Do You Have Margin in the Important Areas of Your Life?

If Not, It is Time to Think About Building Margins before you are Marginless


We live life now, at the margin between the past and the future. What we do at this margin impacts our futures. What we have done or have not done in the past influences, or creates, the options we have now in our lives, or at the margins. In other words, the margins that we create in various areas of our lives impact or influence what we can, will, or won’t do each day.

An Integrated Theory for the Major Valuation Issues of Today

Overview of Coming Presentation at AAML Annual Meeting 2016


On November 4, 2016, I will be speaking at the AAML Annual Meeting addressing a topic that is near to my heart as a business appraiser: An Integrated Theory for the Major Valuation Issues of Today. While each of these issues is worthy of hours of coverage, I provide an overview these issues in my post today.

The Growing Professional

Part 1


I was asked to prepare a short talk for the celebration of the 500th webinar event of Business Valuation Resources. I chose the topic, “Expectations of a Growing Professional.” This is a topic I’ve addressed before in a few outside talks and internally at Mercer Capital. In this post and two more in the near future, I’ll share the gist of my thoughts on the webinar yesterday.

Ownership and Management Transition Planning or Mere Hope?


Recently, an attorney and financial planner called me to talk about a client who was discussing his ownership, management succession plans, and the life insurance associated with his “planning.” During our two-hour discussion, I learned about the client’s situation and was able to offer potential modifications to his current transition plan.

AICPA/AAML Divorce Conference 2016 in New Orleans

Buy-Sell Agreements and the Battle of New Orleans


Last week, I attended the joint AICPA/AAML and spoke on Friday. I spoke on the topic of buy-sell agreements and related the subject matter to divorce, as divorce is a frequent trigger event in buy-sell agreements. I also participated in a panel labeled the Battle of New Orleans 2016. This post recaps some speaking highlights of my time in New Orleans.

Testifying as an Expert Witness with Impact


When I began testifying, I looked for guidance, which I found in the booklet, “Testifying with Impact,” by a former professor and speech coach. Foremost, I learned the objective of testimony is not to read words or testify without notes, but to communicate thoughts, ideas, and knowledge. In this post, I reflect on the other simple but powerful lessons I learned from this booklet.

10 Considerations for Normalizing Adjustments to the Income Statement in Business Valuation

The ABZs of Solid Valuation Conclusions and Reports


We continue with our discussion of getting command of the numbers by discussing income statement adjustments. Normalizing adjustments are made in valuations to separate unusual or non-recurring or management discretionary items of income or expense on the income statement. The objective of normalizing adjustments is to develop historical, adjusted income statements and percentage income statements that can be used in the valuation process.

The following ten comments should provide a good overview of the concept of income statement (normalizing) adjustments for business appraisers and for attorneys.

Get Command of the Numbers in Business Valuation and Related Engagements

The ABZs of Solid Valuation Conclusions and Reports


We continue the series begun in the previous post based on my long-ago staff memo regarding “The ABZs of Solid Valuation Conclusions and Reports.”

The most frequent and often embarrassing errors that occur in valuation reports are the result of obvious issues or elementary mistakes. This happens when appraisers fail to “get command of the numbers.” Based on years of experience, I’ve listed 10 things a business appraiser must do to get command of the numbers.

While I am speaking from the viewpoint of a business appraiser in this series, the information provided will be helpful to attorneys who deal in matters pertaining to valuation.