This article reviews the Estate of Giustina case and shows that circumstances matter in determining discounts for minority interests, particularly the current return on investment.

This article published in the Santa Barbara Lawyer Magazine summarizes the evolution in Tax Court thinking that led to the misguided 2014 Estate of Richmond decision that affects all estates having asset and real estate holding entities.  It then presents the correct economic method to value built-in gain based on a future exit date.  The question at hand is whether a speculative approach is appropriate. Based in fact, accrual based valuation has the most fair basis, but the Richmond ruling demands that taxpayers be ready to defend against the IRS with an economic rebuttal. The full white paper is available in our website store.

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Fifth most popular valuation article in the U.S. for the National Association of Certified Valuators and Analysts. Comparison of the Current Value Method and Option Pricing Method.  Why OPM does not meet the FMV standard and what this means for challenges to company valuations.  Part 2 of 2.

Comparison of the Current Value Method and Option Pricing Method as published by the Santa Barbara County Bar Association and the National Association of Certified Valuators & Analysts.  How do the two methods differ?  Part 1 of 2.

This presentation was made at Santa Barbara's Business Leaders Consortium in April 2017.

Exiting a business is a process more than it is a short term event.  The topic centers around building a business to be independent of its founder so that its value can be maximized, then exit types and their success rates are examined, how to respond to unsolicited offers to buy your business and some valuation basics.  The key to being a good steward of your business for your employees and family is to be prepared for the exit discussion when opportunity presents itself.

2016 proposed regulation changes by the Obama administration threaten the definition of Fair Market Value and the health of Small Business