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A good explanation of the “Single Appraiser: Select Now, Value Now” recommendation from my book Buy-Sell Agreements for Closely Held and Family Business Owners was recently featured in NACVA’s email newsletter. Read it here (also includes a link to the original article on Mercer Capital’s website further explaining this buy-sell agreement recommendation).

Recognizing the particular characteristics of any given trust company is essential to understanding its value in the marketplace.
Matthew R. Crow, CFA, ASA and Brooks K. Hamner, CFA of Mercer Capital recently authored this updated whitepaper. Download your complimentary copy.

Chris Mercer recently addressed the 2012 Wealth Counsel Symposium on the topic of buy-sell agreements. In this post, readers of this blog receive the same resources and offers as those who attended the session.

In this installment on the marketability discount, we tackle the topic of marketability discounts and the income approach. The post is long and theoretical but the topic demands it.

According to recent news reports, FedEx might lose its contract with the U.S. Postal Service. Does that affect FedEx’s value? What effect does customer concentration have on a private company’s value?

In this post, we take a breath to review where we’ve been and prepare the reader for where we’re headed in this discussion of the largest valuation discount – the marketability discount.

In a tax environment where significant gifts need to be made and substantial value needs to be transferred, the topic of valuation discounts rises to the forefront. Valuation discounts are not magical or mysterious. They relate to differences between businesses at the level of the enterprise and interests in those businesses from the viewpoint of […]

The Basic Question The objective of many business appraisals is to determine a valuation conclusion at the nonmarketable minority level of value. We saw in the first post in this series on discounts for lack of marketability that the marketability discount is a conceptual discount that moves value from an enterprise level to a shareholder […]

  A New Series  During the 2012 calendar year, individuals can gift, or give away, as much as $5.12 million and pay no federal gift taxes on the gifts, although this amount is reduced by the amount of any taxable gifts made in prior years. In the absence of a Congressional change in the law, […]

I have been an expert witness in the business valuation and corporate damages areas for many years.  When I wrote my first book, Valuing Financial Institutions, in 1992, I explained the steps I took before each testimony experience to assure, to the extent possible, that the outcome of each testimony was successful. Lawyers are always […]