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A Change in Walking Goals: Weekly or Daily?

For years I have set a daily goal of walking five miles per day that has set me up for occasional “failure.” I have recently reset the the goal to 35 miles per week. This subtle change has no impact on my overall walking, but makes for more satisfying weeks, even if I fall short for a day. I can almost always reach the weekly goal now that I’m focused on it.

If you are walking with a daily goal, consider changing that goal to a weekly goal. And if you are thinking about starting a walking program, think about setting your initial goal on a weekly basis. We all want to “succeed” in reaching our goals, and this subtle change – from daily to weekly – helps assure ongoing success.

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Fair Market Value and the Nonexistent Marketability Discount for Controlling Interests

This post provides a discussion of several implications of the definition of the standard of value known as fair market value. We focus first on the definition of fair market value. Next, we examine the hypothetical negotiations conducted by hypothetical buyers and sellers in fair market value determinations and the implications of those negotiations.

We then look at the implications for the so-called “marketability discount for controlling interests.” We look at this “discount” from the vantage points of the definition of fair market value, the integrated theory of business valuation, and recurring and incorrect rationales for the discount.

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Another Post on Walking

Today marks the 1,175th day of a walking program that began well more than three years ago. I thought I would miss my 5 mile goal yesterday because of a lower back issue, but somehow worked through it. It would have stopped a 258 day streak. I am so grateful to be able to move regularly, and encourage all to do the same – at whatever activity seems appropriate.

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It’s Not Too Late to Subscribe to the National Economic Review

A New Issue Is Soon To Be Released

Are you a business appraiser or other professional looking for a comprehensive resource to keep you informed on the major factors affecting the U.S. economy and one you can include in your work product? Look no further than National Economic Review. It was, and remains, the only regularly published economic review that is written by valuation analysts for valuation analysts. As a bonus when subscribing, you get access to almost 40 years of historical issues. Learn more about the National Economic Review and how to subscribe in this post.

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December 15, 2019 to December 14, 2022: Three Years of Walking

Three years ago, on December 15, 2019, I began a journey and did not know where it would lead.  I began walking daily at the rate of at least five miles per day.  December 14, 2022, marks the end of three years.  December 15, 2022, will be the three-year anniversary. Over this period of time, walking has progressed from something I wanted to do to something that I just do.

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The 2023 AICPA Business Valuation Conference and One Thought on Valuation Adjustments

I have heard many appraisers suggest that one should not normalize owner compensation when valuing minority interests “because the minority shareholder cannot change compensation.” I’d like to address this issue in this post.

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Concluded Marketability Discounts in Statutory Fair Value Cases in New York

By the Numbers

This is the fourth and likely last in a series of posts on Friedman v. Beway, and a couple of other cases on statutory fair value in New York. In this post, we examine the concluded marketability discounts in 32 New York fair value cases since about 1985. When we look at the numbers, New York courts appear to be trending to conclusions of marketability discounts at or near 0%. There are, however, a small number of exceptions to this conclusion which we discuss in the post.

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Beway and Giaimo: Is New York Headed in the Right Direction?

In the final post in this series, we examine the actual marketability discounts concluded in statutory fair value matters since about 1985.  The analysis will differentiate between appellate-level and trial court cases that stand and were not appealed.  The results will likely be surprising for those interested in statutory fair value in New York.