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Michelle E. Marvel, ASA, CBA, CVA

Accredited Senior Appraiser - Business Valuation (ASA)

Certified Business Appraiser (CBA)

Certified Valuation Analyst (CVA)



Michelle E. Marvel is a named principal at DeLisi, Marvel & Ghee, a full-service business valuation firm with offices in Rhode Island, Tennessee and Florida.  She has attended many business valuation classes and conferences as well as collaborated on and reviewed nearly two thousand business valuation reports.  Michelle manages and collaborates on all engagements in the Florida offices, and is responsible for estate tax valuation protocols including performing valuations for real estate and securities based Partnerships and Limited Liability Companies.  In 2008, she obtained the AIBA designation from The Institute of Business Appraisers (IBA), and received the IBA’s prestigious award, Best Accredited Report by IBA.  In 2010, Michelle obtained her designation as a Certified Business Appraiser (CBA).  In 2013, she was designated as a Certified Valuation Analyst (CVA) by the National Association of Certified Valuators and Analysts (NACVA).  She is also a member of the American Society of Appraisers (ASA) and received their designation, Accredited Senior Appraiser – Business Valuation, in 2018.  Michelle holds a Bachelor of Arts degree in communication from Florida Atlantic University, Boca Raton, Florida.





  • Bachelor of Arts, Florida Atlantic University, 1993


  • IBA Conference, November 2000 (Philadelphia, PA)

    • Business Valuation Boot Camp I (IBA Course)


  • IBA Conference, 2001 (Orlando, FL)

  • Valuing Family Limited Partnerships, IBA Course #1038 with Linda Trugman (Plantation, FL)


  • Business Valuation Conference on Valuing Family Limited Partnerships, August 26, 2005 (Dallas, TX)

  • Essential of Business Appraisal, IBA Course #8002A (Pittsburgh, PA), and IBA Course #8002B (West Palm Beach, FL)


  • Business Valuation Webinar, December 1, 2009

    • Discounts for Lack of Marketability - New Models and Methods - Part I and Part 2, FCG/VPS

  • How To Write Business Appraisal Reports, IBA Course #1010 (West Palm Beach, FL

  • Preparing for the Certified Business Appraiser Written Exam, IBA Course #1006 (West Palm Beach, FL)

  • IBA Conference, May 2009 (Boston, MA)

    • Influence, Impact & Income – Your Recipe to Thrive in Today’s Economy (Mel Abraham)

    • Subsequent Events (Z. Christopher Mercer)

    • Quantifying Company Specific Risk Using the Finison/Dailey ModelTM (Bryan Finison,Michael Dailey)

    • Tax Valuation in a Changing Environment (Hon. David Laro, Howard Lewis, Michael Eggers) 

    • Marketability Discounts: We Can Now Reconcile Differing Approaches and Methods (Z. Christopher Mercer)

    • Governance, Ethics and Accountability (Sridhar Ramamoorti)

    • Discount for Lack of Marketability (Liquidity) Models: A Comparative Analysis (Ashok Abbott)

    • Case Law Update (Brandi Ruffalo)

    • Positive and Negative Indicators: Quantifying Your Ratio Analysis and Its Effect on Compliance Valuations (Lafi Masten)

    • Forensic Business Appraisers (Richard Wise)

    • Industry Standards Update (Mark Kucik, Mark Hanson, Standards Committee)

    • Trends in Valuation: An Expert Panel Discussion (Jeff Jones, Rand Curtiss, Robert Schlegel, Frank Rosillo)

  • ​IBA Conference, June 2010 (Miami, FL)

    • Regression Analysis as a Tool for Validating Valuation Methodology (Richard W. Fox)

    • Other Valuation Adjustments – What Should We Do with Them? (Gary Trugman)

    • Economic Highlights from the Atlanta Federal Reserve (Tom Cunningham)

    • Discount for Lack of Marketability: A Case Study Approach to Understanding Supporting Methodology (James Lurie, Kevin Yeanoplos)

    • Meaningful Financial Analysis and Supporting Normalization Adjustments (Brent McDade)

    • To Forecast or Not to Forecast: That Is the Question (Steve Egna)

    • Improving the Valuation of Small Companies Using Public Company Data (Robert Schlegal)

    • The Market Approach in Times of Trouble (Robert Schlegal)

  • A Review of the Discount for Lack of Marketability Job Aid for IRS Valuation Professionals, VPS Business Valuation StraightTalk Webinar, August 23, 2011

  • Defending Your Valuation Reports before the IRS, VPS Business Valuation StraightTalk Webinar, August 15, 2012

  • New Year BV Update: The NEW Concepts, Data, Models and Methods from 2012 That you Need to Know and Understand, VPS Business Valuation StraightTalk Webinar, January 23, 2013

  • Trust and Estates: Gift & Estate Case Law Update, CTI Webinar, April 22, 2013

  • Trust and Estates: Valuing Family Limited Partnerships, CTI Webinar, April 23, 2013

  • Trust and Estates: Working Your Way Through the DLOM, Minefield, CTI Webinar, April 24, 2013

  • Trust and Estates: S Corporation Valuation Issues, CTI Webinar, April 25, 2013

  • Intangible Asset Valuation, VPS Business Valuation StraightTalk Webinar, April 29, 2014

  • An Integrated Look at the Major Valuation Issues, VPS Business Valuation StraightTalk Webinar, May 13, 2014

  • Valuation of Family Limited Partnership, CTI Webinar, August 25, 2014

  • Time to Abandon Discounted NAV?  Why the Income Approach Should be The Cornerstone for Valuing All Private Minority Interests, BVR Webinar, September 18, 2014

  • Annual New Year BV Update: The NEW Concepts, Data, Models and Methods from 2014 That You Need to Know and Understand, VPS Business Valuation StraightTalk Webinar, January 22, 2015

  • Valuation of Complex FLPs, BVR Webinar, February 24, 2015

  • Detecting and Avoiding Business Valuation Mistakes - The Capitalization of Earnings/Cash Flow Method, VPS Business Valuation StraightTalk Webinar, February 26, 2015

  • Tax Issues Arising in Valuations, BVR Webinar, April 28, 2015

  • How the IRS Values Non-Controlling Interests in S Corps., BVR Webinar, June 16, 2015

  • Hardball with Hitchner, Pratt & Fishman, VPS Business Valuation StraightTalk Webinar, September 22, 2015

  • Expert Testimony: Where Truth and Advocacy Collide, VPS Business Valuation StraightTalk Webinar, December 15, 2015

  • Annual New Year BV Update: The NEW Concepts, Data, Models and Methods from 2016 That You Need to Know and Understand, VPS Business Valuation StraightTalk Webinar, January 31, 2017

  • US015-OBV-15 Hour Uniform Standards of Professional Appraisal Practice (USPAP) for Business Valuation.  American Society of Appraisers, 2017

  • Best Practices: Business Valuation Methods Series, VPS BV StraightTalk Webinar, 2017

  • Annual New Year BV Update.  VPS Business Valuation StraightTalk Webinars.  2018, 2019


Michelle has expanded a unique approach to support the quantification of marketability and minority interest discounts.  



American Society of Appraisers, Member

Collier County Bar Association-Trust & Estate Section, Member

Palm Beach County Estate Planning Council, Member

Conference Committee, Institute of Business Appraisers, 2010

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