A defense attorney will often wait until the plaintiff’s attorney submits a valuation report. Then, the defense hires its own expert to prepare a “rebuttal report,” rather than pay for a separate full-blown valuation report. This strategy can be a cost-effective way to poke holes in the opposing expert’s analyses, but rebuttals are only effective when they’re detailed and accurate. This article explains reasons clients opt for rebuttal reports, the preferred reporting format and the level of detail courts have come to expect from rebuttal experts.
The oldest Baby Boomers will turn 70 this year. Although a lot of younger Boomers continue to be actively involved in the workforce, many older ones who started their own businesses are finally starting to retire. Removing a key person from daily business operations generally isn’t something that can be done overnight, however. It takes time to facilitate a seamless transition to new management that also maximizes cash flow to the retiree. This article identifies various exit strategies that owners might consider and the importance of having realistic expectations about market value. A sidebar reminds owners of all ages to draft a valid buy-sell agreement, because not all exits occur at retirement.