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Nancy Czaplinski, CPA/ABV/CGMA, CFA, ASA

Nancy is a managing director of the financial valuation practice.

Nancy has provided solvency and fairness opinions to clients in numerous industries. In addition to her solvency and fairness activities, Nancy has also provided financial analyses and business valuations for both private and public companies for various purposes including acquisitions, bankruptcy and restructuring, tax restructuring, and exchanges and mergers. She has completed valuations of intangible assets, as well as liabilities including earn-outs, in purchase price allocations. In addition, Nancy has provided valuations of interests in privately held companies including partnerships, S corporations and limited liability companies.

Nancy has presented testimony as an expert witness for the Court of Chancery with the State of Delaware, the US Bankruptcy Court for the Eastern District of Wisconsin, and the US Tax Court, among others.  She has experience with income tax and financial reporting audits and has been deposed on valuation matters.  In addition, she has assisted clients in negotiations pursuant to closely held valuation litigation issues.

Nancy joined American Appraisal’s opinion services group in 1988.  She has held various consulting and management positions within the firm and was appointed managing director in 2000 and national director of the firm’s solvency and fairness opinion practice in 2007.

Prior to joining American Appraisal, Nancy served as assistant vice president of Financial Services and manager of International Reinsurance with AMBAC, and held various positions with Mortgage Guaranty Insurance Corporation and Wausau Insurance Companies.


  • University of Wisconsin - Milwaukee, Master of Business Administration - Finance
  • University of Wisconsin - Eau Claire, Bachelor of Business Administration - Comprehensive Public Accounting

Professional Affiliations

  • American Institute of Certified Public Accountants, Accredited in Business Valuation/Chartered Global Management Accountant
  • American Society of Appraisers, Accredited Senior Appraiser: Business Valuation
    • Wisconsin Chapter, Region 4, Branch 57, Past President 2007/2008
  • CFA Institute
  • Milwaukee Investment Analysts Society
  • The Appraisal Foundation
    • Business Valuation Resource Panel, Member, 2015-2017
  • Wisconsin Institute of Certified Public Accountants
    • CPA Designation
    • Litigation Services Committee, Chair, 1999-2000

Recent Publications, Presentations and Webinars

  • “International Cost of Capital - A Practical Approach,” Business Valuation Resources Webinar, October 9, 2014
  • “Goodwill and Intangible Asset Impairment - A 2014 Perspective,” The Knowledge Group Webinar, July 10, 2014
  • “Valuations and Fairness Opinions in M&A,” Financier Worldwide, Issue 138, June 2014
  • “Zone of Insolvency: A Valuation Perspective,” Transaction Advisors, April 2014
  • “International Cost of Capital, A Walk Around the Globe,” ASA Advanced Business Valuation Conference, Chicago, IL, October 2011
  • “International Cost of Capital: Cost of Equity/CAPM,” Business Valuation Update, Vol. 17/No. 12, December 2011
  • “Fairness Opinions and Advisor Independence,” American Appraisal website
  • “Basics of Stock Option Valuation for the Non-Valuation Professional,” coauthored with Kevin M. Hagemeier, American Appraisal website
  • “The ‘TOUSA Trilogy’ and Solvency Opinions,” American Appraisal website

Contact Information

411 East Wisconsin Avenue
Suite 1900
Milwaukee, Wisconsin
United States
 +1 414 225 1035





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