2018 Spring Tennessee Judicial Conference
March 7th, 2018
Robert Vance presented a 1.0 hour CLE session at the 2018 Tennessee Judicial Conference on March 7, 2018 at Montgomery Bell State Park entitled: The Essentials of Business Valuation For Tennessee Judges (Why are the Experts so Far Apart?). Approximately 60 judges and chancellors from across the state of Tennessee were in attendance at Robert's session.
Why Are Opposing Expert Values Different?
1) Normalizing Expense Adjustments
2) Weighting of Economic Income Streams
3) Weighting of Values in the Conclusion
4) Capitalization Rates/Multipliers
5) Discounts for Lack of Control & Marketability
6) Interpretations of the Law
7) Different Approaches/Methods
8) Different Time Periods
9) Information Availability to Each Side
10) Not Considering Actual Arm’s-Length Transactions in the Subject Company Stock
11) Reliance on Bad Market Approach Multiples