Experience

David M. Grenat ASA, CFA, CMA, Managing Director of Path Partners, has advised small business owners and management teams since 1984 and he maintains extensive financial planning and transaction advisory experience including business valuations, mergers, acquisitions, divestitures and sales of companies, recapitalizations, fairness opinions, expansion financings and management leveraged buyouts.

David's entrepreneurial and client service experience, in strategic planning, business development, financial modeling, capital and operating budgeting, capital formation, design and implementation of acquisition initiatives and evaluation and execution of exit strategies serve as valuable resources for entrepreneurs and senior management in creating and capturing value for small businesses.

Prior to founding and leading Path Partners LLC, David was Principal for several investment banking and financial advisory firms including Quist Capital Advisors LLP, Quist Financial Inc., Quest Group, Inc. and the Mark Twain Corporate Finance Group. He has additionally served in senior operating capacities for several education companies including Chief Financial Officer for both Language Odyssey and WyoTech Acquisition Corporation and Vice President of Postsecondary Operations for Educational Services of America. Earlier in his career, David held staff positions with Cummins Engine Company and the consulting services division of Arthur Andersen and Company.

David is a member of the Chartered Financial Analysts Institute, Institute of Management Accounting, American Society of Appraisers and Council of Exceptional Children. He has additionally served as board director for several privately held companies and assisted national and local non-profit (educational) organizations in various advisory capacities.

Credentials

David Grenat earned his Certified Management Accountant ("CMA") designation in 1984. A central focus of the CMA program is integrating accounting and financial information into business decision planning, support and control processes. The CMA is earned by completing a rigorous 4 part examination and achieving significant practical experience in management accounting and financial management. To achieve this certification, one must demonstrate knowledge, comprehension, application, analysis, synthesis and evaluation in the following areas:

Business Analysis — business economics, global business, internal controls, quantitative methods and financial statement analysis;

Management Accounting and Reporting — budget preparation, cost management, information management, performance measurement and external financial reporting;

Strategic Management — strategic planning, strategic marketing, corporate finance, decision analysis and investment decision analysis; and

Business Applications — organization management, organization communication, behavioral issues and ethical considerations.

David additionally earned his Chartered Financial Analyst ("CFA") designation in 1989. To become a CFA charter holder, a candidate must pass a series of three six-hour examinations, taken in sequence. Average completion time for the program is four years. Core elements of the CFA curriculum include:

Investment Tools — economics, financial statement analysis, quantitative analysis and corporate finance;

Asset Valuation — analysis of debt instruments, equity investments, derivatives and alternative investments;

Portfolio Management and Performance Measurement — institutional and individual; and

Ethical and Professional Standards — knowledge and application.

Please read "What Every Investor Should Know" from the CFA Institute website to learn more about the CFA designation.

David earned the Accredited Senior Appraiser — Business Valuation ("ASA") certificate in 1998. To achieve this designation, an appraiser must:

Demonstrate at least 5 years of full time experience in business valuation;

Meet education requirements including a 4 year college degree, successfully complete a series of 4 three-day courses and maintain continuing education requirements;

Pass rigorous tests in business valuation, ethics and Uniform Standards of Professional Appraisal Practice ("USPAP");

Adhere to standards including USPAP and Business Valuation Standards promulgated by the Business Valuation Committee of the American Society of Appraisers;

Have work product professionally reviewed and

Pass an ethics examination and subscribe to the Principals of Appraisal Practice and Code of Ethics.

Please visit the American Society of Appraisers website for more information regarding this professional association and credential.

David received his Bachelor of Science in Industrial Management from Purdue University in 1980. He earned his Master of Science in Management from Purdue in 1983 and his Master of Science in Education from Indiana University in 2004. David additionally holds an active K-12 teaching certification in Special Education and a grades 5-12 teaching certification in Economics in the State of Indiana. He completed practicum experiences during his teacher education program within primary and middle school inclusion and resource classrooms in the State of Indiana as well as New Zealand.