Team Team Team Team Team

Paweł CygańskiPaweł Cygański, FCCA
Managing Partner

Paweł Cygański has obtained a Higher Degree in Mathematics as well as a Masters Degree in Economics from the University of Warsaw. He has been a member of the Association of Chartered Certified Accountants ("ACCA") since 1999 and was a member of ACCA Poland Steering Committee in 2006 - 2009. He is an Accredited Member ("AM"), a member of the American Society of Appraisers, specializing in Business Valuation. Paweł was also a court expert in the area of business appraisal from 2004 to 2012. He is a member of the Polish Association of Business Appraisers. Before his employment at Cann, he worked for Deloitte & Touche and Ernst & Young. In 2007 Paweł was CFO of Elektrowni Szczytowo-Pompowych S.A. (at present PGE Energia Odnawialna S.A.), and a member of supervisory boards of Zespół Elektrowni Wodnych Solina-Myczkowce S.A. and Elektrownia Wiatrowa Kamieńsk Sp. z o.o. Paweł was also a member of the Board of Directors of the Finnish IT company, BLStream Oy.

Paweł has run seminars for the Polish Confederation of Private Employers Lewiatan and ACCA. He has also lectured at The Polish National School of Judiciary and Public Prosecution. Paweł was a member of the committee of the Polish Federation of Valuers’ Associations that prepared the Business Valuation Interpretation Note. He lectured on postgraduate Business Valuation course at Warsaw School of Economics. Paweł has over 20 years experience in merger and acquisition transactions, valuations, feasibility studies, business plans and due diligence investigations.


marcin peksykdr Marcin Pęksyk, CPVA

Marcin is a Certified Patent Valuation Analyst and a member of the Association of International Accountants. He obtained his PhD at Brunel University (West London), defending his work on estimating the country's risk in the valuation of foreign investments. He has extensive experience in the valuation of enterprises, intangible assets and the analysis of investment projects covering various fields, including energy, marketing, and tourism industry. In addition, he specializes in the construction and implementation of Value Based Management systems.

For a long time he was associated with the global company, American Appraisal based in Milwaukee USA, cooperating with American Appraisal offices in Great Britain, Germany and Poland. In the meantime, he worked at C.HARTWIG Gdynia S.A. and at ENERGA-OPERATOR SA overseeing the processes of capital transformation in the group.

He was also a lecturer at Henley Management College in Great Britain and was the director of the Henley Center for Value Improvement. After returning to Poland, he was an assistant and lecturer at several universities: the University of Gdańsk, the College of Law and Diplomacy, and the University of Social and Economic Sciences in Gdańsk. Occasionally, he runs classes in asset valuation at the Warsaw School of Economics and the National School of Judiciary and Public Prosecution. Marcin was a member of the team that has developed the Interpretative Note NI5 "General principles of business valuation". He has been a World Bank consultant in the valuation of non-public companies and intangible assets.


BTerleckiEngD, Bogusław Terlecki

He graduated from the Faculty of Chemical Technology at the Gdańsk University of Technology, Faculty of Economics and Sociology at the University of Łódź, and the Faculty of Management and Marketing of the Higher School of Business and Management. In addition, Bogusław’s education includes postgraduate Executive MBA for Engineers at the Higher School of Business and Management and postgraduate studies at the University of Łódź in Accounting and Controlling. He received his doctorate at the Faculty of Electrical Engineering, Electronics, Computer Science and Automation of Łódź University of Technology.

Bogusław has an accounting certificate of the Ministry of Finance. In addition, he has received a certificate of competency of the Association of Polish Electrical Engineers in the area of operation of devices, installations and networks. Since 2016 Bogusław has been a court expert in the field of bookkeeping, accounting and finance, and wind energy.

By the end of the 90's his professional experience had included managerial positions in entities of rubber industry, housing cooperatives, and the banking sector. In the years of 2000 – 2003 he was vice-president and then president of the management board of the AREL-GIPS Bełchatów S.A. From 2003 to 2016, he held various managerial positions in the capital group of the energy sector company, Elektrownie Szczytowo-Pompowe S.A. (the current name PGE Energia Odnawialna S.A.). In the years of 2003 – 2011 Bogusław was the president of the management board of the wind power plant, Elektrownia Wiatrowa Kamieńsk sp. z o.o. and carried out the greenfield investment project to construct a wind farm consisting of 15 wind turbines with a total peak power of 30 MW. Since 2016 Bogusław has been rendering independent consultancy services in the field of renewable energy and finance.

The team members have had over 20 years of experience in advisory projects for our clients

We have carried out over 100 business and intangible asset appraisals to serve our clients

The first specialist in Poland of the American Society of Appraisers manages our advisory team

Cann Advisory Offer

Business Valuation

We are specialists in performing valuations of entire businesses, organised business units, majority and minority shareholdings, investment projects as well as valuations...

Valuation of Intangible Assets

We offer professional support in the area of the valuation of intangibles. Intangibles - e.g. trading names, trademarks, brand names, patents, licenses, know-how...

Impairment of Assets

We support our customers in carrying out impairment tests on assets. The impairment of assets is the subject of International Accounting Standard...

Financial Advisory in Business Litigation

We prepare opinions on the value of business damages for the purpose of business litigation.

Energy sector advisory

ENERGYCANN is a team of practitioners specializing in advisory services for energy sector entities.

Acquisition Advisory

During your acquisition process we offer you total dedication, full committment, flexibility and deep market knowledge to identify deal breakers...

Divestiture Advisory

We are ready to become your lead financial advisor organising a competitive sales process by providing a superior execution, focused and timely sales process...

Due Diligence

A due diligence is an essential step during an acquisition process. It analyses the key drivers and core functioning of an enterprise.

Capital Raising

We are able to support you in the search for additional capital for your business. Our contacts, experience and capabilities will help you with sourcing additional financing...


Cann Advisory sp. z o.o. sp. k.
Plac Jana Henryka Dąbrowskiego 1
00-057 Warszawa

tel. +48 22 616 20 32


The Commercial Code and Company Valuation (Part III)

We continue the series of articles on company valuation in the Commercial Code. We have already examined the Registered Partnership and the Limited Liability Company; let us turn to the Joint-Stock Company.

The Commercial Code and Company Valuation (Part IV)

On bringing in-kind contributions to a joint-stock company, the legislator instructs the auditor to issue an opinion on the value of these contributions. But is the legislator justified in presuming that the auditor


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