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Working Capital: Considerations for Valuation, Solvency, and Fairness

This program is intended to describe the different ways that working capital can be considered when performing a valuation analysis and other consulting services related to valuation. We will start with definitions of working capital and ways in which working capital is considered in a valuation. We’ll then discuss different benchmarks. Finally, we’ll see how these analyses fit into the summary of an assignment.

Patent infringement lawsuits are on the decline

Although the number of patents granted annually continues to rise, the number of patent infringement lawsuits filed in U.S. district courts has decreased significantly, according to a new study from Marcum.

BV profession needs a stronger connection to research

The business valuation profession needs to be more attuned to academic finance research, according to a letter to the editor of the ASA’s Business Valuation Review by Victor E. Jarosiewicz (Quid Valorem LLC).

Trethewey v. Trethewey

The husband’s $5 million “transitional bonus” when he changed jobs as a financial advisor to Wells Fargo Advisors was included both as income and as an asset in determining alimony and assigning all of the liability on a Wells Fargo note to him.

Massachusetts Appellate Court Finds Double and Maybe Triple Dipping and Reverses and Remands

The husband’s $5 million “transitional bonus” when he changed jobs as a financial advisor to Wells Fargo Advisors was included both as income and as an asset in determining alimony and assigning all of the liability on a Wells Fargo note to him.

Damodaran Looks at Intangibles—and Tosses Some Dynamite

It is always a pleasure to listen to Aswath Damodaran (Stern School of Business, New York University) talk about valuation. BVR invited him to do a webinar on intangibles, and he didn’t disappoint, giving his perspective and dropping a few bombshells in his inimitable style.

For a valuation via arbitration, final means final

In a California case, the company that owns the Woodlands grocery store chain decided to buy the condominiums it was renting for its San Francisco store.

Hardiman v. Woodlands Store, Inc.

This appeal in a California court involved a dispute over an appraisal of the plaintiffs’ 15% interest in a grocery store the defendant operated. The plaintiffs alleged that the award of the superior court was obtained by fraud and that the arbitrator prejudiced their rights. The appellate court found no basis for “disturbing” the appraisal-arbitration award.

Appellate Court (California) Declines to Set Aside Appraisal and Decision of Arbitrator

This appeal in a California court involved a dispute over an appraisal of the plaintiffs’ 15% interest in a grocery store the defendant operated. The plaintiffs alleged that the award of the superior court was obtained by fraud and that the arbitrator prejudiced their rights. The appellate court found no basis for “disturbing” the appraisal-arbitration award.

Neutral valuer does what he can with limited info

In a California divorce case, a court-appointed valuation expert was caught in the middle of a squabbling couple who didn’t provide enough information to value all the marital assets, including business interests.

Valuing What You Cannot See: Intangible Assets

Accounting has historically done a poor job dealing with intangible assets, and, as the economy has transitioned away from a manufacturing-dominated 20th century to the technology- and services-focused economy of the 21st century, that failure has become more apparent. The resulting debate among accountants about how to bring intangibles onto the books has spilled over into valuation practice, and many appraisers and analysts are wrong, in my view, letting the accounting debate affect how they ...

In re Hembree

In this appeal of a denied motion by the wife to set aside a marital settlement order, the appellate court affirmed the trial court. The wife claimed that the husband did not disclose a number of marital assets and misrepresented the values of certain marital assets. The trial court appointed its own expert for valuation of assets. The expert was unable to value a number of the assets for lack of information including a lack of proof of existence of some alleged assets.

Appellate Court (California) Affirms Denial of Wife’s Motion Claiming Missing Assets and Undervalued Assets

In this appeal of a denied motion by the wife to set aside a marital settlement order, the appellate court affirmed the trial court. The wife claimed that the husband did not disclose a number of marital assets and misrepresented the values of certain marital assets. The trial court appointed its own expert for valuation of assets. The expert was unable to value a number of the assets for lack of information including a lack of proof of existence of some alleged assets.

BV News and Trends December 2023

A monthly roundup of key developments of interest to business valuation experts.

In re Burg

The debtor withheld records and failed to explain missing assets and deleted records and misled the court as to what he did with certain assets. The debtor also knowingly and fraudulently withheld records from the trustee. This was all part of a scheme the debtor devised with the help of a “consultant” to avoid repaying the plaintiff creditors.

Bankruptcy Court Denies Debtor Discharge for Fraud, Failure to Produce Records and Fraudulent Transfers

The debtor withheld records and failed to explain missing assets and deleted records and misled the court as to what he did with certain assets. The debtor also knowingly and fraudulently withheld records from the trustee. This was all part of a scheme the debtor devised with the help of a “consultant” to avoid repaying the plaintiff creditors.

Data as a Commercial Asset: Valuation Techniques and Analytical Insights (A BVR Workshop)

The importance of data as a commercial asset means that the financial value of data is becoming difficult to ignore. Increasingly, credible methodologies for data valuation will have to be performed for commercial litigation, financial reporting, tax reporting, and even transaction support. Mike Blake will walk through data valuation methodologies as well as analytical points that help distinguish the relative values of different data sets. Attendees will gain a high level of knowledge of data ...

BV News and Trends November 2023

A monthly roundup of key developments of interest to business valuation experts.

What’s the ‘Barbie buzz’ worth?

Having a product prominently displayed in a hit movie has value—but how much?

Damodaran values Birkenstock’s intangibles

He doesn’t care for its sandals, but Professor Aswath Damodaran (New York University Stern School of Business) has taken a great interest in valuing the intangibles of footwear company Birkenstock.

BV-real estate gap regarding property rights can skew valuation

At BVR’s exhibit hall booth at the 2023 American Society of Appraisers International Conference in New Orleans, we had a conversation with Barry Cunningham (Property Tax Research LLC) about potential pitfalls when valuing real estate-centric entities (RECEs).

BVResearch Pro adds to its archive of the ASA’s BV Review

Among many other resources, the BVResearch Pro platform contains the full archive of the Business Valuation Review going back to 1982.

Property Rights and the Real Estate Appraiser

This article provides the business appraiser with a better understanding of how real estate appraisers think about property rights and the distinctions they make between fee simple and leased fee estates. It also discusses two areas where a property rights issue could lead to understating intangible assets in real estate centric entities. Two brief case studies are used to demonstrate where problems can arise and how to resolve them. This is a primer to foster ...

A Difference of Opinions—Using the Right Tools for the Market Approach

This course will be a hands-on exercise in valuing a small owner-operated business using the market approach. Two appraisers will walk through the valuation of a business with $5 million to $10 million in revenue using the same fundamental financial information but different valuation tools. The results are meant to highlight the differences in value based on a selected market approach and the use of different databases. The training will use multiples derived from private ...

New Damages Guide Examines Crypto Landscape

An understanding of the current issues and developments within the cryptocurrency industry, plus a look at some emerging case law, are crucial for damages experts in this area. This is an excerpt from the upcoming 7th edition of The Comprehensive Guide to Economic Damages.

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