Ralph Arnold, ASA, Principal, has been engaged in business appraisals since 1973. He was the chief inheritance tax auditor for the California State Controller, San Francisco office, where he was in charge of reviewing estate and gift tax appraisals for the State of California. Mr. Arnold has testified in state courts around the country, as well as U.S. District Courts, Bankruptcy Courts, and U.S. Tax court. Mr. Arnold is a frequent speaker to accountants, attorneys and appraisers in regard to business valuation and has taught business valuation at Portland State University and Willamette University.

Kathryn F. Aschwald, CFA, ASA, Principal, has been appraising businesses since 1984. She is Past Chair and a current member of the ESOP Association's Valuation Advisory Committee. She specializes in ESOP-related valuation and financial advisory services, litigation support, and transactions. Ms. Aschwald has significant experience in ESOP related fairness opinions and has performed financial advisory services for both publicly traded and privately held ESOP companies. Ms. Aschwald also has experience in determining appropriate restricted stock and blockage discounts, gift and estate tax valuations and valuations for a variety of other purposes.

Mary B. McCarter, CFA, FASA, Principal, has been engaged in business appraisals since 1981. She is past Chair of the Appraisal Foundation and is a member of the ASA's College of Fellows. Ms. McCarter is a course developer for the ASA business valuation courses and a course instructor; she also teaches for the AICPA. She specializes in estate and gift tax valuations, ESOPs, and litigation support services, and has testified in various litigation matters. She has a masters in business administration.

Philip M. Smith, CFA, ASA, Principal, has been engaged in appraising business interests since 1986 and is an ASA business valuation course instructor. He specializes in ESOP and estate and gift tax valuations and providing financial advisory services in transactions, and has testified in courts in Oregon, Washington, Idaho, and Hawaii. He has significant experience in the application of discounts to recognize minority and undivided interests, and option pricing analysis.

Donna J. Walker, CFA, ASA, Principal, has been engaged in business appraisals since 1984.  She chaired the development of an appraisal course on ESOPs for the ASA, is a course instructor, and is a former member of the ASA Business Valuation Committee. Ms. Walker was the ASA's 2003-2004 InternationalSecretary/Treasurer.  Her ESOP practice involves valuation and transaction advisory services, including fairness opinions.  In addition to her ESOP practice, she specializes in estate and gift tax valuations, discounts for family limited partnership interests, and the application of discounts and premia and litigation support services.  She has testified in U.S. Tax Court.

Kathryn Daly, ASA, Principal, has been appraising businesses and business interests since 1988. Ms. Daly specializes in structuring and valuation of ESOPs and is a current member of the ESOP Association's Valuation Advisory Committee and an officer with the Northwest Chapter of the ESOP Association. She also provides financial advisory services and fairness opinions in transactions. In addition, Ms. Daly has significant experience in intangible asset and stock option valuation issues relating to reporting requirements.

Arlene Ashcraft, Senior Associate, has a Masters of Business Administration from Portland State University where she studied business administration, corporate finance, investments, economics and accounting. Prior to joining Columbia Financial Advisors, Inc. in 2005, Ms. Ashcraft was an Associate Consultant with Silver Oak Solutions.