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.

A Short Walk Down Memory Lane from the 1990s

The ABZs of Solid Valuation Conclusions and Reports


In this walk down memory lane, I share excerpts from a piece I originally wrote for business appraisers in 1989 and updated in the mid-1990s entitled “The ABZs of Solid Valuation Conclusions and Reports.” If you were in business in the 1990s, this post will bring back memories. If you were not, you might enjoy an inside look at the climate of the time. Either way, it’s a fun journey.