What We Do

in Business Valuations

Included Business Valuation Definitions of Value:

• Fair Market Value

• Investment or Strategic Value

• Fair Value

• Intrinsic Value

Included Premises of Value:

• As If a Going Concern

• As If in Liquidation - Forced

• As If in Liquidation - Orderly

• As If an Assemblage of Assets

Included Nature of Business:

• Operating Companies

• Holding Companies

• Companies in Formation

• Assemblage of Assets

• Companies In or Contemplating Liquidation

Included Valuation Approaches Considered:

• Asset Approach (and its related methodologies)

• Market Approach (and its related methodologies)

• Income Approach (and its related methodologies)

Included Buyer Profiles:

• Hypothetical (Financial) Buyer

• Specific (Strategic) Buyer

Included Professional Standards:

• National Association of Certified Valuation Analysts (NACVA)

• Institute of Business Appraisers (IBA)

• Uniform Standards of Professional Appraisal Practice (USPAP)

Included Internal Revenue Code Fundamental Guidance:

• IRS Revenue Ruling 59-60 et. seq.

• IRS Circular 230

• Pension Protection Act of 2006 (PL 109-280)

Included Financial Profiles of Subject Company:

• Profitable/Solvent

• Not Profitable/Solvent

• Profitable/Not Solvent

• Not Profitable/Not Solvent

Included Ancillary and Stand-Alone Services:

• Forecasts (Existing Conditions) of net income and cash flow to:

• Total Invested Capital

• Equity

• Projections (Hypothetical Conditions) of net income and cash flow:

• Total Invested Capital

• Equity

• Discounted Cash Flow Analysis (DCF)

Included Level of Control of the Subject Interest:

• Minority interest (50% or less)

• Controlling interest (50% or greater)

• Entity Interest (100% Controlling Interest)

Included Characteristics of Subject Company or Interest:

• Independently Wholly-owned

• Corporate Subsidiary of Foreign or Domestic Parent

• Corporate Division or Profit Center

• Individual or a Collection of Operating Assets

• Intangible Assets

Included Entity Types:

• C Corporations

• S Corporations

• Limited Liability Companies (LLCs)

• Limited or General Partnerships

• Sole Proprietorships

Included Valuation Discounts and Premiums Considered:

• Discount for Lack of Marketability (DLOM)

• Discount for Lack of Liquidity (subset of DLOM)

• Discount for Lack of Control (Minority Interest Discount)

• Discount for Loss of Key Person

• Block Premium (when applicable)

• Control Premium (when applicable to minority indication of value)

• Synergy Premium (when valuing a strategic transaction)

Included Value Characteristics:

• Value of Total Invested Capital

• Value of Equity