FRA - Meet Our Staff


LESTER BARENBAUM, Ph.D. Managing Director Dr. Barenbaum has been actively involved in business valuation since 1981. He has a Doctorate in Economics from Rutgers University and is a Professor of Finance at La Salle University. Dr. Barenbaum has testified as an expert witness for the purpose of valuing closely held businesses, financial assets, support obligations and lost profits as a result of economic damages. He has been qualified and has testified in the following states: Pennsylvania, New Jersey, Delaware, New York, Connecticut, Florida, Virginia, California and Massachusetts. Dr. Barenbaum combines his academic credentials with his valuation expertise to provide value added for clients.


STACY PRESTON COLLINS, CPA/ABV, CFF Managing Director Ms. Collins graduated from Drexel University with a concentration in Accounting and Finance. She has been in the field of business valuation and forensic accounting since 1993. Her experience includes marital dissolution cases, corporate litigation, estate planning valuations and transactions. She has provided expert witness testimony in New Jersey, New York, Pennsylvania and Florida. Ms. Collins has co-authored courses on business appraisal and is a frequent writer, lecturer and panelist on valuation and forensic accounting topics. Ms. Collins holds the Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF) designations from the American Institute of Certified Public Accountants (AICPA). She is Chair of the AICPA’s Family Law Task Force, and is a member of the AICPA’s Forensic and Litigation Services Committee.


LISA J. CRUIKSHANK, CMA, CFM, ASA Managing Director Ms. Cruikshank has been actively involved in business valuation since 2002. She has over fifteen years of prior experience in accounting and financial analysis in publicly-held companies. Ms. Cruikshank obtained a Masters in Business Administration degree from La Salle University and is currently an adjunct instructor of Finance in the MBA program at her alma mater. Ms. Cruikshank has testified as an expert witness in Pennsylvania, New Jersey and Connecticut. She has co-authored articles on business valuation and financial analysis. In addition, Ms. Cruikshank has conducted presentations on business valuation and finance.


JAY E. FISHMAN, FASA Managing Director Mr. Fishman has been actively engaged in the appraisal profession since 1974. He has been qualified as an expert witness on business valuation matters in eleven states, and frequently serves as a court appointed expert. In addition, he has taught courses on business valuation for the IRS, the AICPA, and the National Judicial College. Mr. Fishman is the Past Chair of the American Society of Appraisers’ Business Valuation Committee. He is the co-author, with Shannon Pratt, of the Guide to Business Valuation, and co-author, with Shannon Pratt and William Morrison of Standards of Value: Theory and Applications. He is also a member of the Appraisal Standards Board.


SANDRA R. KLEVAN, CPA/ABV, CFF Managing Director Ms. Klevan has been employed in the accounting and finance profession since 1986, with active involvement in business valuation, litigation support and forensic accounting since 1991. Ms. Klevan obtained a MBA with a concentration in Finance from Saint Joseph’s University. She is a member of the Financial and Valuation Services Section of the American Institute of Certified Public Accountants (AICPA), holds the Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF) designations and serves on the Family Law Task Force of that organization. Ms. Klevan has also taught as an adjunct instructor of Finance at both Saint Joseph’s and La Salle Universities and has served on panels and made presentations, as well as authored and co-authored several articles in the area of business valuation and forensic accounting.


BONNIE O’ROURKE, ASA Managing Director Ms. O’Rourke has been actively involved in business valuation since 1981. She holds a Master’s Degree in Business Administration from the Wharton School of the University of Pennsylvania with a concentration in finance and management. Ms. O’Rourke has testified as an expert witness in Pennsylvania, New Jersey and New York. She has authored articles on business valuation and financial analysis and has taught courses and conducted presentations on business valuation and corporate finance.


MICHAEL A. SAPONARA, CPA/ABV, J.D. Managing Director Mr. Saponara combines his accounting and legal background with his business expertise, to provide enhanced analysis to clients. Mr. Saponara has worked in the accounting profession since 1987, and he has specialized in litigation support and forensic accounting since 1994. Mr. Saponara has provided expert testimony in New Jersey, Pennsylvania and Indiana. Mr. Saponara has presented courses on forensic accounting and litigation support for various accounting societies and professional associations, and has published articles and course materials on litigation support services.


FRANCIS P. EGAN, CFA Senior Financial Analyst Mr. Egan has been actively involved in business valuation and forensic accounting since 2005. His prior experience includes financial analysis positions in the insurance and mutual fund industries. Mr. Egan graduated from The Pennsylvania State University with a concentration in Finance.


JEREMY C. SMITH Senior Financial Analyst Mr. Smith has been actively involved in business valuation and forensic accounting since 2006. His prior experience includes financial analysis positions in the banking and mutual fund industries. Mr. Smith graduated from Shippensburg University with a concentration in Finance.