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Member Bio

Francis X. Burns, ASA



Contact Information:
140 South Dearborn
Suite 1000
Chicago, IL 60603
View address on a map

1 (312) 470-6515

Appraiser Profile:


Francis X. Burns is a Vice President with Charles River Associates.  His practice is focused on the valuation of closely-held companies, limited partnership interests, and intangible assets for estate planning, tax litigation, shareholder disputes, and strategic business purposes.  He is routinely called upon to provide appraisal services and consulting advice to individual and corporate taxpayers, the Internal Revenue Service, and the U.S. Department of Justice.

Mr. Burns is retained on a regular basis by business owners, legal counsel and U.S. government agencies to assess the fair market value of equity interests and/or the economic value of specific patents and trademarks.  He has conducted numerous appraisals of investment holding companies and family limited partnerships.  His consulting experience has encompassed a wide variety of industries in the manufacturing, consumer products and financial services sectors. 

Mr. Burns has been engaged to value minority and controlling stock interests, and has addressed the issues of minority interest discounts, control premiums and lack of marketability discounts.  He has authored appraisal reports for use in the arbitration of shareholder disputes, joint venture negotiations, estate planning, as well as in response to estate tax litigation.  He has been retained by both taxpayers and IRS counsel to evaluate the merits of respective appraisal positions, and has successfully participated in settlement discussions and fast-track mediation efforts.  Mr. Burns has testified as a valuation expert in U.S. Tax Court and Federal District Courts.


  • M.B.A., Finance and Economics, Kellogg Graduate School of Management,

Northwestern University - 1986

  • B.A., Stanford University - 1982
  • Member, Board of Directors of a large privately-held national construction company
  • Accredited Senior Appraiser (ASA) – American Society of Appraisers
  • Accredited in Business Appraisal Review (ABAR), Institute of Business Appraisers


  • More than 20 years experience as a consultant on valuation and litigation assignments
  • Provided expert testimony in over 40 matters before Federal, State and U.S. Tax Court