Highly technical and often difficult to understand, business valuations are a critical subject for lawyers in many areas, such as divorce, bankruptcy, corporate and tax law, and estate and financial planning. This authoritative reference will help you understand and evaluate expert reports and testimony on a broad range of business valuation issues. The authors, who have over 40 years of combined experience in transactional matters and litigation, present and discuss key concepts in valuation. At the same time, they explain how to dig beneath the surface of expert opinions and show how to find the most pertinent facts, interpret the data, and evaluate the quality and comprehensiveness of evidence. This easy-to-use manual covers all aspects of determining the value of a business, including definitions of value; personal versus enterprise goodwill, valuing professional practices and small businesses, cross-examination, commonly used terminology and bodies of evidence, professional credentials and standards; and recognized and accepted valuation methods. Adding to the book’s usefulness are "Questions to Ask" for most sections, extensive case citations throughout to courts’ positions on many issues, and appendices that include a glossary, bibliography of business valuation databases, and other useful tools.
Founder and director of a large independent valuation consulting company, Pratt, with help from others in the profession, offers information to help courts and lawyers assess the qualifications of a business appraiser and the reliability of the evidence presented, and to cope with valuation issues more effectively and efficiently. This has always been important, she concedes, but recent US Supreme Court decisions have highlighted it by clarifying that the trial court is obliged to consider the admissibility of documents and expert testimony relating to business valuation, rather than just the weight of evidence. States are rapidly following suit, she warns. The book covers defining value, professional credentials and standards, commonly used terminology, recognized and accepted valuation methods, and commonly used bodies of empirical evidence. Annotation c. Book News, Inc., Portland, OR (booknews.com)
Shannon P. Pratt, CFA, ARM, ABAR, FASA, MCBA, CM&AA, is a well-known authority in the field of business valuation and has written numerous books that articulate many of the concepts used in modern business valuation around the world. He is chairman and CEO of Shannon Pratt Valuations, Inc., in Portland, Oregon. Dr. Pratt has performed valuation engagements for mergers and acquisitions, employee stock ownership plans, gift and estate taxes, incentive stock options, buy-sell agreements, corporate and partnership dissolutions, dissenting stockholder actions, damages, marital dissolutions, among others. He has testified in a wide variety of federal and state courts and frequently participates in arbitration and mediation proceedings.
Alina V. Niculita, CFA, ASA, MBA, is president and COO of Shannon Pratt Valuations, Inc., in Portland, Oregon. She is a Chartered Financial Analyst and an Accredited Senior Appraiser in business valuation of the American Society of Appraisers. Ms. Niculita works on all aspects of case management, including the fundamental aspects of business valuation and economic analysis and report writing. She has been involved in business valuation engagements for various purposes, such as transactions in company stock, estate and gift taxes, and litigation support.