Team

Marcin Pawlak Ph.D.

CEO, Partner

Holder of a Ph.D. degree in social sciences in the field of economics and finance. Assistant Professor at the Faculty of Economics, Finance and Management of the University of Szczecin. Author of numerous scientific publications on investment and business valuation. Speaker at national and international scientific conferences.

Specialized in risk analysis and simulation valuation methods (Ph.D. thesis subject: The use of double Monte Carlo simulations in real options valuation). Responsible for the implementation of research projects funded by the Ministry of Science and Higher Education: “Control premium on the Polish market”, “Business valuation standards”, “Discount for lack of marketability in business valuation”, “Real options valuation methodology using double Monte Carlo simulations”. Deputy CEO of the Research Foundation Financial Management Institute (Polish: Fundacja Naukowa Instytut Zarządzanie Finansami).

Author and co-author of over a dozen expert opinions for court proceedings and consulting reports regarding: business valuation, strategic analysis, financial analysis, investment effectiveness assessment. Appointed as a court expert in proceedings regarding, inter alia, the valuation of property nationalized after WWII and the revaluation of damages to current prices. He participated in the preparation of the Strategy of the City of Szczecin 2025, the Development Strategy of the Szczecin Metropolitan Area as well as restructuring plans for public healthcare institutions. European Commission expert for assessing applications for funding under the Horizon EIC Accelerator program.

Michał Grudziński Ph.D.

Partner

Doctor of economics, researcher at the Faculty of Economics, Finance and Management at the University of Szczecin. Author of dozens of scientific publications regarding areas such as business valuation, business financing, capital markets effectiveness. Completed research projects financed by the Ministry of Science and Higher Education, including: “Control premium in the Polish capital market” and “Business valuation standards”.

In the years 2008-2009 he co-authored reports on the Polish capital market commissioned by the Ministry of Economy. In the years 2009-2010 he participated in the preparation of restructuring plans for public healthcare institutions under the “Support for local government units in the stabilization of the healthcare system” multi-annual program. Since 2011 he has been an expert of Project Evaluation Commissions of the Regional Operational Program for the Zachodniopomorskie Province in the fields of economics, finance and banking. Since 2012 he has been a court-appointed expert at the District Court in Szczecin in the fields of financial analysis, business valuation and intangible assets valuation. Author of over 100 expert opinions commissioned by courts, prosecutor’s offices and tax authorities.

Over 15 years of practical experience in business valuation and intangible assets valuation. Co-author of the National Specialized Valuation Standard “General Business Valuation Principles”. Lecturer and author of examination questions for exams organized by the Chamber of Independent Appraisers in Bulgaria. Co-founder of the Association of Business Valuation Experts in Poland.

Przemysław Piechota

Partner

Master of Science in Economics at the Warsaw School of Economics, faculty: Finance and Banking, specialty: Investment Banking. Over 14 years of management consulting and corporate finance experience in areas such as business valuation for M&A transactions, investment effectiveness assessment, development and implementation of corporate growth strategies and restructuring plans, development of business plans, attracting and negotiating with investors and debt capital providers, support in issuing shares on the NewConnect Alternative Trading System, support in corporate litigation (especially causality analysis and lost profits estimation), financial due diligence, optimization of controlling systems and development of tools for investment assessment and budgeting.

He provided services to entities from over a dozen sectors, from start-ups to capital groups with several dozen billion PLN revenue. He managed teams of experts responsible for projects such as developing procedures and tools for optimizing a multi-annual, several billion PLN investment strategy, preparation of a business plan for the purpose of a PLN 1.2 billion investment (successfully concluded), valuation of an industrial capital group consisting of over 40 companies (twice).

Listed as a court-appointed expert at the Discrict Courts in Gdańsk and Poznań in the field of business valuation, financial analysis and lost profits estimation.

CEO of Szczecińska Fundacja Talent-Promocja-Postęp (education-oriented NGO); Ex Deputy CEO and Partner at Zarzecki i Wspólnicy Sp. z o.o. Fluent in English, Italian and French, basic German and Russian.

Grzegorz Gawlik

Partner

Graduate of the Faculty of Economics and Management at the University of Szczecin. Over 16 years of experience in business valuation, investments and strategic analysis. Team leader and participant in dozens of consulting projects regarding business valuation, strategic analysis, financial analysis, investment effectiveness assessment, financial due diligence as well as M&A transactions, issuance of securities, attracting strategic and financial investors through private placement and introduction of securities into trading in the Alternative Trading System. Author of numerous expert opinions on the methodological correctness of business valuation reports.

Court-appointed expert in the fields of business valuation, intangible assets valuation, organization and management at the District Court in Szczecin.

Co-manager of the coinvestment VC fund Pomerangels ASI S.A. Member of the Advisory Committee of the Jeremie 2 Fund for the Zachodniopomorskie Province. Listed as an independent economic expert of the National Centre for Research and Development and the Chancellery of the Prime Minister of Poland. Former Head Manager of the Innovation Investment Fund “Pomeranus II” and Manager of the Seed Capital Fund “Pomeranus Seed” founded by the Polish Entrepreneurs Foundation. Valuated over a dozen technologies for commercialization purposes.

Participated in over 50 asset valuation projects regarding a variety of sectors, including the steel industry, shipbuilding and shiprepair industry, energy sector, paper industry, transport-shipping-logistics, healthcare sector, real estate, ICT, financial sector, legal services, utilities. Co-author of expert opinions for regulatory litigations regarding dominant position abuse (leading sports association in Poland). Has extensive experience in the valuation of corporate damages for the needs of court and out-of-court proceedings.

Prof. Tomasz Wiśniewski

Professor of the University of Szczecin. Expert in the field of real options, business appraisal, intangible assets valuation, investment appraisal and risk analysis. Author of numerous scientific publications. Project leader and main expert in multiple research projects such as “Real options valuation methodology using double Monte Carlo simulations”, “Discount for lack of marketability in business apprasail”, “Business appraisal standards”.

An economic consultant for over 30 years, he participated in the preparation of information packages for the Polish Ministry of Ownership Transformation for the needs of the common privatization program. He has extensive experience in the supervision, management as well as financial and organizational restructuring of healthcare companies. Author of numerous financial and economic analyses, business appraisals and restructuring plans.