It is About Solving the Dollar Value Problem How do you price your business valuation engagement? What about a litigation support engagement? In this article, Rod Burkert discusses how to value your professional engagements. Let’s talk pricing. Specifically, why do we struggle to price the value of a business valuation? Or a forensic accounting assignment? Or the mother of all unknowns, a litigation support project? What makes, say, a $10,000 engagement worth $10,000? Let me give you two reasons why it is not worth $10,000. Your Hours Worked It is not worth $10,000 if you base your price/client cost on…
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A Review of Everett P. Harry, III and Jeffrey H. Kinrich’s 2022 Second Edition In 2017, Everett P. Harry, III and Jeffrey H. Kinrich released Lost Profits Damages: Principles, Methods, and Applications. Their purpose in publishing the book was to provide a comprehensive reference guide to cover important topics relevant to determination of lost profit damages. This book review discusses the second edition released in late January 2022. In 2017, Everett P. Harry, III and Jeffrey H. Kinrich released Lost Profits Damages: Principles, Methods, and Applications. They published this first edition to provide a comprehensive reference guide to cover important…
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What to Watch For and What to Watch Out For Expert testimony is not for the faint of heart. The best expert is that person who gathers trial experience well before the first testimony experience and in that time has not only developed the technical skills—meaning mastered and acknowledged the methodologies—but has also attended depositions, jury trials, and bench trials. The practitioner will also understand business valuation (BV) standards. This requires commitment, effort, and time. This article provides an overview of points shared by James Hitchner in his July13, 2021 webinar, “Providing Expert Testimony in Business Valuation: What to Watch…
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Best Practices: Thought Leadership in Valuation, Damages, and Transfer Price Analysis This fall, Robert F. Reilly and Robert P. Schweihs published Best Practices: Thought Leadership in Valuation, Damages, and Transfer Price Analysis. The book celebrates the 50th anniversary of Willamette Management Associates and is intended to present thought leadership. The topics selected for inclusion are topics that the authors felt did not already enjoy thought leadership discussion in the current literature. As the authors note: “we were not satisfied with the breadth or depth of the available literature in [many of the topics covered]. We usually concluded: Someone should write…
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An Appraiser in Court This is a review of Henry J. Wise’s, MAI, CBA, BVAL, CRE (Retired) recently released book, It’s Only an Opinion: An Appraiser in Court. In this book, comprised of 23 chapters, Mr. Wise is not only humorous but also insightful. He shares several nuggets from his 35-years of experience testifying in court on real estate controversies. He offers valuable information to business appraisers, real estate attorneys, and real property appraisers. This is a review of Henry J. Wise’s, MAI, CBA, BVAL, CRE (Retired), recently released book, It’s Only an Opinion: An Appraiser in Court. In this…
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What discount rate should you use? Economic damages in litigation must be reduced to present day dollar values to avoid over-compensating the Plaintiff for harm caused by the defendant. This article explains present value theory in simple terms and addresses different methodologies used in reducing future economic damages to a present day dollar value.
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Good communication skills are essential for the expert Witness Expert witnesses and litigation support professionals generally do not consider the importance of communication skill training and practice as part of their preparation process. Communication is the third leg of expert witness preparation and separates the average witness from the great witness.
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Maximizing the benefits of divorce mediation This article discusses some of the benefits provided by divorce mediation and how identifying the ideal clients can make divorce a less painful and even pleasant process.
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A Solid Checklist to Help Businesses Deal with the Immediate Hours after Discovery of Fraud The discovery of fraud within a company can be extremely unnerving and can introduce a certain amount of panic in business owners and accounting professionals. Here’s a checklist of things you should be sure to do—from contacting law enforcement and insurers to preserving evidence and communicating with employees.