Complex Securities Valuations
Complex Securities Valuations
The McLean Group’s Valuation Advisory practice has over a decade of experience handling complex securities valuations. We custom-build each model to comprehensively capture the unique circumstances of every engagement. Moreover, our highly credentialed team understands the importance of appropriate documentation requirements, which vastly improves the audit turnaround time. Below are some recent use cases of the types of models required based on the nature of the security issued:
BLACK-SCHOLES-MERTON & OPTION-PRICING MODELS
- Performance-Based Contingent Consideration Agreements
- Complex Capital Structures
- Digital Call Options with Fixed Value Payouts
- Convertible Debt Securities
- Restricted Stock with Service Condition Vesting
MONTE CARLO SIMULATIONS & BINOMIAL LATTICES
- Path-Dependent Contingent Consideration Agreements
- Securities with Early Exercise or Down-Round Financing Provisions
- Preferred Equity with Sliding Scale Liquidation Preferences
- Restricted Stock or Options with Performance Condition Vesting
- Restricted Stock or Options with Market Condition Vesting
Team Leaders
Ryan Berry
Ryan Berry is a Managing Director at The McLean Group and heads up the firm’s Valuation Advisory practice. Ryan has over 20 years of financial and accounting experience and has performed and overseen thousands of valuation engagements. During the course of his career, he has advised clients on valuations leading up to their IPO, provided fairness and solvency opinions for M&A transactions and recapitalizations, and worked with clients and their auditors on valuations for financial reporting purposes such as purchase price allocations, impairment testing, and complex security valuations. Ryan has also written and contributed to numerous articles on valuation topics and spoken at various conferences and webinars.
Ryan started his career as a financial analyst at Booz Allen Hamilton. While at Booz, Ryan maintained a TS/SCI clearance and worked in both the DoD and Intelligence Agency divisions where he provided financial and operational support to program managers overseeing several mission critical contracts.
Ryan earned a BA in Economics with a minor in Technology, Management, and Policy from the University of Virginia. He also received an MBA from Johns Hopkins University’s Carey School of Business. He’s a CPA accredited in business valuation through the American Institute of Certified Public Accountants.
Professional Credentials
- Certified Public Accountant (Virginia)
- Accredited in Business Valuation (ABV) through the AICPA
Ryan Berry
Managing Director
Valuation Advisory
Selected Engagements
Related News
Q3 2026 Mergers & Acquisitions Market Update
The McLean Group’s Q3 2026 M&A Insider Report tracks 137 transactions across Defense, Government & Intelligence; Physical & Cyber Security; Critical Infrastructure; and Maritime Transport & Facilities, down from 167 in Q2. Deal activity slowed as the Federal Reserve raised its benchmark rate to 3.75%–4.00%, its first hike in more than three years, and the 10-year Treasury yield passed 5%. Large strategic deals continued, led by GE Aerospace’s pending $11.75B acquisition of Consolidated Precision Products, while Congress funded the government through December 11 under a continuing resolution, deferring the FY2027 appropriations fight until after the midterms. […]
SBA 7(a) Change-of-Ownership Loans Now Require an Independent Quality of Earnings Report
Effective October 1, 2026, the SBA requires 7(a) lenders to obtain an independent quality of earnings report on Initial Acquisition and Business Expansion change-of-ownership loans where the business purchase price is $3 million or more. The report must be commissioned by and for the benefit of the lender, and lenders must size the loan on its normalized EBITDA instead of the seller’s add-backs. This article explains what the report has to contain, who is exempt, how disallowed add-backs can shrink a loan or force a larger equity injection or a renegotiated price, and why sellers who understand their add-backs before going to market are better positioned for a smoother financing process. […]
Fairness Opinions: What Boards Should Know Before They Sign
A fairness opinion is an independent assessment of whether the financial terms of a transaction are fair to shareholders, but it speaks to how a board reached its decision rather than whether the decision was right. In this article, The McLean Group’s Valuation Advisory team examines what a fairness opinion is and is not, the three protections it provides to directors, and the situations that most often call for one: conflicts, complex consideration, multiple share classes, and the absence of a competitive process. For boards approaching a significant transaction, engaging an opinion early gives directors a record built while the analysis can still inform the outcome. […]