• QuickRead Top Story - Valuation/Appraisal

    The Anatomy of a Defensible Valuation: What Discounts the Value of a Business (Part III of III)

    July 29, 2026

    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 III examines what exactly is being valued. Read Part I here. |  Read Part II here. Parts I and II built the machinery; sound methods applied to normalized earnings and a precise definition of the interest being sold.…

  • QuickPress

    Is it Ever a Good Idea to Hold Company Stock in a 401(k)?

    May 15, 2019

    Company retirement plans have changed significantly over the past few decades, with a few trends coming on strong. In light of the fact that 401(k) participants are famously hands-off, plans have increasingly added “nudge” features to get more people saving: Roughly two thirds of plans now offer automatic enrollment, for example, up from just about half in 2012. Roth accounts have also shot up in popularity. To read the full article in Morningstar, click: Is it Ever a Good Idea to Hold Company Stock in a 401(k)?

  • Case Law - QuickRead Featured - Valuation/Appraisal

    Estate of Giustina v. Commissioner

    September 23, 2015

    Tax Controversy Insights In matters argued before the U.S. Tax Court, valuation professionals are frequently asked to provide opinions related to the value of closely held businesses and of fractional ownership interests in closely held businesses. This discussion relates to a recent appeal of a U.S. Tax Court decision involving such valuation issues. The case in question is Natale B. Giustina v. Commissioner. In this case, the Tax Court’s selection of the method for valuing a fractional ownership interest in a closely held business was appealed to the United States Court of Appeals for the Ninth Circuit. The Appeals Court…

  • QuickRead Featured - Valuation/Appraisal

    A Tale of Two Betas

    November 28, 2012

    The Definition of Risk is Standard Deviation of Returns; Here’s What it Means, and What it Has to Do with “Total Beta” Is the Capital Asset Pricing Model (CAPM) superior as a valuation modeling tool to Total Beta? Peter J. Butler and Gary Schurman think not. Here’s why: