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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 or Cash Flow to:
    • Total Invested Capital
    • Equity
  • Projections (Hypothetical Conditions) of Net Income or Cash Flow to:
    • Total Invested Capital
    • Equity
  • Multi-period Discounted Method (Discounted Cash Flow Analysis -DCF)

Included Level of Control of the Subject Interest:

  • Minority Interest (Less Than 50%)
  • Minority/Controlling Interest (50% Split)
  • Controlling interest (Greater than 50%)
  • 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