Keith Sellers, PhD, CPA, ABV, CVA
Daniels 358
Associate Professor
School of Accountancy
Keith Sellers

Biography at a Glance

Keith Sellers joined the Daniels College of Business in 2011. Prior to joining the School of Accountancy, he was a professor at the University of North Alabama’s College of Business, where he was the LaGrange Eminent Scholar of Business Valuation. Sellers is an experienced business valuation consultant and has performed more than 400 valuations for clients in the banking, construction, manufacturing, retail and service sectors all across the country. He is also cofounder of a consulting and software development company that specializes in the valuation of employee stock options, warrants, convertible equity securities and other derivative financial instruments. Prior to teaching at the University of North Alabama, Sellers taught at Fort Lewis College and the Sam M. Walton College of Business at the University of Arkansas.


  • Doctor of Business Administration, University of Memphis
  • Master of Taxation, University of Denver
  • BS, Accounting, University of Tennessee at Knoxville

Academic Professional Activities – Books

  • Taxes and Value: The Ongoing Research and Analysis Relating to the S Corporation Valuation Puzzle, by Nancy Fannon and Keith Sellers, (2015).

Academic Professional Activities – Journal Articles

  • Sellers, K., and J. Tripp. 2015. Converting From C to S Corporation May Be Costlier Than You Think. Journal of Accountancy. November.
  • Fannon, N. and K. Sellers. 2015. Taxes, Value and the S Corporation Valuation Puzzle. Valuation Strategies. July/August.
  • Sellers, K., B. King and Y. Huang. 2014. Employee Stock Options: What Valuation Analysts Should Know. The Value Examiner. November/December.
  • Sellers, K., A. Greiner and P. Schaberl. 2013. Quantifying Terminal Growth Rates: Some Empirical Evidence. The Value Examiner. November/December.
  • Sellers, K., B. King and Y. Huang. 2012. Understanding Option Valuation Theory. The Value Examiner. September/October.
  • Balch, D., K. Sellers and S. Borah. 2011. Twenty Questions: Getting to an Informed Assessment of Industry Risk. The Value Examiner. May/June.
  • Sellers, K, and P. Williams. 2011. Volatility in Estimates of Industry Risk Premia and Its Implications. The Value Examiner. (March/April).
  • Sellers, K., Y. Huang and B. King. 2010. Using Binomial Lattice Models to Value the Components of a Complex Capital Structure. Business Valuation Review. 29 (Winter): 145-151.

Courses Taught at Daniels

  • Cases in Financial Reporting
  • Valuation of Closely Held Businesses
  • Valuation and Modeling
  • Intermediate Accounting

Awards and Honors

  • Daniels College of Business Faculty Teaching Excellence Award, 2015.
  • UNA College of Business Outstanding Research Award, 2010.
  • NACVA’s Dr. Rosemarie O. Smith Outstanding Academic Research Award, 2010.

Academic Positions Held

  • Associate Professor, School of Accountancy, University of Denver
  • Professor & LaGrange Eminent Scholar, University of North Alabama
  • Director, Associate Professor, Fort Lewis College
  • Associate Professor of Accountancy, University of Arkansas