FacultyFaculty/Author Profile
Steven J. Sherman

Steven J. Sherman

Loop Capital
Managing Director
Chicago, IL, USA


Steven J. Sherman is a Managing Director and leads Loop Capital’s Financial Consulting Services business (LCFCS). Prior to joining Loop Capital, Steve spent over 30 years at KPMG LLP. During his last eight years at KPMG, he led their global valuations business, overseeing a network of 1,200 professionals in more than 50 countries. Steve currently serves as Chairman of the Standards Board of the International Valuations Standards Council (IVSC), recognized globally as the leading standards setter for the valuation profession.

Professional Experience

Mr. Sherman has extensive valuation experience related to acquisitions, divestitures, tax planning, and expert testimony. His valuation and assessment of intangible assets has included patents, trade names, franchises, customer relationships, earn-outs, and noncompete agreements. Areas of specialty include:

  • Financial reporting related to purchase price allocations and impairment testing, including extensive auditor and regulatory interaction. Led allocation projects exceeding $100 billion (e.g. Kraft/Cadbury, Mars/Wrigley, GM Fresh Start Accounting)
  • Litigation support. Called upon as an expert several hundred times, including more than twenty depositions and nine trials.
  • Mediation/arbitration on multibillion dollar disputes.
  • Investigative work on due diligence and business review projects, focusing on historical and forecasted financial data, business plans, organization reviews, and financeability.
  • Divestiture advice and negotiation assistance on transactions in many industries, including fairness opinions.

Publications and Speaking Engagements

  • Lectures extensively to various organizations including the AICPA, American Society of Appraisers, Appraisal Institute, Australian Property Institute, CFA, Illinois CPA Society, Kellogg Graduate School of Management, and Royal Institute of Chartered Surveyors
  • Author of various articles in the Business Valuation Review, The Dealmakers Journal, Financier Worldwide, The Mergers & Acquisitions Handbook, and Practice Advantage (Illinois CPA Society newsletter)
  • Program moderator or panel member for the Business Valuation Association, CFO Financial Forum, KPMG Global Financial Reporting and Valuation Conference, TaxWatch
  • Interviewed by various publications worldwide (e.g. in Abu Dhabi, Argentina, Brazil, China, Russia, and the UK). Appeared on CNBC Australia.

Other Activities

Steve is a founding member of Leaders United, a Midwest-based organization comprised of African American and Jewish professionals working toward relationship-building and community enrichment. He is a board member of the Chicago Urban League and the Anti-Defamation League.

Sample Publications and Presentations

  • “International Valuation Standards Council Update,” Appraisal Institute Annual Conference, speaker, July 2013
  • “Enhancing Diversity in the Boardroom,” National Directors Institute, speaker, November 2012
  • “Comparison of Valuation Standards and Movement to Globalization,” Royal Institute of Chartered Surveyors, speaker, October 2012
  • “Raising the Bar for the Valuation Profession,” ASA Advanced Business Conference, speaker, October 2012
  • “Raising the Bar for the Valuation Profession,” Australia and New Zealand Property Journal, September 2012
  • “Valuing the Intangible,” Intellectual Property Magazine, October 2011
  • “Valuation Standards Update,” Hong Kong Surveyors, October 2011
  • “Revised International Valuation Standards,” Global Investment Performance Standards Conference, CFA Institute, speaker, September 2011
  • “Goodwill Impairment,” KPMG CFO Financial Forum, speaker, January 2009
  • “Fair Value Panel” and “Surviving the Audit,” 2008 AICPA/ASA National Business Valuation Conference, November 2008
  • “New Pronouncement Creates Challenges for Fair Value Measurements in Financial Reporting,” Practice Advantage (Illinois CPA Society newsletter), Volume 6, Number 21, November 2007
  • “FAS 157 – Fair Value Measurement,” KPMG CFO Financial Forum, program moderator, January 2007
  • “Corporate Valuations & Fairness Opinions,” Financier Worldwide, Second Edition, September 2006
  • “Cheap Stock - Accounting, Tax Implications, and Valuation,” KPMG TaxWatch, program moderator, May 2006
  • “Surviving the Audit Review: The Latest Issues in SFAS 141/142 Financial Reporting Valuations,” Business Valuation Association Luncheon, May 2006
  • “SFAS 123R - Calculating the Hypothetical Additional Paid-In Capital (APIC) Pool,”KPMG TaxWatch, program moderator, January 2006
  • “Financing in an Illiquid Market,” The Mergers & Acquisitions Handbook, Second Edition, M.L. Rock, R.H. Rock, M. Sikora, eds., McGraw-Hill Inc., 1994
  • “Using Valuations as Part of the Strategic Planning Process,” Business Valuation Review, Vol. 12, No. 1, March 1993
  • “Why Earn-Outs Can Turn Ugly When It’s Time to Pay,” Mergers & Acquisitions, The Dealmakers Journal, Vol. 27, No. 2, September/October 1992
  • “Trends In Mergers and Acquisitions,” KPMG Corporate Finance Briefing, Vol. 4, No. 1

Expert Testimony Experience (1) (3)

  • Haliburton v. Reynolds American Inc. November 2014
  • Fairley v. Rogers October 2014
  • Coltec Industries v. The United States of America January 2004
  • Centioli v. Centioli (2) April 2003
  • Brill Media, Inc. (2) August 2002
  • Rudman v. Ruttenberg (2) February 2002
  • Bauwens v. Bauwens April 2000, October 2001
  • Spirit Airlines v. Comair Holdings March 1999, March 2000
  • IRS v. Norwest Bank (2) September 1995
  • Whalen v. Connelly July 1994
  • Cook v. Jon Wilson October 1993
  • Reese v. Reese (2) October 1993
  • Guy v. United HealthCare August 1993
  • Reed Union v. Turtle Wax (2) July 1993
  • Waste Management v. Browning Ferris Oct./Nov. 1992
  • Bay State Milling v. National Flour (2) August 1992
  • Taft, Stetinus, Hollister October 1991
  • National Enterprise Inc. (2) May 1991

Representative Clients

  • ArcelorMittal
  • Ashland
  • Boeing
  • Caterpillar
  • Constellation Brands
  • CDR
  • Danaher
  • Dairy Farmers of America
  • Dow Chemical
  • ExpressScripts
  • GE
  • General Motors
  • ITW
  • KKR
  • Kraft/Cadbury
  • Limited Brands
  • Lubrizol
  • Mars/ Wrigley
  • McDonalds
  • SPX
  • USG
  • Whirlpool

Professional Associations

  • Chair, Standards Board, International Valuation Standards Council
  • Member, American Institute of Certified Public Accountants
  • Member, Forensic and Valuation Services Section, American Institute of Certified Public Accountants
  • Member, Economics Club of Chicago
  • Member, Association for Corporate Growth

Education, Licenses & Certifications

  • MBA, Kellogg Graduate School of Management at Northwestern University
  • BBA in Accounting, Ohio University
  • State of Illinois Licensed Certified Public Accountant
  • Senior Member, American Society of Appraisers

(1) Deposition only unless noted.

(2) Included court testimony.

(3) The list does not include hundreds of projects in which Mr. Sherman was named an expert but was not deposed (e.g. cases settled, defense of taxpayer positions from IRS scrutiny).

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