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C. Donald Wiggins
Don (D.B.A., ASA, CVA, CPA/ABV, CEPA) is president and a principal of Heritage Capital Group, Inc., a middle market investment banking firm headquartered in Jacksonville, Florida. His primary focus is on merger and acquisition transactions in the U.S. and abroad, as well as conducting valuation, strategic planning, and value enhancement analysis for clients.
Don is also a Professor Emeritus of Accounting and Finance at the University of North Florida, and has wide-ranging academic and consulting experience in business valuation, corporate finance, accounting, and computer-based financial modeling. He received his B.B.A. and M.B.A. degrees from Georgia Southern University and a D.B.A. from Louisiana Tech University in 1976, and has been published in such journals as Valuation, Business Valuation Review, Financial Analysts Journal, and Management Accounting. Before coming to Jacksonville, Don taught at Clemson University for nine years and has also conducted numerous executive development and training programs for business, government, the health care industry, and professional associations.
Don has over 30 years of experience advising clients regarding a variety of M&A and financing transactions, including mergers and acquisitions, sales and divestitures, capital placement, value enhancement, exit planning, and related corporate finance. He has advised international and domestic companies and successfully led transactions in many industries including business services, healthcare, distribution and logistics, and manufacturing. Don currently serves as the Chairman of Oaklins, a global investment banking group.
Don has conducted more than 2,000 valuations of closely-held companies and has consulted with large companies such as Modis, Blue Cross Blue Shield of Florida, Union Carbide, Martin Marietta, Whirlpool, CSX, Sangamo-Weston, Anheuser-Busch, and Schlumberger. He has also worked with several hundred small and medium sized companies in the U.S., Europe, Asia, Mexico, Central America, and South America, including many financial institutions and local governments. He has served as an expert witness in cases involving valuation of closely held businesses and limited partnerships, portfolio analysis, and estimation of economic damages. He holds the professional designations of ASA, CVA, CEPA and CPA/ABV and is a licensed real estate broker and registered securities principal. He has testified in the state and federal court and in arbitration proceedings before the New York Stock Exchange, The Financial Industry Regulatory Authority (formerly, the NASD), and American Arbitration Association. He has over 25 years of university teaching experience, including freshman through Ph.D. level courses in corporate finance, investments, and all areas of accounting.
Howard C. Serkin
Chairman - Advisory Board
Howard received his B.S. in engineering from Georgia Tech. Upon graduation, he served a four year tour of active duty as a Lieutenant in the U. S. Navy assigned to nuclear submarines and deep submergence rescue and salvage projects. He also earned his M.S. in engineering and received his M.B.A. in finance from Harvard Business School. He has pursued post-graduate studies at Oxford, Cambridge and the London School of Economics.
Howard served in various senior management positions with The Charter Company in Jacksonville, Florida. Charter was a NYSE conglomerate with revenues in excess of $5 billion and operations in insurance, energy and communications. Prior to April 1984, he was Executive Vice President of Charter’s Insurance Division. In April 1984, Charter filed Chapter 11 and Charter’s Board asked him to leave the insurance operation which was to be sold and assume the position of Executive Vice President and Chief Financial Officer of the parent company. In this capacity, he arranged over $400 million of new financings and assisted in the development of the plan of reorganization. Charter successfully emerged from bankruptcy in early 1987 and he began a one year assignment as the first Executive-in-Residence and Visiting Professor at the University of North Florida’s College of Business.
In August 1988, Howard completed the acquisition and recapitalization of Environmental Recovery Group and served as its financial advisor and a major shareholder. Environmental Recovery Group was a privately owned environmental remediation and construction company serving the southeastern U. S. market. In 2007, it was sold to Moran Towing.
In July 1991, Koger Properties’ Board asked Howard to assume the positions of Executive Vice President and Director. Koger Properties was a NYSE developer, owner and manager of over 13 million square feet of suburban office buildings and parks located throughout the southeast. In September 1991, Koger filed Chapter 11 and he directed the development of Koger’s plan of reorganization. Koger successfully emerged from bankruptcy in December 1993.
In January 1994, Howard became a principal with Business Valuation, Inc. and Heritage Capital Group. Business Valuation provides financial consulting and valuation services to privately held business enterprises. Heritage Capital Group is a regional investment banking firm providing merger and acquisition advisory, consulting and intermediary services to privately held middle market companies.
In December 1994, Pic N’ Save’s Board asked him to assume the part-time position of Director of Special Projects and to assist the company in evaluating its strategic alternatives. Pic N’ Save was a privately owned regional discount merchandiser with revenues in excess of $300 million. In February 1995, Pic N’ Save filed Chapter 11 and he assisted in the development of the plan of reorganization. Pic N’ Save emerged from bankruptcy in February 1996. Howard resumed his full time duties as a principal and senior adviser to Business Valuation and Chairman of Heritage Capital Group in early 1996.
In addition to Howard's teaching experiences at the University of North Florida, he has lectured extensively on a number of financial topics including corporate turnarounds, mergers and acquisitions, business valuations, financial restructurings and bankruptcy. He has served as an Executive Professor at the University of North Florida’s College of Business and has lectured at Jacksonville University’s College of Business, the Indian Institute of Management in Bangalore, India, the University of the South Pacific in Fiji and the Harvard Business School.
Howard serves on the Board of Directors of numerous corporate entities ranging from privately held operating companies to private equity investments to venture capital start-ups. In 2011, he was elected to the Board of Directors of Consolidated-Tomoka Land Co. (NYSE MKT: CTO). He is a member of the Financial Executives Institute, the Association for Corporate Growth and an honorary member of Beta Gamma Sigma.
Howard is committed to his community and has served in leadership positions on numerous civic boards and activities, including the UNF Foundation, Museum of Contemporary Art, Museum of Science and History, Governor’s Economic Advisory Council, Leadership Jacksonville and Youth Leadership Jacksonville, Cultural Council, Brooks Health System, Downtown Vision, Baptist Medical Center–Beaches, Art With A Heart, JCCI, Community Foundation (Finance Committee), Jacksonville Marine Institute and Associated Marine Institute, Mimi and Lee Adams Environmental Advisory Board, Sheriff’s Advisory Council, First Coast Venture Capital Group, Enterprise North Florida, River Club, Community Coaches Program, United Way, Jacksonville Chamber of Commerce, Big Brothers and Big Sisters, Mental Health Resource Center, Junior Achievement, UNF Business Advisory Council, UNF Financing Corporation, FCCJ Open Campus Advisory Board and Downtown Master Plan Committee. In 2002, Leadership Jacksonville honored Howard with its Distinguished Community Trustee Award. In 2010, the University of North Florida recognized Howard's long standing support by awarding him the Presidential Medallion for Outstanding Service.
Douglas M. Kravet
Since joining Heritage Capital Group in 1996, Douglas M. “Doug” Kravet has developed extensive expertise in advising middle market companies regarding mergers and acquisitions (“M&A”) transactions. During his tenure at Heritage, Doug has executed transactions in the business services, healthcare, construction and engineering, manufacturing, and distribution sectors.
Doug focuses on assisting the owners of closely held companies who are seeking capital, and the best partner, to accelerate the growth of their businesses. A key component of these transactions is assisting the owners of the business monetize all, or a portion of, their investment in the business.
Over the past 17 years, Doug has advised the owners of dozens of firms in negotiating and structuring M&A transactions with private equity groups, strategic buyers, and private investors. Transactions have involved buyers and sellers located in the U.S. and internationally. He works closely with the professionals in M&A International’s Business Services industry group to provide global reach and market intelligence for his clients.
Doug has advised buyers as they develop and implement acquisition strategies. In these situations, he has assisted in identifying and evaluating acquisition candidates, performing due diligence, and structuring transactions. He has developed expertise in valuing specific intangible assets that are acquired in mergers and acquisitions transactions.
Doug also focuses on providing value enhancement advice for clients. During his tenure with Heritage Capital Group, he has completed more than 200 valuations and consulting projects involving closely held companies. These firms ranged in size from start-up companies to businesses generating more than $1 billion per year in revenues. In this capacity, he has developed expertise in evaluating complex capital structures of privately held companies that include convertible debt, stock options, warrants, convertible preferred stock, and other financial instruments.
Doug received his B.B.A. and M.B.A. from the University of North Florida. He also has Series 7 and Series 79 securities licenses and is a senior member of the American Society of Appraisers (accredited in Business Valuation).
K.C. is a former executive of LTV Corporation and The Charter Company. During his over 30 years as a financial executive, chairman, and CEO, he has worked for several major corporations throughout the U.S.
After he identified and negotiated the acquisition of Spinnaker Coating, a division of Kimberly-Clark, located in Troy, Ohio in 1994, K.C. became its chairman and chief executive officer. Spinnaker is a manufacturer of adhesive coated materials for the label industry. K.C.'s tenure with Spinnaker, the company grew from $85 million to $160 million in revenues, becoming the third largest competitor in its industry. During 2001, he liquidated his investment in Spinnaker prior to joining Heritage Capital Group.
Late in the 1980’s, K.C. joined the LTV Corporation of Dallas, Texas as vice president and treasurer, and later moved up to senior vice president and chief financial officer. At the time, LTV was a $6 billion conglomerate, owning the third largest steel company and sixteenth largest aerospace defense contractor in the U.S. LTV had filed for Chapter 11 reorganization in July 1986. At the time it was the most complex reorganization ever undertaken. Over a seven-year period, he quarterbacked the design, negotiation, and implementation of a consensual plan of reorganization which involved the resolution of over $15 billion in claims among competing constituencies, including parent company creditors, steel creditors, aerospace and defense creditors, equity holders, Pension Benefit Guaranty Corporation (an agency of the U.S. Government), and the United Steelworkers of America.
Beginning in 1979 and prior to joining LTV, K.C. served in various management positions with The Charter Company and its subsidiaries, a NYSE conglomerate with revenues in excess of $5 billion and operations in insurance, energy, and communications. Prior to 1984 his positions included vice president and treasurer of Charter Oil Company, and vice president of corporate development for The Charter Company. In April 1984, Charter filed Chapter 11 and K.C. became senior vice president of finance, joining Howard Serkin in formulating and implementing a total redesign of the business and capital structure of the company, as well as playing a key role in the development and negotiation of the plan of reorganization. Shortly before Charter emerged from Chapter 11, K.C. became executive vice president and chief financial officer.
From 1973 through 1979, K.C. was employed by Jacksonville National Bank as an assistant vice president in commercial lending. In 1968, he received his B.A. in philosophy from West Virginia Wesleyan College and then served a four-year tour of duty in the U.S. Navy as a naval aviator. He earned his M.B.A. in 1973 with an emphasis in finance from the University of Alabama, where he was elected a member of Beta Gamma Sigma.
K.C. has been a member of the Board of Directors of Schweitzer-Mauduit International, a NYSE listed, $800 million, specialty paper company since 1996, where he has served several terms as lead director and is currently chairman of the Nominating and Government committee. He His also on the Board of the Center for Toxicology and Environmental Health, a science-based environmental consulting firm based in Little Rock, Arkansas. He is a member of Mensa. K.C. served on the Board of Trustees of West Virginia Wesleyan College for 15 years as chairman of the finance committee, and Vice Chairman of the Board.
William R. Nicholson
Bill Nicholson has 35 years of diversified experience in the real estate industry. Immediately prior to joining Heritage Capital Group and Heritage’s sister company, Business Valuation, Inc., Bill spent 15 months with BSE Management, a private equity firm focused on acquiring failed banks. In this role, he managed the due diligence and bank target processes. At Heritage, Bill concentrates on M&A advisory assignments and conducts litigation support and real estate brokerage through BVI.
From 2003 through 2008, Bill headed up his own firm, WRN Financial. The company focused on executive search for senior bankers, real estate consulting, and managing select real estate assignments through an affiliation with Heritage Capital Group.
After retiring from Bank of America at the end of 2002, Bill was a managing director for Chatsworth Securities. While at Chatsworth, he worked on entity and project financings for homebuilder and apartment clients of the firm. He also was involved in acquisition, divestiture, and advisory assignments with public real estate companies and opportunity funds.
With the acquisition of Barnett Banks by Bank of America, Bill joined Bank of America Securities as managing director. He oversaw the Real Estate Advisory Group – the firm’s national investment banking practice serving private real estate companies and investors. Bill managed offices located in San Francisco, Charlotte, Dallas and Chicago from his Jacksonville location. His transactions included an equity raise/sale of assets for Stiles Corporation, advisory work on behalf of the St. Joe Corporation, and an M & A assignment related to the sale of Heritage Homes of Orlando to a publicly traded national homebuilder.
In January 1992, Bill joined Barnett Banks of Florida, Inc. from PNC Bank. He served as director of commercial real estate from the beginning of 1992 until Barnett was acquired in late summer of 1997. He was chairman of the bank’s Community Development Corporation, vice chairman and director of Main American Capital, a mortgage banking joint venture involving commercial real estate loan securitization and a member of the bank’s seven member executive loan committee, which reviewed and approved all bank credits from $25 million to $200 million. While at Barnett, Bill formed Barnett Realty Partners, a mortgage banking and real estate investment bank, which represented Salomon Brothers and other institutional capital providers as exclusive Florida correspondents. Additionally, he managed the bank’s real estate syndication activities, and worked with Barnett’s larger real estate clients to provide innovative capital raising solutions. Representative Barnett Realty Partner transactions include a $300 million revolving credit facility for Olen Residential, originated jointly with Salomon Brothers, debt placement for Rooms To Go, and a $100 million multi-facility financing for Arvida/JMB Partners.
Bill spent ten years with PNC in Pittsburgh, managing the bank’s national construction lending group and supporting the international division on select overseas real estate transactions. In addition to directing the U.S. sales force and loan administration, he led the bank’s efforts in originating the closing of the largest multi-property real estate debt transaction in New Zealand in 1984; underwriting, syndicating and financing the Charles Hotel, retail and condominium complex in Cambridge, Massachusetts; and representing the bank in a $728 million financing for Olympia and York for the World Financial Center.
He is a member of the board of directors of BFC Financial (NASDAQ – BFCF). He serves on the audit and the compensation committees, in addition to his general board responsibilities.
Bill graduated with a bachelor’s degree in political science from Wesleyan University in Middletown, Connecticut and earned a master’s degree in finance and real estate from the University of North Carolina at Chapel Hill.
Bill holds Series 7, 24, 63 and 79 securities licenses as well as a Florida real estate broker’s license. He is the past president of the Council for Sustainable Florida, past chairman of the American Bankers Association Real Estate and Finance Committee, and head of the ABA’s environmental task force. He is a Vietnam veteran and former captain in the U.S. Marine Corp.
He served as a member of the University of Florida’s Real Estate Advisory Board. In October of 2010, he completed the USDA’s Lender Liability training.
Asok K. Chaudhuri
Asok is a principal of Heritage Capital Group and its sister company, Business Valuation, Inc. (BVI). His primary areas of expertise are M&A transactions in the U.S. and abroad, valuation, economic consulting, strategic planning, corporate turnaround, and shareholder value creation. He has experience in several industry sectors including transportation, logistics/distribution, manufacturing, health care, and information technology.
Asok hails from India where he earned a B.S. degree in physics followed by an M.S. in physics and an M.S. in applied statistics. He came to the U.S. in 1975 and earned an M.S. in operations research and a Ph.D. in operations research and planning, both from the Weatherhead School of Management at Case Western Reserve University, Cleveland, Ohio. He has taken several executive programs in economics, corporate finance, and business management. His Ph.D. dissertation on multiple objective optimization in planning and budgeting was the first place winner in an international competition of Ph.D. dissertations in the field of decision sciences. He has been inducted to the Decision Science’s Hall of Fame.
Prior to joining Heritage Capital Group and BVI, Asok was a senior executive at CSX Corporation, a $12 billion dollar transportation and logistics company in the U.S. During his 26 years at CSX, he held increasingly responsible positions including senior vice president of corporate development, vice president of finance, vice president of financial planning and analysis, vice president and CFO of CSX’s intermodal business unit, and chief finance officer of CSX’s automotive business unit. His responsibilities involved mergers/acquisitions/divestitures, strategy development, business and capital investment planning, risk analytics, corporate performance improvement, and shareholder value creation.
Asok was a key player in the strategic transformation of CSX from a multi-modal transportation conglomerate to a rail-based company through the divestitures of several non-rail businesses and acquisition of a large rail business. The most recent transaction, which was led by him, was the sale of CSX’s global container port business, CSX World Terminals, in early 2005 to Dubai Ports International (DP World) for $1.2 billion, which represents a record 15 times EBITDA. This transaction was to sell off terminal businesses in nine countries on five continents involving complex business, legal, structural, tax, and JV partner issues. As the parent company’s senior vice president of corporate development, and over a period of three years prior to the transaction, Asoki positioned the company for a successful sale through prudent investments in attractive markets of the world and disinvestments in other markets.
As the vice president and CFO of CSX’s intermodal business unit, Asok quarterbacked its turnaround and acquisition-driven growth in the late 1990’s. The unit’s operating income grew from $30 million to $180 million in eight years. He was one of the principal architects of CSX’s performance improvement in the mid-1990’s that increased the rail unit’s operating income from $600 million to $1,275 million in five years. This corporate-wide initiative involved a thorough understanding of the key drivers of shareholder value, benchmarking against the best in and outside of the industry to establish performance gaps, and a rigorous execution process to close the gaps over time. He was responsible for introducing several new ideas and initiatives at CSX — shareholder value based management using an EVA framework, establishment of a new automotive business unit to bring focus to its standalone income statement, transfer pricing mechanism between various business units and the parent company, product and geographic income statements and performance metrics, comparative analysis versus competitors, and cooperative business arrangements with independent shortline rail operators.
Prior to joining CSX, Asok worked at British Petroleum (Standard Oil of Ohio) as a market research analyst, primarily developing retail gasoline sale forecasting models. He has also consulted in the health care, pharmaceutical, telephone, retail, and manufacturing industries on projects involving statistical quality control, inventory management, industrial/production engineering, forecasting, zero-based budgeting, and simulation games. As an adjunct faculty, he has taught MBA, executive MBA and other graduate level courses on decision sciences, operations research, managerial statistics, investment analysis, corporate finance, operations and supply chain management at Cleveland State University, Case Western Reserve University, and Baldwin-Wallace College. He has offered short courses and lectured at several institutions including MIT, Yale, University of Florida, University of North Florida, University of Munich (Germany), International Institute of Applied Systems Analysis (Vienna), Hong Kong University, Indian Institute of Management, and Indian Statistical Institute. He actively participates in professional meetings, often as an invited speaker. He frequently consults on industry issues as a Leader of GLG Expert Network.
Asok served on the Board of Directors of TTX Company, a $1 billion rail equipment and service provider based in Chicago. He continues to serve on the advisory board of Innovative Scheduling, a technology company which develops optimization and decision support software for the transportation and supply chain industries. He has served on the academic advisory council of Jacksonville University’s Davis College of Business and as an industry liaison to MIT’s Center for Transportation and Logistics.
Asok is active in the Jacksonville community, having served as the Chairman of the Chamber of Commerce International Business Strategy Committee, member of the Stage II (Grow Florida) Business Advisory Board, member of the Mayor’s Logistics Education Committee. He is a member of the Rotary Club of Downtown Jacksonville.
Mac Holley has spent most of his 33 year career in the commercial banking industry. Mr. Holley works with owners of mid-sized companies to create value through strategic planning, mergers and acquisitions, and comprehensive exit strategy design and implementation.
Prior to joining Heritage Capital in 2011, Mr. Holley managed the operations of Florida Capital Bank, N.A. in Northeast Florida as its president and CEO for the North Florida Region. He participated in the founding of the bank in 2004, and his responsibilities included overseeing all commercial and retail banking operations in the north Florida region.
Prior to Florida Capital Bank, he was President, Northeast Florida, and Senior Vice President, Middle Market Banking for Bank of America, responsible for Northeast Florida and South Georgia. During that time, he achieved his Six Sigma Green Belt certification.
He joined Bank of America (via NationsBank, N.A.) after it acquired Barnett Banks, Inc., where he managed corporate banking in Pinellas County, FL. Also at Barnett, Mr. Holley managed the bank’s U.S. Banking division responsible for relationships with companies headquartered outside the State of Florida.
Mr. Holley is committed to serving the community. He is actively involved with the University of North Florida Foundation Board where he serves on the Executive Committee. Additionally, he serves as a board member for the Northeast Florida Council of the Boy Scouts of America where he is the president elect. He is a past Chair of the Baptist Health Foundation Board, a former member of the YMCA of Florida’s First Coast Metro Board and is a graduate of Leadership Jacksonville’s Class of 2002.
He served as chair of Jacksonville Chamber of Commerce’s economic development organization, Cornerstone, in 2003. He was appointed in 2003 by Jacksonville Mayor John Peyton to chair the Blue Ribbon Commission (the mayor’s transition subcommittee for financing efficiency) and was appointed in 2002 by Jacksonville Mayor Delaney to chair the Preservation Project, an initiative to purchase and protect green space for public access in Duval County. Mr. Holley is a graduate of the University of Alabama.
Matt has over 20 years of senior management experience that spans secured lending, investment banking, and operating CFO and CEO roles. He began his career in commercial banking and asset-based lending, and left to become CFO of a bank client, a troubled $150mm food processor. After engineering a successful turnaround and sale of the business to a $6 billion global food processor, Matt was hired by Cybus Capital Markets, an investment bank. There, he did merger and acquisition, and corporate restructuring work for middle market companies in manufacturing, distribution, and financial service businesses nationwide, often in troubled situations. During his tenure, Matt successfully raised over $500 mm in debt and equity capital for privately-held, middle market businesses across a range of industries.
He moved from the capital markets back into a variety of operating roles: turning around a medical equipment manufacturer; integrating the purchase of a California high-tech cardiac catheter manufacturing acquisition for its Dutch parent; recapitalizing a consortium of secured lenders out of one of the largest food processors in the Southeast; and turning around and recapitalizing a food processor owned by a private equity group. Matt served as interim CFO for a custom manufacturing operation, guiding the business through a turnaround, an ERP systems implementation, and preparation for sale to a strategic buyer. He has guided firms through the complexity of Chapter 11 and Chapter 7 bankruptcy proceedings, and has been recognized by the federal bankruptcy court as a qualified Financial Advisor and Chief Restructuring Officer. He has provided expert witness testimony in state court cases involving economic loss.
Matt has performed capital raising or operational turnaround work across a range of industries including food processing, crop insurance, import-export brokers, plastics manufacturing, biotechnology research, medical device manufacturing, textile processing, durable goods manufacturing, building products, construction equipment, and ethanol. He serves as president of the North Florida Chapter of the Association for Corporate Growth and has served on the board of the Florida Turnaround Management Association.
Matt holds a Master of Business Administration from the University of North Carolina at Chapel Hill and a Bachelor of Science in Economics from Duke University.
Bill Prescott is a principal with Heritage Capital Group. Prior to joining Heritage, Bill was the Chief Financial Officer and Senior Vice President of Stadium Operations for the Jacksonville Jaguars NFL franchise, and provided financial and operational leadership to the executive team since its inception in 1993. He was responsible for managing all aspects of the financial operations of the Jaguars and EverBank Field venue management.
Bill worked with Wayne Weaver, former General Partner, on the award of the expansion franchise to Jacksonville. His team developed the business systems and policies for the franchise which were considered best in practice, and subsequently adopted by a majority of the NFL teams. He managed all banking and financing arrangements from the acquisition of the team forward. Bill was responsible for the Jaguars being the first NFL team to secure a $110 million financing with an 18 year term through a private placement with insurance companies. He also served as the team liaison with the NFL and Host Committee for Super Bowl XXXIX held in Jacksonville in 2005. Bill managed the relationships with the City of Jacksonville officials, the owner of the stadium venue, and was responsible for securing the funding to complete the $75 million stadium renovation in 2003, and an annual funding source of $4 million to maintain and upgrade the stadium. In addition, he led numerous negotiations that resulted in unique new revenue streams and results driven structures that enhanced the financial performance of the franchise including, stadium lease amendments, concession contracts, and significant vendor arrangements.
Most recently, Bill led the negotiation and due diligence for the sale of the Jacksonville Jaguars to its new owner, Mr. Shad Kahn in 2012. As part of the change in ownership he initiated a rebranding of the Jaguars for the 2012 season, and secured the Jaguars participation in the International Game Series for four years starting with the 2012 season.
From 1995 until 1997 Bill was Treasurer of Liz Claiborne Footwear. In 1995, Bill led the negotiation for the acquisition of the shoe division of Liz Claiborne, Inc. by Liz Claiborne Footwear. He successfully negotiated an asset based loan with JP Morgan Chase to finance the acquisition and growth Liz Claiborne Footwear.
In 1987, Bill was a tax partner in Grill, Gilhuly, Prescott & Co. While working for Grill, Gilhuly, Prescott & Co., he grew the firm from 5 employees to 35 employees due to increased tax and business consulting services. He was a tax manager for Touche, Ross & Co. in Stamford, Connecticut where he supervised eight tax accountants and lawyers who provided tax preparation and consulting services to Fortune 500 and privately held companies.
Bill enjoys serving his community and is a strong advocate for the revitalization of downtown Jacksonville. He holds a position on the advisory board of Jax2025 and One Spark, Inc. He is the chair-elect of Visit Jacksonville, an executive board member of Downtown Vision, Inc., and a founding member of the Jacksonville Downtown Marketing Collaborative.
During his employment with the Jacksonville Jaguars, Bill created a series of community-based events, namely Evening with the Coaches, Chalk Talk, Evening with the Scouts, and NFL 101 for Women offered by the Jaguars in the off season to develop a closer connection of the football staff with the fan-base.
Bill has a Bachelor of Business Administration in Accounting and a Master of Science in Taxation from Pace University.
Melissa Ann Lockhart, CPA/ABV
Melissa Ann Lockhart is an analyst for Heritage Capital Group and focuses on developing economic analysis for litigation and conducting valuation projects for clients.
Melissa is experienced in valuations of closely held businesses for various purposes including legal issues, mergers and acquisitions analysis, and management planning. Her valuation experience includes clients in finance, technology, distribution, construction, agribusiness, healthcare, automotive, logistics, and professional services. In addition to valuation work, Miss Lockhart specializes in calculating economic damages for complex commercial litigation as well as personal injury and wrongful death cases.
Prior to joining Heritage, Melissa's professional experience in the financial industry included working for Merrill Lynch as a registered representative, focusing on lead generation and asset retention in 401(k) plans. At Merrill Lynch, her project work included compliance management and accounting information systems development.
Melissa received her Bachelor of Arts degree in Economics from Duke University and her Master of Accountancy degree from the University of North Florida. She has her Series 7, Series 79 and 66 securities licenses. She is a Certified Public Accountant licensed in Florida.
Bill Sorenson is a principal with Heritage Capital Group. His primary focus is supporting and leading merger & acquisitions, leading strategic consulting assignments for clients, and conducting valuations. His valuation experience includes clients in varied industries including construction, wholesale equipment, professional services, and distribution. Bill is a certified expert in Lean management and has facilitated over 125 Lean-based value enhancement projects resulting in improvements for his clients’ processes for marketing and sales, operations, manufacturing, project management, cash flow management, and internal support.
Prior to joining Heritage Capital Group, Bill served as a director of management consulting services for an engineering and management services contractor. As the contracted lead Lean Six Sigma consultant to the Naval Surface Warfare Center, Panama City, FL, he directed strategic implementation initiatives and facilitated over 75 Value Stream Analyses and Rapid Improvement Events. He also served as a manager for the middle market consulting division of Deloitte & Touche, LLP. In this capacity, he led key initiatives during a lean manufacturing implementation and oversaw multiple Theory of Constraint based implementations. For Deloitte & Touche, Bill also served as manufacturing lead for Enterprise Resource Planning system implementations. Bill began his career in defense contracting and progressed to assistant program manager for a technical service contractor, providing logistics support for multiple U.S. Navy weapon system programs.
Bill is a member of the Board of Seaside Community Charter School, the only public Waldorf charter school in the southeastern United States. He is also a member of the Rotary Club of Jacksonville and serves on the Board. Bill is a graduate of the Leadership Jacksonville Class of 2015. In 2016, he was appointed to the National Advisory Council for the National Association of Women Business Owners (NAWBO). Bill has served as a judge for the annual Manufacturers Association of Florida's Manufacturers of the Year Award since 2011. He received his B.B.A. from Virginia Tech and his M.B.A., with a concentration in operations and management information systems, from Purdue University.
Alex Kellison joined Heritage Capital Group in 2014 and focuses on providing support to principals engaged in various investment banking functions including valuation, mergers and acquisitions, strategic consulting, and capital raising.
Before joining Heritage, Alex was a Portfolio Manager at Morgan Stanley in Jacksonville, Florida. He was responsible for screening, analyzing, and trading securities for multiple investment portfolios as well as overall maintenance, reporting, and ongoing due diligence for existing holdings. Alex worked closely with institutional investors, business owners, and high net worth individuals in order to formulate and maintain investment strategies.
Also, Alex served as an auditor of financial statements and mortgage documents for Fidelity National Financial in Jacksonville, Florida, covering over 3,000 title companies in the Pacific Northwest region.
He received his M.B.A. with a concentration in finance & accounting from Jacksonville University and his B.B.A in finance from the University of North Florida.
Alex is a member of the CFA Society of Jacksonville and holds the FINRA Series 7, Series 31, and Series 66 licenses.
Mary is a principal with Heritage Capital Group. Mary has over 27 years in sales and marketing. Her experience includes healthcare and retail, and she is a valued resource for Heritage’s retail and healthcare related projects. Prior to joining Heritage, Mary was a senior sales consultant for Baxter Healthcare, Allegiance Healthcare, Cardinal Healthcare and Carefusion. Mary received many awards during her career, and some of her achievements include:
- Awarded Rookie of the Year in the first year of sales consulting. Given to only one recipient.
- Twice awarded Top Sales Consultant of the year. Highest award given to only one recipient.
- Achieved sales quota 22 out of 24 years.
- Consistently in the top five of sales performers.
- President Incentive Trip winner eight times. Award given to three recipients.
- Achieved Master Green Jacket Award for her life time achievement in sales. Given only to those who achieved years of top performance, and demonstrated sales leadership and excellence.
Mary received her bachelor of science in finance from the University of North Florida.
Mary M. Merrill
Mary Merrill has over twenty-five years’ experience in mergers and acquisitions, private placements of debt and equity, strategic advisory services, and valuations for middle-market companies. She has worked for several investment banking firms, including a boutique investment bank she founded and subsequently sold to Manchester Companies.
Previously, Mary served as Chief Financial Officer and Director of a West Coast retail and service company, where she was instrumental in raising significant growth capital and positioning the company to expand to multiple states with web-based operations serving clients nationwide. Prior to that, Mary was a partner for six years at Churchill Capital, a family of private equity and subordinated debt funds now exceeding $1 billion under management. Before joining Churchill, she was a commercial lender with U.S. Bancorp.
In her roles as investment banker and private equity investor, Mary has worked with family owned businesses, private and public companies to achieve growth, liquidity, access to capital and exit strategies. Her CFO experience allows Mary to provide meaningful strategic advice to clients as she helps them evaluate growth and acquisition strategies, sale opportunities and optimization of their capital structures.
Mary serves on the University of Minnesota Carlson School Undergraduate Advisory Board and has been active in the community throughout her career. She was a founding member of the United Way Women's Leadership Council where she served as President and has served on the boards of Milkweed Editions, a non-profit literary press, as well as several other for-profit and nonprofit organizations.
Mary earned a Bachelor of Sciences degree in Business and an MBA in Finance and International Business from the Carlson School of Management at the University of Minnesota where she achieved membership in the Beta Gamma Sigma honors society. She holds FINRA series 7, 24 and 66 licenses.
Roger L. Fee
Heritage Capital Group is pleased to announce that Roger L. Fee has joined the firm as principal. Roger’s primary focus will be on advising clients on mergers and acquisitions, with emphasis on the commercial real estate and home builders sectors.
Roger brings more than 40 years of banking experience to Heritage Capital with an extensive background in large corporate, middle market (C&I), commercial real estate, small business, residential mortgage , and retail banking. Roger retired as a dual employee of Bank of America N.A. and Bank of America Securities, LLC after 25 years of service where he last served as Senior Vice President/Senior Commercial Products Manager serving the commercial real estate development and homebuilder sectors. Credit Products was responsible for the credit related portion of client relationships to include; custom tailored credit facilities, letter of credit, treasury management services, syndications, investment banking, and interest rate protection/default swap solutions.
Roger has also serviced as a Senior Vice President/Commercial Real Estate Manager of BB&T and as Vice President/Commercial Lending Manager for Bank One of Youngstown, N.A. in Warren, Ohio.
Roger serves as Treasurer of Orlando Neighborhood Improvement Corporation and member of the board of directors. Roger has also served in numerous local community roles related to affordable housing and economic development in central Florida.
Roger has a Bachelor of Science degree in Business Administration from Olivet Nazarene University and a MBA from Kent State University.
Marketing & Research Manager
Charlie was President & CEO of Brumos Automotive (two Mercedes-Benz, one Porsche and two Lexus stores, plus a collision center) from January ’09 through March ’16, when the company’s assets and operations were sold to Illinois-based Fields Auto Group. Previously, he was President & CEO of the Coggin-Courtesy subsidiary of Asbury Automotive Group. During his tenure with the company (’94 - ’08), he served in several executive positions, and managed the mergers of Coggin with Asbury in ’98 and with Courtesy in ’03. Coggin/Courtesy had 25 dealerships, revenue of $1.7 billion and 2,100 employees. His prior business experience was in investment banking, oil field services (Schlumberger Ltd.), trucking (ABF Freight and PIE Nationwide) and the private practice of law in New York City with Winthrop, Stimson, Putnam & Roberts.
He is a trustee of Mayo Clinic (and chair of its audit and compliance committee), trustee and board chair of Jacksonville University, chair of the Jacksonville Sports Council and chair of the American Cancer Society campaign for Hope Lodge in Jacksonville. He served as a trustee of Washington & Lee University from ’99 - ’09, is a former director of HabiJax (Habitat for Humanity in Jacksonville), was a commissioner and chair of the Jacksonville Housing Authority and was a lacrosse coach at the Bolles School from ’03 - ‘15.
He is married to the former Anita deSaussure and has three children. Charlie served on the Navy’s only troop-carrying submarine as a diver and officer from ’68 – ’72, and earned the Navy Achievement, Viet Nam Service, Viet Nam Campaign and National Defense Medals. He received his undergraduate and law degrees from Washington & Lee University and a master of laws in taxation from New York University.
Dan Edelman is a principal with Heritage Capital Group. Dan’s primary focus is advising clients on mergers and acquisition transactions.
Dan has almost 40 years of public accounting experience, all in the Jacksonville area. He was one of the founders of Presser, Lahnen & Edelman, one of the area’s largest independent accounting firms prior to its partners joining with Dixon Hughes Goodman, LLP ("DHG") in June 2009. Prior to joining DHG, he had been the firm’s managing partner, and, after joining DHG he was DHG’s Florida managing partner. Dan will assume the role of partner emeritus at DHG. His accounting practice was focused on general business consulting, complex tax planning, and the resolution of complex business problems.
In addition to being a CPA, Dan is certified in business valuations and financial forensics. He has been involved in over 300 business valuation and litigation matters as well as over 100 merger and acquisition transactions. He has also served on the board of directors of two publicly traded companies, one of which went through significant rapid growth, including acquisitions.
Dan is currently on the Executive Committee of the Jacksonville Civic Council and the Board of Directors of KIPP Jacksonville Schools. Previously, he has served as the chairman of the board of directors of Hope Haven Children’s & Family Clinic and of The Jacksonville Public Library Board Foundation, as well as being on the boards of the University of North Florida Foundation, the Baptist Hospital Foundation, and the Cummer Museum.
Bert M. Tenenbaum
Bert Tenenbaum is a principal with Heritage Capital Group. Bert’s primary focus is advising clients in metals, distribution, and logistics businesses on merger and acquisition transactions. Bert has 40 years of leadership and management experience in metals distribution, working for both private and public companies. Bert’s family owned Savannah, Georgia-based Chatham Steel Corporation, one of the South’s largest metal distribution companies. Chatham Steel was purchased by Reliance Steel & Aluminum Company in 1998 and Bert was appointed president in 2003 and served until 2015.
Over his career, Bert was actively involved nationally in the metals industry, serving as president of the Florida and Southern chapters of the Metal Service Center Institute (MSCI), the industry’s largest trade association. In addition to serving on the national board of the MSCI, he served as chairman of the Plates and Shapes Division of the MSCI and was an active member of the Membership and Chapter Development Committees. Bert also served as a board member of the North America Steel Alliance, an $8 billion buying cooperative.
Bert has served on numerous civic and non-profit boards and was chairman of the Savannah Area Chamber of Commerce, the United Way, and the Savannah Community Foundation. He was appointed to serve on the board of the Savannah Economic Development Authority and the Emory University Board of Visitors. Bert received a Bachelor of Arts in Psychology from Emory University.
Paul began his career at ADP where he managed and led the staffing and recruiting efforts for the ADP National Accounts Division. Paul comes from a family of early computing pioneers/entrepreneurs who founded Computer Power, the largest mortgage processing company in the world. He later founded Hirease, Inc., a very successful Southern Pines, North Carolina based company that performs background screenings for clients in the hiring process. He led the migration from an existing client server commercial software system to a full function, internally developed platform technology, which processes over 100,000 individual transactions a day, while handling all billings and CRM. This system was the catalyst for the growth of the company and had become a highly service based company that offered cutting edge technology. During Paul’s leadership, his companies have been among the INC 500/5000 for multiple years and recognized as the Best Employer in North Carolina. Paul and Heidi sold the company in 2014 and moved back to Jacksonville.
Paul’s primary focus will be advising clients in software, information technology, and staffing businesses on merger and acquisition transactions, and strategic planning. Paul received a Bachelor of Arts in Political Science from Mercer University.
Adam Swartz is an analyst for Heritage Capital Group and focuses on conducting valuation projects for clients, researching industry and economic trends, and providing support to principals engaged in various investment banking functions.
Adam is experienced in valuations for closely held businesses for various purposes including tax compliance, purchase or sale of interest, employee stock ownership plans, and estate and gifting purposes. His valuation experience includes clients in technology, manufacturing, distribution, agribusiness, and healthcare.
Before joining Heritage Capital Group, Adam worked as an Analyst at TBG Holdings, assisting clients with researching strategic options as it relates to market opportunities, competitive positioning, and allocation of resources.
Previously, Adam worked for The Parc Group, researching real estate development projects, with a detailed analysis of property specifications along with market trends and real-estate prices in Northeast Florida. Additionally, Adam assisted Project Development Managers in analysis, forecasting, and risk assessment on current development projects in Nocatee, Florida.
Adam received his B.B.A. in finance from the University of North Florida. He holds his FINRA Series 79 license.
Robert Cilek is an analyst for Heritage Capital Group and focuses on conducting valuation projects for clients, researching industry and economic trends, and providing support to principals engaged in various investment banking functions.
Robert is experienced in valuations for closely held businesses for various purposes including tax compliance, purchase or sale of interest, employee stock ownership plans, and estate and gifting purposes. His valuation experience includes clients in technology, manufacturing, distribution, agribusiness, and healthcare.
Robert received his B.S. in Health Services Administration from the University of Central Florida and his M.B.A. from the University of North Florida.
Industry Specialist, Franchising & Educational Services
Prior to his current role, George was interim president of Rytech, Inc, a national water mitigation franchisor. He later served as the interim chief executive officer of Creative Learning Corporation, where he spearheaded a complete performance turn-around and restructured financial processes for a publicly traded international franchisor with 500+ franchisees in 40 countries.
He was president and chief executive officer of Crestcom International, LLC, a leading international franchisor of management and sales training programs. He joined Crestcom as its chief operating officer in 2008 and in March, 2009, he became president and chief executive officer and Director of its parent, Crestcom Holdings, LLC. He had previously served as senior vice president of sales for Phoenix American, an insurance provider in Miami, Florida. Before joining that firm, George spent 11 years with General Electric Consumer Finance/Insurance as a regional sales manager and senior vice president.
He received an MBA from Columbus State University (GA) in 1994. A graduate of the U.S. Military Academy at West Point, George served five years as an officer in the U.S. Army, where his final assignment was as Company Commander.
Industry Specialist, Metals Fabrication & Distribution
John Pregulman is a principal with Heritage Capital Group. His primary focus is advising clients in mergers and acquisition transactions, and strategic consulting. He has 40 years of experience in the metal distribution business and spent most of his career with Siskin Steel and Supply in Chattanooga, Tennessee.
He was the fourth generation president of Siskin Steel and worked in all aspects of the business from warehouse to management. During his career, the company grew from one location in Chattanooga to four locations with branches in Nashville, Spartanburg, Birmingham, and Atlanta. Since retiring from Siskin Steel in 2004, he has owned and operated several distribution businesses, and runs a family office and real estate business in the Southeast.
John splits his time between Denver, Memphis, and Chattanooga and is very involved in his community. He is a member of Young Presidents Organization, serves on the board of directors of several non-profits, including the Siskin Children's Institute and the Memphis Jewish Home, and has also been on the Boards of First Tennessee Bank, Metal Service Center Institute, and the Chamber of Commerce. John received a Bachelor of Arts in Sociology from Vanderbilt University.