Woodward has discovered, calculated and published current market, unbiased discounts for lack of marketability through isolating discounts implicit in more than 300 OTC firm convertible debt issuances—see Business Valuation Review, Spring 2010; we have updated these data since publication.


Woodward successfully valued a perpetual option; click here for more information on perpetual options.



Welcome to the Woodward Group
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The Woodward Group, Ltd., based in Media, Pennsylvania, is a financial advisory services firm that specializes in mergers and acquisitions, fairness opinions, corporate finance, valuations and expert witness testimony. Media is located between Philadelphia and Wilmington, Delaware and has been designated the first US fair trade town. The Woodward Group has broad-based transaction and financial analyses expertise. We have advised clients on transactions in virtually every industry segment in the US, Europe and the Pacific Rim and our analytical experience provides complex financial analyses in business valuations and fairness opinions, including assessing the fair market value of intangible assets, warrants, options, contingent liabilities and purchase price allocations.


Our Core Values
Woodward's offices are located on land originally owned by William Penn. We adopted our name from a farming family that owned land locally in the 19th century, a time in our nation's economic history when a straightforward approach to commerce, fair dealings and honesty were the norm. Woodward's name, approach to business and location in a fair trade town mirror these principles.


The Woodward Group brings Wall Street experience, academic excellence and a long tradition of timely, cost-saving corporate finance execution to our clients.

Our Professionals
Woodward's professionals have backgrounds in investment banking, law, commercial banking and consulting. Biographical information on key personnel are indicated below:


Tara Stephenson-Principal
Ms. Stephenson founded the Woodward Group to provide corporations with cost effective, expert corporate finance services. She is actively involved with Woodward's clients and is particularly adept at negotiating, creating unique financing programs, transaction structures and completing complex financial analyses. Tara Stephenson's transactional experience spans virtually every industry within the US and overseas. Prior to founding the Woodward Group, Ms. Stephenson headed investment banking for a regional investment/merchant bank and was a founding principal of one of Philadelphia's largest investment banks. Earlier in her career, Tara Stephenson was an officer with a multinational commercial bank and a financial analyst with Warburg, Paribas, Becker and Drexel Burnham Lambert.

Tara Stephenson has successfully closed transactions aggregating in excess of $2.5 billion during her career. She was named to the Pennsylvania Honor Roll of Women and awarded the Philadelphia Business Journal "40 under 40" designation and one of Business Philadelphia's "Women to Watch". She has authored articles regarding valuations, capitalization and structuring transactions which have appeared in Business Valuation Review, Employee Benefit Plan Review, Opportunity World, Mid-Atlantic Guide to Venture Financing, Capital Growth Interactive, and other industry and regional specific business news publications.

Ms. Stephenson holds an MBA from Northwestern University's J.L. Kellogg Graduate School of Business, from which she was graduated with distinction, and a BSFS in International Economics and certified fluency in Spanish from Georgetown University, including study abroad at the University of Edinburgh, Scotland. Ms. Stephenson is also a member of the academic honor society, Beta Gamma Sigma, the Intangible Asset Finance Society, the American Finance Society and the American Society of Appraisers, designated ASA.

She also serves on the Board of Directors of a privately held multinational manufacturing corporation, is a Trustee and chair of the audit committee of the Presbytery of Philadelphia and serves as a member of the audit committee of the Pennsylvania Horticultural Society.


Karen Wolters-Director

Ms. Wolters provides Woodward's clients with analytical advice and support, including financial forecasting, valuation analysis and cashflow modeling. In addition, she is responsible for developing investor marketing strategies and advising clients on potential buyers and joint venture partners. Prior to joining the Woodward Group, Ms. Wolters was a senior loan syndicator with PNC Capital Markets, responsible for structuring large credit facilities for PNC Bank clients and selling portions of these facilities to investors. In her position at PNC Capital Markets, Ms. Wolters successfully closed transactions totaling more than $600 million. Earlier in her career, Ms. Wolters managed a $500 million portfolio of programming, cable television, cellular telephone and broadcasting companies. Additionally, she managed a portfolio for small companies engaged in light manufacturing and distribution.

Ms. Wolters holds a BA in Economics from the University of Delaware, from which she was graduated Magna Cum Laude. While attending the University of Delaware, Ms. Wolters was awarded numerous academic awards, including awards for her thesis entitled Monetary Policy and the Federal Reserve. Ms. Wolters is a member of the academic honor society Phi Beta Kappa.


Helen M. Bowers, Ph.D.-Senior Advisor, Financial Theory

Dr. Bowers has published extensively in the fields of finance and financial theory on topics that include the valuation of excess pension assets, the impact of dividend announcements and the impact of uncertain tender offers on shareholder wealth. Dr. Bowers is a member of the Eastern Finance Association, Financial Management Association, Southern Finance Association, American Finance Association, American Risk and Insurance Association, Global Association of Risk Professionals and Western Finance Association. Dr. Bowers also is currently an Associate Professor of Finance, University of Delaware and Chair of the Finance Department. Previously, Dr. Bowers served as Associate Dean to the University of Delaware College of Business and Economics.

Dr. Bowers holds a Ph.D. degree in Finance from the University of South Carolina and a B.S. in Finance from LaSalle University. She was awarded the designation of Friend of the Delaware Investor by the Attorney General for the State of Delaware and is a member of the academic honorary society, Beta Gamma Sigma.

William Latham, Ph.D.-Senior Advisor, Economics and Valuations

Dr. Latham is a well-known expert witness and economics scholar. The expertise Dr. Latham provides to Woodward's clients is unique in that he is both an accomplished academician, and experienced expert witness, having testified in more than 145 US Federal and State court cases, arbitration panels and legislative committees. Dr. Latham has acted as an expert witness for plaintiffs and defendants on issues ranging from damage calculations regarding patent infringement, anti-trust and contract disputes to valuation cases. His publications and scholarly works address topics that include econometric, input-output and mathematical modeling, in addition to regional economic development and modeling.

Dr. Latham is also an Associate Professor of Economics with the University of Delaware, served as the chairman of the Department of Economics at the University of Delaware and was a Fulbright Professor at Hankuk University of Foreign Studies in Korea. Previously, Dr. Latham was a corporate planning executive with Delmarva Power and Light Company. He also acted as a senior research economist with the Economic Development Administration of the Commonwealth of Puerto Rico.

Dr. Latham holds a Ph.D. in Economics from the University of Illinois, an M.A. in Economics from the University of Florida and a B.A. in Economics from the University of Florida. He is a member of the Phi Kappa Phi, Omicron Delta Epsilon, Beta Gamma Sigma and Golden Key academic honorary societies.

Rebecca Frick, Senior Associate

Ms. Frick provides research and analytical support to Woodward's clients, particularly for fairness opinions and valuations in assessing comparable companies and completing industry research. In addition, Ms. Frick is responsible for designing and validating complex mathematical calculations when required, such as hypothetical equations necessary for assessing purchase price distributions and growth models.Earlier in her career, Ms. Frick acted in various analytical and technical capacities for General Electric Company, including conducting and analyzing competitive bidding programs, cost analyses, and process controls; in each of these positions Ms. Frick used her mathematical background to develop a variety of quantitative models. Ms. Frick also serves in various leadership roles on nonprofit boards of directors and committees.

Ms. Frick holds a BS in Industrial Engineering from Lehigh University and is a member of the academic honor society, Alpha Pi Mu.

Last Updated on Thursday, 16 July 2015 19:21