Yearly Archives: 2008

Credibility is King in War of the Experts

June 22, 2008 | Blog, Business Valuation

Icon for author Brian Vertz Brian Vertz

The typical “war of experts” was presented in Bussa v. Bussa, 2008 WL 2117138 (Mich.App.), a 2008 unpublished decision of the Michigan Court of Appeals. In this case, the business owner’s expert gave an opinion of value based upon the asset approach. The subject company (actually, companies) was a petroleum sub-jobber comprised of a gas station operator, a real estate holding company owning the gas stations, and a trucking company […]

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Executive Compensation

June 18, 2008 | Blog, Executive Compensation

Icon for author Brian Vertz Brian Vertz

An intriguing article, published recently by BVR on its BVWire blast email, reminds us that executive compensation is one of the most important components of a business valuation. The article summarizes a lecture given by Brian Brinig at the California CPA 2008 BV Conference, in which he challenged the term “reasonable compensation adjustment” as well as the methods that are commonly used to arrive at this normalization adjustment to the […]

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Valuation Held Preferable to Judicial Sale

June 11, 2008 | Blog, Business Valuation, Court Decisions, Divorce

Icon for author Brian Vertz Brian Vertz

In Parker v. Parker, 980 So.2d 323 (Miss.App. 2008), the Mississippi Court of Appeals held that the trial court should not have ordered a judicial sale of businesses that were marital property in a divorce action. The trial court sold the businesses because the parties failed to comply with an order directing them to obtain accurate and up-to-date business valuations. On appeal, the Mississippi court held that the trial court […]

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Astleford has valuation professionals FLiP’n

June 04, 2008 | Blog, Business Valuation, Tax Issues

Icon for author Brian Vertz Brian Vertz

Last month the U.S. Tax Court released its memorandum opinion in Astleford v. Com. (TC Memo 2008-128), a case dealing with the minority and marketability discounts applicable to family limited partnerships. In Astleford, the widow of a Minnesota real estate tycoon contributed her interests in real estate (which included real estate partnerships and trusts) to a family limited partnership (FLP) for the benefit of the parties’ children. In valuing the […]

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