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Key Issues in Valuing Owner Operated Small Businesses

Owner-operated business must be considered in a different framework than many other types of business. Everything from hypothetical transaction (asset sale versus equity interest) to financial objectives (minimize taxable income versus maximize shareholder value) must be considered from a different perspective. Join David Coffman as he discusses rate of return and personal goodwill through this unique lens.

Court Finds Delayed Disclosure of Expert’s Complete Report ‘Substantially Justified’

Court denies defendants’ Rule 37 motion to exclude opposing expert’s report and testimony; court notes reason for expert report’s ...

Wright v. Old Gringo, Inc.

Court denies defendants’ Rule 37 motion to exclude opposing expert’s report and testimony; court notes reason for expert report’s lateness was defendants’ litigation strategy, including efforts to thwart production of financial information vital for valuation of company and damages calculation.

Reasonable Compensation for Closely Held Businesses + RCReports Demo

Determining reasonable compensation for closely held small and medium-sized businesses is not a magical or mysterious process. In fact, it is a straight forward process that relies on a basic understanding of the three different methods for determining reasonable compensation and when and where they apply. Join Stephen Kirkland and Paul Hamann for this rewarding and rich session. Practitioners armed with this knowledge and the proper tools can easily determine reasonable compensation for any company.

Michigan Court Explains How to Handle Retained Earnings in Divorce Cases

In deciding whether, in divorce, retained earnings in a closely held company that is separate property are includible in marital estate, appeals court creates presumption against inclusion and requires trial court to perform totality of circumstances review.

Jensen v. Jensen

In deciding whether, in divorce, retained earnings in a closely held company that is separate property are includible in marital estate, appeals court creates presumption against inclusion and requires trial court to perform totality of circumstances review.

SEC’s Daubert Challenge to Securities Valuation Testimony Fizzles

In an SEC case requiring valuation of restricted securities, court admits most of the testimony of parties’ experts; experts need not be specialists in given field and need not demonstrate familiarity with USPAP or SSVS to qualify under Daubert, court fin ...

SEC’s Daubert Challenge to Securities Valuation Testimony Fizzles

In an SEC case requiring valuation of restricted securities, court admits most of the testimony of parties’ experts; experts need not be specialists in given field and need not demonstrate familiarity with USPAP or SSVS to qualify under Daubert, court fin ...

SEC v. Nutmeg Group, LLC

In an SEC case requiring valuation of restricted securities, court admits most of the testimony of parties’ experts; experts need not be specialists in given field and need not demonstrate familiarity with USPAP or SSVS to qualify under Daubert, court fin ...

Ambiguous expert report prompts order to revalue minority interest

A recent Wisconsin case illustrates that a shareholder agreement in place is no guarantee for a smooth buyout of the minority shareholder. The case also includes a caution to experts to strive for clarity in their expert reports.

Damages Calculation Admissible Under Facts Available to PI Expert

Court says P.I. expert properly based economic loss determination on plaintiff’s actual work situation at time of expert report instead of speculating about future earnings; testimony is helpful to jury because it explains issues not usually encountered.

Compromised Section 1031 appraisal sinks Exelon tax strategy for fossil fuel power plant sale

U.S. Tax Court Judge David Laro frequently has cautioned experts not to give in to hiring attorneys who want to shape the appraisal. Although federal and state discovery rules offer some protection for attorney-expert communication, there is a risk of exposure and with it a risk of damage to the expert’s work product and reputation. A recent Section 1031 case, which Judge Laro handled, illustrates what happens when the communication is discovered.

Damages Calculation Admissible Under Facts Available to PI Expert

Court says P.I. expert properly based economic loss determination on plaintiff’s actual work situation at time of expert report instead of speculating about future earnings; testimony is helpful to jury because it explains issues not usually encountered.

Berman v. Unimin Corp.

Court says P.I. expert properly based economic loss determination on plaintiff’s actual work situation at time of expert report instead of speculating about future earnings; testimony is helpful to jury because it explains issues not usually encountered.

Court Clarifies Rule 26 Protection for ‘Reporting’ and ‘Non-reporting’ Experts

Court says background information in expert’s report is what Rule 26 has in mind in requiring statement of “the facts or data considered by the witness” in forming his opinion; court clarifies discovery rules to communication with nonreporting expert.

Daubert Flexible as to Solvency Determination for Multiple Debtor Entities

Court finds Daubert centers on reliability, not persuasiveness, and can accommodate experts’ different approaches to determining solvency in case with multiple debtor entities; court rejects exclusion of expert opinion relying on GAAP-based financials.

Rebuttal Opinion Helpful to Jury Because Valuation ‘Not a Common-Sense Subject’

Court declines to exclude rebuttal damages testimony, noting rebuttal expert’s professional background and qualifications were similar to that of principal expert and rebuttal opinion was helpful to jury in assessing principal expert’s damages calculation.

Luminara Worldwide, LLC v. Liown Elecs. Co.

Court says background information in expert’s report is what Rule 26 has in mind in requiring statement of “the facts or data considered by the witness” in forming his opinion; court clarifies discovery rules to communication with nonreporting expert.

Court Clarifies Rule 26 Protection for ‘Reporting’ and ‘Non-Reporting’ Experts

Court says background information in expert’s report is what Rule 26 has in mind in requiring statement of “the facts or data considered by the witness” in forming his opinion; court clarifies discovery rules to communication with nonreporting expert.

Spencer Franchise Servs. of Ga. v. WOW Café & Wingery Franchising Account, LLC

Court declines to exclude rebuttal damages testimony, noting rebuttal expert’s professional background and qualifications were similar to that of principal expert and rebuttal opinion was helpful to jury in assessing principal expert’s damages calculation ...

Daubert Flexible as to Solvency Determination for Multiple Debtor Entities

Court finds Daubert centers on reliability, not persuasiveness, and can accommodate experts’ different approaches to determining solvency in case with multiple debtor entities; court rejects exclusion of expert opinion relying on GAAP-based financials.

Post-Confirmation Comm. for Small Loans, Inc. v. Martin

Court finds Daubert centers on reliability, not persuasiveness, and can accommodate experts’ different approaches to determining solvency in case with multiple debtor entities; court rejects exclusion of expert opinion relying on GAAP-based financials.

‘Blunderbuss of Objections’ Aims to Kill Loss of Goodwill Calculation

Defendant’s “blunderbuss of objections” to opposing expert’s valuation of loss of goodwill misses mark, 7th Circuit says; expert used a standard business valuation method and his reliance on company financials was justified under rules of evidence.

Expert Rebuttal Fails to Engage With Initial Valuation

Court excludes so-called rebuttal report where expert failed to review the initial expert report but instead contradicted the opposing party’s main contention; proponent’s attempt to append report to proper rebuttal valuation testimony is “gamesmanship.”

No Place for Asset Appraisal in Trust Dispute, Court Says

In trust dispute, appeals court affirms trial court’s exclusion of expert’s “asset appraisal and valuation,” finding business valuator’s approach for measuring damages was inconsistent with scope of the case, irrelevant, and not helpful to trier of fact.

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