• QuickRead Top Story - Valuation/Appraisal

    The Anatomy of a Defensible Valuation: For CPAs, Attorneys, M&A Advisors, and Business Owners They Serve (Part I of III)

    July 15, 2026

    Key Takeaways: Use all three valuation approaches and thoroughly document assumptions for defensible conclusions. Normalize earnings with documented, market-based adjustments before applying valuation methods. Carefully support discount rates and terminal value assumptions because they drive most valuation conclusions. Every accountant, attorney, or advisor guiding a privately held business owner eventually runs into the same question: “What is the business really worth?” The word “really” suggests a bit of skepticism and proposes the need for a framework. This series dissects that structure; the anatomy of a valuation that the opposing side of the table will respect rather than tear apart. Part…

  • QuickRead Top Story - Valuation/Appraisal

    Multidisciplinary Valuation Opportunities and Challenges: Risks and Benefits

    July 15, 2026

    Key Takeaways: Multidisciplinary valuations need a defined framework, not casual collaboration between disciplines. Type II problems (partnerships, fractional/tokenized interests) can be solved via comprehensive checklists. Family partnership valuations are a growing, lucrative niche amid generational conflict. Multidisciplinary valuation can be highly rewarding but can also be quite mysterious. Regardless, the public needs cross disciplinary work and does not care whether a problem belongs in business valuation or real property appraisal, for example. They simply want a conclusion that is well supported and defensible. The author shares the benefits and risks providing multidisciplinary valuations. Multidisciplinary valuation is one of the most…

  • Financial Forensics - QuickRead Top Story - Valuation/Appraisal

    Bridging Valuation and Forensics: When Numbers Tell a Story They Shouldn’t

    July 8, 2026

    The strongest valuation conclusions are not simply precise, they are resilient and able to withstand challenge because they connect analytical rigor with evidentiary discipline. Value is not produced by a spreadsheet alone; it is produced by economic reality, supported by credible information, and interpreted through professional judgment. In this article, the author shares a four-part framework to assess financial statements and underscores importance and value that professionals bring when they are able to pivot between valuation and forensic practices, recognize and assess potential red flags, and determine if the value story is credible. In business valuation, numbers often arrive wearing…

  • QuickRead Top Story - Valuation/Appraisal

    Sports Valuation: Expanding the Practitioners’ Toolkit

    July 8, 2026

    Sports valuation does not require abandoning established valuation principles. However, sports assets often combine complex commercial operations, unique intangible assets with no cash flows, regulatory constraints that may differ across jurisdictions, leagues, and sports, and accepted highly uncertain future outcomes, less common in traditional industries. As a result, the challenge for practitioners is properly defining the valuation problem before attempting to solve it. In this article, the author shares the complexities arising in this market. Why Sports Valuation Matters for Valuation Practitioners Over the past decade, the sports industry has evolved from a specialist, niche sector into an increasingly active…

  • QuickRead Top Story - Valuation/Appraisal

    Reflections on Brundle v. Wilmington Trust, N.A.: A Pure Heart and an Empty Head are Not Enough[1]

    July 1, 2026

    The Brundle v. Wilmington Trust N.A. case has generated numerous summaries, debates, and digests. In this article, the author reflects on lessons that can be taken from the case. This came to her attention during an internal discussion of litigated ESOP cases and piqued her interest. The Brundle v. Wilmington Trust N.A. (919 F.3d 763, 4th Circuit 2019) case has generated numerous summaries, debates, and digests. It came to my attention during an internal discussion of litigated ESOP cases and piqued my interest. As I read the full text of the case, I was surprised by the numbers of “epic…

  • Artificial Intelligence - Practice Management - QuickRead Top Story - Valuation/Appraisal

    AI in Valuation Report Writing: A Practical Guide for Analysts in 2026

    June 17, 2026

    This article provides a practical, standards‑aligned framework for using AI responsibly in valuation report writing. The goal is not to discourage the use of AI, but to help analysts integrate it in ways that strengthen—rather than weaken—the credibility of their work. In a relatively short time, the world has moved from digital transformation to the next major shift: artificial intelligence (AI). Courses on how to use AI effectively are everywhere, and businesses across industries are scrambling to understand how to integrate it. Some sectors—publishing among them—have been slower to embrace AI, raising legitimate questions about creativity, authorship, and the impact…

  • Mergers and Acquisitions/Exit Planning - QuickRead Top Story - Valuation/Appraisal

    Is Your Deal Fair—and Safe? When to Get a Fairness or Solvency Opinion

    June 17, 2026

    In a complex transaction, closing the deal is only part of the challenge. Boards, special committees, executives, and counsel also need confidence that the process is sound, the economics are supportable, and the decision can withstand scrutiny after closing. The author shares when to get a fairness or solvency opinion. In a complex transaction, closing the deal is only part of the challenge. Boards, special committees, executives, and counsel also need confidence that the process is sound, the economics are supportable, and the decision can withstand scrutiny after closing. That is where fairness and solvency opinions can help. Although they…

  • Financial Forensics - Valuation/Appraisal

    Down the Rabbit Hole: How Forensic Procedures Can Inform Business Valuation

    June 10, 2026

    In the article, the author discusses when to expand an engagement to include specific forensic procedures. This need arises when the financial statements are misleading, incomplete, or appear manipulated. These factors, alone or in combination, can significantly distort the concluded value of a business. When a business valuation is necessary in a litigation setting, determining the value of the business is often one of, if not the most, critical pieces of the overall puzzle. One question often sits at the center of the conflict: What is the business worth? The process to arrive at this answer may seem straightforward—review the…

  • Artificial Intelligence - QuickRead Top Story - Valuation/Appraisal

    Leveraging AI in Business Valuations: Practical Applications, Ethical Boundaries, and Defensible Practice

    May 20, 2026

    The central question is not whether AI can be used in valuation work because it clearly can. Rather, the key question is how it should be used in a way that improves quality without compromising professional judgment, ethical obligations, or defensibility. The author shares his thoughts on the later question. Artificial intelligence (AI) is quickly becoming part of the day-to-day workflow in business valuation. What began as a novelty for drafting and summarizing has matured into a practical tool that can assist valuation professionals with research, data organization, financial analysis, visual presentation, and administrative efficiency. The central question is not…

  • Unimpeachable Neutrality vs. Hardboiled Myths: A Direct Response to Hardball with Hitchner Issue 65/66
    Litigation Consulting - QuickRead Top Story - Valuation/Appraisal

    Unimpeachable Neutrality vs. Hardboiled Myths: A Direct Response to Hardball with Hitchner Issue 65/66

    May 7, 2026

    James Hitchner’s March/April 2026 issue of Hardball with Hitchner, which opens with what it calls Myth 39, devoted a substantial part to criticizing my article “Unimpeachable Substance and Principles: Business Valuation Standards and the Substance and Principles of USPAP,” published in NACVA QuickRead on March 12, 2026. I appreciate the attention. Criticism from a visible platform is an opportunity, and I intend to use it fully. James Hitchner’s March/April 2026 issue of Hardball with Hitchner, which opens with what it calls Myth 39, devoted a substantial part to criticizing my article “Unimpeachable Substance and Principles: Business Valuation Standards and the…

  • QuickRead Top Story - Valuation/Appraisal

    Key Takeaways from Professor Aswath Damodaran’s 2026 Edition of Equity Risk Premiums: Determinants, Estimation, and Implications

    April 29, 2026

    In March 2026, Professor Aswath Damodaran released the seventeenth edition of his ERP study. Each annual installment incorporates updated market data; changes in macroeconomic conditions; and new research and empirical findings. It is a living dataset and framework that evolves with markets and time. The author provides key takeaways from the 2026 edition. Overview and Central Thesis This article provides key takeaways for readers from Professor Aswath Damodaran’s recently released 2026 equity risk premium (ERP) annual update.[1] These annual updates began in 2009.[2] Each installment incorporates updated market data (implied ERP’s, country premiums, etc.); changes in macroeconomic conditions; and new…

  • QuickRead Top Story - Valuation/Appraisal

    The Bankability Method: Ensuring SBA 7(a) Financing Success to Close a Small Business Sale

    April 22, 2026

    The bankability method is an approach the author has developed using the income method of valuation, primarily for companies valued at $5 million and below, to assess the business can be financed under SBA 7(a) and sold. In the articles, the author describes the method and reasons for it being used. The bankability method is an approach I use under the income method of valuation, primarily for companies valued at $5 million and below. These businesses are typically sold to individual buyers—often solo entrepreneurs—who rely on bank financing, most commonly through SBA 7(a) loans. Because of this, valuation must align…

  • QuickRead Top Story - Valuation/Appraisal

    Are We Taking Our Net Working Capital Calculations Seriously Enough?

    April 15, 2026

    In an economic environment where supply shocks and inflation are either not risks or pressing concerns, changes in net working capital receive limited attention. However, where supply shocks and or inflation are real risks, analysts must reassess traditional views to understand net working capital is fluctuating and what strategy management is espousing, along with the risks those strategies bring. In this article, the author invites readers to reassess their views on the implications of changes in net working capital. To answer this question, a brief review is helpful. Working capital (total current assets – total current liabilities) is an accounting…

  • QuickRead Top Story - Valuation/Appraisal

    Direct Capitalization Methodology and Mid-Period Adjustment to the Capitalization Rate

    April 1, 2026

    In this article, the author reviews why and how the direct capitalization rate is derived. Income Approach Overview Pursuant to valuation theory, there are three main valuation approaches: the income approach, the cost approach, and the market approach. The income approach is a general way of determining a value indication of a business, business ownership interest, security, or asset using one or more methods that convert anticipated economic benefits into value. Thus, under the income approach, value is measured as the present worth of anticipated future net cash flows generated by the business, security, or asset. The two primary valuation…

  • Litigation Consulting - QuickRead Top Story - Valuation/Appraisal

    Unimpeachable Substance and Principles: Business Valuation Standards and the Substance and Principles of USPAP

    March 11, 2026

    In this 25th article of the Unimpeachable Neutrality series, the author wants to make a case that he believes is both technically accurate and practically necessary: the business valuation standards of NACVA, ASA, and the AICPA do not merely conform to the substance and principles of USPAP in a passive or derivative sense. They are built upon those principles, share the same foundational architecture, and in the specific context of business valuation, complement USPAP’s framework with discipline-specific structure. The conversation that the valuation/appraisal profession needs to have is not about which standard is superior. It is about recognizing that the…

  • QuickRead Top Story - Valuation/Appraisal

    Understanding the Delta: When 409A Valuations Differ from Funding Rounds

    March 4, 2026

    In early‑stage and growth‑stage companies, it is common, and often surprising to founders, when the per‑share price established in an IRC §409A valuation does not match the price investors paid in a recent financing round. This difference can feel counterintuitive, especially when the company has just completed a successful raise and the preferred share price reflects strong investor interest. This article discusses why funding round and valuations differ. In early‑stage and growth‑stage companies, it is common, and often surprising to founders, when the per‑share price established in an IRC §409A valuation does not match the price investors paid in a…

  • Litigation Consulting - QuickRead Top Story - Valuation/Appraisal

    Is the Risk-Free Rate Really Risk Free? Deconstructing the Idea of the Risk-Free Rate

    February 18, 2026

    To evaluate future risk factors, analysts should understand the composition of the risk-free rate and consider the data influencing U.S. Treasury Bond yields. This article analyzes the criteria for evaluating the risk-free rate for use in engagements involving business valuations and economic damages. The general notion of a “risk-free rate” is the return available as of the valuation date on a security that the market generally regards as free of the risk of default.[1] U.S. Treasuries have fit this profile for decades, providing minimum, safe alternatives for risk-averse investors. They also provide a building block for many valuation models. To…

  • QuickRead Top Story - Valuation/Appraisal

    The Era of “Illiquid for Longer” in Private Equity: avigating Liquidity, Valuation, and Risk

    February 18, 2026

    When exits slow down, everything else starts to feel tighter. That is where many sponsors are today. In this article, the authors discuss the reasons for the longer exits and ramifications. Private equity runs on exits. When exits slow down, everything else starts to feel tighter: fund timelines, liquidity planning, and even conversations with investors. That is where many sponsors are today. Exits are taking longer, buyers are tougher on price, and financing is not as easy as it used to be, so more companies are staying in portfolios past the “normal” timeline. That means slower distributions, more pressure from…

  • Financial Forensics - Litigation Consulting - QuickRead Top Story - Valuation/Appraisal

    A Collision Course in Evidentiary Standards for AI-Assisted Financial Forensics: How a New Proposed Rule of Evidence Seeks to Admit AI Analysis and Supplant Experts

    February 11, 2026

    On January 30, 2026, Anthropic released legal plugins for its Claude AI that automate contract review, compliance tracking, and legal analysis. Within three days, $285 billion in market value evaporated from legal software and publishing companies. This was not a correction. It was a signal. The AI companies are no longer content selling infrastructure, now they are coming for the legal, financial, and forensic analysis applications themselves. The author discusses the legal and practical repercussions that the new Federal Rule of Evidence would have on financial forensics expert witnesses and the litigation support professionals. On January 30, 2026, Anthropic released…

  • Litigation Consulting - QuickRead Top Story - Valuation/Appraisal

    Unimpeachable Methodological Consistency: The Foundation of Unassailable Authority

    February 11, 2026

    When you sit in deposition or at trial, you can speak with absolute confidence about your methodology because it is not something you invented for this case. It is something you have applied in hundreds or thousands of cases. The best defense against aggressive cross-examination is not clever language or diplomatic positioning. It is methodological consistency applied with rigor. In this 24th article of the Unimpeachable Neutrality series, the author addresses something that has become increasingly important as technology changes the nature of expert testimony: the relationship between consistency, methodology, and credibility. The best defense against aggressive cross-examination is not…