Business Valuation & Appraisal Services

Litigation Support NACVA Member Court-Tested Methodology

Professional business valuation and appraisal services for litigation, divorce proceedings, shareholder disputes, and estate planning. Expert testimony and comprehensive reporting for legal professionals throughout New England.

Overview & Applications

Business valuation provides the foundation for resolving disputes involving closely-held businesses, partnership interests, and professional practices. Our valuations support attorneys in litigation, divorce proceedings, shareholder disputes, estate matters, and buy-sell agreement disputes.

With extensive experience in vocational rehabilitation and forensic economics, Christopher Skerritt brings a unique perspective to business valuation, particularly in cases involving professional practices, service businesses, and companies where key-person issues affect value. Our analyses address both economic value and the human capital factors that drive business performance.

Valuation Approaches & Methodology

We employ the three standard approaches to business valuation, selecting the most appropriate methods based on the business type, available data, and the purpose of the valuation.

Income Approach

  • Discounted Cash Flow (DCF): Projecting future cash flows and discounting to present value
  • Capitalized Earnings: Capitalizing normalized earnings for stable businesses
  • Excess Earnings Method: Appropriate for asset-intensive businesses

Market Approach

  • Guideline Company Method: Comparison to publicly traded companies
  • Guideline Transaction Method: Analysis of comparable business sales
  • Rules of Thumb: Industry-specific valuation multiples when appropriate

Asset Approach

  • Net Asset Value: Adjusted book value approach
  • Liquidation Value: For distressed or dissolving businesses
  • Replacement Cost: For asset-heavy operations

Special Valuation Considerations

Professional Practices

Valuation of medical practices, law firms, accounting firms, and other professional services requires specialized knowledge of industry-specific factors, including:

  • Personal vs. enterprise goodwill analysis
  • Key-person dependency assessment
  • Referral source stability
  • Regulatory and licensing considerations
  • Non-compete agreement impacts

Marital Dissolution Cases

Divorce valuations require careful consideration of:

  • Standard of value (fair market value vs. fair value)
  • Valuation date selection and impact
  • Marketability and minority discounts
  • Active vs. passive spouse contributions
  • Post-divorce operational capacity

Shareholder Disputes

Oppression and dissent cases involve unique considerations:

  • Fair value vs. fair market value standards
  • Discount for lack of control analysis
  • Oppressive conduct impact on value
  • Buyout formula interpretation
  • Minority shareholder rights assessment

Industries & Business Types

Our business valuation experience spans multiple industries and business structures:

Professional Services

  • Medical and dental practices
  • Law firms and solo practices
  • Accounting and consulting firms
  • Engineering and architectural firms
  • Veterinary practices

Healthcare

  • Medical practices and clinics
  • Physical therapy practices
  • Rehabilitation facilities
  • Home healthcare agencies
  • Medical equipment companies

Manufacturing & Distribution

  • Small to mid-size manufacturers
  • Wholesale distributors
  • Food and beverage companies
  • Construction and contracting
  • Transportation and logistics

Service Businesses

  • Insurance agencies
  • Real estate companies
  • Technology and software firms
  • Retail and restaurant operations
  • Personal care services

Attorney FAQ

Q: What financial information do you need to begin a business valuation?

A: We typically need 3-5 years of financial statements (preferably audited or reviewed), tax returns, general ledger detail, accounts receivable and payable aging, fixed asset listings, and any existing buy-sell agreements or prior valuations. For professional practices, we also need patient/client lists, referral source information, and partnership/employment agreements.

Q: How do you determine the appropriate valuation date?

A: The valuation date depends on the purpose and legal requirements. For divorce cases, it may be the filing date, separation date, or trial date depending on jurisdiction. For shareholder disputes, it's often the date of the triggering event. We work with attorneys to determine the most appropriate date based on case facts and applicable law.

Q: Do you apply discounts for lack of marketability or minority interests?

A: Discount application depends on the standard of value and purpose of the valuation. In fair market value contexts, discounts may be appropriate. In fair value situations (such as dissenting shareholder cases), discounts may be limited or prohibited. We analyze each case based on applicable law and valuation standards.

Q: How do you handle personal vs. enterprise goodwill in professional practice valuations?

A: We analyze factors such as the practitioner's personal reputation, referral sources, non-compete agreements, practice systems, and transferability to determine what portion of goodwill is personal (non-transferable) versus enterprise (transferable with the business). This is particularly important in divorce cases where personal goodwill may not be marital property.

Q: Can you provide preliminary value ranges before completing a full valuation?

A: Yes, we can often provide preliminary value ranges within 5-7 business days based on basic financial information. This helps attorneys assess case economics and settlement positions early in the process. Full valuation reports typically require 3-4 weeks depending on complexity and information availability.

Q: Do you provide expert testimony in business valuation matters?

A: Yes, I regularly provide expert witness testimony in state and federal courts throughout New England. My testimony covers valuation methodology, key assumptions, and responds to challenges from opposing experts. I'm experienced in both deposition and trial testimony in business valuation matters.

Practice Area Applications

Our business valuation expertise supports attorneys across multiple practice areas:

Commercial Disputes & Shareholder Litigation

Business valuations for shareholder oppression, partnership disputes, and breach of fiduciary duty cases.

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Family Law & Divorce

Marital asset valuations, professional practice appraisals, and closely-held business valuations for equitable distribution.

Estate Planning & Probate

Estate tax valuations, gift tax planning, and succession planning valuations for family businesses and professional practices.

Business Litigation

Lost business value calculations, breach of contract damages, and business interruption loss quantification.

Ready to Get Started?

Contact us for a consultation about your business valuation needs.

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