Mike Pellegrino, President

Mike Pellegrino is the founder and President of Pellegrino & Associates. He is a former practicing software engineer, chief finance officer, and accountant. This diverse background gives Mike the requisite experience to credibly and defensively value intellectual properties that include best-selling books, top-selling branded products, cutting-edge software, patents that drive many of today's high-tech products, and even John Dillinger's publicity rights.

An unconventional valuation analyst, Mike plays no favorites when it comes to valuation. With a strong emphasis on the economic fundamentals of the assets he values, he has developed a reputation for asking penetrating questions that can get right to the heart of an asset's value. Mike has successfully defended his value opinions in state and federal court actions as well as with state and local tax authorities and the Internal Revenue Service.

Mike is a prolific writer, authoring more than two dozen articles on technology and intellectual property valuation as well as the book BVR's Guide to Intellectual Property Valuation. Those writings have called into question some of the most basic valuation theories that many practitioners have followed blindly for years. Yet, from those writings, Mike has developed new methods to aid IP valuation, helping valuation analysts assess risk and quantify discount rates, select proper valuation methods, and perform necessary due diligence.

Mike is also an energetic and frequent speaker on software and intellectual property valuation, delivering practical seminars and bootcamps regularly that integrate many valuation examples drawn right from the headlines. In addition to being a regular speaker for Business Valuation Resources and Purdue University, Mike was a 2009 keynote speaker on intellectual property valuation for the 2009 National Innovation Conference & Exhibition at Kuala Lumpur, Malaysia.

Mike has the distinction of bringing two separate issues to the Indiana legislature that are now memorialized into state law. One issue focused on embedded software valuation and the other issue focused on the tax treatment of patent income. In both cases, Mike helped author the statutes, provided material testimony to the legislature and worked with the governor's office to frame the legislation, which Indiana Governor Mitch Daniels ultimately signed into law. In both cases, Mike helped Indiana's Legislative Services Agency, which performs fiscal analysis of the legislation, evaluate the economic impacts of his ideas on the state economy. Mike authored the administrative rules that Indiana's Department of Local Government and Finance now uses to administer the evaluation of software appraisals for property tax matters.

Mike graduated from the Indiana Tech summa cum laude with a Bachelor of Science degree in computer science, earned a Master of Business Administration degree from Ball State University, went back to school a third time for accounting at Indiana Tech, and attended the Center for Creative Leadership's flagship Leadership Development Program.

Mike serves on the board of the Indiana Venture Club and The Villages. Mike is a former board member of Techpoint, the Techpoint PAC, Early Childhood Alliance (Executive Secretary), and Pathways, a not-for-profit organization that helps runaway teens

Mike is married and resides in Indianapolis, Indiana. He enjoys fast recreational bicycling, playing both electric and acoustic guitar, sailing, traveling internationally, and working on self-improvement.

Ryan Brewer, Principal Valuation Analyst

Ryan Brewer is a Principal Valuation Analyst at Pellegrino & Associates. He has dual Bachelor of Science degrees in engineering and environmental health. He has a Master of Business Administration degree and is a doctorate candidate in sports finance, with a minor in strategy and quantitative methods. Ryan provides valuation consulting services and intangible asset appraisals for tax and investment purposes and he specializes in valuation and appraisals for early-stage companies and intellectual property. He is also an adjunct professor of finance at Butler University in Indianapolis, Indiana.

As an engineering professional, Ryan gained considerable experience in the arena of environment, health, and safety management. He served as liaison with government agencies, the press, and labor unions in matters such as hazardous waste "cradle-to-grave" disposal, occupational hazards exposure, site remediation, and other health concerns. Ryan is a Master Certified Hazardous Materials Manager, designated from the Institute of Hazardous Materials Management, Rockville, Maryland.

As a valuation professional, Ryan has valued a variety of assets and equities, including: intellectual properties (patents, trademarks, trade secrets, brands, workforce, etc.), other goodwill and intangible assets, land holdings, stock options, high technology companies, early-stage technology companies, professional practices, environmental liabilities, manufacturing companies, executive compensation, nonprofit organizations, construction companies, and healthcare firms among others. He has written over forty full-length valuation reports and dozens of corporate policies and procedures. Ryan has conducted project valuations, market analyses, financial analyses, solvency analyses, and valuation assignments. He has engaged in assignments for the determination of economic damages, business acquisitions, stock sales, estate & gift valuations, litigation support, and source funding. He has conducted analyses and prepared demonstratives for use in federal and Indiana state courts in antitrust economics cases and intellectual property cases. In addition, he has testified as an economic expert in the federal court system and the Indiana state court system.

Ryan has completed both the 15-hour and 7-hour update USPAP training programs, is current with all USPAP training, has passed all required USPAP exams, and is a candidate member with the American Society of Appraisers. In addition, Ryan is a regular speaker on the intellectual property and intangible valuation. He has developed courses on valuation and economics related topics for the Indiana CPA Society and the Institute of Business Appraisers.

Jill Starbuck, Senior Marketing Analyst

Jill is a Senior Marketing Analyst at Pellegrino & Associates. She specializes in market research for valuation projects. Jill's focus is to acquire primary and secondary research for the valuation analysts to integrate into final value opinions. As an experienced editor, Jill meticulously reviews all of Pellegrino & Associates' voluminous valuation reports. She also manages internal marketing efforts

Jill holds a Bachelor of Science degree in English from The Defiance College and a Master of Arts degree in English from Indiana University-Purdue University Fort Wayne. She also graduated from The Publishing Institute, where acceptance is limited and competitive. Throughout her career, Jill has gained valuable communication skills that include writing, editing, researching, public speaking, and training.

Her research capabilities have landed her leadership roles in project management and have enabled her to build strong customer relationships. Her projects have included studies on blood pressure medicine, college curriculums, glucose monitors, and industrial directories. She was also the lead editor for market intelligence reports based on the automotive, banking, pharmaceutical, retail, and software industries. At Pellegrino & Associates, Jill performs market research for valuation projects.

As a communication professional, Jill has extensive experience in editing, public speaking, researching, training, and writing. Her writing background includes analytical reports, brochures, catalog copy, manuals, newsletters, and technical documents. She has created and facilitated writing courses at the college and business levels. She also has developed house style guides and standard operating procedures. Jill resides in Monroeville, Indiana. She enjoys gardening, hiking, reading, running, and raising her daughter.

Jill resides in Monroeville, Indiana. She enjoys gardening, hiking, reading, running, and raising her daughter.

Paul Farthing, Senior Valuation Analyst

Paul Farthing is a Senior Valuation Analyst at Pellegrino & Associates. He has a Bachelor of Science degree in computer information systems with a minor in economics from Indiana University Purdue-University Indianapolis. During his undergraduate study, Paul received the Purdue University School of Science "A" Student Award on multiple occasions for exemplary performance in computer science coursework. He has a Master of Business Administration degree from Ball State University with a concentration in entrepreneurship and has placed in the top three finishes in business plan competitions.

As a software development professional, Paul has served as a computer consultant and has experience in the following computer languages and technologies: C, C++, Visual Basic.NET, ASP.NET, SQL, relational database design, web and graphics design, and data communications and networking. He has assumed roles of increasing responsibility at a mobile phone software company, serving in various capacities ranging from market research, domain administration and brokerage, and intellectual property analysis.

As an intellectual property professional, Paul gained considerable experience in the arena of international and domestic patent, trademark, and domain name prosecution. Paul has experience in patent search for relevant prior art, drafting patent applications, prosecution of patent and trademark applications, and trademark and domain name enforcement.

Paul provides valuation consulting services and intangible asset appraisals for a variety of purposes. He specializes in the identification and valuation application software embedded in capital equipment and appraisals for early-stage companies and intellectual property. Paul conducts project valuations, market analyses, and financial analyses for a variety of valuation assignments.

Nadir Husain, Senior Valuation Analyst

Nadir Husain is a Senior Valuation Analyst at Pellegrino & Associates. Nadir has a Bachelor of Science degree in mechanical engineering from the University of Engineering and Technology, a Master of Science degree in engineering from Texas A&M University, and a Master of Business Administration degree from the Kelley School of Business at Indiana University, with a concentration in finance.

His research in mechanical engineering yielded two ASME publications in 1999 and 2000. Nadir provides valuation consulting services and intangible asset appraisals for tax and investment purposes, and he specializes in valuation and appraisals for early-stage companies and intellectual property.

As an engineering professional, Nadir gained considerable experience designing mechanical systems, particularly in the chemical processing and heating and cooling industry. Nadir has designed and implemented structural and piping projects for plant processing equipment, and his designs improved the yields of one plant by 15%. Later in his career, he led the design and launch of various product lines for commercial and residential HVAC systems. Most recently, he has been involved in the advanced development of early-stage concept technologies for use in HVAC products.

As a valuation professional, Nadir has valued a variety of assets, including intellectual properties (patents, trademarks, trade secrets, brands, etc.) and early-stage technology companies with technologies as diverse as waste-to-energy combustion systems to cancer vaccines.