Winter 2006 • Issue 20, page 13

Profile: Dan Close

By Rense, Kirk*

(The subject of this issue’s receivership professional profile is Mark Daniel Close, who wears many hats — receiver, CPA, forensic accountant to name a few. The son of two high school teachers, he is a second-generation San Diegan, where he operates his business EDR Valuations, Inc.).

These days most people know me as Dan, but I grew up as Danny and later as M. Daniel (suggested by friend Michael Gilligan in college). The only time I would hear the name Mark was on the first day of school and, lately, every time I testify (i.e. “Please state your full name and spell it for the court.”).

Growing up in San Diego meant always having something to do or somewhere to go after school, on the weekends and during the summer. We had the beach, the mountains and desert as our playgrounds. Mexico was an easy weekend camping and surfing destination, and if we wanted a taste of the ”Big City,” Los Angeles was 2 hours up the road. I spent my summers life guarding at San Diego City Beaches, and would try to get in as many days of skiing and snowboarding in California and Utah as possible during the winter in between classes at San Diego State University.

Since my father was a biology teacher, and still raises orchids, grows oranges, avocados and wine grapes, I gravitated towards a science career in college. It was only after talking with a friend while working part time as a respiratory therapist that I found out about the “CPA” business. I took an accounting class, found I had a mind for business and switched majors from zoology to accounting.

Thank goodness I did. It was in the business college that I met my wife of 25 years, Donna. Not only is she good looking, but she is smart as well (her score on the CPA exam was higher than mine). We were compatible. She liked to cook and I liked to eat. So I snagged her before someone else did. My wedding anniversary is easy to remember. May 17th 1980 was the day before Mt. St. Helens erupted. I’m not sure what the significance of this is.

I was lucky to receive offers from several of the “Big Eight” accounting firms in San Diego after graduation. Donna accepted a job with Touche Ross and I signed on with Coopers and Lybrand. After earning my CPA license I left public accounting and served in a variety of accounting management positions in private industry. My experience in the computer software, real estate development and construction industries as controller and chief financial officer helped hone my understanding of business management and exposed me to a variety of business styles and cultures.

I broke into the business valuation and forensic accounting field in 1992, and I haven’t looked back. No more do I have to suffer through a busy tax season, slaving away indoors in the middle of ski season. Instead, as the owner of my own business, EDR Valuations, Inc., I am busy year-round. But the variety and challenges of the assignments, and the flexibility owning my business gives me to spend time with my family make it well worth the effort.

My day job as a forensic accountant/ receiver/business appraiser is never dull. I work on a variety of cases, including complex divorce matters, valuation assignments (including estate and gift tax), business merger, acquisition and dissolution, receiverships, antitrust cases and also provide analyses of economic losses in injury, employment and complex business matters. For example, I recently participated in a valuation of the advertising contract for the Beijing Metropolitan Subway line that will serve the new Olympic Stadium for the 2008 Olympics. Of course it was necessary to travel to China for a first-hand look. I also frequently serve as a special master and a referee on cases involving economic or financial issues.

My first experience as a receiver was when I was appointed by the court to take over an OB/GYN doctor’s practice for the “limited” purpose of ensuring that the doctor paid his spousal and child support. My “pre-med” training and experience as a respiratory therapist were useful in understanding the doctor’s business and compliance with the court’s order.

A post-judgment appointment was my first business receivership. I went into the debtor business with “guns blazing” – I had an army of assistants, including a locksmith, a computer specialist and two sheriffs’ deputies — only to find out that there were so few assets in the business that the subsequently-appointed bankruptcy trustee, Dick Kipperman, (the owner filed for bankruptcy after I took over), handed the business back to me with a “Good luck, Dan.” I proceeded to liquidate what few business assets there were for the creditors.

I am most fortunate to have a wonderful partner and spouse in life, Donna, as well as two fantastic children, Kristin and Garrett. Kristin, now 21, is wrapping up her senior year at the University of Colorado at Boulder, where she has been interviewing for jobs in the sales and marketing area (thanks, Kristin for graduating in four years!). Garrett, age 14, is entrenched in high school, where he hopes to take engineering and architecture classes after completing his core requirements at Canyon Crest Academy in Carmel Valley, California (near Del Mar).

Donna assists me with the business and enjoys the challenge of solving the various puzzles that our valuation assignments offer. I count myself very fortunate that my business allows me to work with some very articulate and intelligent colleagues, attorneys and other professionals.

I enjoy my hobbies of surfing, biking and car collecting. The nature of my business is such that I do not ever see retirement as an option, however. This business is truly worldwide in scope and opportunity, with past and future assignments necessitating travel to New Zealand/Australia, Europe, Asia and South America. The more experience I garner (and the grayer my hair turns), the more opportunities arise to assist in valuing significant economic events.