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We created this page as a “living library reference” so you can use your browser’s “Find” tool (or equivalent) to find topics you’re interested in. This page has all the headers of all the entries of all the Quarterly Briefs published so far.
About the Publication
Business Valuation Quarterly Brief is an independent editorial publication that summarizes recent developments in business valuation. Each quarterly edition highlights significant court decisions, professional guidance, regulatory developments, books, and practitioner insights that may be relevant to attorneys, accountants, lenders, wealth advisors, business owners, business valuation professionals, and others who encounter valuation issues.
Whenever available, each entry includes a link to the original source. The summaries, commentary, practical applications, editorial observations, and opinions are independently prepared and reflect the views of the editor solely. They do not necessarily reflect the views of any author, publisher, court, professional organization, credentialing body, or other party referenced in the publication.
Disclaimer
The information in this publication is provided solely for educational and informational purposes and should not be construed as legal, tax, accounting, valuation, investment, or other professional advice.
Court decisions are discussed only insofar as they present issues relevant to business valuation. The discussions are not intended to provide complete summaries of the facts, procedural history, judicial reasoning, or legal conclusions contained in the underlying opinions.
Readers should review the original source materials and exercise their own professional judgment when evaluating the matters discussed or applying them to particular facts and circumstances. No person should act or refrain from acting based on this publication without obtaining advice from appropriately qualified professionals.
Personal Note
Beyond its educational purpose, this publication also serves two personal goals.
First, it encourages me to continually review current business valuation literature and deepen my own professional knowledge.
Second, as I build this open “living reference library,” I intend to use it as a technical resource whenever I encounter specialized valuation issues that arise only occasionally in practice.
I hope you will find it useful for those purposes as well.
– Luis Gato, Editor
The Humor Approach
Business Valuation Quarterly Brief - Q3 2026
5 Quarterly Highlights - Editor's Choice
1. Case Law Watch | Gladstone v. EBC Holdings, Inc. • Delaware Court of Chancery
An Unusual Delaware Appraisal Opinion Where the Court Reworks Beta, Size Premium, Cost of Equity, Tax Rate, Growth, Excess Cash, and More
2. Expert Insights | Accounting Basis and Verification: Survey Evidence from U.S. Private Firms • Philipp Schaberl, PhD • The Value Examiner • July/August 2026
Not All Private Companies Use Pure U.S. GAAP. A New Study Found That More Than One-Quarter Maintain Multiple Sets of Books. At the Start of a New Engagement, Ask Two Questions: Which Accounting Basis—and What Verification?
3. Case Law Watch | Joseph G. v. Mary R.G. • New York Supreme Court, Richmond County
A Footnoted Collateral Account Omitted from the Valuation Added $1 Million—The Court Then Decided the Husband’s Share in New York Divorce Case
4. Expert Insights | Charitable Gifting Before the Exit: Timing, Valuation, and Planning Pitfalls • J. David Smith, CFA, ASA • Value Matters, Mercer Capital
A Pre-Sale Charitable Gift Can Fail Twice: The Sale Was Already Certain, and the Appraisal Did Not Meet the Qualified-Appraisal Rules
5. Expert Insights | The Valuation Provision in Your RIA’s Buy-Sell Agreement Is Probably Stale • Zachary W. Milam, CFA • Mercer Capital (RIA Valuation Insights)
Many Buy-Sell Agreements Are Not Broken Until Someone Tries to Use Them—Old Valuation Formulas May No Longer Fit Today’s Market and Can Trigger Costly Buyout Disputes
The Humor Approach
Also Worth Knowing
6. Regulatory Update | SEC Staff Reminder on Private-Asset Fair Value • Kurt Hohl, Chief Accountant • Brian Daly, Director, Division of Investment Management • SEC
A Loan Can Be Current on Its Payments and Still Change in Value—and a Fund’s Reported NAV May Not Equal the Value of Your Interest
7. Regulatory Update | SBA SOP 50 10 8.1: Business Acquisition Valuations • U.S. Small Business Administration
New SBA SOP Expands Industry Permissions for Business Expansion and Requires Quality of Earnings Reports for Certain Acquisitions, Among Other Novelties
8. Expert Insights | Complex Governance Structures in Gift and Estate Tax Valuation • Sebastian S. Elzein • Value Matters, Mercer Capital
A Buy-Sell Restriction May Limit What an Owner Can Receive—Yet Be Ignored for Gift and Estate Tax Valuation
9. Case Law Watch | Lewis v. Commissioner • U.S. Tax Court
In a Gift Tax Case, Two Experts Collide over a DCF, a Tax Table, and a Life Expectancy Adjustment in Valuing Competing Interests in a $117.6 Million Trust
10. From the Bookshelf | Business and Asset Values: How Owners, Buyers, Sellers, Lenders, and Advisors Should Think About Small Business & Equipment Value • David C. Barnett, CMEA
One Business, Several Values: A New Guide Connects Business and Equipment Appraisals to Real-World Transaction Decisions
11. Expert Insights | Spousal Lifetime Access Trusts: Pitfalls for the Unwary Couple • Tish McDonald • Emily Newton • Seth Euster • Perspectives, Willamette Management Associates
When Spousal Lifetime Access Trusts (SLATs) Hold Private-Business Interests, Valuation May Matter at Funding, Divorce—and Death
12. Expert Insights | Waiting for the Exit • Mark Coleman • Seth Goldblum • CBIZ Insights, CBIZ
When Only the Best Companies Are Selling, Transaction Multiples May Paint Too Optimistic a Picture—Completed Transactions Show What Buyers Wanted, Not What They Rejected
13. Expert Insights | Commercial Real Estate Bankruptcy, the Cram-Down Option, and the Impact of Till • Allyn Needham, PhD, CEA • QuickRead (NACVA)
In a Bankruptcy, Before Debating a Cram-Down Rate, Test Whether the Property Can Fund the Plan
14. Expert Insights | How Companies Should Think About Non-GAAP Reporting • Michael Crowell, CPA, JD • CBIZ Insights, CBIZ
Management’s Adjusted EBITDA Is Not Necessarily the EBITDA a Valuator Should Use
The Humor Approach
15. Case Law Watch | Jordan v. Jordan, 2026-Ohio-3610 • Ohio Court of Appeals, Fifth Appellate District
The Experts Agreed on Replacement Compensation. They Disagreed on Personal Goodwill—and the Difference Mattered in Divorce
16. Expert Insights | Gray Divorce: A Collaborative Approach to Supporting Clients Through Later-Life Transitions • Jason Cole, CFP, MBA, CDS • QuickRead, NACVA
Two Assets May Have the Same Value on Paper—Yet Produce Very Different Retirement Outcomes
17. Expert Insights | Tales From the Trenches: When a Business Owner Can’t Afford the Divorce Settlement • Jim Alerding • Business Valuation Law News, Business Valuation Resources
A Supportable Valuation Doesn’t Guarantee a Payable Settlement
18. Expert Insights | A Financial Perspective and Overview of Marital vs. Separate Property in Divorce • Kathryn Burke, CPA, ABV (Part 1); Kathryn Burke, CPA, ABV and Karolina Calhoun, CPA, ABV, CFF (Parts 2–3) • Family Law Valuation and Forensic Insights, Mercer Capital
A Business Can Gain Value During Marriage, But Measuring the Increase Is Easier Than Explaining What Caused It and Whether Goodwill Is Personal or Enterprise
19. Expert Insights | Changing Drivers: Compensation, Ownership, and Internal Succession • Matthew R. Crow, CFA, ASA • RIA Valuation Insights, Mercer Capital
A Founder Who Retains Equity May Earn More From a Lower-Priced Internal Transition
20. Expert Insights | The Margin RIA Buyers Actually Underwrite • Zachary W. Milam, CFA – RIA Valuation Insights, Mercer Capital – September 18, 2026
The Same RIA Can Support Different Bids Because Buyers Expect Different Post-Closing Margins (and connection to “Investment Value” as a Standard of Value)
21. Expert Insights | The Sponsor Clock: What the Recapitalization Cycle Means for RIA Sellers Holding Rolled Equity • Zachary W. Milam, CFA • RIA Valuation Insights, Mercer Capital
The Recap Price Is Not Your Price: Rolled RIA Equity Must Be Valued Through the Waterfall and the Rights It Carries
22. Expert Insights | Grade Me: A 30-Minute Framework for Reviewing Valuation Reports • Karen M. Lascelle, CPA, CVA, CFE • QuickRead (NACVA)
A Short Review Cannot Validate a Valuation—But It Can Expose Weak Links Before Someone Else Does
23. Expert Insights | Integrating Financial Due Diligence Findings into DCF Valuations • Paris Theodoros Karagiannidis, FCA, CVA • The European Business Valuation Magazine
Due Diligence Found New Risks and Opportunities—Did Anyone Change the Valuation Assumptions?
24. Case Law Watch | Ramadurgam v. Destiny XYZ Inc. • Delaware Court of Chancery
A Controller-Shaped Valuation by a Credentialed Expert Failed on Its Inputs and Its Analysis—Defendants Failed to Prove Fair Price, and the Court Restored the Plaintiff’s 36.5% Ownership Interest
25. Expert Insights | The Number That Lies: Recognizing Valuation Manipulation as Fraud • Jeff A. Kolbfleisch, MSFFE, CFE, CCI • QuickRead (NACVA)
When Plausible Valuation Choices Repeatedly Favor a Target Number, Investigate the Pattern—red flags to avoid
26. Case Law Watch | SEC v. SBB Research Group, LLC • U.S. District Court (N.D. Ill.)
The SEC Could Not Prove the Valuation Violated GAAP, Yet Several Fraud Claims Survived
27. Expert Insights | Bridging Valuation and Forensics: When Numbers Tell a Story They Shouldn’t • Alle Aldrich, CFE, MAFF • QuickRead (NACVA)
Red Flags Are Not Proof of Fraud, But They Must Be Investigated and Documented
28. Case Law Watch | Pollack v. Gordon • U.S. District Court (E.D.N.Y.)
A Non-Accredited Valuation Expert’s DCF Survives Daubert—Method and Assumption Disputes Are Left to Cross-Examination
29. Case Law Watch | Ban v. Manheim • Delaware Supreme Court
A Focused Rebuttal Cut the Accepted Valuation by 28%—A Replacement Forecast Could Not Enter as a Supplement
30. Expert Insights | Exchange Option Models for DLOM: An Empirical Test Using the Stout Restricted Stock Study Database • Ashok Abbott, PhD, MBA • The Value Examiner, NACVA • July/August 2026
A Six-Month Restriction May Not Mean Six Months to Liquidity, and Historical Averages Cannot Measure the Difference.
The Humor Approach
31. From the Bookshelf | Corporate Valuation: Theory, Evidence, and Practice • Robert W. Holthausen, PhD • Mark E. Zmijewski, PhD • SAGE Publications
A New Edition of a Long-Standing Valuation Text Seeks to Connect Financial Theory, Market Evidence, and Real-World Company Analysis
The Humor Approach
32. Regulatory Update | ASU 2026-03: Contractual Sale Restrictions for Investment Companies • BVQB comparative reading of KPMG Financial Reporting View, BDO’s Accounting, Reporting, and Compliance Hub, PwC Viewpoint, and EY AccountingLink
An IPO Lockup May Now Reduce Reported Fair Value—But Only for Certain Investment Companies
33. Expert Insights | PwC Updates Its Business Combinations and Noncontrolling Interests Guide • PricewaterhouseCoopers LLP • Business Combinations and Noncontrolling Interests
PwC update: “Purchase Price Allocation and Noncontrolling Interests: Updated Guidance on Recognition and Goodwill Allocation”
34. Expert Insights | Business Combinations Handbook: July 2026 Edition • KPMG Financial Reporting View • Business Combinations Handbook, KPMG LLP
New US GAAP Rules Can Shift Purchase Price Allocation (PPA) Assets, Liabilities, and Earnings—and Create Double-Count Risks in Forecasts
35. Expert Insights | PwC Updates Its Property, Plant, Equipment and Other Assets Guide • PricewaterhouseCoopers LLP • Property, Plant, Equipment and Other Assets
Environmental Credits, Government Grants, and Asset-Acquisition Rules Can Change Reported Metrics Without Changing Core Valuation Methods
36. Expert Insights | Fair Value Measurements: ASC 820 Updated June 2026 • PricewaterhouseCoopers LLP • Fair Value Measurements, PwC Viewpoint
Four Updates Merit Targeted Attention in ASC 820 Work, Not New Valuation Methods
37. Expert Insights | EY Updates Its ASC 360 Impairment Guidance • EY • Financial Reporting Developments: Impairment or Disposal of Long-Lived Assets
Going-Concern Doubt Does Not Shorten the ASC 360 Forecast to One Year—But It Must Change the Cash Flows
38. Expert Insights | Beyond Asset Holdings: Evaluating Operating-Company Status in the Age of Bitcoin • Jack Karagulleyan, CPA, MBT • Chad Dupic • Matthew Coker, CPA • BDO
A Bitcoin Treasury Company May Trade Above Its Holdings. What Supports the Difference?
39. Regulatory Update | FASB Proposes Clarifying the Value of Mortgage Servicing Rights • Financial Accounting Standards Board • Proposed Accounting Standards Update, File Reference No. 2026-ED600
When Borrowers Refinance and Stay With the Same Servicer, FASB Proposes That Benefit Should Affect Mortgage Servicing Right Fair Value
40. Regulatory Update | Retire through Ownership Act • S. 2403 • Passed Congress on September 16, 2026 • Enactment not confirmed as of October 5
A Qualified Appraisal May Support an ESOP Trustee’s Decision, but It Does Not Replace the Trustee’s Duties
41. Expert Insights | Reflections on Brundle v. Wilmington Trust, N.A.: A Pure Heart and an Empty Head Are Not Enough • Sarah von Helfenstein, CVA • QuickRead, NACVA
The Court Faulted an ESOP Trustee for Ignoring a Lower Valuation, Questionable Forecasts, and Governance Rights
42. Expert Insights | Organic Growth Is Becoming the RIA Valuation Differentiator • Brooks K. Hamner, CFA, ASA • RIA Valuation Insights, Mercer Capital
Higher AUM Is Not Organic Growth: Separate Market Gains From Net Flows Before They Reach the Projections
43. Expert Insights | Avoiding Double Discounting in Tiered Business Structures • Benjamin H. Maitski • Perspectives, Willamette Management Associates
Before Discounting the Parent Company, Determine Which Control and Marketability Limits Have Already Been Valued Below
44. Expert Insights | Measuring Customer Concentration Risk Within the Company-Specific Risk Premium • J. McKay Halverson • Perspectives, Willamette Management Associates
Using a Backsolve Framework to Translate Revenue Churn Scenarios into Defensible Discount Rate Adjustments
The Humor Approach
“The RIA owner said his growth was entirely organic. Apparently, he hadn’t used pesticides on the S&P 500.”
“The appraiser discounted the subsidiary, then discounted the holding company. The owner asked whether he could skip the next layer and just donate the business.”
“The owner said, ‘Our biggest customer is practically family.’ I asked, ‘Could you survive if they left?’ He said, ‘Financially or emotionally?’”
45. Case Law Watch | Heritage Global Network Los Angeles, Inc. v. Welch • U.S. District Court (M.D. Tenn.)
Daubert Challenge Splits a Financial Expert’s Opinions: Financial Distress Analysis Admitted, $5 Million Damages Opinion Excluded
46. Expert Insights | Valuing AI IP: Demystifying the Black Box • Kirk A. Sigmon • QuickRead (NACVA)
AI-IP Value Depends on the Rights Controlled, the Benefits Produced, and How Long They Can Last
47. Expert Insights | A Guide to AI Confidentiality: What You Can and Can’t Upload • Colin Brown • QuickRead, NACVA
A Paid AI Account Is Not a Confidentiality Plan: Check the Data, Provider Terms, and Engagement Before Uploading
48. Expert Insights | Business Valuation in Litigation: Maintaining Accuracy and Defensibility in the Age of AI • Colin McCrea, CVA, EA • QuickRead (NACVA)
AI Can Accelerate the Analysis—But the Expert Must Reproduce, Explain, and Defend Every Material Input
49. Expert Insights | Build or Buy? Is It Time to Convert to Valuation Software in the Age of AI? • Darrell D. Dorrell, CPA, MBA, ASA, CVA, CMA, ABV • QuickRead, NACVA
For Most Firms, Software + AI + Judgment Beats the Excel-Only Valuation Workflow
The Humor Approach
50. Expert Insights | Are AI Conversations Privileged? • Valuation and Litigation Briefing • Wouch Maloney
A Defendant’s AI Chats Were Unprotected; How Courts Will Treat Counsel-Directed Expert Use Remains Unsettled
51. Expert Insights | Managing Discovery Risk Under Rule 26 • Valuation and Litigation Briefing • Wouch Maloney • July/August 2026
Draft Reports Are Generally Protected in Federal Court, but the Valuation’s Foundation Remains Open to Examination
52. Case Law Watch | Alta Wind I Owner Lessor C v. United States • U.S. Court of Federal Claims
DCF Measured the Value of the Entire Wind Project. The Court Needed the Value of Particular Assets.
53. Case Law Watch | Crosby Legacy Co., LLC v. TechnipFMC PLC • U.S. District Court (D. Mass.)
The Expert Calculated $40 Million in Savings. The Court Asked a Different Question: Was That the Legally Recoverable Measure of Damages?
54. Expert Insights | Courtside View: Valuation and Financial Forensics Perspectives from the Bench • Michael J. Molder, JD, CPA, CFE, CVA, MAFF • The Value Examiner (NACVA)
An Omitted Input May Be Correctable; Causation, Ownership, and Recoverability Still Require Proof
55. Expert Insights | Unimpeachable Damages and Value Determination: A Conveniently Alliterative Detour En Route to Providing Unimpeachably Neutral Expert Services • C. Zachary Meyers, CPA, CVA • QuickRead, NACVA
How Native Files, Better Discovery, and Stronger Reports Can Prevent Problems at Deposition and Trial
56. Expert Insights | Is the Business Appraiser You Intend to Hire Competent for the Assignment? • Graham Antrobus, ASA • Jay E. Fishman, FASA, FRICS • Ray Rath, FASA • Katerina Yorvchev, ASA, CDBV • Valuation Brief 2026-1, The Appraisal Foundation
Credentials and Software Are Not Enough: How to Vet an Appraiser’s Competency for a Specific Valuation Assignment
57. Expert Insights | The Valuation Expert Witness: The Broader Scope of Competency • Jim Alerding • Business Valuation Law News, Business Valuation Resources
A Credential May Establish Qualification, But Competence Must Match the Assignment
58. Expert Insights | The Valuation Expert Witness: Do Credentials Make a Difference in Litigation? • Jim Alerding • Business Valuation Law News, Business Valuation Resources
Recent Study Shows that More Credentials Correlate With Valuation Outcomes—but Do Not Determine Expert Qualification
59. Expert Insights | Multidisciplinary Blind Spots: Identify the Blind Spots and Build a Stronger Defensible Valuation • Dennis A. Webb, ASA, MAI, FRICS • QuickRead (NACVA)
The Appraisal Assumed Competent Management—The Valuator Must Determine Whether That Assumption Fits Reality
The Humor Approach
60. Expert Insights | Simulation-Based Corporate Planning and Company Valuation • Dietmar Ernst, PhD • Endre Kamarás • The European Business Valuation Magazine
Instead of Starting With CAPM, the Authors Use Monte Carlo–Simulated Cash-Flow Risk to Build the Cost of Equity
61. Expert Insights | Urgent Care Centers: Finding Value in the Continuum of Care (Part II of II) • Todd A. Zigrang, MBA, MHA, FACHE, CVA, ASA, ABV • Jessica L. Bailey-Wheaton • The Value Examiner (NACVA)
Scale May Lift Urgent-Care Margins and Multiples—But Capacity and AI Gains Need Testing
62. Expert Insights | Sports Valuation: Expanding the Practitioners’ Toolkit • Danny F. Hill, PhD • QuickRead, NACVA
Making the Playoffs Can Change the Economics—Not Just One Revenue Assumption
63. Case Law Watch | CFE International LLC v. Schnaas • U.S. District Court (S.D. Tex.)
The Defendants Said the Company Had No Damages Because It Passed Through Costs; the Court Allowed an Actual-vs.-But-For Contract Portfolio Analysis
64. Expert Insights | Why Two Software Companies With the Same Revenue Can Have Very Different Values • Business Valuation Resources • BVWire News
Beyond Top-Line Revenue: Why SaaS Metrics, Revenue Durability, and Scalability Drive Software Valuation Multiples
65. From the Bookshelf | What It’s Worth: Valuing Software Publishers • Business Valuation Resources
A New Sector Guide Brings Software Valuation Research, Market Evidence, and Case Material Together
The Humor Approach
Business Valuation Quarterly Brief - Q2 2026
5 Quarterly Highlights - Editor's Choice
1. Case Law Watch | Healthcare Foundation of Wilson v. DLP Healthcare, LLC • North Carolina Business Court
Can a Party Stop a Valuation Process After Seeing a Near-Final Draft It Doesn’t Like?
The Humor Approach
2. Expert Insights | Key Takeaways from Professor Aswath Damodaran’s 2026 Edition of Equity Risk Premiums: Determinants, Estimation, and Implications • QuickRead (NACVA) • Trisch Garthoeffner, ABV, CVA, MAFF, EA, MAcc
Damodaran says that Equity Risk Premiums can become stale, even from reputable sources, and that they should be updated when conditions change. How to do it.
3. Expert Insights | Vetting Management Projections: Best Practices and Insights • Perspectives (Willamette) • Nathan P. Novak, CFA, ASA
Past Forecast Accuracy May Be One of the Best Indicators of Whether Current Projections Should Be Relied Upon, and Other Reliability Indicators
4. Expert Insights | Firm Size and Financial Metrics Volatility • Business Valuation Review (BVR, ASA) • Vincent Covrig, PhD, CFA • Pavan Kumar Nadiminti, MS • Mary Ann K. Travers, ASA
Smaller Companies Exhibit Greater Revenue and Earnings Volatility, With Important Implications for Earnout Valuation and Opportunities for Deal Design
5. Case Law Watch | Bowers v. Russell • U.S. District Court (D. Mass.)
A Later Sale Does Not Prove an Earlier Valuation Was Wrong. Fair Market Value Governed ESOP Redemption
Also Worth Knowing
6. Expert Insights | Complex Capital Structures in Transfer Tax Planning: A Valuation Perspective • Value Matters® (Mercer Capital) • Lucas M. Parris, CFA, ASA-BV/IA • Sujan Rajbhandary, CFA, ABV
Complex Ownership Structures Are Moving from Private Equity into Mainstream Estate Planning
7. Case Law Watch | Estate of Anne Milner Fields v. Commissioner • U.S. Court of Appeals for the Fifth Circuit
Court Applies IRC §2036, Eliminating the Tax Benefits of a Family Limited Partnership. A Discovered Email Seeking a “Deeper Discount” Was Considered Evidence That the FLP Was Created Primarily for Tax-Reduction Purposes
8. Case Law Watch | Matthew Dundon, Trustee of the Endo GUC Trust v. TPG Capital, L.P., et al. • U.S. Bankruptcy Court (S.D.N.Y.)
NY Bankruptcy Court Keeps $8 Billion Alive. A Negotiated Purchase Price Challenged on the Basis of a Constructive Fraudulent Transfer, Offering Important M&A and Solvency Lessons.
9. Expert Insights | Goodwill Impairment in Volatile Markets: A Three-Part KPMG Series • KPMG • Marina Arias, ABV • Frederik Bort, ABV, CFA
A Practical Reporting Workflow for Building More Defensible Fair Value Goodwill Conclusions During Market Volatility
10. Expert Insights | The Bankability Method: Ensuring SBA 7(a) Financing Success to Close a Small Business Sale • QuickRead (NACVA) • Terry Lammers, CVA
A Framework to Help Determine the Borrower’s Ability to Service the Loan
11. Expert Insights | Options for Business Owners Exploring Exit Opportunities: Looking to Reduce Risk, and Increase Liquidity • QuickRead (NACVA) • James A. Janos, CFA, ABV, FMVA
ESOPs, Leveraged Recaps, and Other Strategies Can Unlock Liquidity Without a Full Sale
12. Expert Insights | What Courts Actually Expect From Business Valuation Expert Witnesses • BVWire (BVR) • Author not mentioned
Lessons Learned from Veteran Testifiers—What Makes a Valuation Expert Credible to Judges and Juries—Beyond the Numbers
13. Expert Insights | Valuation of Partial Interests in Real Estate Holding Companies: A Factor-Based Income Approach • The Value Examiner (NACVA) • Donald Sonneman, ASA
A More Transparent Way to Support DLOC and DLOM When Market Evidence Is Limited
14. Expert Insights | The Impact of Payment-in-Kind Instruments on Discounted Cash Flow Models • The Value Examiner (NACVA) • Michael D. Pakter, CPA, CFF, CGMA, CFE, CVA, MAFF, CA, CIRA, CDBV • Miranda Kishel, MBA, CVA, CBEC, MAFF, MSCTA
When Leverage Evolves, the Entire Valuation Model May Need to Change with It—A Detailed Look at Several Parts of a Valuation Model that May Need to Change
15. Expert Insights | Discount for Lack of Absolute Control • Business Valuation Review (BVR, ASA) • Tyrone (Ty) T. Taylor, CFA, CVA, CBA, ASA, ABAR, MAFF
A Comprehensive Database Study Quantifies the Discount for Lack of Absolute Control for Controlling Ownership Interests
The Humor Approach
16. Case Law Watch | Mickey Dollens v. Goosehead Insurance, Inc. • Delaware Court of Chancery
Court Recognizes Measurable Value for Control Premium Based on Control Rights
17. Expert Insights | Leverage Impacts on Equity Volatility Excluding the Impact of Size • Business Valuation Review (BVR, ASA) • James K. Herr, ASA, CFA, CPA, ABV, CFF
Empirical Evidence Suggests That When Capital Structures Fall Within a 20% to 60% Range, Merton-Based Volatility Adjustments May Be Unnecessary—or Should Be Reduced.
18. Expert Insights | Leveraging AI in Business Valuations: Practical Applications, Ethical Boundaries, and Defensible Practice • QuickRead (NACVA) • Gregory M. Clark, CPA, CVA, MAFF
AI Can Improve Your Workflow, But It Cannot Replace Your Judgment – Practical Advice.
19. Expert Insights | IPEV Guideline Updates – Where Do We See the Biggest Impact? • Blick Rothenberg (UK) • Andrew Snook • Simon Lewis, CTA, ACA
The Revised Guidance Clarifies How Existing Valuation Principles Apply to Today’s Venture Capital Environment
20. Expert Insights | Legal Update: Randall v. Widen: Admissibility of Rebuttal Witness Testimony • QuickRead (NACVA) • Michael J. Molder, JD, CPA, CFE, CVA, MAFF
Also Includes Interesting Notes on a Regression Analysis Using the Guideline Public Company Method and a Reconciliation of Methods.
21. Case Law Watch | Glenmede Trust Co. v. Infinity Q Capital Management • New York Appellate Division, First Department
Manipulating the Inputs Used to Value Illiquid Financial Instruments Can Send an Executive to Prison
The Humor Approach
22. Case Law Watch | Spectrum Dynamics Medical Ltd. v. General Electric Co. • U.S. District Court (S.D.N.Y.)
Lessons on Valuing Damages, Lost Profits, Applying the Royalty Method, and How Not to Calculate a Technological Head Start
23. Expert Insights | Can You Have Negative Equity as a Valuation Conclusion? • Business Valuation Law News (BVR) • Jim Alerding, CPA, ABV
When Negative Equity Is the Correct Answer
24. Case Law Watch | Quantalytix, Inc. v. Vien Bui • U.S. District Court (N.D. Ala.)
Appraisals Outweigh Speculative Valuation Assertions in Court
25. Case Law Watch | SJI Renewable Energy Ventures, LLC v. REV LNG Holdings, LLC • New York Appellate Division, First Department
When Buyout Formulas Work but Valuation Provisions Don’t. Cautions to take in a Buy-Sell Agreement
26. Expert Insights | Are We Taking Our Net Working Capital Calculations Seriously Enough? • QuickRead (NACVA) • Sarah Von Helfenstein, MBA, CVA
Practical Notes on Net Working Capital Calculations and Projections
27. Expert Insights | The Effect of Macroeconomic Uncertainty on Business Valuation • Perspectives (Willamette) • Zoe A. Zurn
Inflation, Tariffs, Data Gaps, and Tight Credit Affect Cash Flows and Required Returns, But Not Always in the Same Place
28. Case Law Watch | Jay S. Turner v. J & J Slavik, Inc. • Michigan Court of Appeals
When a Contract Requires Fair Market Value but Corporate Misconduct Makes Valuation Practically Impossible
29. Expert Insights | Public Prices, Private Marks: What BDC Discounts Are Signaling • Jeff K. Davis, CFA, and Jack Carter, CPA • Portfolio Valuation Insights (Mercer Capital)
Persistent Discounts Between Public Market Prices and Private NAV Marks Raise Important Questions for Valuation Professionals
30. Case Law Watch | Steelray Consulting, LLC v. Overstock.com, Inc. • U.S. District Court (D. Utah)
Court Rejects Technology Value Based on Development Cost; Allows CPM-Based Valuation of Marketing Rights
31. Case Law Watch | Guild Ventures, LLC v. Kenwood Commons, LLC • New York Appellate Division, Third Department
NY Court Battle of Highest and Best Use Appraisals. Court Sides with an HBU Appraisal Grounded in What Is Reasonably Achievable as of the Foreclosure Date
32. Case Law Watch | Golden Rule Financial Corp. v. Shareholder Representative Services LLC • Delaware Court of Chancery
In M&A, Inaccurate Financial Statements Can Become Expensive
The Humor Approach
“Fair Malue Value is the price at which neither party gets exactly what they want.”
“I told a client her restaurant was worth between 3 and 4 million. She asked, ‘Can you be more precise?’ I said, ‘Sure. It’s definitely not the 6 million you think.'”
33. Expert Insights | Tales from the Trenches: Inventory Can Make or Break a Valuation • Business Valuation Law News (BVR) • Jim Alerding, CPA, ABV
A Reminder of Balance Sheet Items That Deserve Scrutiny
34. Expert Insights | SEC Enforcement: Valuation Process Matters, Not Just Valuation Error • BDO • Dale Thompson, CPA
Changing Market Conditions Can Affect the Value of Performing Financial Assets—Even When No Default Has Occurred
35. Case Law Watch | OptimisCorp v. Atkins • Delaware Court of Chancery
Court Rejects Damages Theory Built on a Partial View of Causation Despite Proven Fiduciary Breach
36. Case Law Watch | CellMark, Inc. v. Webster • U.S. District Court (E.D. Ky.)
Rebuttal Experts May Challenge Assumptions and Industry Trends—But Not Dictate Facts or Apply Legal Labels
37. Case Law Watch | Rayo Int’l Trading Co. v. V. Jwo Corp. • U.S. District Court (C.D. Cal.)
Measuring Brand Value Without Perfect Data
38. Expert Insights | When Credentials Aren’t Enough: Lessons from the Exclusion of a Highly Qualified Damages Expert • QuickRead (NACVA) • Sohini Chakraborty
Factual Alignment and Reliability Lessons from a Federal Daubert Challenge
39. Case Law Watch | Rising Rock Partners, LLC v. Commissioner • U.S. Tax Court
Highest and Best Use Must Be Reasonably Probable—Not Merely Possible
40. Expert Insights | AI, Work Product, and Rule 26 in Three Cases: Beware of Your AI Queries; They May Not Be Protected • QuickRead (NACVA) • Dorothy Haraminac, MBA, MAFF, CFE, PI
AI Use in Litigation Creates New Questions About Discoverability and Confidentiality
41. Case Law Watch | Kimberly Road Fulton 25, LLC v. Commissioner • U.S. Tax Court
How Speculative HBU “Costume Design” Led to a 96% Cut in Charitable Contribution Deduction
The Humor Approach
42. Expert Insights | Displacement Versus Augmentation: The Effects of AI on Employment Dynamics and Firm Value • The Value Examiner (NACVA) • Mark A. Chen • Joanna (Xiaoyu) Wang • Reviewed by: Min Cao, PhD
AI Creates Value in Two Very Different Ways. Sometimes it Replaces Employees, Sometimes it Enhances What They Can Do. Valuators Need to Understand Which One They Are Looking At
43. Expert Insights | Four Specific Indicia of Breach of Fiduciary Duty • QuickRead (NACVA) • Miranda Kishel, MBA, CVA, CBEC, MAFF
Four Red Flags Courts Repeatedly Associate with Disloyal Conduct
44. Valuation Guidance Update | NACVA Advisory Brief: Retainer Agreements
Retainer Terms Should Clarify Payment and Preserve Objectivity—This NACVA Brief Contains Conflicting Contingent-Fee Language
45. Valuation Guidance Update | NACVA Advisory Brief: Cryptocurrency
A Blockchain Transaction Is Not a Complete Holding: NACVA’s New Brief Explains How to Verify Cryptocurrency Records, Attribution, and Transfer Risk Before Valuing It
Business Valuation Quarterly Brief - Q1 2026
5 Quarterly Highlights - Editor's Choice
1. Expert Insights | Vetting a Client’s Projection: A Process • Edward Mendlowitz, CPA, ABV, CFF • QuickRead (NACVA)
Article Proposes Process to Determine Whether Client Projections Should Be Included in the Valuation
The Humor Approach
2. Expert Insights | Legal Update: LeVine v. Platzer – Valuation of Intangible Assets Under New York Partnership Law • Michael Molder, CPA/ABV/CFF, ASA, CVA • QuickRead (NACVA)
Article dissects case law LeVine v. Platzer with lessons about the need to value intangibles (even when it’s difficult) and about the “known or knowable” rule.
3. Expert Insights | Understanding the Delta: When 409A Valuations Differ from Funding Rounds • Trisch Garthoeffner, ABV, CVA, MAFF, EA, MAcc • QuickRead (NAVCA)
Article Clarifies When 409A Valuations Differ from Funding Rounds
4. From the Bookshelves | Business Valuation: Fundamentals, Techniques, and Theory (2026 Edition) • National Association of Certified Valuators and Analysts (NACVA)
NACVA Finally Publishes Reference Valuation Book
5. Expert Insights | Follow the Standards When Using AI and Similar Technologies
Using the Tool Does Not Change the Standards – Just Make Sure You Are Following Them
Also Worth Knowing
6. Case Law Watch | ZipBy USA LLC v. Parzych • United States Court of Appeals for the First Circuit
Reasonable Projections Are Defensible Even if Future Events (COVID-19) Completely Change Outcomes—and May Incorporate Credible Strategic Synergies
7. Case Law Watch | Hancock County Land Acquisitions, LLC v. Commissioner • United States Tax Court
Court Rejects a Sophisticated DCF Built on Speculative Assumptions
8. Case Law Watch | Duffield v. Legend Spine, LLC • Superior Court of Pennsylvania
When Internal Transactions Become the Best Indication of Value
9. Expert Insight | Applying the Modern New Business Rule in Real Life: Overview of an Expert’s Testimony in a Precedent-Setting Texas Court Case • Allyn Needham, PhD, CEA • QuickRead (NACVA)
When Startup Projections Become Legally Defensible. Article Dissecting a Precedent-Setting Texas Court Case
10. Case Law Watch | Rogers v. Protein Holdings • Maine Superior Court, Cumberland County
When a Shareholder Agreement Prevails Over a Business Valuation
11. Case Law Watch | In re Allonhill, LLC • United States Court of Appeals for the Third Circuit
Valuing Litigation Liabilities Without the Benefit of Hindsight
12. Case Law Watch | Harman Road Property, LLC v. Commissioner • United States Tax Court
Court Rejects Optimistic Projections
13. Regulatory Enforcement | In the Matter of Madison Capital Funding LLC • United States Securities and Exchange Commission
Fair Value Must Evolve When Markets Change
14. Case Law Watch | Heredia v. Lanco Brokerage Corp. • Supreme Court of the State of New York, New York County
When Corporate Misconduct Affects Value
15. Guidance Update | Global CBV Institute’s Updated Valuation Practice Standards Take Effect • CBV Institute, Valuation Practice Standards
Professional Standards – Canada’s CBV Institute Introduces Formal Quality Review and Stronger Engagement Requirements
18. From the Bookshelf | Yearbook: A Year in Review for Valuation Professionals • Business Valuation Resources (BVR)
Business Valuation Update Yearbook: A Year in Review for Valuation Professionals
19. Expert Insights | Direct Capitalization Methodology and Mid-Period Adjustment to the Capitalization Rate
Keeping Direct Capitalization and DCF Theoretically Consistent
Business Valuation Quarterly Brief - Q4 2025
5 Quarterly Highlights - Editor's Choice
1. Case Law Watch | Barney v. Commissioner • United States Tax Court
Tax Court Rejects Optimistic Management Projections in Major Charitable Contribution Valuation Case
2. Case Law Watch | Rosenblum v. Treitler • Supreme Court of the State of New York, Appellate Division, First Judicial Department
New York Court Upholds 15% DLOM Based on Real-World Ownership Frictions—Without Reference to the Mandelbaum Factors
3. Valuation Guidance Update | Working Draft of the Updated Valuation of Privately-Held-Company Equity Securities Issued as Compensation Accounting and Valuation Guide • AICPA Equity Securities Task Force
AICPA Proposes Major Update to the Valuation of Equity in Complex Private-Company Capital Structures
4. Expert Insights | Valuation Issues in M&A: In Anticipation of Going to Market• Kent Pummel • QuickRead (NACVA)
M&A Valuation May Ask a Different Question: What Is the Business Worth to a Particular Buyer? (Fair Market Value versus Investment Value)
5. From the Bookshelf | Methodologies and Challenges in Bankruptcy Valuation • Michael R. Koeppel, CPA, ABV, CFF, CGMA, CTP
New Book Focuses on the Challenges of Valuation in Bankruptcy
Also Worth Knowing
6. Regulation Update | IRS Revises Form 8283 for Noncash Charitable Contributions
Revisions to IRS Form 8283 appear to be primarily administrative rather than a change in valuation methodology
7. Regulation Update | IRS Updates Publication 561 on Donated Property Valuations
Where a qualified conservation contribution exceeds 2.5 times the sum of each ultimate member’s relevant basis, the deduction may be disallowed unless an exception applies
8. Case Law Watch | Stermer v. Old Republic National Title Insurance Co • United States Court of Appeals for the Eleventh Circuit
When the Choice of Valuation Expert Matters
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