The firm
Eubank Capital is an independent business valuation firm based in Des Moines, Iowa. The firm’s work centers on three practice areas: ownership transitions, purchase price allocations and other financial-reporting valuations, and shareholder disputes and valuation litigation. Each draws on the same core capability, which is a defensible determination of what a closely held business or ownership interest is worth, prepared to the standard the situation requires.
Engagements are led by Zach Eubank, the firm’s president and founder. Annie Mlsna, an associate based in Nashville, Tennessee, works directly with clients on the valuation analyses that support those engagements.
Zach Eubank
Zach Eubank is the president and founder of Eubank Capital. He established the firm in 2018 to bring valuation analysis, transaction judgment, and legal training to bear on the decisions that come up when ownership of a business changes hands.
His practice spans the full transition lifecycle. On the planning side, he works with owners and the CPAs and attorneys who advise them on estate and gift planning, buy-sell agreements, and transaction readiness, valuing closely held businesses and minority interests for the purposes the planning requires. On the financial-reporting side, he leads ASC 805 purchase price allocations for multi-entity acquisitions, working with audit teams and the private-equity finance groups that coordinate them. On the litigation side, he serves as a valuation expert in shareholder disputes, appraisal-rights proceedings, and buy-sell disputes, preparing fair-value determinations and providing testimony in deposition and at trial.
The combination of valuation expertise and legal training is intentional. Most appraisers are not trained in the legal frameworks that govern litigation and tax matters, and most attorneys are not valuation professionals. Eubank brings both to the same engagement, which matters most at the points where the two are inseparable: applying the right standard of value in a dispute, structuring a defensible discount in a gift tax filing, or reading an operating agreement closely enough to know how it actually affects what an interest is worth.
Eubank’s client work has covered closely held businesses across Iowa and the surrounding Midwest, with engagements reaching nationally where the work calls for it.
Eubank holds the Accredited Senior Appraiser (ASA) designation from the American Society of Appraisers and the Certified Valuation Analyst (CVA) designation from the National Association of Certified Valuators and Analysts. He is licensed to practice law in the State of Iowa. He earned a Juris Doctor and a Master of Business Administration from Drake University and a Bachelor of Science in Finance from Marquette University.
Annie Mlsna
Annie Mlsna is an Associate at Eubank Capital and an Analyst at affiliated investment bank NCP, Inc., which she joined in November 2021. The arrangement gives her direct exposure to both valuation engagements and live M&A transactions across a range of industries.
At Eubank Capital, Mlsna performs business valuations using the income, market, and asset approaches, working directly with clients on the analytical work that supports each engagement. Before joining NCP, she worked as an analyst at Renewable Energy Group, focused on financial analysis and due diligence.
Mlsna is a Certified Valuation Analyst (CVA), credentialed by the National Association of Certified Valuators and Analysts, and has passed the CFA Level 1 exam. She graduated Summa Cum Laude from Mississippi State University with a Bachelor of Arts in Chemistry. She is based in Nashville, Tennessee.