Kelly C. Noll, CFA

Director, Valuation Advisory
(614) 947-5227

Ms. Noll is a Director of GBQ Capital Advisors.

Her nearly two decades of experience include hundreds of valuation engagements involving businesses, business interests, and intangible assets of privately held and publicly traded companies. While she has worked with companies of all sizes, the majority of her clients range in size from $20 million to $500 million in revenue and most often support an equity transfer or contemplated equity transfer. Her engagements have been performed for numerous purposes, including:

  • Business Succession Planning;
  • Estate and Gift Taxation;
  • Fair Value Measurements (Purchase Price Allocations and Goodwill impairment Testing);
  • ESOP Valuations and Feasibility Studies;
  • Buy-Sell Agreements;
  • Mergers and Acquisitions; and
  • Stock Option Grants

Prior to joining GBQ, Ms. Noll was an Assistant Vice President at National City Bank, where she worked as a commercial lending officer and underwriter, specializing in cash flow and asset-based loans to national retailers.

Ms. Noll is dedicated to educating the community on various valuation topics through frequent writing and as a speaker at conferences, educational institutions, and in-house seminars. Her most requested presentations explore topics including buy-sell agreements and maximizing business values.

Ms. Noll also serves or has served on various local nonprofit boards and committees, including:

  • Ohio University – Finance Advisory Committee;
  • The Catholic Foundation – Board of Trustees;
  • Saint Paul’s Outreach – Advisory Board;
  • Association for Corporate Growth – Past President of Women in Transactions;
  • The CFA Society of Columbus – Past Committee Member;
  • Cristo Rey High School – Past Committee Member
  • The Heinzerling Foundation – Past Committee Member; and
  • The Junior League of Columbus – Past Member



  • Ohio University – B.S., Business Administration Finance

Professional Accreditation

  • CFA – Chartered Financial Analyst

Associations and Memberships

  • Association for Corporate Growth
  • CFA Institute
  • CFA Society of Columbus
  • The ESOP Association

Speaking Engagements

  • “Succession Planning and Buy-Sell Agreements  – Address Now or Distress Later”; Society of Financial Service Professionals; Columbus, OH; 2/11/2021
  • “Impact of COVID-19 on Business Valuation: A General Overview“; Worthington Estate Planning Council; Worthington, OH; 11/18/2020
  • “Succession Planning and Buy-Sell Agreements: Transitioning Ownership Interests”; Worthington Estate Planning Council; Columbus, OH; 11/20/2019
  • “Maximizing the Value of Your Business”; The Catholic Foundation Sauter Seminar; Columbus, OH; 11/16/18
  • “Dispelling 10 Myths about the Valuation of Your Business”; GBQ Consulting LLC; Cincinnati, OH; 11/13/18
  • “Dispelling 10 Myths about the Valuation of Your Business”; GBQ Consulting LLC; Columbus, OH; 10/16/18
  • “What is the Value of My Business”; Association for Corporate Growth Case Study Series; Columbus, OH; 5/22/18
  • “Selling Your Practice: Tips for Maximizing Value”; GBQ Cincinnati; Cincinnati, OH; 9/29/17
  • “Business Planning”; The Catholic Foundation Martha’s Group; Columbus, OH; 4/26/17
  • “Careers in Business Valuation”; CFA Society of Columbus; Columbus, OH; 2/24/17
  • “Structuring and Negotiating Earn-Outs”; ACG Columbus Luncheon; Columbus, OH; 10/13/16
  • “Business Liquidity Planning: Maximizing Value”; Financial Planning Association Symposium; Columbus, OH; 10/11/16
  • “Buy-Sell Agreements, Address Now or Distress Later”; GBQ Cincinnati; Cincinnati, OH; 9/13/16
  • “In the Shark Tank it’s All About Valuation”; Columbus Young Professionals; Columbus, OH; 8/19/16
  • “Dispelling 10 Myths About the Value of Your Business”; Catholic Foundation Professional Advisors Group; Columbus, OH; 6/8/16
  • “Succession Planning and Buy-Sell Agreements: Address Now or Distress Later”; Ohio Society of CPAs – Spring 2016 Conference; Columbus, OH; 5/24/16
  • “Succession Planning and Buy-Sell Agreements: Address Now or Distress Later”; Catholic Foundation Business Owner Seminar; Columbus, OH; 5/17/16
  • “The Business Valuation Industry”; Ohio University Student Equity Management Group; Athens, OH; 9/13/13
  • “Succession Planning and Buy-Sell Agreements: Address Now or Distress Later”; GBQ Consulting LLC; Columbus, OH; 12/09/11
  • “Succession Planning and Buy-Sell Agreements: Address Now or Distress Later”; Columbus Catholic Foundation Annual Estate Planning Conference; Columbus, OH; 11/4/11
  • “Valuations in Buy/Sell Agreements for Private Companies and Businesses”; Strafford Publications, Inc.; Online Webinar; 6/22/11
  • “Succession Planning and Buy-Sell Agreements: Address Now or Distress Later”; GBQ Consulting LLC; Indianapolis, IN; 5/11/11
  • “Succession Planning and Buy-Sell Agreements: Address Now or Distress Later”; GBQ Consulting LLC; Columbus, OH; 12/10/10
  • “Valuations for M&A Transactions”; Ohio Society of CPAs Private Company Conference; Columbus, OH; 11/17/10

Articles and Publications

  • “Impact of Tax Reform on Valuations”; GBQ Bottomline; 2019
  • “Proposed Changes to Favorable Gift/Estate Tax Valuation Rules May Require Immediate Action”; GBQ Valuation Observations; 2016
  • “My Business is Worth 5x EBITDA, Right?”; GBQ Bottomline; 2016
  • “Buy-Sell Agreements: Is Your Purchase Price a Looming Nightmare”; GBQ Valuation Observations; 2012
  • “New Goodwill Impairment Rules: Good on Paper, Not So Good in Practice?”; GBQ Valuation Observations; 2011
  • “Fair Value Checklist for Audit Season”; GBQ Valuation Observations; 2011
  • “SEC Offers Guidance on Goodwill Impairment Testing”; GBQ Valuation Observations; 2010
  • “Private Equity Firms Face Increasing Pressure for Independent Valuation Assistance”; GBQ Valuation Observation; 2009
  • “Like-Kind Exchange Rules Now Apply to Intangible Assets”; GBQ Valuation Observations; 2009
  • “Goodwill Hunting: Improper Purchase Price Allocations Lead to Large Write-Downs”; GBQ Valuation Observations; 2009
  • “DOL Cracking Down on Private Equity Fair Value Estimates”; GBQ Valuation Observations; 2009
  • “SEC Recommends Keeping Mark-to-Market Accounting”; GBQ Valuation Observations; 2009
  • “Good Bye, Goodwill: 2009 Promises to be Full of Impairment Charges”; GBQ Valuation Observations; 2008