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HOW TO SELECT THE RIGHT VALUATION EXPERT
Part of the VALUATION 2015 Series Premier Date: August 7, 2015 ©2015
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HOW TO SELECT THE RIGHT VALUATION EXPERT
MEET THE FACULTY PANELISTS Richard Claywell Business Valuation David Distel O’Keefe Garth Tebay Tebay & Associates MODERATOR Gary Frantzen, Alvarez & Marsal ©2015
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For more information, visit www.financialpoisewebinars.com
HOW TO SELECT THE RIGHT VALUATION EXPERT Practical and entertaining education for business owners and executives, Accredited Investors, and their legal and financial advisors. For more information, visit DISCLAIMER: THE MATERIAL IN THIS PRESENTATION IS FOR INFORMATIONAL PURPOSES ONLY. IT SHOULD NOT BE CONSIDERED LEGAL ADVICE. YOU SHOULD CONSULT WITH AN ATTORNEY TO DETERMINE WHAT MAY BE BEST FOR YOUR INDIVIDUAL NEEDS ©2015
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HOW TO SELECT THE RIGHT VALUATION EXPERT
ABOUT THIS SERIES Valuation is used by financial market participants to determine the price they are willing to pay or receive to effect a sale of a business. The same valuation tools are often used by valuation experts to resolve disputes related to estate and gift taxation, divorce litigation, allocate business purchase price among business assets, establish a formula for estimating the value of partner’s ownership interest for buy-sell agreements, and many other business and legal purposes such as in shareholder deadlock, divorce litigation and estate. Attorneys often work with valuation experts. ©2015
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HOW TO SELECT THE RIGHT VALUATION EXPERT
ABOUT THIS EPISODE Selecting the right valuation expert is imperative to serving your client to the best of your ability. This webinar will discuss what you should look for in a valuation expert. ©2015
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EPISODES IN THIS SERIES
HOW TO SELECT THE RIGHT VALUATION EXPERT EPISODES IN THIS SERIES EPISODE #1 Valuing a Business For a Sale 2/6/15 EPISODE #2 Valuing Lost Profits for Litigation Purposes 3/6/15 EPISODE #3 Valuing Real Estate 6/5/15 EPISODE #4 Valuing Disputed and Contingent Liabilities 7/10/15 EPISODE #5 How to Select the Right Valuation Expert 8/7/15 EPISODE #6 How to Value Your Brand and Other “Soft” Assets 9/11/15 EPISODE #7 Valuation in the Context of Fraudulent Transfer or Preference Attack 10/9/15 (Dates below are premier dates; all webinars also available on demand) ©2015
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WHY PERFORM A VALUATION?
HOW TO SELECT THE RIGHT VALUATION EXPERT WHY PERFORM A VALUATION? Merger or acquisition Financial Reporting Tax Compliance Disputes & Litigation Consulting & Advisory ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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WHO ASKS FOR A VALUATION?
ALL ABOUT BUSINESS VALUATIONS: jUNE 2, 2014 HOW TO SELECT THE RIGHT VALUATION EXPERT WHO ASKS FOR A VALUATION? Who will be the user(s) of the valuation? Third parties (sometimes reliance, sometimes not) Court, attorneys Investors (maybe employees, maybe not) Banks (collateral, other financing, solvency) Trustees (ESOPs, bankruptcy) Government (tax or other regulatory) Auditors, tax accountants, tax attorneys Is independence/disinterestedness required? Conflicts of Interest Prior experience with subject asset ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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ALL ABOUT BUSINESS VALUATIONS: jUNE 2, 2014
HOW TO SELECT THE RIGHT VALUATION EXPERT Expert Testimony Is an expert needed? If yes, what kind of expert do you need? If no, is it best practice to hire an expert anyhow? ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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EXPERT TESTIMONY CONSIDERATIONS
ALL ABOUT BUSINESS VALUATIONS: jUNE 2, 2014 HOW TO SELECT THE RIGHT VALUATION EXPERT EXPERT TESTIMONY CONSIDERATIONS Must expert be qualified by court? What standards must expert follow or meet? What kind of work product and methodology is expected of expert? What methodology will expert use? What care/precautions should lawyer take when preparing and working with expert? ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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ACCREDITING ORGANIZATIONS
HOW TO SELECT THE RIGHT VALUATION EXPERT ACCREDITING ORGANIZATIONS Business and Intangible Valuation American Institute of CPA’s American Society of Appraisers CFA Institute - Chartered Financial Analyst Institute of Business Appraisers National Association of Certified Valuation Analysts Real Estate Appraisal Institute National Association of Master Appraisers National Association of Auctioneers Certified Appraisers Guild of America Machinery and Equipment, Personal Property, Other Specialty ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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WHO PERFORMS A BUSINESS VALUATION?
HOW TO SELECT THE RIGHT VALUATION EXPERT WHO PERFORMS A BUSINESS VALUATION? Governing Body American Society of Appraisers Institute of Business Appraisers American Institute of Certified Public Accountants National Association of Certified Valuation Analysts CFA Institute Professional Designation ASA - Accredited Senior Appraiser AM - Accredited Member CBA - Certified Business Appraiser ABV - Accredited in Business Valuation CVA – Certified Valuation Analyst CFA – Chartered Financial Analyst Prior Education College Degree or equivalent College Degree & 2 yr. post-graduate degrees or equivalent College Degree or equivalent & CPA designation College Degree or Equivalent Coursework Four, 24-hr society training courses Four 24-hr society training courses 90 hours classroom or 5 years experience None 40 hour society training course (Optional) Approx hours of directed self-study plus three exams over 2-3 years Experience 5 yr. full time 2 yr. full time 90 classroom hours or 5 yr. full Involvement in 10 business valuation 2 yrs. or 10 business valuations 4 yr. full time ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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WHO PERFORMS REAL ESTATE VALUATIONS?
HOW TO SELECT THE RIGHT VALUATION EXPERT WHO PERFORMS REAL ESTATE VALUATIONS? Governing Body Appraisal Institute American Society of Appraisers Professional Designation MAI – Member of the Appraisal Institute SRA – Senior Residential Appraiser AM - Accredited Member ASA - Accredited Senior Appraiser Prior Education MAI - College Degree or equivalent SRA – Associates Degree College Degree or equivalent Coursework Four, 24-hr society training courses Experience ASA - 5 yr. full time AM – 2 yr. full time ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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NATURE OF THE ASSIGNMENT
ALL ABOUT BUSINESS VALUATIONS: jUNE 2, 2014 HOW TO SELECT THE RIGHT VALUATION EXPERT NATURE OF THE ASSIGNMENT Purpose: financing, financial reporting, property tax, income tax, dispute, etc. Business Value and Personal Property Specific industry expertise/experience Legal/tax jurisdiction Lost Profits/Damages Real Estate Property type: residential, commercial, manufacturing, agricultural, etc. Market locale Valuation methods ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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INDEPENDENCE VS. ADVOCACY
HOW TO SELECT THE RIGHT VALUATION EXPERT INDEPENDENCE VS. ADVOCACY Lawyers and Bankers are advocates Appraisers are independent ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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PROFESSIONAL STANDARDS
HOW TO SELECT THE RIGHT VALUATION EXPERT PROFESSIONAL STANDARDS Uniform Standards of Professional Appraisal Practice (USPAP) American Society of Appraisers – standards by discipline American Institute of Certified Public Accountants SSVS No. 1 National Association of Certified Valuation Analysts Private Equity Group (PEG) Income Tax Reporting – IRS Revenue Ruling 59-60 Financial Reporting - FASB ASC 820; Fair Value Measurements Contractual standards Others? ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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Comparing Business Valuation and Intangible Asset Valuation
HOW TO SELECT THE RIGHT VALUATION EXPERT Comparing Business Valuation and Intangible Asset Valuation Both business and intangible asset valuation use the same approaches, but they require different methods. Intangible asset valuation typically entails valuation of a single asset, or small group of similar assets, versus a collection of diverse assets Assessing a different income stream – total company cash flows vs. incremental cash flows attributed to intangible asset Business valuation typically assumes the business will continue as a going concern, whereas certain intangible assets have a finite life or diminishing returns. The assessment and quantification of risk varies significantly By definition, certain legally protected intangible assets (i.e., intellectual property) are unique, which typically makes market approaches more difficult Business valuation includes certain discounts and premia foreign to IP valuation
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Avoidance/Insolvency Valuations
HOW TO SELECT THE RIGHT VALUATION EXPERT Avoidance/Insolvency Valuations Balance Sheet Test A company is insolvent if its debts exceed its assets on a fair value basis. Adequate Capital Test A company is engaged in (or is about to engage in) a business or a transaction for which it has unreasonably small capital Cash Flow Test A company is incurring debts that would be beyond its ability to pay as such debts mature ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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Commonly Accepted Lost Profits Methods
ALL ABOUT BUSINESS VALUATIONS: jUNE 2, 2014 HOW TO SELECT THE RIGHT VALUATION EXPERT Commonly Accepted Lost Profits Methods Market Share Approach Before-and-After Approach Yardstick Approach Sales Projection Approach ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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TYPE OR CLASS OF ASSET/LIABILITY
ALL ABOUT BUSINESS VALUATIONS: jUNE 2, 2014 HOW TO SELECT THE RIGHT VALUATION EXPERT TYPE OR CLASS OF ASSET/LIABILITY “Business Value” Invested Capital or Business Enterprise Class of Equity or Ownership (common, preferred, LP, LLC, etc.) Derivatives (options, futures, swaps, etc.) Lost Profits/Damages Real Estate & Related Assets Land Buildings and site improvements Favorable/unfavorable leasehold interests Personal Property & Related Assets Machinery, equipment, furniture, fixtures, leasehold improvements, etc. Gems, jewelry, art, collectibles, etc. Intangible Assets Intellectual property Contractual rights ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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What is an Intangible Asset?
HOW TO SELECT THE RIGHT VALUATION EXPERT What is an Intangible Asset? Intangible Assets – nonphysical assets such as franchises, trademarks, patents, copyrights, goodwill, equities, mineral rights, securities, and contracts (as distinguished from physical assets) that grant rights and privileges and have value for the owner. International Glossary of Business Valuation Terms as agreed to by the American Institute of Certified Public Accountants, American Society of Appraisers, Canadian Institute of Chartered Business Valuators, National Association of Certified Valuation Analysts, and The Institute of Business Appraisers
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Types of Intangible Assets
HOW TO SELECT THE RIGHT VALUATION EXPERT Types of Intangible Assets 1. Intellectual Property (Legally Protected) Patents Trademarks Copyrights Trade Secrets 2. Intellectual Assets (Unregistered but Codified) Drawings Software Blueprints Documents Databases Formulas Recipes 3. Intellectual Capital (Uncodified Human and Organizational) Collective Corporate Knowledge Individual Employee Skills and Knowledge Know How Organizational Culture Customer Satisfaction
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HOW TO SELECT THE RIGHT VALUATION EXPERT
STANDARDS OF VALUE The purpose of the valuation determines the standard of value: Market Value – real estate financing Fair Market Value – tax compliance, some litigation & disputes Fair Value - financial reporting Statutory Fair Value – some litigation & disputes Investment Value – investment advice, decision making Intrinsic Value What is a “Fairness Opinion?” What is a “Solvency Opinion?” ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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HOW TO SELECT THE RIGHT VALUATION EXPERT
HIGHEST & BEST USE The highest and best use is the reasonably probable and legal use of an asset that is physically possible, appropriately supported, financially feasible, and results in the highest value: If the expected future benefits are maximized through the continued operation of the group of assets in the business in which they are currently engaged, the appropriate premise is value in-use as a going-concern. If the expected future benefits are maximized through the piecemeal sale of the underlying assets independent of one another, the appropriate premise is value in-exchange or liquidation. ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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PREMISE OF VALUE 25 HOW TO SELECT THE RIGHT VALUATION EXPERT ©2014
Going-Concern Value of a group of assets as an operating, functioning business. It includes advantages such as a good reputation, trained workforce, established and successful procedures, tested systems, and necessary licenses and permits. In a healthy, profitable company, this value is typically more than the sum of the liquidation values of the firm's assets. Liquidation Orderly Forced (Auction Value) The cumulative value of the assets net of liabilities as if sold piecemeal and independently of one another, not as a group. 25 ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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VALUATION APPROACHES Approaches to Value Valuation Methods
HOW TO SELECT THE RIGHT VALUATION EXPERT VALUATION APPROACHES Income Approach Market Approach Cost Approach Approaches to Value Sales Comparison Adjusted Balance Sheet Capitalization of Earnings Guideline Company Transactions Liquidation Valuation Methods Discounted Cash Flow Guideline Public Companies Forced Orderly ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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27 The purpose of the valuation determines the standard of value
HOW TO SELECT THE RIGHT VALUATION EXPERT VALUATION PROCESS The purpose of the valuation determines the standard of value The highest and best use of the assets of the business as a group must be assessed: Current use as a going-concern Alternative use, assets separate and independent of one another The highest & best use and the purpose of the valuation determine the premise of value: Fair value (financial reporting): Value in-use or Value in-exchange Fair Market Value: Going-Concern or Liquidation (orderly or forced) Based on the premise, the appraiser must consider all three valuation approaches and choose the most appropriate. The best methods are determined based upon the approaches that are most appropriate, the availability of data and the purpose of the valuation 27 ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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HOW TO SELECT THE RIGHT VALUATION EXPERT
MORE ABOUT THE FACULTY GARY FRANTZEN Gary Frantzen leads Alvarez & Marsal's Valuation Services practice in Chicago. He specializes in the valuation of businesses and business interests including equity, liabilities and debt securities, options and other derivative securities / instruments, intellectual property and other tangible and intangible assets. Mr. Frantzen has provided opinions of value, fairness and solvency for a wide variety of purposes including financial reporting, tax planning and reporting, dispute resolution, mergers and acquisitions and other business purposes.He has advised clients regarding the value impact of potential strategic alternatives, business plans and enterprise transactions; valued assets for business combinations, fresh start accounting and impairment measurement; valued business interests for tax planning and reporting, and has provided independent fairness and solvency opinions regarding contemplated transactions. Mr. Frantzen earned a bachelor's degree in civil engineering from the University of Illinois at Urbana-Champaign and master's degree in business administration from DePaul University in Chicago. He is a Chartered Financial Analyst (CFA) and registered as a General Securities Representative and Securities Agent (FINRA Series 7 and 63). He is a member of the CFA institute and CFA Society of Chicago. ©2015
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MORE ABOUT THE FACULTY:
VALUING A BUSINESS FOR A SALE: FEBRUARY 6, 2015 MORE ABOUT THE FACULTY: J. Richard Claywell Richard is a practicing Certified Public Accountant, and holds the additional designations of Accredited in Business Valuation, Accredited Senior Appraiser, Certified Business Appraiser, International Certified Valuation Specialist, Certified Valuation Analyst, Certified in Merger & Acquisition Advisor, Master Analyst in Financial Forensics, Certified in Fraud Deterrence, Accredited in Business Appraisal Review. Richard has been valuing closely held companies since Richard’s practice is restricted to business valuation, economic damages, profit enhancement and exit planning. Richard received his Bachelor of Science in Accounting in 1979 from the University of Houston – Clear Lake. He then received certification as a Public Accountant in Over the years, Richard has earned additional accreditations that relate to business valuations, economic damages and fraud. Richard has been an instructor for the National Association of Certified Valuation Analysts for many years, has been an instructor for the Internal Revenue Service and the International Association of Consultants Valuators and Analysts (IACVA). Richard is currently the Director of Education for the IACVA and is responsible for the business valuations materials being taught in 55 countries. Richard has taught business valuation or economic damage courses in China, Korea, Taiwan. Richard has performed over 1,000 business valuations since Richard has testified in Texas County Court, Texas State Court, Bankruptcy Court and Texas State Courts. Richard has given testimony in economic damages (lost profits), shareholder disputes, personal injury, wrongful termination and divorce. Richard has given he following presentations: Practitioners Publishing Company (PPC) Contributing Editor – Guide to Practical Estate Planning, 2008, Forensic Accounting Conference - The Risk Assessment and Prevention of Fraud in Business at the National Taipei University on April 27, The presentation was titled “The Meaning and Importance of Risk Assessment and Prevention of Fraud in Businesses” Central University of Finance and Economics in Beijing China, presented a class titled “Relationships Between Risk and Value in Valuation” to graduate students. On April 29, 2012, Richard accepted an appointment to adjunct Professor of Valuation at the Central University of Finance and Economics and Research Fellow of the Appraisal Institute, Asset Appraisal Institute of the Central University of Finance and Economics in Beijing China. Co-Presenter of weeklong business valuation course for the Chinese Appraisal Society, November 2008, Beijing, China. A partial list of some of the topics instructed include: (1) remaining useful life analysis, (2) survivor curves, (3) valuing customer relationships, (4) valuing brands, (5) allocation of goodwill, valuing software, (6) quantifying synergies Taipei International Conference: Valuation and Forensic Accounting. Presenter, Fraud Prevention and Detection.(November 2009). Chinese Appraisal Society in Seattle Washington, Presenter, Using Income Approaches and Using Guideline Companies, August 2, Shanghai University of Finance and Economics, Co-Presenter, The Relationships Between Risk and Value: The M & A Transaction, Value and The Valuation Report: What Do You See?, Value, Fraud, Risk: From Valuation to Fraud, September 19 – 21, Asian-Pacific Conference on Valuation and IFRS in Seoul South Korea, Presenter: Fraud, Risks and Valuations, December 3, Chinese Appraisal Society in Beijing China, Presenter, Fundamentals of Business Valuations and Co-Presenter, Valuing Intangible Assets, December 12-13, The Meaning and Importance of Risk Assessment and Prevention of Fraud in a Business, IACVA presentation, June 2013, Washington DC. The Meaning and Importance of Risk Assessment and Prevention of Fraud in a Business, Chicago International Business Valuation Symposium, IACVA presentation, October 11, 2013 As an instructor for the National Association of Certified Valuation Analysts, Garth teaches the Current Update on Valuation, the Fundamental Techniques & Theory (FT&T days 1 and 2) and Asset and Income Applications and Calculations Case (day 3) at NACVA Training Centers since In 2010, Garth was appointed Business Valuation Training Center and Current Update in Valuation Content Manager. He is the co-chair for the Valuation Symposium at the 2011 NACVA National Conference. In addition, Garth has presented the valuation program for the Internal Revenue Service, the Small Business Administration (SBIC Division), The Korean Valuation Association, presented Forensic Accounting for White-Collar Crime to the National College of District Attorneys, wrote instructional materials for NACVA program “Business Valuation Fundamentals for the CPA” (2005), co-authored instructional materials for NACVA programs “Fundamentals, Techniques & Theory” & “Case” (2005), and has been recognized with NACVA’s “Outstanding Member Award” (2005) as well as their awards “Instructor of Exceptional Distinction” in 2003, 2004, 2005, 2006, 2007, 2008 and “Instructor of Great Distinction” in In addition to authoring portions of the training curriculum, Mr. Tebay has presented numerous seminars on the topic of business valuations. ©2014 FINANCIAL POISE, A DIVISION OF DAILYDAC, LLC
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HOW TO SELECT THE RIGHT VALUATION EXPERT
MORE ABOUT THE FACULTY DAVE DISTEL Dave has over 25 years experience focused in directing operating profit and cash flow improvements, crisis management and turnaround consulting, debt restructuring and refinancing, mergers and acquisitions, and litigation support. Since joining O'Keefe in the summer of 2005, Dave has been a Chief Restructuring Officer in multiple Chapter 11 proceedings, a court appointed Receiver outside bankruptcy, a financial advisor to several unsecured creditor committees, a financial expert in litigation matters, and a bank appointed financial consultant to several distressed businesses. He possesses broad industry experience including manufacturing/automotive, real estate/resorts and residential developments, retail, media, information technology/software, financial services, and business services. Prior to joining O'Keefe, Dave’s career background includes seven years of Big Four public accounting experience as an auditor in New York and Detroit with Deloitte & Touche; three years of consulting experience with Deloitte & Touche’s Merger, Acquisition and Restructuring practice in New York; and twelve years in senior financial and operating roles including Controller, Chief Financial Officer, and Chief Operating Officer. Dave holds a Bachelor of Arts in Accounting from Michigan State University. He is a Certified Turnaround Professional (CTP), Certified Public Accountant (CPA), Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF). Dave is a member of the Turnaround Management Association and is a co-founder and President of the West Michigan Chapter. He is also a member of the American Bankruptcy Institute, Association for Corporate Growth, American Institute of Certified Public Accountants, Michigan Association of Certified Public Accountants, and the Association of Capital Growth. ©2015
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HOW TO SELECT THE RIGHT VALUATION EXPERT
MORE ABOUT THE FACULTY GARTH TEBAY Mr. Tebay is a practicing Certified Public Accountant, Certified Valuation Analyst, Master Analyst in Financial Forensics and Certified in Mergers & Acquisitions with over 43 years of experience. He is the founder and Managing Partner of Value Defined™ and Managing Director of Headwaters SC Valuation Services, a business valuation and litigation support firm in Perrysburg, Ohio and an Affiliate of Business Growth Alliance, which provides value growth consulting and investment banking services to middle-market business. He is also the Managing Partner of Tebay & Associates, LLC, full service accounting, tax, and consulting firm in Perrysburg, Ohio. Mr. Tebay received his Bachelor of Science in Accounting in 1972 from Findlay College in Ohio. He then received certification as a Public Accountant in In 1997, he became a Certified Valuation Analyst, and was awarded the CM&A (Certified in Mergers & Acquisitions) in 2001 and received certification as a Master Analyst in Financial Forensics in He is a member of the Ohio Society of Certified Public Accountants, the American Institute of Certified Public Accountants (Tax Division and Consulting Services Division), the Alliance of Merger and Acquisition Advisors, National Association of Certified Valuation Analysts, through which he is a member of the NACVA Standards Committee (provide interpretations and expand upon technical standards), the NACVA Training Development Team, the NACVA Course Review Committee (dedicated to reviewing NACVA’s substantial curriculum), member of NACVA Mentor Support Group, the NACVA Education Quality Assurance Board, the NACVA Speakers’ Bureau, and MPPA Advisory Board at Ohio Northern University, as well as many other local memberships. Mr. Tebay is an instructor for NACVA and routinely speaks on business valuation and economic damages for various professional organizations. In May 1983 and again in July 1997, Mr. Tebay was awarded Accounting Advocate of the Year. In 2007, Mr. Tebay was appointed by the Governor of the State of Ohio to The Executor Order of the Ohio Commodore. Mr. Tebay’s primary focus within the firm is management consulting services, which includes business valuations, litigation support, and mergers and acquisitions. Prior to founding Tebay & Associates, LLC, Mr. Tebay was a Partner at Brell, Tebay, Holt & Dettinger, Inc., and was CFO & Director of Westhaven Services. ©2015
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HOW TO SELECT THE RIGHT VALUATION EXPERT
©2015
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Visit www.chamberwise.org
HOW TO SELECT THE RIGHT VALUATION EXPERT The ChamberWise™ Education Consortium is a resource for Chambers of Commerce to provide its members with valuable member benefits by offering relevant business education webinars; and generate revenue for the Chamber as well. Visit ©2015
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HOW TO SELECT THE RIGHT VALUATION EXPERT
About Financial Poise™ DailyDAC, LLC, d/b/a Financial Poise™ provides continuing education to business owners and executives, investors, and their respective trusted advisors. Its websites, webinars, and books provide Plain English, sometimes entertaining, explanations about legal, financial, and other subjects of interest to these audiences. ©2015
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HOW TO SELECT THE RIGHT VALUATION EXPERT
IMPORTANT NOTE: THE MATERIAL IN THIS PRESENTATION IS FOR GENERAL EDUCATIONAL PURPOSES ONLY. IT SHOULD NOT BE CONSIDERED LEGAL, INVESTMENT, FINANCIAL, OR ANY OTHER TYPE OF ADVICE ON WHICH YOU SHOULD RELY. YOU SHOULD CONSULT WITH AN APPROPRIATE PROFESSIONAL ADVISOR TO DETERMINE WHAT MAY BE BEST FOR YOUR INDIVIDUAL NEEDS. ©2015
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