On this website, I focus on standardizing valuation methods and HTVI (Hard-To-Value-Intangible) valuation, a topic I aim to develop and promote in my publications.
I leverage my expertise in operations research to improve standard valuation models with advanced techniques, such as developing stochastic models combined with simulation analysis tools and forecasting methods under high uncertainty.
I currently use AI agents, which greatly enhance the efficiency of analysis and report creation.
I started valuing companies and intangible assets in 1990, during the privatization of state-owned enterprises in Poland. I am a grateful graduate of training courses conducted by the British Middle Bank, part of the British Know-how Fund.
At the same time, I enrolled in the first year of the two-year postgraduate MBA program at the International School of Management (now Kozminski University). In 1994, I also completed the Investment Advisor course organized by the Privatization Center but chose not to become a licensed investment advisor because I was fascinated by the valuation of intangible assets.
Over the following years, I improved my skills by valuing many businesses and companies, then expanded my expertise to include valuing works protected by copyright and industrial property law. These skills proved very helpful when I became an arbitrator for the Copyright Commission.
For over 20 years, as an expert witness, I have provided opinions and defended damage valuations in civil and criminal cases. Conducting startup valuations and transfer pricing analyses for tax purposes has been challenging; I continue to work on this area through the Transfer Pricing Center Association.
At the 10th Transfer Pricing Center Conference in September 2025, I had the pleasure of co-leading a workshop with attorney Marcin Misiaszek (co-author and co-presenter) titled “HTVI in Transfer Pricing: How to Manage Risk in… »»»CCT 2025 Conference
The article analyses a transfer of an organised part of an enterprise (OPE) whose key asset is an in-development IP portfolio that qualifies as a hard-to-value intangible (HTVI). It situates the case within the OECD… »»»HTVI Transaction Analysis
In an economy driven by innovation and intellectual property, transactions involving intellectual property are becoming increasingly risky, both from a legal and a tax perspective. Tax authorities are particularly concerned with internal transactions within international… »»»HTVI in Transfer Pricing
Experts agree that valuation results from an opinion-making process. Likewise, there is no disagreement about the general definition of value as a summary judgment of the future financial benefits of owning or using the item… »»»Value vs. Price
Using multiple valuation methods simultaneously is often helpful and depends on the nature of the asset being valued, the investor’s decision-making process, or legal and regulatory requirements. Applying different methods, including those based on various… »»»Formulating Valuation Conclusions
The identification process is the initial step in establishing the valuation conditions, the standard of value, and the valuation methods. Through this process, we obtain a detailed description of intangible assets, including characteristics such as:… »»»Identification of the valuation subject
The deterministic versus stochastic model in valuation is an issue worth considering when considering different approaches. In valuation, we refer to future events and forecasted quantities. Why do we generate forecasts and plans as if… »»»Deterministic versus stochastic model in valuation
IVSC has launched consultations on its online platform https://ivsc.org/consultations/ivs-exposure-draft-for-consultation-2026/ regarding proposed changes to IVS valuation standards. From January 31 to April 30, 2026, you can submit comments on the available drafts of the new version… »»»IVS2026 standard consultations
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Valuation of businesses and intangible assets, including shares, stock options, management options, trademarks, patents, know-how, and copyrights. An art rooted in solid craftsmanship.