting and finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations, and transactions

Affiliations: Forensic and Business Valuation Division of the American Academy of Matrimonial Lawyers (AAML) Foundation (Charter Member)
Family Law Trial Advocacy Institute
American Bar Association
AAML’s Institute for Family Law Associates
AICPA’s Family Law Task Force
AICPA’s Forensic and Litigation Services Committee

Recognition: 2010 AICPA FLS Volunteer of the Year
2016 Business Valuation Volunteer of the Year

Publications & Contributions:

Financial Valuation: Applications and Models, Third Edition

Family Law Services Handbook

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Kyle S. Garcia,  ASA, CFA, CPA/ABV

BIO HIGHLIGHTS
Alma Mater: Virginia Tech

Joined FRA: 2012

Financial Expertise: accounting and finance, business valuation, forensic accounting

Casework: marital dissolution, estate and gift tax valuations, corporate and management planning, dissenting shareholder and oppression suits, economic damages, purchase and sale of businesses

Affiliations: American Society of Appraisers (ASA) (Chapter 73 President 2008-2010 and Director 2010-2012)
CFA Institute
New York Society of Security Analysts
New Jersey State Society of CPAs
American Institute of Certified Public Accountants (AICPA)

Recognition: Editor in Chief, Business Valuation Review (2020 – Current)

Publications & Contributions:

Revisiting Lack of Control Discounts Using Closed-End Pricing (Financial Valuation and Litigation Expert, FVLE Issue 50, August/September 2014 with Jay Fishman and Lester Barenbaum, Ph.D.)

Determining Lack of Marketability Discounts: Employing an Equity Collar (The Journal of Entrepreneurial Finance, with Les Barenbaum and Walt Schubert)

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Sandra R. Klevan,  CPA/ABV, CFF

BIO HIGHLIGHTS
Alma Mater: Saint Joseph’s University

Joined FRA: 1991

Financial Expertise: accounting and finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations, and transactions

Educational Experience: adjunct instructor of Finance at Saint Joseph’s and La Salle Universities

Affiliations: Forensic and Business Valuation Division of the American Academy of Matrimonial Lawyers (AAML) Foundation, Member
Financial and Valuation Services Section of the American Institute of Certified Public Accountants (AICPA)

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Michael A. Saponara,  CPA/ABV, CFF, M.A., J.D.

BIO HIGHLIGHTS
Alma Mater: Villanova University, La Salle University, and Temple University

Joined FRA: 2000

Financial Expertise: accounting and finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations, and transactions

Affiliations: Financial and Valuation Services Section of the American Institute of Certified Public Accountants (AICPA)

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Jeremy C. Smith,  ASA

BIO HIGHLIGHTS
Alma Mater: Shippensburg University

Joined FRA: 2006

Financial Expertise: accounting & finance, business valuation, forensic accounting

Casework: marital dissolution valuations, estate and gift tax valuations, corporate and management planning, dissenting shareholder and oppression, employee stock ownership, purchase and sale of businesses

Affiliations: American Society of Appraisers (ASA)

Publications & Contributions:

Constructing an Alimony Buyout, with Les Barenbaum (American Journal of Family Law)

The New Dynamic for Celebrity Business, with Jay Fishman (BVR’s Guide to Personal v. Enterprise Goodwill)

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Sheila Gorman,  ASA/IA, CPA/ABV

BIO HIGHLIGHTS
Alma Mater: LaSalle University

Joined FRA: 2017 (also, 1988-2000)

Financial Expertise: accounting and finance, business valuation

Casework: marital dissolution valuations, estate and gift tax valuations, corporate and management planning, purchase price accounting (business sale transactions)

Affiliations: American Society of Appraisers (ASA) Certified in Intangible Assets (Philadelphia Chapter President 2017-2018 and Board of Directors 2014-present)
American Institute of Certified Public Accountants (AICPA), member of the Financial and Valuation Services Section
Pennsylvania Institute of Certified Public Accountants (PICPA)
Appraisal Issues Task Force, Member

Recognition: ASA Philadelphia Chapter Contribution Awards
Co-Chair of Business Valuation Seminars

Publications & Contributions:

PPC’s Guide to Business Valuations, Chapters 16 and 17

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Directors

FRA places reliability at the forefront of our relationships. Our Managing Directors are dedicated to helping you be informed throughout your case. We typically designate one or two employees to each Managing Director's case. This structure provides an excellent opportunity to further develop our team’s skills and deliver exceptional support to every client. FRA’s Directors and Managers are analytical, fast learners of new information, and adept at deciphering details.

Lukasz Kustra, ABV

Alma Mater: Rutgers University

Joined FRA: 2016

Financial Expertise: accounting and finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations, and transactions

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Ryan M. Magath,  CPA/ABV/CFF, CFE

Alma Mater: University of Pittsburgh

Joined FRA: 2018

Financial Expertise: accounting & finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations, and transactions

Affiliations: American Institute of Certified Public Accountants (AICPA)

New Jersey Society of Certified Public Accountants (NJCPA)

Association of Certified Fraud Examiners (ACFE)

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Amanda C. Ricketti,  ASA, ABV

Alma Mater: LaSalle University and Villanova University

Joined FRA: 2014

Financial Expertise: accounting and finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations, and transactions

Affiliations: American Society of Appraisers (ASA)
American Institute of Certified Public Accountants (AICPA)

 

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Ryan J. White, CPA/ABV

Alma Mater: Bucknell University

Joined FRA: 2013

Financial Expertise: accounting & finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations and transactions

Affiliations: American Institute of Certified Public Accountants (AICPA)

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Managers

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Erin Azambuja, CPA

Alma Mater: Rutgers University

Joined FRA: 2017

Financial Expertise: accounting and finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations, and transactions

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Patrick J. McElroy

Alma Mater: Susquehanna University

Joined FRA: 2012

Financial Expertise: accounting & finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations and transactions

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Kathryn Spergel, CPA/CFF

Alma Mater: Drexel University

Joined FRA: 2008

Financial Expertise: accounting and finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations and transactions

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Senior Financial Analysts

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Stephen Brenker, CPA

Alma Mater: University of Pittsburgh

Joined FRA: 2019

Financial Expertise: accounting and finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations, and transactions

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Ayushi Kadakia, CPA

Alma Mater: Rutgers University

Joined FRA: 2023

Financial Expertise: accounting & finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations, and transactions

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John W. Nabial

Alma Mater: Drexel University

Joined FRA: 2012

Financial Expertise: accounting and finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations, and transactions

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Ceri Strader, CPA

Alma Mater: Penn State University

Joined FRA: 2019

Financial Expertise: accounting and finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations, and transactions

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Ryan Thompson, CPA, CVA

Alma Mater: Rowan University

Joined FRA: 2023

Financial Expertise: accounting & finance, business valuation, forensic accounting

Casework: marital dissolution, corporate litigation, estate planning valuations, and transactions

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Director of Administration

Megan O’Neill, MBA

Alma Mater: LaSalle University

Joined FRA: 1998

Professional Expertise: accounting, business administration, and human resources

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