People and Experience
Empire Valuation Consultants’ experience includes thousands of valuations involving businesses and intangible assets from around the globe. This worldwide exposure, transcending industries and all sizes and stages of a company’s life cycle, allows our professionals to apply both common and uncommon valuation methods that are in the best interest of our clients. Applying creative problem-solving skills in unusual situations is an intellectual asset that sets us apart.
We were founded in 1988 by Paula Heermance and Terry Griswold, formerly of Chase Lincoln Bank and Trust Company out of Rochester, NY. Shortly after, they partnered with Bill Lockwood, former head of Chase Valuation Consultants of the Chase Manhattan Bank in New York City. Bill and Terry had known each other for many years from their days at Chase. They stayed in touch and, with Paula, formed what is now Empire Valuation Consultants. With the valuation business growing leaps and bounds, the Rochester and New York City offices needed personnel to fill the demand. Not only did we require a full staff of managing directors, analysts, researchers and support staff, we also needed to expand geographically to support our growing client base outside of New York.
Now, with a staff of over 70 employees in New York City, Boston, Rochester and West Hartford, we are one of the largest and most well-respected independent valuation firms. We have an exceptionally bright, well-educated staff with the following educational and professional credentials:
  •     45 Master's Degrees in Business/Finance/Economics (MBA)
  •     13 Accredited Senior Appraisers of the American Society of Appraisers (ASA)
  •     7 Chartered Financial Analyst (CFA) 
  •     6 Certified Public Accountants (CPA)
  •     3 Accredited in Business Valuation (ABV) designees
  •     1 Senior Member of the Institute of Business Appraisers (IBA)
  •     1 Attorney


Our professionals are also long-time, active members of prestigious, professional societies such as the American Society of Appraisers, Institute of Chartered Financial Analysts, AICPA, and the Institute of Business Appraisers. See the full list here. Their knowledge base is continually enhanced by our commitment to continuing education. This helps ensure that every engagement receives the most current valuation thinking and techniques available.


Our professionals are also experts in their field and regularly speak on valuation topics at local, regional and national conferences. They have testified in numerous courts and jurisdictions around the nation including U.S. Tax Court, U.S. Bankruptcy Court, surrogate's courts and state courts.


The above photograph was taken in Lake Kissimmee, FL by our colleague Chuck Coyne. Not only is he an expert in valuation, but he also has a keen eye for photography. Over the past dozen years, Chuck has entered his photos in many locally, nationally and internationally-judged nature photography contests. His photos have won “Best in Show” and first-place prizes, and he has been published in outdoor photography publications. For more information on Chuck's extra-curricular activities, visit his web site here.