Business Valuations

Understanding the Cost of Capital in the Income Approach

Kimberly Linebarger, the Family Lawyer Magazine, October 17th, 2012.

Reasonable Compensation

Kimberly Linebarger's chapter from The Lawyer's Business Valuation Handbook featured in the September 2012, GPSolo eReport, American Bar Association.

Valuation for Federal Tax Matters

Noah Gordon's chapter from The Lawyer's Business Valuation Handbook featured in the August 2012, GPSolo eReport, American Bar Association.

Legislation Boosts Small Companies

Shannon Pratt guest opinion, Legislation Boosts Small Companies Harboring Big Dreams, Portland Business Journal, May 18, 2012.

Post-recession world requires thorough valuation approach

Alina Niculita guest column, Post-recession world requires thorough valuation approach; numerous events can spur the valuation of a business, Portland Business Journal Wealth Management Insert, April 20, 2012.

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Shannon Pratt Challenges Robert Comment on Discounts for Lack of Marketability

Shannon Pratt outlined his criticisms of flaws in Robert Comment's article "Business Valuation, DLOM, and Daubert: The Issue of Redundancy." BVWire, Business Valuation Resources, January 4, 2012.

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The Standard of Value is Critical in the Valuation of a Business in Divorce

There is no area of law where there is as much confusion and as little consistency about the standard of value (a.k.a. definition of value) for business valuation as in the family law area. This article by Dr. Shannon Pratt and Alina Niculita emphasizes the importance of the standard of value in divorce valuations.

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In Defense of Discounts for Lack of Marketability

Shannon Pratt published in the Fall 2010 edition of the Business Valuation Review, American Society of Appraisers.

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Cost of Capital in Valuation of Stock by the Income Approach: Updated for an Economy in Crisis

Shannon Pratt and Roger Grabowski published in the January/February 2009 edition of the Value Examiner, National Association of Certified Valuators and Analysts.

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Out of WACC

This article summarizes the latest thinking from Shannon Pratt and Roger Grabowski on why, given the current economic environment, the way the cost of capital is calculated must be reevaluated to reflect historically low yields, and the impacts they are having on the equity risk premium and betas.

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Getting the Most from the Mergerstat®/BVR Control Premium Study™

This free podcast is an edited version of a March, 2008 teleconference hosted by Business Valuation Resources, featuring Dr. Shannon Pratt and Shannon Pratt Valuations COO Alina Niculita. Many practitioners use the Mergerstat®/BVR Control Premium Study™ for minority discounts and control premiums, but are unaware of its application as a valuation tool. The valuation multiples published by the database are imperative when utilizing the merged and acquired method in appraisals. In these highlights Dr. Pratt and Ms. Niculita discuss how to use this impressive valuation tool most effectively, and how to get all the information you need, regardless of the valuation scenario.

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Overview of Business Valuation Discounts and Premiums and the Bases to Which They Are Applied

This chapter is from the Second Edition of Shannon Pratt's Business Valuation Discounts and Premiums, published in 2009 by John Wiley & Sons. The chapter provides a broad overview of the high degree of significance of the topic of discounts and premiums in business valuation. In fact, the existence and/or amount of discount or premium is often the largest money issue in disputed business valuations. The chapter distinguishes between those discounts and premiums that affect the whole enterprise and all its owners, called entity-level discounts, and those that are specifically a result of ownership characteristics (control and marketability or lack of either), called shareholder-level discounts and premiums. It also introduces level-of-value charts, and shows how the standard of value (for instance, fair market value, fair value, or investment value) has an effect on whether premiums or discounts apply in specific cases.

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Cross-Examining a Business Valuation Expert

This chapter is from the Second Edition of The Lawyer's Business Valuation Handbook, published by the American Bar Association and co-authored by Shannon Pratt and Alina Niculita. The chapter provides attorneys with practical tips, checklists, and questions for cross-examining an opposing business valuation expert, as well as for preparing an attorney's own expert in cases involving business valuation issues. The chapter addresses expert testimony in both deposition and trial contexts, and provides questions relating to general matters as well as specific business valuation methodologies, such as the market approach or income approach.

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