Michael B. Lehner, CPA/ABV, CFE, ASA
January 24, 2018
Business Valuation buyout

Court increases dissenters’ buyout offer by more than 25%

When computer maker Dell decided to delist in 2013, the deal led to a showdown between management and dissenting shareholders who argued that management’s buyout price was unfair. This article explains why the Delaware Chancery Court decided to base fair value on a discounted cash flow analysis rather than the company’s stock price — and how taxes can have a major impact on value. In Re: Appraisal of Dell Inc., Delaware Ch., C.A. No. 9322-VCL, May 31, 2016
January 14, 2018
Family-owned business valuation

Family businesses bring valuation challenges

From the Rockefellers to the Kardashians, working together can bring out the best — and worst — in families. This article discusses four key questions valuation experts ask when valuing family businesses. They relate to family members on the payroll and other related-party transactions, management styles and key person discounts.
January 7, 2018
Buy-sell agreements

Buy-sell agreements: How to cover all the (valuation) bases

Every business with more than one owner needs a buy-sell agreement to handle voluntary and involuntary ownership transfers. This article explains why it’s important to update the agreement regularly and address all of the valuation issues that may arise.