William A. Johnston, ASA

William A. Johnston, ASA, IA/BV
Board Member
Office Managing Partner - NYC
Senior Managing Director
212.714.0122 │ E-mail
Office: New York

Bill is CEO and a Senior Managing Director of Empire Valuation Consultants, where he has worked since 1994. He is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers, and one of the first recipients of the American Society of Appraiser's intangible asset designation.

Bill has over 25 years of experience in business and intangible asset valuations. He has managed and prepared numerous valuations for financial reporting purposes, including purchase price allocation, goodwill impairment testing and cheap stock  (ASC 718/409a). He is currently a member of the Board of Governors for the ASA and is Past Chair of the ASA’s Business Valuation Committee. He is also past President of the ASA’s New York City Chapter and chaired the first national conference co-sponsored by the ASA covering financial reporting valuations.

He has valued the equity, debt, options/warrants and carried interests of publicly and privately held businesses for financial reporting, acquisitions, stock repurchases, lending, estate and gift tax reporting, re-capitalizations, litigation, fairness opinions and general corporate planning purposes. He also has a significant amount of experience valuing technology companies, hedge and private equity funds and early-stage businesses.

Bill has served as a guest lecturer at Fordham University, speaking on the topic of intangible asset valuation. He has taught a Center for Advanced Valuation Studies (CAVS) course on purchase price allocation (ASC 805) and impairment testing (ASC 350, ASC 360) for the ASA, as well as its BV204 (complex securities and intangibles), BV301 and BV302 (intangibles) valuation classes, and has spoken at various ASA events on the topic of purchase price allocation valuations. He is also a member of the Appraisal Foundation’s Working Group on Valuing Contingent Consideration. Bill is a member of the Appraisal Issues Task Force (AITF) and serves as Empire’s chairperson for its Technical and Standards Committee, in addition to chairing the annual fair value conference for the ASA.

Bill has served as an expert witness on business valuation matters in New York State Supreme (Civil) Court and has provided deposition testimony in Manhattan.  He has experience valuing foreign companies in Europe and Asia. In addition, he currently serves as a Board member and is on its Executive Committee for Eden Autism Services, an institution dedicated to educating and improving the lives of individuals with autism.



  • M.B.A. in Finance - New York University Stern School of Business
  • B.S. in Finance and International Business - Pennsylvania State University


  • American Society of Appraisers



  LinkedIn Logo   TwitterLogo   FacebookLogo