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Corporate Governance Expert Witnesses

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Michael Phillips
San Francisco CA 94114
USA
phone: 415-505-4123
Michael-Phillips-Corporate-Finance-Expert-Photo.jpg
Michael Phillips has served as a bank vice president, corporate treasurer, foundation president, and Marketing / Management consultant to more than a thousand businesses worldwide, from one person shops to a $100 billion global giant.

Background - Mr. Phillips co-founded the marketing research department at Bank of America from 1964-1968. In that capacity, he organized the Bank PR and Marketing Research Association. For several years after, Mr. Phillips served as Vice President of Bank of California. There, he was involved in a lawsuit to end employment discrimination. Although he has held various positions since, Mr. Phillips has always had a particular interest in Equal Employment. He is a published author of eleven books and a founder of the Briarpatch Network.

Litigation Support - Michael Phillips has been successful in winning cases involving business matters on behalf of Consumer rights and Minority Communities since 1983. He has opined in cases against PG&E, Southern California Edison, San Diego Gas & Electric, MCI, Pacific Bell, AT&T, and Qwest.

Mr. Phillips has been an expert witness in more than a dozen Public Utility cases on behalf of major American minority organizations. He is noted as the organizer and lead plaintiff in the first and most influential class action on behalf of women and minorities. With Robert Gnaizda at Public Advocates as attorney, a settlement was reached in 1972 with five major banks and Savings & Loans. The settlement set affirmative action goals which put banking in the forefront of "equal employment" in the U.S. for the next quarter century.

Forum - California Public Utilities Commission
  • Expertise: Environmental Settlement
  • Expertise: Corporate Governance
  • Expertise: Marketing Practices and Ethics
Forum - California Department of Insurance
  • Expertise: Management
  • Expertise: Top Management Compensation
Forum - California Senate Energy Committee
  • Expertise: Corporate Finance
Michael Phillips
This book describes the components of human behavior that thrive in a world of commerce: meritocracy, diversity, openness, an appreciation of markets and technology. Commerce has brought us modernity and the infinite number of niches that allow individuals to find a life of authenticity.
Michael Phillips, et al
The original proposal for a randomly selected legislature with arguments based on the Federalist Papers.
Michael Phillips
This book tells how to live with money: how to get it, care for it, and forget about it. An underground classic among corporate executives, accountants, and entrepreneurs since the 1970s, it is rooted in the author's commitment to right livelihood, to learning how the world works, to a willingness to "fail young," and to networking. Phillips shows how to combine these principles with the seven laws to engender a healthy, fearless attitude toward money.
Michael Phillips, et al
The best marketing you can do for your business is to concentrate on creating a high-quality operation that customers, employees and other businesspeople will trust, respect and recommend.
Michael Phillips
Other Books and Publications by the Author
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Kelly Hickel
Co-Founder and Main Contact
950 3rd. Avenue
17th Floor
New York NY 10022
USA
phone: 212-486-3600
fax: 303-484-5374
Expert-Witness-Consulting-Services-Logo.jpg
Expert Witness Consulting Services, LLC (EWCS) provides a range of services to law firms, litigation trustees and others engaged in expert witness and related activities. We provide up-front assessment of cases, drafting assistance in writing the economic core of complaints; other consulting expert work; and testifying expert witness reports and testimony.

As an affiliate of Gordian Group (one of the leading national restructuring investment banking firms), EWCS can tap Gordian's vast experience in litigation assignments, particularly relating to matters involving solvency, valuation, fairness and Board of Directors responsibilities.

In addition, EWCS has built a nationwide cadre of other independent experts so that we can assist law firms and mediators in finding the right expert for each case.EWCS connects vetted and specialized expert witness professionals to law firms across the nation. With its incremental, litigation-experienced professional resources and national recognition within the legal community, EWCS’ mission is to work diligently with client law firms and mediators to provide exceptional work product in an efficient manner, starting with finding the right expert for each case.

As Experts and Consultants, the professionals at EWCS are able to provide clients and Boards of Directors with advice and guidance in structuring transactions appropriately, and in delivering financial opinions in connection with the same. They can reconstruct financial data through forensic analysis in order to explain how financial markets or decision makers may have made decisions.

When it comes to evaluating the performance of boards, management teams, and financial institutions, the experts at EWCS are well-positioned to have a credible point of view, given their experience in cleaning up the aftermath of corporate disasters and fraud up close.

The EWCS professionals have substantial experience in most industries, including but not limited to aerospace and defense; consumer goods; electronic technology; finance and insurance; food and beverages; heavy industry and manufacturing; life sciences; metals & mining; oil & gas and energy; real estate and hospitality; and retail and apparel. Their experts have done transactions within these segments, and use their “real world” experience in approaching projects.

Areas of Expertise:
  • Financial Services
  • Economics
  • Restructuring
  • Bankruptcy
  • International Business (particularly in Asia)
  • Fiduciary Duties
  • Private Placements
  • Damages
  • Equity Compensation
  • Market Assessments
  • Business Valuations
  • Manufacturing
  • Pharmaceuticals
  • Technology
  • Intellectual Property / Patents
  • Real Estate Market Feasibility
  • Kelly Hickel Financial Restructuring Expert PhotoKelly T. Hickel, Co-founder at EWCS, is a Financial and Business Advisor who has served as a senior executive for over 30 years. Mr. Hickel has many years of experience in the technology industry and with turnarounds of troubled companies. Throughout his career, he has arranged numerous private and public company financings and financial restructurings and has raised and/or returned over a $1 billion to investors and lenders.

    Mr. Hickel served as Turn-around President to Miniscribe Corp., a troubled Fortune 500, $600 million annual revenue disk drive manufacturer, and President of the Maxwell Technology Information Systems Group from 1993 until 1997, during which, Maxwell was the 9th best performing stock on NASDAQ and the #1 performing stock in California in 1996.

    As Chairman and Chief Restructuring Office of The Tyree Company in Farmingdale, New York, Mr. Hickel was responsible for running the largest oil downstream services company in the northeast. With all of his experience, he then founded and managed emerging Pharmaceutical companies, taking a product through FDA approval for a supplement through distribution in over 2000 retail pharmacy outlets.

    Jim Timmins Business Valuation Expert PhotoJim Timmins, ASA BV/IA, MAFF, CEP, is the Managing Director and heads the valuation, litigation, and advisory services practices at Teknos. He has worked in Silicon Valley for more than 35 years, as a Valuation expert, a Venture Capitalist, and an Investment Banker.

    Mr. Timmins has overseen 1,000s of valuations, fairness opinions, and solvency opinions in connection with financial reporting, tax compliance, merger and acquisition transactions, financings, spin-offs, and recapitalizations, and litigation. He has also participated in numerous merger and acquisition transactions, private placements, and public offerings during his career.

    Prior to forming Teknos, Mr. Timmins was a Managing Director at Pagemill Partners, where he created and managed the valuation practice. Before that he was the Managing Director of the Silicon Valley office of NIF Ventures (the venture capital arm of Daiwa Securities SMBC of Japan), and a General Partner of Glenwood Ventures and Glenwood Capital. Earlier in his career, he held positions in investment banking at Hambrecht & Quist and Salomon Brothers.

    Mr. Timmins has served as an expert witness for more than 60 cases involving valuation, fiduciary duty, and venture capital practice. He has been retained as an expert by both plaintiffs and defendants.

    Paul Black Real Estate Expert PhotoPaul S. Black, President of Paul S. Black & Assoc., Inc. has more than 35 years of experience as a Real Estate Market Feasibility Analyst, including multiple types of residential, office, retail, industrial and mixed-use properties.

    Mr. Black has been employed by local and international accounting firms in their real estate consulting groups as well as local and regional consulting companies.

    For 20 years, Mr. Black has served as a lecturer/adjunct professor teaching Real Estate Principles and Practices as well as Real Estate Market Analysis at the graduate (MBA) and undergraduate levels.

    Areas of Expertise: Economic Damages, Construction Defects / Delay Damages, Lost Revenue / Profits, Unjust Enrichment, Due Diligence, Commission Disputes, Procuring Cause, Real Estate Brokerage, Broker/Realtor Standard of Care, Code of Ethics – National Association of Realtors (NAR), Real Estate Disputes, Fraud / Misrepresentation, Insurance Defense, Eminent Domain, Market Feasibility / Evaluation.
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    Kelly Hickel
    Co-Founder and Main Contact
    950 3rd. Avenue
    17th Floor
    New York NY 10022
    USA
    phone: 212-486-3600
    fax: 303-484-5374
    Expert-Witness-Consulting-Services-Logo.jpg
    Expert Witness Consulting Services, LLC (EWCS) provides a range of services to law firms, litigation trustees and others engaged in expert witness and related activities. We provide up-front assessment of cases, drafting assistance in writing the economic core of complaints; other consulting expert work; and testifying expert witness reports and testimony.

    As an affiliate of Gordian Group (one of the leading national restructuring investment banking firms), EWCS can tap Gordian's vast experience in litigation assignments, particularly relating to matters involving solvency, valuation, fairness and Board of Directors responsibilities. In addition, EWCS has built a nationwide cadre of other independent experts so that we can assist law firms and mediators in finding the right expert for each case.

    The EWCS professionals have substantial experience in most industries, including but not limited to aerospace and defense; consumer goods; electronic technology; finance and insurance; food and beverages; heavy industry and manufacturing; life sciences; metals & mining; oil & gas and energy; real estate and hospitality; and retail and apparel. Their experts have done transactions within these segments, and use their “real world” experience in approaching projects.

    Areas of Expertise:
    • Financial Services
    • Economics
    • Restructuring
    • Bankruptcy
    • International Business (particularly in Asia)
    • Fiduciary Duties
    • Private Placements
    • Damages
  • Equity Compensation
  • Market Assessments
  • Business Valuations
  • Manufacturing
  • Pharmaceuticals
  • Technology
  • Intellectual Property / Patents
  • Other Intangible Assets
  • Henry Owsley Financing Expert PhotoHenry F. Owsley, Co-founder at EWCS, has extensive experience in a variety of Financing, Restructuring, Advisory, and Merger Transactions. He earned a Master of Science Degree from MIT’s Sloan School of Management in 1979.

    Mr. Owsley co-founded Goldman Sachs’ Technology Group and founded and ran Goldman Sachs' Workout Group. He is the co-author of Distressed Investment Banking: To the Abyss and Back – 2nd Edition, (Beard Books, 2015), Equity Holders Under Siege: Strategies and Tactics for Distressed Businesses (Beard Books, 2014).

    Mr. Owsley's selected significant engagements include American Airlines, Antioch, Ben & Jerry’s Homemade, Cogent/3M, Heilig-Meyers, Integrated Electronic Services, LTV Steel, MiniScribe, Mississippi Chemical Corporation, Montreal, Maine & Atlantic Railroad, Morrison Knudsen, LTV, Ogden Corporation, Olympia & York, Osyka Petroleum, Phar-Mor, Solutia, Spansion, Stereotaxis, Summit Global Logistics, ThermaCELL, Tracor United Rentals and Zale/Gordon’s Jewelers.

    Peter Kaufman Investment Banking Expert PhotoPeter S. Kaufman, Partner at EWCS, joined Gordian Group in 1990 and is Gordian’s President and Head of Restructuring and Distressed M&A. He has extensive experience in a variety of Financing, Restructuring, Advisory, Merger Transactions, and Private Equity advisory services. Mr. Kaufman earned a JD from the University of Virginia School of Law in 1978.

    A Founding Co-Chair of American Bankruptcy Institute’s ("ABI") Committee on Investment Banking, Corporate Finance and M&A, Mr. Kaufman is frequently asked to speak and comment on national television programs, including CNBC and CNN, on matters relating to insolvency and corporate reorganization, and on national panels such as National Conference of Bankruptcy Judges; Turnaround and Management conferences; ABI conferences, on topics such as financial restructurings, complex or distressed M&A, valuation issues and fiduciary obligations of directors in insolvent situations.

    Mr. Kaufman is consistently ranked as one of the ten leading investment bankers involved in bankruptcies and financial restructurings by The Deal and has been ranked #1. In November 2015, Mr. Kaufman was inducted into the M&A Advisor Hall of Fame at the 14th Annual M&A Advisor Awards Gala in New York City.

    David Herman Financial Restructuring Expert PhotoDavid L. Herman, Partner at Gordian Group, joined the firm in 2000, has been recognized as one of the top 10 leading Investment Bankers in Financial Restructurings by The Deal.

    Mr. Herman has led many advisory and restructuring engagements as well as numerous litigation support and expert witness assignments. Key engagements have included Enron, Integrated Electrical Services, Laclede Steel, LTV Steel, Mississippi Chemical Corporation, Parmalat, RAB Food Group, Solutia, Spansion, Summit Global Logistics, United Rentals, and WestPoint International.
    Henry F. Owsley, et al
    This classic book is an authoritative source about the restructuring of troubled companies. It provides an insider's view on the methods and complexities of this highly specialized area of investment banking. Owsley and Kaufman are widely acknowledged leaders in this field and are the senior partners at Gordian Group, a top-tier boutique investment banking firm headquartered in New York. Gordian Group advises mid-sized companies in financial distress. They provide unconflicted advice to boards of directors interested in recoveries of shareholders.
    Henry F. Owsley, et al
    A must-read for all constituencies of distressed companies -- owners, creditors, buyers and professionals. Owsley and Kaufman apply principles of asymmetric warfare to the "zero sum" game of restructurings. With a sophisticated approach and tongue-in-cheek humor, Equity Holders Under Siege gives readers an unvarnished behind-the-scenes look into the real world rough and tumble of negotiating on behalf of "under water" owners.
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    Jonathan Burroughs, MD, MBA, FACHE, FAAPL
    48 Forest Ledge Road
    PO Box 540
    Glen NH 03838
    USA
    phone: 603-733-8156
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    Jonathon Burroughs Healthcare Expert PhotoJonathan H. Burroughs, MD, MBA, FACHE, FAAPL, is President and CEO of The Burroughs Healthcare Consulting Network, Inc., and works with some of the nation’s top healthcare consulting organizations to provide ‘best practice’ solutions and training to healthcare organizations throughout the country in the areas of governance, physician–hospital alignment strategies, credentialing, privileging, peer review and performance improvement/patient safety, medical staff development planning, strategic planning, physician performance, and behavior management as well as ways in which physicians and management can work together in new ways to solve quality, safety, operational, and financial challenges.

    Litigation Support: Dr. Burroughs offers litigation support services to counsel representing both Plaintiff and Defense. He provides general expert witness services for cases involving:
    • Regulatory Compliance
    • Negligent Credentialing
    • Negligent Privileging
    • Negligent Peer Review
    • Physician Performance Management
  • Fraud and Abuse
  • Fair and Judicial Hearings
  • Patient Safety
  • Physician Contracts
  • Medical Staff Bylaws, Policies, Procedures, Rules & Regulations
  • Dr. Burroughs serves on the national faculty of the American College of Healthcare Executives and the American Association for Physician Leadership (formerly the American College of Physician Executives), where he has been consistently rated as one of their top speakers and educators. He and Dr. David Nash were recently awarded a development grant by the American College of Healthcare Executives (ACHE) to develop a twelve hour national program to address population health and the disruptive innovative business models necessary to support it. He is the author or coauthor of the following books: Redesign the Medical Staff Model-A Collaborative Approach (published by Health Administration Press, January, 2015), The Complete Guide to FPPE (2012), Medical Staff Leadership Essentials (2011), Engage and Align the Medical Staff and Hospital Management: Expert Strategies and Field Tested Tools (2010), A Practical Guide to Managing Disruptive and Impaired Physicians (2010), The Top 40 Medical Staff Policies and Procedures, Fourth Edition (2010), Emergency Department On-Call Strategies: Solutions for Physician-Hospital Alignment (2009), and Peer Review Best Practices: Case Studies and Lessons Learned (2008).

    Dr. Burroughs is a former Senior Consultant and Director of Education Services for The Greeley Company where he was rated as one of their top healthcare consultants and educators over an eight year period. He is also a past medical staff president, past president of the New Hampshire chapter of the American College of Emergency Physicians, and served as an emergency department medical director. As a member of the governing board of Memorial Hospital in New Hampshire, he chaired the ethics, succession planning, and bylaws committees and sat on the joint conference, strategic planning, and medical executive committees. He previously served as a member of the clinical faculty of Dartmouth Medical School, where his research interests included introducing EMT defibrillation and automatic defibrillation into the field.

    View Dr. Burroughs' Consulting Profile.
    11/11/2015 · Healthcare
    Population health is not possible in a discounted fee-for-service world, and the significant healthcare business challenge is how to transition from fee-for-service to risk-based capitation in a sustainable way. The following represents an outline for how this transition can be staged so that early steps exploit the benefits of fee-for-service while the latter ones exploit a more capitated model:

    10/21/2015 · Healthcare
    Not too long ago, I had the sad task of testifying at a civil litigation and a judicial hearing for two physicians who had been suspended from their respective medical staffs. In both cases, the suspensions and resultant procedural rights were avoidable because proactive communication and management did not effectively take place. Such events should be rare and most medical staffs can easily avoid them by focusing on preventive actions and addressing potential performance issues early in a supportive and assertive manner.

    Hospital CEOs may have once cast a wary eye when a retail clinic opened in their backyard, but that paradigm has shifted as health systems are increasingly opening their own retail clinics or affiliating with retail clinic operators.

    7/24/2015 · Healthcare
    Regulatory hurdles prevent more hospitals from using e-health to its full potential. Federal and state policies and regulations on care rendered via technology from a remote site spin a tangled web for providers either engaged in e-health or who want to be. A February 2014 article in Health Affairs found strong associations between state policies and hospitals' adoption of e-health, also known as tele-health or telemedicine.

    Alarm fatigue has moved to the forefront of hazards on the hospital floor. Nursing staff gets bombarded by hundreds or thousands of beeps, rings, whistles and pings emanating from bedside devices in a shift, and it can be difficult for them to distinguish the critical from the routine. An analysis of hospital alarms at Johns Hopkins Hospital counted a total of 59,000 alarms over a 12-day observation period, an average of 350 alarms per patient per day.1

    Jon Burroughs, MD, FACHE
    In this book, the author, an experienced physician leader and healthcare consultant, describes key changes that must be made to redesign the medical staff model. He provides specific guidance and examples to help healthcare leaders and executives work with their physician leaders to face these changes successfully. Well-regarded contributors and subject matter experts offer additional examples and insights with special content throughout the book.
    Jon Burroughs, MD, et al
    The Complete Guide to FPPE provides step-by-step guidance for developing an FPPE process and policy, selecting indicators, collecting data, conducting performance conversations with practitioners, and managing FPPE for low-volume and advance practice practitioners.
    Jon Burroughs, MD, et al
    Sharpen medical staff leadership skills with proven educational strategies and succession planning tools. Medical Staff Leadership Essentials: A Guide to Developing Leadership Skills and Recruiting the Next Generation delivers a step-by-step process for becoming an effective physician leader and training future leaders. Veteran and new physician leaders alike will gain valuable insight to help the medical staff develop, retain, and recruit a legacy of effective physician leaders.
    Jon Burroughs, MD, et al
    Real-world solutions to problem physician behavior Don t let disruptive physician behavior and impairment negatively affect your hospital s operations or put your patients, staff, and colleagues at risk. This resource will help you implement a sound program to manage impairment and prevent disruptive physician behavior.
    Jon Burroughs, MD, et al
    This resource combines the expertise of advisors from The Greeley Company and in-the-trenches hospital and medical staff leaders. You ll get real-world solutions to engage practitioners in medical staff activities and align them with hospital goals. Unlike other theory-based books, this resource provides tools and strategies that have helped your peers break the cycle of disengagement and apathy.
    Jon Burroughs, MD, et al
    Developed by trusted Greeley Company experts, the fourth edition of this concise guide will help you develop medical staff policies and procedures that comply with Joint Commission requirements and promote current industry best practices. Don t wade through lengthy manuals and Web sites full of outdated information.
    Jon Burroughs, MD, et al
    Move from reactive deals to shared costs and sustainable physician-hospital alignment. This edition provides fully updated strategies, tools, and step-by-step approaches from multiple ED call panel experts.
    Jon Burroughs, MD, et al
    Peer Review Best Practices: Case Studies and Lessons Learned will help you transform peer review theory into best practice. This book and CD-ROM set is built on contemporary peer review design and demonstrates how hospitals have used those theories to tackle real peer review challenges. Twenty case studies cover topics ranging from fixing your peer review system to tracking and trending data to reconciling peer review conflicts.
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    Carl Sheeler, Ph.D.
    Co-Founder
    Available Nationally
    See Office Locations Below
    USA
    phone: 619-453-3015
    River-Edge-Values-Logo.GIF

    Carl Sheeler Equity Valuation Expert PhotoCarl Sheeler, Ph.D. has 25+ years of public and private company experience with Family Business/Office Valuation, Advisory & Dispute Services – i.e., Governance, Risk Management, and planned and disruptive events associated with reducing risks and optimizing equity values.  Common matters include fiduciary duty involving equity holder rights; valuation issues as well as transitions influenced by Estate and Gift Tax, liquidity, legacy, leverage and liability considerations.

    Dr. Sheeler distills complex strategy, finance and operational issues and relevant facts into empirically supported opinions and guidance that is understandable to the layperson and applicable to company boards, founders, executives, trusted advisors and triers of fact in transfer, tax, and transactional matters. He is an authority on shareholder dispute and oppression as well as Trust and Estate and ESOP duty of care. Examples include how agreement provisions, asset allocation, debt and holding periods influence risk and investor concessions (“premiums and discounts”) on equity value.

    Litigation Support - Dr. Sheeler has completed 1,200+ engagements and testified in over 175 disputes as an IRS/Court qualified expert in ADR, state and federal courts on matters ranging from fairness opinions to class actions in matters involving 7- to10-figures. He has authored and presented on over 300 occasions on issues ranging from valuation /appraisal best practices to developing probing interrogatories and deposition inquiries. He has served on various research, regulatory, advisory and academic boards and is considered a subject matter expert on Private Company Illiquidity / Lack of Marketability and Control Adjustments as well as Equity Value Enhancement (“EVE”).

    Consultation - Dr. Sheeler is an authority on what internal and external factors aside from financial influence company value for advisors assisting founders and families with significant holdings.

    Ideal Clients include:

    • ERISA/DOL attorneys representing ESOPs
    • Transaction, Probate/Trust & Estate Attorneys involved in Tax, Transfer, and other Disputes
    • Corporate/Business/Trust Litigation Attorneys
    • Insurance/Condemnation Attorneys
    • Class Action Attorneys
    • Family Law Attorneys involved in High Net Worth Business Ownership cases

    Areas of Expertise:

    • Value Creation
    • Business Valuation
    • ESOP Appraiser
    • Strategic Planning
    • Fairness Opinions
    • Business Appraisal
    • Shareholder Disputes
    • Class Actions
    • Gift, Trust & Estate Business Appraiser
    • Economic Loss
    • Commercial Damages
    • Fractional Interest Discounting
    • Midmarket/Family Business Risk Management
    • Tangible/Intangible Holding Company Valuation
    • Corporate Governance
    • Intellectual Property
    • International and Domestic Arbitration
    • Restructuring and Debt Advisory
    San Diego, CA Office
    11622 El Camino Real, Suite 100
    San Diego, CA 92130
    Telephone: 619-235-6635
    Irvine, CA Office
    18100 Von Karman Ave., Suite 850
    Irvine, CA 92612
    Telephone: 949-743-1401

    Denver, CO Office
    1515 Wynkoop St, Suite 360
    Denver, CO 80202
    Telephone: 720-465-4610

    New York, NY Office
    1330 Avenue of the Americas, 23rd Floor
    New York, NY 10019
    Telephone: 212-223-9301

    Phoenix, AZ Office
    4742 N 24th Street, Suite 300
    Phoenix, AZ 85016
    Telephone: 602-698-6747


    To have Dr. Sheeler present a workshop at your office, or present to your group or organization, contact:
    Kelly Passmore
    949-743-1401x212
    kelly@carlsheeler.com

    View Dr. Sheeler's Consulting Profile.

    6/24/2015 · Economics
    Examining actual transactions in the private capital markets and court outcomes figure into whether holding a large block of stock equates with it control or even a premium. The internal and external factors, legal provisions, and property performance drive this result.

    This article establishes there is recognition by the IRS and the courts that a well-supported proof of impairment based on the sale of a large number of shares necessitates an investor concession. It provides the rationale and methodology to capture the existence and the level of impairment.

    In this article, Dr. Carl Sheeler, responds to a September 9, 2013 concept paper authored by Rick Baumgardner, Chair of the Appraisal Practices Board of the Appraisal Foundation, titled “Valuation Issues in Separating Tangible and Intangible Assets.”

    Valuation professionals are uniquely positioned to help clients identify opportunities and third parties that can take them to a proverbial next level. Business valuation is about more than just benchmarking and deriving a defensible conclusion of value, it should entail understanding the value and interplay of governance, risk, relationships, and knowledge.

    This article addresses what is often omitted from most asset holding entity valuation reports. By failing to include issues like the ones outlined, the resulting adjustments are less empirical and more a "guesstimate". Valuation practitioners and their advisory clients have a duty to the users of our reports to accurately address equity level risks

    Think like an investor, not an accountant! If fair market value is to determine investor expectations and equity risk; then why do these factors receive limited or no consideration when opining on the level of impairments (investor concessions) ubiquitously referred to ask discounts? This article addresses the business risks associated with asset-holding companies' equity that should be considered and reported when preparing a valuation report.

    Knowing the value of a business and delivering real value to a client company entails far more than using EBITDA multiples or going along with a rule of thumb to keep the peace. As professionals, valuators must be far more rigorous in their engagements, and focus on delivering value. The obligation to identify, measure, manage, and mitigate the risks are their responsibility. In this candid analysis, Dr. Carl Sheeler shares some insights, based on his 1,000+ engagements, where he has found problems that led to disputes, misalignment of expectations, and company-specific risks that impair value and value creation.

    The thoughts below explore existing business valuation (BV) practices. The discussion may cover issues that are unfamiliar to BV analysts whose clients have businesses of below $5 million in revenues, or for those who deal primarily with midmarket clients of $50 million in revenues and above. First, it is necessary to acknowledge the many BV thought-leaders who have propelled our current body of knowledge forward. These valuation heroes have assisted countless practitioners and clients. In the absence of the development of best practices, those wishing to make a buck off of the market's ignorance would abound. Also, special thanks to the theoreticians who embrace the ethereal aspects of our industry with application of concepts such as regression analysis.

    Carl Sheeler, PhD
    This book provides the information and tools practitioners and business owners need to work with the multitude of intangibles - Governance, Risk, Relationships & Knowledge ("GRRK") - in equity investment decisions. The author engages readers with an insightful and brief claim: "Values are more than numbers." He then provides support for just how important human capital is to the value creation paradox.