meet the Shareworks 409a leaders
SCOTT WINDER
MICHAEL QUIGLEY
BETTY
MA
STEVE
LIU
PAUL DINGUS
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But for later-stage private companies, expertise is necessary. Why? At that point, businesses are more complex. Assets more varied. Markets more nuanced. And your 409A doesn’t just exist in a silo. It shows up in secondary transactions, tax considerations, audit reviews and, of course, in SEC reviews in the pre-IPO phase. So it’s got to be right.
So you need someone who understands the venture ecosystem and your domain. Someone who nods when you talk about your industry KPIs or sector trends – and says, “I’ve got this covered” when the auditor or SEC calls. Because you don’t just need your valuation to be right, you also need the right person in your corner – someone who has been there countless times. That team is the Shareworks Valuations Services team.
Section 409A of the Internal Revenue Code has been giving private companies headaches since its inception. Those headaches are typically triggered by concerns over the cost, speed and quality of the service required to achieve compliance. Software has done much to improve cost and speed, and that tool has worked well for early-stage startups.
We partnered with Eric Reis’s Long-Term Stock Exchange to blend the best of software
and human expertise.
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When it's time for software
Nobody knows it better than we do. Innovation can transform an industry, an economy and even the world. It can save costs, create efficiencies and reduce errors. It can break barriers. It can change lives, and even save them.
The Shareworks Valuations Services team has seen that kind of transformation first hand through the innovative entrepreneurs we’ve advised over the years. Like startups developing the antidote to cellular aging or replicating the power of the sun with fusion energy. And we’ve experienced software transforming our own industry as well.
Only a 409A professional
can truly value your company's brilliance.
When it's time for a professional
Get to know Scott
Get to know Scott
"Later stage companies need an advisor, not
a number spit out by an algorithm without
any context."
managing director
Scott Winder
It’s ironic that someone so embedded in emerging science and technology would derive enjoyment from decidedly timeless pastimes. Scott enjoys skiing, cycling, cooking, and loves old-world wine, particularly Châteauneuf-du-Pape. “In a different life, I could see myself in the wine industry.”
Sounds like just the right blend of art and science.
What would you be doing if not 409A valuations?
“What drew me was a similar philosophy of client service — the knowledge that it’s a high-trust service,” says Scott. “There was a mutual understanding that later-stage companies need an advisor, not a number that’s spit out by an algorithm without any context.” As Scott explains, “software can’t speak to an auditor, the Board of Directors, or – in the case of a pre-IPO company – to the SEC.”
What drew you to The shareworks valuations teaM?
“Every valuation is different because every business is different. Applying a cookie-cutter appoach doesn’t yield a good outcome,” says Scott. “Being able to understand the science underlying a company’s technology allows me to provide a higher level of service and a better informed valuation.”
What do you love about your job?
The short answer? Life sciences. And he comes by it honestly. “I started my career in biotechnology startups building gene expression technologies used to develop drugs and diagnostics. I basically spent the first 10 years of my career working at the kind of companies I now advise.” Seeking to broaden his skills, Scott attended business school, then spent eight years in the financial advisory practice of a Big 4 accounting firm in San Francisco, with clients ranging from startups to public companies in the technology and life sciences sectors. “It was a great place to learn. I was exposed to a wide range of businesses and valuation assignments, including the early implementation of 409A,” says Scott. However, since most of his clients were large companies, he missed the passion and innovation of the startup space. This realization led Scott to Silicon Valley Bank Analytics, where he led the life sciences practice, and eventually to Shareworks by Morgan Stanley.
What is your area of expertise in 409A valuations?
A company, not unlike a fine wine, is complex and composed of many characteristics that may be tough for someone without much experience to detect, let alone explain. But with the right domain knowledge, an expert will notice, understand and interpret those subtleties to others. If that’s true, you could think of Scott Winder as a life sciences sommelier.
Get to know BETTY
Get to know Scott
"At Shareworks, I can provide the kind of white-glove service I want to offer my clients."
Managing Director
Betty Ma
“I love golf!” But Betty jokes that with living in San Francisco, learning to play ping pong would be a more appropriate way to connect with clients. “But I would love to play golf every day,” she says. Are there any courses she’d like to tackle? None in particular. “Maybe the beginner ones for now!” she jokes. “My goal is to be a good golfer when I retire.”
What would you be doing if not 409A valuations?
“I saw in Shareworks an organization where I could provide the kind of white-glove service I want to offer my clients.” Beyond that, Betty was drawn to the opportunity to truly start something. “I am always inspired by all the entrepreneurs I’ve worked with over the years, and the way they’ve built their businesses. I saw an opportunity to start a practice from the ground up that takes a more streamlined approach to the traditional professional services model, ” says Betty. “The entrepreneurial energy of Silicon Valley is very contagious.”
What made you join the Shareworks Valuations team?
“I find it really rewarding to be that trusted advisor to VC-backed companies, to know that I’m adding value to my clients.”
What do you love about your job?
“I focus on technology companies, ranging from early-stage to pre-IPO. More recently, blockchain and cryptocurrency have become my particular specialties,” says Betty. “When I started my career at Deloitte in San Francisco, I valued intangible assets for global tech companies for M&A purposes.” Betty then joined SVB Analytics in 2012, where she gained experience in valuing VC-backed businesses. “At SVBA, everyone was encouraged to pick a niche. Given my CFA background, I chose fintech. The financial services industry is due for innovation. Blockchain is the new frontier, and it's driving fundamental change in how we transact. It’s an exciting time to work with fintech companies.”
What is your area of expertise in 409A valuations?
Sigh. You know the type – finished college in three years, graduated summa cum laude with an undergraduate degree in business before pursuing a master’s in accounting. CFA. CPA. And has a CV that can make even the most successful people feel like underachievers.
"After talking to my clients, I feel like I know what will be on the next season of Black Mirror."
Business Development Associate
Michael Quigley
“I grew up in Cape Cod and my dad has a lobster fishing business, so I guess if I wasn’t doing this I’d be in the family business with my brother and sister.” What was Michael’s biggest takeaway from this storybook upbringing? “I learned it’s a lot better to earn a living with your mind than your back.”
What would you be doing if you weren’t in valuations?
After talking to Scott Winder, Michael was drawn to the Shareworks by Morgan Stanley philosophy. “I agree that every company is unique,” says Michael. “That while you can leverage software to make the process easier, at the end of the day, every valuation needs a human, qualitative perspective to understand the product, business, market and, most of all, to defend the valuation to the auditor.” Well said, Michael.
Why did you decide to join The Shareworks valuations TEam?
“I really like that I am making a compliance challenge easy and streamlined for entrepreneurs so they can focus on their business and expand their technology,” says Michael. “I love talking to entrepreneurs about their amazing companies and the transformative products they’re working on,” says Michael. “I’ve had my mind blown so many times,” he laughs. “After talking to my clients, I feel like I know what will be on the next season of Black Mirror.”
What do you love about your job?
With degrees in economics and finance, you’d think Michael would be a straight-up numbers guy, but years in investment banking within life sciences has given him a dual skill set. Facilitating relationships between life science companies and their investors would certainly do that. Michael has an amazing network and insights into what makes these VC-backed life sciences companies successful.
Michael likens working in the 409A space to deep-sea fishing — he’s always on the lookout for the next big catch. But his work isn’t just about finding the next seismic idea, it’s also about making the 409A process smooth, so founders can focus on core pieces of their business.
What is your area of expertise in 409A valuations?
Get to know Michael
Get to know Michael
Senior Associate
Paul Dingus
Get to know PAUL
Get to know Paul
“I’d love to blend analytics and sports,” says Paul. “I’m a huge Golden State Warriors fan, and I’m really intrigued by the whole Oakland A’s approach to managing sports teams.” Somehow we have a feeling this “in another life” dream career might not be that much of a stretch for Paul.
What would you be doing If you weren't
in 409A VALUATIONS?
“I saw that the SVB Analytics leadership team went there, and I have a lot of respect for their level of market expertise. I also liked that the Shareworks Valuation Services team doesn’t subscribe to a one-size-fits-all approach. We’re flexible, leveraging technology only when it is sensible to do so. We use the right valuation methodology for every client, which ultimately results in more accurate valuations.”
Why did you decide to join the team?
“It's that interaction that we have with clients on a one-to-one basis,” says Paul. “It’s rewarding to serve the client as an advisor and partner, particularly at the very earliest stages of a company’s life cycle. To see them grow and to be a part of that process is a great feeling.”
What do you love about your job?
“Working on valuations for VC-backed technology startups is where I spend most of my time,” says Paul, an economics grad from UC Santa Barbara. “Valuation work is something people just fall into. It’s not a sexy career you hear about like investment banking, but it should be!” he jokes. By all accounts, Paul fell into just the right place.
Paul may be the youngest member of the team, but he certainly doesn’t come off that way. “I’m very goofy and relaxed outside of the office, but when it comes to my career, I am laser-focused and professional,” he explains. With a resume that spans three valuation firms, Paul’s reputation is battle-tested.
What is your area of expertise in 409A valuations?
“I enjoy working with early-stage founders. It’s wonderful to be a part of their journey.”
“Your 409A follows you around. It shows up in secondary transactions,
tax issues, audit reviews, and of course, in the pre-IPO phase. It’s got to be right.”
Get to know Steve
Get to know Steve
Head of Shareworks valuation services
Steve liu
“I recently explored my family history and learned that my grandfather was a watchmaker.” The discovery was uncanny for Steve. “Upon meeting me, people quickly find out that one of my loves is mechanical watches, which, like valuations, have both an art and science aspect to them,” says Steve. “Maybe one day I’ll follow that passion beyond just being an amateur.”
What would you be doing if you weren’t in valuations?
“At the risk of sounding routine, it was the culture at Shareworks by Morgan Stanley that drew me in, hands down,” says Steve. "When SVB exited the valuations business and sold it to a competitor, I began looking for the next landing place and found myself asking a few basic questions about organizations I was considering, like, 'Do the leadership and employees live out the values of integrity, excellence and transparency?' I did have the benefit of having worked with the Shareworks by Morgan Stanley as a business partner while at SVB, so I knew their culture. And since joining the team, I’ve personally seen these values in action through countless conversations and collaborations. Shareworks by Morgan Stanley is an exciting, vibrant and creative place to work. But without an underlying foundation of core values, it wouldn’t have been the place for me."
Why did you decide to join the Sharework Valuation services team?
“I’ve said this countless times, but it’s the people that you meet – the founders, investors, entrepreneurs – both new and seasoned,” says Steve. “Beyond the innovation and healthy disruption they’re creating in the marketplace, it’s hard not to be inspired by the passion and the creativity that’s literally before your eyes.”
What do you love about your job?
“When you’re working in the Bay Area, you’re immediately immersed in the tech sector,” Steve says. “Before coming to Shareworks by Morgan Stanley, I spent eight years leading the valuation practice at SVB Analytics, focusing on technology and life sciences. Prior to that, I spent a number of years at the Big 4 and providing valuation services to large tech clients – Fortune 100 companies.” Steve mentions Google, Intel and HP as some of the corporates he’s worked with over the years. “At this point, I’ve been fortunate to see it all. My time at both the Big 4 and SVB gave me the chance to deal with both valuation- and industry-related issues that one could never anticipate,” he says. Ultimately, that storied experience gave him a valuable understanding and passion for the venture ecosystem that he loves to share with his clients each day.
Having been transplanted from NYC to San Francisco, Steve was intent on continuing to build his career with the Big 4. But a coincidental meeting with the then-head of SVB Analytics changed everything. Steve was intrigued by the venture ecosystem and working with the matchless breed of startup founders. “It was all intriguing to me,” says Steve. “It seemed like a good fit in terms of my experience and skillset. The rest is history.”
What is your area of expertise in 409A valuations?
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