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Showing 257–272 of 382 results
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Liquidation value may be more relevant in a troubled economy
November / December 2012
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 1024
Abstract: Most appraisal assignments call for going-concern value — that is, the value of a business as if it will continue to operate profitably into perpetuity. But in a troubled economy, going-concern value might not be as relevant as liquidation value — especially if a business is unprofitable and is having trouble paying off its debt. This article defines liquidation value and explains how valuators can help assess whether it’s relevant, in light of the company’s situation. A sidebar discusses the differences between a forced liquidation and an orderly one. Recommended Article
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Make sure your expert is really an expert — Passing the Daubert test
September / October 2012
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 758
Abstract: Courts increasingly hold expert witnesses to a higher standard — considering, among other things, the expert’s education, experience and credentials. An expert who fails the court’s admissibility standards may be completely or partially excluded from testifying — putting the party that’s retained the expert at a significant disadvantage. This article explains the Daubert test: guidelines for admitting expert witnesses that attorneys need to be familiar with when using a valuator in a legal context. Recommended Article
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Assessing the worth of a noncompete
March / April 2013
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 315
Abstract: Noncompete agreements are used to smooth management transitions after a business sale. They are contractual agreements that restrict sellers from competing in the same industry for a given time period within a specific geographic area. This brief article explains how valuators determine the value of noncompete agreements in mergers and acquisitions.
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Help your valuator help you – How to ask the right questions
March / April 2013
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 644
Abstract: Asking the right questions and obtaining clarification up front can help business owners, attorneys and other interested parties get the most from a valuator’s expertise and avoid costly mistakes. This article suggests several points to investigate when engaging a valuator, including their credentials and professional experience as well as their ability to explain the appropriate standard of value and the valuation’s purpose. The article states that the more clients understand about the valuation process, the better able they will be to ask the right questions.
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Both sides of the story – Taking a balanced approach to damages calculations
March / April 2013
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 646
Abstract: In cases involving damages, credentialed, independent financial experts bring reasonableness and credibility to the table by considering both sides of the story. This article discusses the factors valuators typically consider in damages calculations, such as historic trends and statistical analysis, any mitigating factors, and sanity checks. It notes that a balanced approach is most likely to persuade the court that the damages calculation is objective, reasonable and fair. Rose Acre Farms, Inc. v. United States (559 F.3d 1260, Fed. Cir. 2009, Sept. 17, 2009).
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S corporation conversions – Should you strike while the iron’s hot?
March / April 2013
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 990
Abstract: Subchapter S election can potentially provide shareholders with more flexibility in business decisions, income and capital gains tax considerations, and distribution alternatives. But there are several valuation issues and implications worth considering before taking a leap toward Subchapter S status. This article looks at the pros and cons of S corporation status and the issue of tax affecting earnings, noting that it’s important to consider the facts of the particular case as well as relevant case law.
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Visual aids have a strong impact
January / February 2013
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 342
Abstract: Hours or days of oral testimony can take its toll on even the most attentive judges, jurors and arbitrators. Visual aids help break up the monotony and focus attention on key points. This brief article notes how a valuator might use a visual aid in court and lists several visual aids, such as line graphs or flowcharts, that can help valuators convey key points while providing expert testimony.
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Valuators can play a supporting role in business growth strategies
January / February 2013
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 658
Abstract: Valuators can play many roles in facilitating a company’s success, including providing support to management in evaluating strategic investment decisions. This article discusses several ways companies can grow and the methods valuators use to analyze business projections and other financial data integral to determining successful growth strategies.
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Replacement compensation Q&A — Why these valuations pose challenges for experts
January / February 2013
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 750
Abstract: Owner replacement compensation refers to the amount an unrelated person would be paid for performing the same duties that an owner performs at the subject company. Estimating replacement compensation is especially challenging when owners receive noncash perks, such as stock or stock options. This article looks at some common questions — and answers — about how valuators estimate replacement compensation. Hubbard v. Phil’s BBQ of Point Loma Inc., Case No. 09CV0735-LAB (NLS), 2012 U.S. Dist. LEXIS 41884, March 27, 2012.
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Do I really need an appraisal expert? — DIY valuations can lead to inequitable divorce settlements
January / February 2013
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 995
Abstract: When divorcing spouses own a business, it’s usually their biggest, most illiquid asset. So it’s important to have an accurate idea of how much it’s worth. Appraisers bring concrete market evidence and a range of other resources to the table. This article explains how appraisers accurately value such assets, thus helping ensure that complex marital estates are equitably distributed. Wood v. Wood, Case No. 09SL-DR00721, 2011 Mo. App. LEXIS 1589, November 29, 2011.
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The Dirty Dozen — 12 appraisal red flags to watch out for
November / December 2008
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 644
Abstract: Evaluating a business valuation can be a daunting task for business owners, divorcing spouses and attorneys. But reviewing an appraiser’s past valuation report before hiring him or her can help assess an appraiser’s qualifications. This article lists some common red flags indicating that an inexperienced or unqualified appraiser has performed a valuation. (Updated 11/30/12)
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The ABCs of valuation — Understanding the process
September / October 2008
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 1019
Abstract: Although each valuation may vary somewhat depending on an appraiser’s preferences as well as protocol and case requirements, most valuations follow an established set of steps. This article explains some of the basic steps of the valuation process, including defining the engagement, gathering relevant information and analyzing data. In addition, the article notes the importance of good verbal communication skills, breadth of experience and uncompromising objectivity. (Updated 11/30/12)
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When subsequent events count
November / December 2012
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 522
Abstract: Private business appraisal must be based on information available at the required date of appraisal, according to Revenue Ruling 59-60. Valuators generally consider only information that is “known or knowable” on the valuation date. But there are exceptions to this rule. In a recent case, Estate of Jung v. Commissioner, the U.S. Tax Court made an important distinction between subsequent events that affect fair market value and those that provide an indication of value. This brief article explains this distinction and under what circumstances valuators may be able to use subsequent events in their analyses. Citation: Estate of Jung v. Commissioner, 101 T.C. 312, 1993
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SWOT analysis: A framework for evaluating risk and return
November / December 2012
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 655
Abstract: Many business managers use strengths, weaknesses, opportunities and threats (SWOT) analysis to frame their strategic planning. Valuators may also use it to help evaluate a company’s performance — as well as its future prospects. This article discusses the various steps in SWOT analysis and how each area affects the company’s value. The article explains the role of a valuator in helping to evaluate subjective assessments concerning a business’s strengths, weaknesses, risk — and return.
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Buy-sell agreements — Cover all the valuation bases
November / December 2012
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 703
Abstract: Buy-sell agreements act as a form of insurance to protect companies during significant ownership changes, whether foreseen or unforeseen. A good agreement’s buyout terms and provisions can ensure the company remains stable and solvent through upheaval. This article notes the importance of periodic updates and discusses the elements of a well-reasoned, supportable buy-sell agreement. The article points out how an experienced valuator can help ensure the agreement is fair to all shareholders.
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Why valuators need accounting know-how
September / October 2012
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 443
Abstract: Accounting and appraisal are interrelated disciplines. After all, financial statements are the foundation for valuing a business. So it’s imperative that valuators understand accounting terminology and how to adjust for material differences in accounting methods. This brief article discusses how different accounting methods can affect a valuation. Experienced valuators ensure they make the proper adjustments to avoid comparing apples to oranges when determining a business’s value.