Kelly C. Noll, CFA

Director, Valuation & Financial Opinion Services
(614) 947-5227

Ms. Noll is a Director in the Valuation & Financial Opinion Services department of GBQ Consulting.

Her experience includes hundreds of valuation engagements involving businesses, business interests, and intangible assets of privately held and publicly-traded companies. These engagements have been performed for numerous purposes, including estate and gift taxation, business succession planning, purchase price allocations, goodwill impairment testing, mergers and acquisitions, ESOP valuations, buy-sell agreements, and stock option grants.

Ms. Noll is a frequent author and speaker on topics related to valuation, including buy-sell agreements, transactions, ESOPs, and other related topics.

Ms. Noll also serves or has served on various local nonprofit committees, including the Association for Corporate Growth, The CFA Society of Columbus, The Catholic Foundation, Cristo Rey High School, Columbus Cancer Clinic, The Heinzerling Foundation, and The Junior League of Columbus.

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.


  • 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
  • The Catholic Foundation Professional Advisors Group

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 FoundationProfessional Advisors Group; Columbus, OH; 6/8/16
  • “Succession Planning and Buy-SellAgreements: 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 FavorableGift/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 toLarge 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


Professional Bio