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Viewpoint on Value
Showing 1–16 of 346 results
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Strategic M&A due diligence should look to the future
May / June 2022
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 598
Abstract: The business world has changed dramatically over the last two years. When buying a business, it’s imperative to evaluate its expected future performance, rather than focus on its historical results. This article explains how strategic due diligence can help vet an acquisition’s potential success or failure by concentrating on four key areas: the market, customers, competitive positioning and management.
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Hartman v. BigInch Fabricators & Construction Holding Company, Inc. – Court allows valuation discounts under shareholder agreement
May / June 2022
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 451
Abstract: In a minority shareholder buyout case, the Indiana Supreme Court held that the language of a shareholder agreement controlled the application of valuation discounts under its mandatory buyback provision. This article summarizes the reasons that the high court reversed the appellate court finding. Hartman v. BigInch Fabricators & Construction Holding Company, Inc., No. 20S-PL-618, Supreme Court of Indiana (January 28, 2021).
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Spotlight on discounted cash flow
May / June 2022
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 826
Abstract: As businesses pivot to market changes during the COVID-19 pandemic, valuation experts are increasingly likely to rely on the discounted cash flow method to value businesses. This article explains how this method works and when it may be appropriate. In re Kinser Group LLC, No. 2:20-bk-09355-DPC (Bankr. D. Ariz., Dec. 18, 2020).
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How to factor cybersecurity concerns into a business valuation
May / June 2022
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 595
Abstract: It’s critical for business valuation professionals to assess cyber risks when valuing a business. This article highlights the far-reaching effects of cyberattacks, frameworks that experts use to evaluate cyber risks and ways these risks may be factored into an expert’s conclusion.
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Accounting 101: Levels of assurance
March / April 2022
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 438
Abstract: A financial expert’s analysis is only as reliable as the data it’s based on. Too often, a company’s owners and counsel mistakenly assume that an accounting firm’s work always carries an independent audit’s stamp of approval. This article explains why all financial statements aren’t created equal — there are three distinct levels of assurance: compilations and preparation services, reviews, and audits.
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How financial experts solve the mystery of hidden assets
March / April 2022
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 551
Abstract: In many litigation contexts — such as marital dissolutions and fraud investigations — one party may have a financial incentive to hide personal assets or income. Identifying and quantifying these undisclosed or underreported items can be challenging. This article discusses where financial professionals look for clues and how they quantify what’s missing.
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Maginnis v. Maginnis – Court addresses apportionment of goodwill in divorce
March / April 2022
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 652
Abstract: A question that often arises in divorces cases is: To what extent should goodwill be included in the marital estate? The treatment of goodwill varies from state to state. In some situations, it may be necessary to consider legal precedent from other states for guidance. This article summarizes a recent appellate court case from Kentucky that addresses this issue. Maginnis v. Maginnis, No. 2019-CA-1090-MR (Ky. App. 2021). Gaskill v. Robbins, 282 S.W.3d 306 (Ky. 2009). Yoon v. Yoon, 711 N.E.2d 1265 (Ind. 1999).
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Discounting majority interests – Tax Court tackles valuation of real estate LLCs
March / April 2022
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 900
Abstract: A recent U.S. Tax Court case addressed the valuation of majority interests in five real estate holding companies for estate tax purposes. This article summarizes how the court in Estate of Warne addressed the issue of valuation discounts for majority interests held by the estate and for fractional interests donated to charity. A sidebar explains how failure to consider external market conditions can be a potential pitfall when calculating economic damages. Estate of Miriam M. Warne, T.C. Memo. 2021-17 (February 18, 2021).
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Minority partner buyouts: To discount or not to discount? Tennessee appeals court rejects unspecified discount for lack of control
January / February 2022
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 456
Abstract: When buying out a partner who owns a minority (noncontrolling) interest, questions regarding the application of valuation discounts for lack of control and marketability often arise. This article distills the facts about the buyout of a “dissociated” partner in a whiskey business and explains why a discount for lack of control wasn’t appropriate under applicable state law. Boesch v. Holeman, No. E2019-02288-COA-R3-CV (Tenn. App. Sept. 14, 2020).
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Valuation matters in liquidation
January / February 2022
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 575
Abstract: Both financially distressed businesses and buyers considering acquiring a company in bankruptcy require the expertise of an experienced business valuation professional. These experts can help owners make informed decisions about their troubled company’s future and maximize liquidation proceeds. This article explains how business valuation professionals can provide buyers with accurate appraisals of distressed businesses and their assets.
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Badgley v. United States – Entire value of GRAT includible in grantor’s estate
January / February 2022
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 671
Abstract: A grantor retained annuity trust (GRAT) is a popular estate planning tool that families can use to transfer wealth to younger generations. This article summarizes a recent federal district court case, which concluded that the entire GRAT value was includable in decedent’s gross estate, because the grantor retained both a right to substantial income from and continued enjoyment of the transferred property. Badgley v. United States, No. 18-16053 (9th Cir. Apr. 28, 2020)
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Valuing health care providers in the age of COVID-19
January / February 2022
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 848
Abstract: Health care valuations have become particularly challenging during the pandemic. This article discusses some of the challenges facing health care and how valuation professionals have adjusted their analyses to cope with market disruptions and uncertainty about the future of this industry. A sidebar highlights a recent increase in cyberattacks targeting health care providers and how investing in measures designed to mitigate financial losses can pay off over the long run.
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Why words matter when making defined value gifts
November / December 2021
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 439
Abstract: Defined value gifts can be used to minimize gift tax on transfers of difficult-to-value assets, such as interests in a closely held business or family limited partnership. This article summarizes a recent U.S. Tax Court case that demonstrates the importance of using precise wording in transfer documents to protect transfers against unintended adverse tax outcomes. Nelson v. Commissioner, T.C. Memo 2020-81 (June 10, 2020).
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Forensic investigations – The ins and outs of questioned document examinations
November / December 2021
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 519
Abstract: Forensic investigations almost inevitably require documentary evidence to be examined. Experts often look beyond the content of documents. They also may consider physical and latent evidence — such as handwriting, alterations, and faded or decomposed material. This article describes the objectives of questioned document examinations, the standards that may apply and the technological tools that experts use to analyze documents.
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Court rejects “apples-to-oranges” valuation analysis as unreliable
November / December 2021
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 617
Abstract: The claim that a business valuation expert is making flawed comparisons can be devastating to the expert’s credibility and the client’s case. This article summarizes a recent Delaware Chancery Court decision to reject a damage calculation in its entirety, because the expert made an “apples-to-oranges” comparison. Dieckman v. Regency GP LP, C.A. No. 11130-CB (Del. Ch. 2021).
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Timing and financial expertise are critical in divorces today
November / December 2021
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 886
Abstract: As the strictest measures against the COVID-19 pandemic subside, clients may be eager to cut ties with a spouse — the sooner, the better, especially for more complicated marital estates. This article explains how to expedite discovery and encourage settlement in a divorce. A sidebar highlights a divorce case where an expert’s conclusion that was based on limited information and analysis was rejected on appeal. King v. King, No. 1D19-3280 (Fl. App., March 4, 2021).