Three and one-half years ago, I started a walking journey that continues through today. This post talks a bit about that journey, which has included playing pickleball as an essential part, and the impact it has had on me. At the end, it offers a way to think about starting a walking program of your own.
The failure of Silicon Valley Bank will be talked about for years. What really happened? What caused SVB to fail? Was it just the long-term Treasury securities that everyone has talked about? Well, no. SVB was on a self-imposed path to destruction that had been waiting for an adverse change in the economy or a rising interest rate environment to kick it into oblivion.
There are, indeed, lessons for family business directors from the failure of Silicon Valley Bank. In this week’s post, I discuss four.
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.
This post examines two concepts, marketability and liquidity, or the lack of one or both in the context of fair market value determinations of controlling ownership interests of private companies.
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.
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.
In this post, I reflect a bit on the day of my 75th birthday. It was a great day personally, and a great day at the office. I was told not to leave the office early and to act surprised. I didn’t have to act surprised because I was very surprised and happy to be surprised.
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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.
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.
