The Business Valuation Bench Book, a new volume by William J. Morrison (WithumSmith+Brown) and Jay E. Fishman (Financial Research Associates), is designed to give judges and attorneys a reference guide of fundamental business valuation concepts. “The authors do an excellent job of ‘pulling back the curtain’ on business valuations, showing judges where they need to spend time querying experts on their appraisals,” says Steve Bravo, a business appraiser and financial expert with Apogee Business Valuations. “This book will prove to be extremely handy and helpful to judges trying to sort out opposing experts’ conclusions of value. It can be equally beneficial to attorneys and experts in their case preparation.”
The book says you can expect some tough questions such as these: Do you have a thorough understanding of the subject business, and have you considered the eight factors of Revenue Ruling 59-60? Why do you believe your determination of the normalized income to capitalize best represents the expected future performance of the company? Under your DCF method, can revenues realistically grow at the projected rates, and do the expenses support the revenues?
For more details, read Bravo’s full review.
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