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Banister Financial,
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Business Valuation Articles
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Fair ValueTM is a periodic newsletter providing detailed analysis and discussion of important and timely business valuation issues. Selected articles from past issues are listed below (Full Issues of Fair ValueTM are only available to clients and friends of Banister Financial). Note: Adobe Acrobat is needed to read these articles. Get Adobe (for free) here. Selected Articles from Current and Past Issues of Fair Value: Accounting Fraud · The Business Appraiser's Role Where Company Accounting Fraud is Alleged in Valuation Disputes (Published in Shannon Pratt's Lawyer's and Judge's Business Valuation Update- Article originally appeared in January 2000 Fair Value) Active vs. Passive Appreciation Automobile Dealership Valuations · Auto Dealership Values: A Key Time for Wealth Maximization and Planning (This article appeared in CCH Business Valuation Alert. An earlier version appeared in Fair Value). Blockage Discounts · Blockage Discounts for Publicly Traded Stock Built-In Capital Gains Taxes in C Corporations, Impact on Value- Estates, Gifts, and Family Law · Discounting for Built-in Capital Gains in LLCs, Partnerships, and S Corporations · Valuation Discounts for Potential Capital Gains: How Much is Enough? Buy-Sell and Shareholder Agreements · Professional Practice Buy-Sell Agreements- Do They Equal Fair Market Value? (Business Valuation Review article, similar to an article published in the Winter/Spring 2003 Fair Value). · Professional Practice Buy-Sell Agreements- Do They Equal Fair Market Value? Part II- The Courts Company Valuation and Financial Analysis · Business Risk and its Impact on Valuation (and Why Attorneys Must Understand It) · Financial Risk and its Impact on Valuation (and Why Attorneys Must Understand It) Comparable Public and Acquired Company Analysis · Public and Private Company Business Valuation Differences · How Comparable Are Your Public Company Business Valuation Comparables? · Market Influences on Business Valuation · What Does Industry Consolidation Mean for Your Company's Value? Control vs. Minority Issues · Premium for Voting Stock in Simplot- A Reflection of the Real World? (Appeared in CCH Business Valuation Alert. Original version appeared in Fair Value). · Attorneys Breathe a Sigh of Relief: Simplot Tax Court Ruling Overturned (Appeared in CCH Business Valuation Alert. Original version appeared in Fair Value). Dissenting Shareholder Cases · New North Carolina Dissenting Shareholder Case Opinion (To read the actual case, CLICK HERE Dividends Employee Stock Ownership Plans (ESOPs) · Employee Stock Ownership Plans (Structuring and Valuation Issues) Estate and Gift Tax Issues · Defusing the Gift Tax Valuation Time Bomb: New Adequate Disclosure Rules (Article in CCH Business Valuation Alert, a version of which also appeared in Fair Value). · Preferred Stock Recapitalization- Exchanging Common for Preferred Shares to Accomplish Estate Planning Goals (CCH Business Valuation Alert article, an earlier version of which appeared in Fair Value). · Proposed IRS Valuation Guidelines: 1 + 1 = 3 (Which May Be Right) · Revenue Ruling 59-60: Still Valid or Just Dusty With Age? · Valuation Discounts- Can You Explain Yours? The New IRS Form Requirements for Gifts of Shares · Valuation Discounts for Potential Capital Gains: How Much is Enough? |
Family Law · Excess Earnings Valuation Method: Is It Time to Put it Out to Pasture in Divorce Valuation Cases? · A Fountain Run Dry (in June 2002 Issue)- The North Carolina Court of Appeals reaches a faulty decision on valuing stock options for divorce in North Carolina that flies in the face of widely accepted real world methodologies in how options are really bought and sold. The result is a grossly unfair outcome to the ex-spouse not holding the options. · Identical Twins (But Not in Equitable Distribution) · Identifying and Excluding Faulty Valuation Report Content and Testimony (Reprinted from CCH Business Valuation Alert. A version originally appeared in Fair Value). · Kick the Habit: The Excess Earnings Method Must Go (Published in the September 2001 issue of Business Valuation Review, a publication of the American Society of Appraisers. A version originally appeared in Fair Value). · Namby Pamby Hamby (in Winter/Spring 2003 Issue)- The North Carolina Court of Appeals reaches a very questionable decision on the standard of value used for divorce-related business valuations in North Carolina. · Professional Practice Buy-Sell Agreements- Do They Equal Fair Market Value? (Business Valuation Review article, similar to an article published in the Winter/Spring 2003 Fair Value). · Professional Practice Buy-Sell Agreements- Do They Equal Fair Market Value? Part II- The Courts · A Sampling of Valuation Cross-Examination Questions (Reprinted from the American Journal of Family Law. A version originally appeared in Fair Value). Family Limited Partnerships and LLCs · Beginning of the End for Family Limited Partnership Valuations? · Family Limited Partnerships with Marketable Securities: Their Valuation · Family Limited Partnerships with Real Estate: Are Valuation Discounts Always Appropriate? Fractional Interests in Real Estate Income Valuation Approach · The Income Valuation Approach · Understanding the Income Valuation Approach: A Primer For Judges Who Must Regularly Hear Business Valuation Cases (originally appeared in Fair ValueTM, this is the later reprint found in Shannon Pratt's Lawyer's and Judge's Business Valuation Update. · Critically Assessing a Capitalization Rate: Is it Reasonable? Industry Consolidation · What Does Industry Consolidation Mean for Your Company's Value? (This article appeared in CCH Business Valuation Alert. An earlier version appeared in Fair Value). Jointly Retained Business Valuations · Jointly Retained Business Valuations in Disputes- Steps Necessary to Make the Process Works · Selecting the Right Business Appraiser for a Jointly Retained Business Valuation Need · What Should be in Report in a Jointly Retained Valuation for a Dispute Marketability Discounts · Discounts for Lack of Marketability: A Review of Studies and Factors to be Considered · Mandelbaum Case Raises the Bar in Supporting Business Valuation Discounts in Tax Court · Selling Out to a Public Company: Blockage, Restricted Shares, and Value · The 35% "Standard" Marketability Discount: RIP Merged and Acquired Companies Valuation Method · In Defense of the Merged and Acquired Companies Valuation Method · The Top 10 Errors Made Using the Merged and Acquired Companies Valuation Method Professional License Valuation · License Valuation Revisited - A hypothetical, humorous valuation of the driver's license of stock car driver Jeff Gordon for his divorce. · Professional License Valuation Voodoo: Junk Science in a Family Law Context (a version of the Fair ValueTM article as later published in CCH Business Valuation Alert) Professional Practice Valuations · Medical Practice Sales to Hospitals: A Business Valuation Minefield, Part 1 · Medical Practice Sales to Hospitals: A Business Valuation Minefield, Part 2 · Medical Practice Sales to Hospitals: A Business Valuation Minefield, Part 3 |
· Professional Practice Buy-Sell Agreements- Do They Equal Fair Market Value? (Business Valuation Review article, similar to an article published in the Winter/Spring 2003 Fair Value). · Professional Practice Buy-Sell Agreements- Do They Equal Fair Market Value? Part II- The Courts S Corporation Valuations · A Gross Result in the Gross Case: All Your Prior S Corporation Valuations Are Invalid, (Published in the March 2002 issue of Business Valuation Review, the official publication of the Business Valuation Committee of the American Society of Appraisers. A similar article was also published in the Fall 2001 Issue of Fair Value). · Some Observations on Tax Affecting (Business Valuation Review version of article, also published in Fair Value) · Voting, Non-Voting Recapitalizations in S Corporations Selling the Family Business · The Key Steps Involved in Successfully Selling the Closely Held Business · Selecting a Business Valuation Firm That Can Also Sell Your Business · Preparing a Company for Sale. Obtaining the Best Price Stock Option Valuation · A Fountain Run Dry - The North Carolina Court of Appeals reaches a faulty decision on valuing stock options for divorce in North Carolina that flies in the face of widely accepted real world methodologies in how options are really bought and sold. This version of the article appeared in Family Forum, a publication of the Family Law section of the NC Bar Association (an earlier version appeared in Fair Value). · Stock Option Valuation Explained for Divorce and Estate Planning Attorneys This version of the article appeared in Family Forum, a publication of the Family Law section of the NC Bar Association (an earlier version appeared in Fair Value). Valuation Interview · The Effective Valuation Interview Valuation Methodologies · A Declaration of Independence (published in CCH Business Valuation Alert, this article originally appeared in Fair Value). · Are Smaller Companies More Risky? The Small Stock Return Debate (This article appeared in CCH Business Valuation Alert. An earlier version appeared in Fair Value). · Back to the Future! (Published in Business Valuation Review, the official publication of the Business Valuation Committee of the American Society of Appraisers. A version of this article was originally published in the June 2002 issue of Fair Value. · Excess Earnings Valuation Method: Is It Time to Put it Out to Pasture in Divorce Valuation Cases? · Identifying and Excluding Faulty Valuation Report Content and Testimony (Reprinted from CCH Business Valuation Alert. A version originally appeared in Fair Value). · In Defense of the Merged and Acquired Companies Valuation Method · Kick the Habit: The Excess Earnings Method Must Go (this article appeared in the September 2001 issue of Business Valuation Review, a publication of the American Society of Appraisers and is an adaptation of an article that appeared in the September 2001 issue of Fair Value) · The Justification of Purchase Test: Is it Always Justified? (i.e., Does The Sanity Check Always Produce a “Sane” Result?) (This article appeared in CCH Business Valuation Alert. An earlier version appeared in Fair Value). · The Most Common Sins in Faulty Valuations · The Top 10 Errors Made Using the Merged and Acquired Companies Valuation Method · Why Time Travel in Business Valuation is Wrong (Published in the September 2002 issue of Business Valuation Review, a publication of the American Society of Appraisers, a version of this article originally appeared in Fair Value). Valuation- Other · Key Valuation Trends and Their Importance
Contact Information for a Business Valuation:
Banister Financial, Inc. 1338 Harding Place, Suite 200 Charlotte, North Carolina 28204
Phone: Charlotte, NC (Main): 704-334-4932 Fax: 704-334-5770
Contact Individuals: George B. Hawkins, ASA, CFA President and Managing Director Outlook v card file:
Michael A. Paschall, ASA, CFA, JD Executive Vice President and Managing Director Outlook v card file:
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