This year marks our 50th in business–a legacy built on the collective power of our people, and a milestone we are proud to celebrate. With integrity, conviction, and unmatched precision, our team of experts serve as trusted advisors to a diverse set of law firms, organizations, and enterprises across a wide range of industries.
50 years ago, our founder, Richard Bernstein, recognized a unique opportunity and founded what would eventually become BVA Group. The 2003 handshake between Partners Jeff Balcombe and Robert Conklin became a monumental moment in our history.
Five years later, Richard retired, and we transitioned to the name Business Valuation Advisors, representing a collective identity and indicating our commitment to a unified vision. Our new generation of leadership emphasized the importance of nurturing a collaborative and inspiring work environment, focusing time and resources into fostering our people and our office spaces.
Today, our strategic blend of internally developed professionals and external hires has been essential to our continued evolution. In an industry where independence and longevity are rare, our ability to remain a successful, multi-generational firm for 50 years is a remarkable achievement we are proud to celebrate. Thank you for the part you have played in our 50-year journey, and for your continued support as we enter our second half-century.
BVA has evolved through significant milestones, including strategic expansions, rebranding, and a commitment to fostering a strong company culture. Each chapter of our journey reflects our dedication to growth, collaboration, and excellence in business valuation. 1995
1974
Robert Conklin joins BVA, broadening the firm’s expertise and experience
“The Handshake” secures BVA’s future
President Gerald Ford signs Employee Retirement Income Security Act (ERISA) into law
BVA founded by
Jeff Mills joins BVA to support and enhance the firm’s growing valuation practice
Todd Fries joins BVA to Support growth in litigation and valuation practices
Jeff Balcombe joins BVA to expand firm’s services into financial reporting and litigation support
Richard Bernstein retires
Plano office relocates to Legacy, securing larger space and essential amenities to support growth
BVA relocates from Dallas to Plano, marking the transition to next-generation leadership
Robert Conklin and Laurie-Leigh White open Houston office to support continued growth
Robert Conklin retires as partner
Todd Fries and Jeff Mills promoted to partnership
Jeff Balcombe and Jeff Mills retire as partners
BVA celebrates 50 years
Laurie-Leigh White promoted to partnership along with Todd Fries (again)
Jody Bland, Stephen Jaquess, and Alex Walther join partnership
Valuation practice leadership transitions to Todd Fries and Laurie-Leigh White
Erica Bramer, Scott Dalrymple, and Bob Manz join BVA
50 years ago, Richard Bernstein, a young man with an accounting background and a law degree, recognized a unique opportunity. On Labor Day in 1974, Gerald Ford signed into law the Employee Retirement Income Security Act (ERISA), which required annual valuations for employee stock ownership plans. Richard founded what would eventually become BVA.
For over 20 years, Richard was a solo practitioner focusing on ESOP and gift and estate tax valuations, but in 1995, Robert Conklin joined Richard from EY, bringing additional skills and client relationships to the firm. The firm began to grow.
In the early 2000s, through a mutual mentor, Robert met a hardcharging young man who wanted to relocate back to Texas after a stint in the Pacific Northwest. Jeff Balcombe joined Robert and Richard, bringing new skills and diversifying the firm’s business offerings into financial reporting and litigation support. It was a time of growth, but growth is not always easy. Jeff’s first desk was a broken card table held together by duct tape, and his “office” was the copy room.
THE HANDSHAKE
The early 2000s were a turbulent time for the firm, culminating in the 2003 “Handshake.” Having recently joined the firm which then suddenly faced an uncertain future, Jeff Balcombe approached Robert Conklin for reassurance. They both committed to each other and to their shared vision of what the firm could be, shaking hands on what would become a monumental moment in BVA’s history.
After the Handshake, the firm name expanded to include Jeff: Bernstein, Conklin & Balcombe. The firm started growing rapidly. Jeff was instrumental in developing the litigation practice and diversifying the firm beyond its historic roots.
2007 marked a transformative year for the firm. With Richard Bernstein’s retirement, the firm transitioned from being named after its thencurrent partners to rebranding as “Business Valuation Advisors” (BVA), representing a collective identity and signaling the firm’s commitment to a unified vision.
That same year, BVA made the strategic decision to move out of its long-time headquarters at One Main Place, which had been its home for 33 years. The firm relocated to Plano, where it built out new offices designed with intentionality around its ethos. This move was more than just a change of address; it symbolized the passing of the torch from one generation of leadership to the next, emphasizing the importance of nurturing a collaborative and inspiring work environment.
We wanted to invest in a culture and people. Designing that space and shopping for furniture—we had a great time with it. We selected the art. We spent money. We wanted to have a nice place for people to be. It was huge. It affected culture.
JEFF BALCOMBE
In 2009, the firm recognized that its litigation practice had expanded beyond traditional business valuation to include broader economic damages, accounting, and other financial issues. As a result, the firm rebranded once again, simplifying its name to BVA to reflect this broader scope while retaining its recognizable red, white, and blue color scheme.
That same year marked a significant leadership milestone with the first ever internal promotions to partner. Both Todd Fries and Jeff Mills were elevated to partner, joining Jeff Balcombe and Robert Conklin in the firm’s leadership.
This move signaled BVA’s commitment to nurturing and promoting internal talent, reinforcing a strong leadership foundation for the future.
By 2011, BVA continued its strategic growth, launching its Houston office with Robert Conklin and future partner Laurie-Leigh White leading the charge. This expansion strengthened BVA’s presence in Texas, allowing the firm to better serve its growing client base across the state.
In 2012, BVA received an inquiry about a complex valuation dispute. Erica Bramer, then with AlixPartners, recognized the value BVA could bring to the case as a neutral third appraisal to resolve a dispute. Erica engaged BVA for the work, a decision that would have unexpected and lasting effects. BVA’s appraisal settled the valuation dispute, and during the course of the project, a mutual respect and rapport developed between Erica and the BVA team. The next year, Erica joined BVA as its newest partner, helping drive the firm’s continued growth.
From 2013 to 2015, BVA saw remarkable expansion, bringing in key partners like Robert Manz (2014) to lead financial forensics and Scott Dalrymple (2015) to head the securities litigation practice. These additions helped significantly broaden BVA’s capabilities, particularly in litigation support, which became a cornerstone of the firm’s services.
“It had to be the right people that would be willing to come in, work within what we had built,” Robert Conklin observed. “It was a 1 + 1 = 3 kind of situation. There was a lot of value being added, but the synergy was a factor as well.”
By 2015, BVA had more than doubled in size, maxing out phone lines and workspace in the existing office. This led to a move to Legacy, a rapidly expanding area in Plano. The new office space more than doubled the firm’s capacity and introduced additional amenities that catered to its growing team and client base, solidifying BVA’s presence in the market.
PASSING THE TORCH
In 2016, BVA saw another significant leadership transition as Robert Conklin retired as partner, marking the end of his long-standing influence on the firm’s valuation practice. With his departure, Jeff Mills, along with Todd Fries and Laurie-Leigh White, took over leadership of that practice, signifying the firm’s continued commitment to cultivating leadership from within.
At the end of 2019, both Jeff Balcombe and Jeff Mills retired as partners, paving the way for new leadership by the firm’s Management Committee (MCOM). This committee, composed of Erica Bramer, Robert Manz, Scott Dalrymple, Todd Fries, and Laurie-Leigh White, officially began steering BVA into the future on January 1, 2020.
“BVA has evolved through generations of leadership, with each building upon the strengths of the last,” Todd Fries aptly observed. Two of our current partners, Stephen Jaquess and Laurie-Leigh White, began their careers as summer analysts, exemplifying the firm’s commitment to developing its people.
Robert Conklin added, “50 successful years in professional services—that does not happen a lot. BVA was an evolutionary process, not a buy-andchange kind of thing.” The firm’s commitment to its people, its clients, and its values continues to guide its perpetual growth and success.
On January 1, 2023, BVA celebrated three new partners—Jody Bland, Stephen Jaquess, and Alex Walther—all promoted from within. The firm’s strategic blend of internally developed professionals and external hires has been essential to the firm’s growth and evolution over the past 15 years, ensuring that the leadership pipeline is always strong.
In an industry where independence and longevity are rare, BVA’s ability to remain a successful, multi-generational firm for 50 years is a remarkable achievement. This enduring success can be attributed to the firm’s relentless pursuit of excellence, a deep passion for client service, and a strong sense of camaraderie among team members.
To commemorate this milestone, BVA celebrated together with local alumni at a Texas Rangers vs. Houston Astros game, celebrating a friendly rivalry between the respective Texas offices. It was a moment to reflect on the firm’s storied journey and celebrate with some of those who have been a part of it.
“Giving does not only precede receiving; it is the reason for it. It is in giving that we receive.”
Israelmore Ayivor
One of BVA’s five core values is Giving Back. Our team has a long history of contributing its time, energy, and resources to the communities in which we operate. We focus our efforts on causes our team members are passionate about. Rainbow Days and Vogel Alcove are just two of the amazing organizations BVA has supported for over a decade.
Year after year, we are humbled by our team’s dedication to serving our community and giving back to a variety of causes. Each January, we honor that dedication with a commitment to contribute to a charity of each employee’s choosing. So far in 2024, BVA has supported 24 charitable organizations.
Team BVA has a long-standing annual tradition of packaging Thanksgiving baskets for the Children’s Advocacy Center of Denton County. This past year BVA contributed 33 baskets to support families in need affected by child abuse who would otherwise miss a traditional Thanksgiving meal.
Since 2012, BVA Group has had the privilege of supporting Vogel Alcove and its mission of helping children overcome the lasting effects of homelessness. BVA proudly sponsors Vogel Alcove’s flagship annual fundraiser, the Annual Arts Performance Event, the proceeds of which fund much of its operating budget.
Both offices gathered at local parks for an outdoor cleanup, enjoying fresh air and community care. Afterward, each office capped off their efforts with a well-earned happy hour.
BVA is proud to be a small part of the solution to both hunger and food waste. Team BVA volunteers regularly at the Houston Food Bank to carefully package nearly 8,000 meals for people in need. Houston Food Bank distributes 122 million nutritious meals through its network of 1,500 community partners in southeast Texas, feeding 800,000 individuals each year.
BVA team members, family, and friends gather annually to compete in the ASC Heart & Sole 5k and fun run. The most recent event benefitted Crossroads Community Services, a local food bank that revolutionizes pantry distribution through food equity research, client-centered services, and community partner engagement.
BVA Group is committed to partnering with North Texas Food Bank in their mission to combat increasing food insecurity in North Texas. BVA recently gathered to assemble boxes of healthy groceries for adults, packaging 18,200 pounds of food (equivalent to 15,167 meals) in total.
BVA constantly seeks to foster an environment of intellectual growth, camaraderie, inclusiveness, diversity, and a commitment to our core values of integrity, excellence, respect, continuous learning, and giving back. Our goal is to cultivate a challenging, inspiring, and rewarding atmosphere where our team members can thrive both personally and professionally.
BVA encourages professional growth through training, continuing education, and participation in career-related seminars, as well as invaluable day-to-day interactions with colleagues.
100% employee health and dental premiums covered by BVA 50% of staff have been with BVA more than 5 years more than
The Dallas and Houston teams embraced some friendly March Madness competition with bracket strategy sessions, basketball watch parties, and an in-office Happy Hour.
The Houston and Dallas teams gathered for dinner, trivia, and a day at Freeplay Richardson, enjoying arcade games, friendly competition, and time together out of the Texas summer heat.
BVA took the afternoon to challenge each other to some intense, but friendly, matchups of bowling. Many team members were surprised to find out that several of their colleagues are talented bowlers and raised the competition tremendously.
The Dallas team spent a fall afternoon soaring through the treetops at Go Ape in Plano, while Houston team members enjoyed a lively trivia night, making for memorable and fun-filled team moments.
As we look back, it is astounding to think how far BVA has come. From the days of typewriters and hand-punch calculators to the modern digital world, the tools may have changed, but the firm’s commitment to integrity and excellence has remained unwavering.
With a new generation of leadership and an eye firmly set on the future, BVA is poised for continued success, ready to write the next chapter in its remarkable history.
“BVA is the premier valuation firm for ESOPs in the entire country.”
“Thank you very much for all your work. You and your team did an incredible job. I was continually impressed by how quickly all of you drilled through really complex data. The report itself is excellent - it feels razor sharp. I don’t know how else to describe it.”
“You have a very, very careful team, the most careful I’ve ever worked with. And that’s why we’ll work with you again and again and again.”
“I sent around an email Friday afternoon asking for recommendations and no fewer than four attorneys responded saying that we had to talk to BVA.”
“We couldn’t have asked an expert team for more than we have, and you have addressed it perfectly. Thank you.”
“You all were truly incredible. Very responsive, thorough and professional. I definitely will keep your shop at the top of my list.”
“This is impressive! If this is what BVA can accomplish in 10 days, imagine if we’d given the proper two months!”
“As you know, the jury delivered us a complete victory today! Your work, your charisma, your team, and your clarity of presentation was a key part of our success.”
“All: We reached a tentative confidential settlement yesterday with the defendants. It is subject to long form agreement this coming week. I wanted you all to know that this resulted directly from your incredible work on this matter.”
“We absolutely loved working with your team. You are the best!”