Horse Sense and Daubert Challenge in the Tax Court

T.C. Memo. 2019-64 Skolnick v. Commissioner Whether you are an owner of a horse or not, you probably recognize that horse sense equates to common sense. If you are an appraiser of business interests or personal property, horse sense, in the practical… Read More
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Categories: Blog, In the News, Valuation

What’s the Value of My Franchise?

The International Franchise Association estimates that there are currently more than 2,000 different brands operating over 700,000 franchised units in the United States. Based on the number of people who own franchises, it may seem like an easy route… Read More
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Using Your Failed M&A Deal Constructively

How Past M&A Mistakes can Strengthen New Initiatives Business owners and executives sometimes look back on M&A transactions that seemed promising but failed to go through. Naturally, you want to limit the amount of time you dwell on past fail… Read More
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Categories: Blog, Pre Sale, Sale Process

A Strategic Undervaluation Can Come Back to Bite You

Reusing discounted financial projections prepared for transfer tax purposes can quickly backfire in a shareholder dispute. A recent opinion from the Delaware Court of Chancery, Fox v. CDX Holdings, Inc., shows the importance of allowing valuators to… Read More
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Categories: Blog, Valuation

Deal Price Doesn’t Always Represent Fair Value

Many states have enacted laws that grant dissenting minority shareholders the right to receive “fair value” for their shares. Appraisal rights provisions protect investors — who may not be “willing” sellers — from being shortchanged in mi… Read More
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Categories: Blog

Beyond Beta

Assessing Industry Risk is a Critical Part of the Valuation Process Valuation professionals typically factor industry risk into the cost of capital, using a “beta” or other industry-specific risk premium. But industry risk isn’t something you f… Read More
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Categories: Blog, Uncategorized

Marketability: Questions to gauge it — or lack thereof

The discount for lack of marketability (DLOM) is often a contentious issue. Why? First, the DLOM can have a significant impact on the value of a business interest, reducing it by, say, 15%, 30% or more. Moreover, quantifying the appropriate discount… Read More
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Categories: Blog, Sale Process, Valuation

How Should I Handle an Unsolicited Offer for my Company?

Let’s ask a question: How many times have you received an unsolicited offer to buy your company in the mail, by email or a phone call? What did you do? The buy direct strategy of many and varied buyers puts an owner in an uncomfortable position, es… Read More
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How “Selling” Your Customers Can Help You Sell Your Business

Are you selling?   What are you selling….?    Over the years, after experiences with many business owners and their advisors, we tried to identify the best determinates of profitability and the ability to transfer the business. From these dis… Read More
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Ensure Your Company’s Secrets Remain That Way

Buyers and sellers might disagree about many things, but one concern shared by both parties is the risk of sharing too much proprietary data. This is particularly true early in the deal process, when neither party wants to give inside information to… Read More
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