Roger Grabowski

Roger J. Grabowski is a managing director in the Valuation Advisory Services practice, based in Chicago. Roger leverages nearly 50 years of valuation and advisory experience in a broad range of sectors, which include railroads and retail, education, sports, movie libraries and manufacturing businesses.

Prior to joining Kroll, Roger served as a managing director at Standard & Poor’s Corporate Value Consulting practice. Before that, he was a partner at PricewaterhouseCoopers LLP and at one of its predecessor firms, where he founded its U.S. Valuation Services practice and managed the Real Estate Appraisal practice.

In his extensive experience, Roger has testified in court as an expert witness on matters of solvency, value of closely held businesses and business interests, valuation and amortization of intangible assets and other valuation issues. Roger’s testimony in the U.S. District Court was referenced in the Supreme Court’s landmark Newark Morning Ledger opinion, allowing amortization of customer-based intangible assets. His use of the discounted cash flow (DCF) method for valuing a closely held business and the modified capital asset pricing model (MCAPM) for estimating the cost of capital for operating businesses was accepted by the U.S. Tax Court in the Northern Trust Company decision; this was the first time that the Tax Court accepted the use of the DCF method and the MCAPM in valuing a closely held business.

Roger is a co-developer of the annual Risk Premium Report – Size and Risk Studies for estimating cost of equity capital, which is available via the Kroll Cost of Capital Navigator. 

Roger has authored and coauthored several articles and books. He is a contributing author of Chapter 17 titled, “Discounts Rates in Theory,” in the second edition of the book, “Lost Profits Damages: Principles, Methods and Applications.” He is also a contributing author and co-editor of the sixth edition of Shannon Pratt’s book, “Valuing a Business – The Analysis and Appraisal of Closely Held Companies.” 

Additionally, Roger has authored the research article, “Comparing Growth Rates Used in Discounted Cash Flow Valuations, published by Business Valuation Review. He has also co-authored the books, “Valuation Handbook-International Guide to Cost of Capital: 2021 Summary Edition;” “The Lawyer’s Guide to Cost of Capital;” and the fifth edition of “Cost of Capital: Applications and Examples.” He often lectures at professional organizations on cost of capital and other valuation issues. 

Roger is a graduate of Loyola University of Chicago. He attended the doctoral program in finance at Northwestern University. He is Fellow of the ASA (FASA), the highest distinction accredited in business valuation.


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