Michael B. Lehner, CPA/ABV, CFE, ASA
June 17, 2019
business valuation professional standards engagements calculations valuations.

How do business valuations and calculations differ?

Most business valuation professional standards recognize two types of engagements: calculations and valuations. This article explains the critical distinction between these types of assignments — and the reason a full valuation report is necessary in most litigation contexts.
June 8, 2019
commercial tort claims, courts damage plaintiff suffered

Loss-of-value damages upheld despite survival of business

In commercial tort claims, courts must decide how much damage the plaintiff suffered from the defendant’s alleged wrongdoing. This article summarizes a recent Eighth U.S. Circuit Court of Appeals case that upheld a jury’s damages award based on lost market value, even though the business wasn’t completely destroyed. A sidebar highlights the benefits of hiring a separate financial expert to conduct a formal appraisal review. West Plains, LLC v. Retzlaff Grain Co., 870 F.3d 774, 8th Cir., August 30, 2017
June 2, 2019
Business Value dissenting shareholders case court best evidence fair value target company’s unaffected stock price

Court turns to stock price as best evidence of fair value

In recent years, Delaware’s Supreme Court has shown its preference, under the right circumstances, for market-based indicators of value in statutory appraisal cases. This article summarizes a recent dissenting shareholders case in which the court concluded that the best evidence of fair value was the target company’s unaffected stock price. Conversely, a sidebar highlights another case in which the court relied on an expert’s discounted cash flow analysis in the absence of reliable market-based indicators of value.