(Text for those without flash or javascript) Fulcrum's professionals are experienced CPAs, MBAs, ASAs, CFAs, affiliated professors and industry specialists Our expertise encompasses damages analysis, lost profit studies, business and intangible asset valuations, appraisals, fraud investigations, statistics, forensic economic analysis, royalty audits, strategic and market assessments, computer forensics, electronic discovery and analysis of computer data.

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Fulcrum Library

Valuations and Appraisals

Library Sections:

Industry Valuation Guides

Retail Clothing Stores

Dry Cleaners

Coin Laundry (Laundromat)

Dental Practices

Gas and Convenience Store

Wholesale Distribution Companies

A Primer For Valuing Options

We provide an easy-to-understand explanation of the lingo and valuation techniques.

The 12 Days Of Christmas: A Lesson In How A Complex Appraisal Can Go Astray

We dissect a price index for the popular carol. Plenty of avoidable mistakes were made.

IRS criticizes every marketability valuation approach, but does not explain what should be done instead

Marketability discounts are important in many estate plans and related transfers.

Nortel bankruptcy patent auction is biggest technology patent sale ever

We review the technology and the purchase motivations. Expect additional patent infringement lawsuits.

Fixed fees benefit everyone if well planned

We explain how to control expert and consultant fees.

Estate & gift tax set for the next two years

We provide planning suggestions for the new law

Real Estate Tax Assessment Appeals Process

Because of significantly lower real estate values, you may be entitled to real property tax relief. We describe the process and requirements.

Goodwill Impairment Tests Are Important In The Current Economic Environment

Even without the recession and changing valuation landscape, previously acceptable goodwill appraisals might not pass the new fair value rules.

New M&A Accounting Contains Important Changes

We describe the new rules and how they will affect lawyers. Increased valuation assistance will be required to address these new complications.

Additional Fairness Opinion Disclosure Now Required In Proxy Statements

The SEC indicated its intention to approve a long-standing proposal to disclose rampant conflicts of interest that exist with fairness opinions. We describe the problem, the new rule, and best practices that should be followed by Boards of Directors..

California’s Postmortem Publicity Rights Are In Flux

Two recent cases potentially change the rights of some of the well-know licensing icons. In addition to describing the changes and related proposed California legislation, we provide a primer regarding publicity rights, privacy rights, and how to value each of these.

Analysis Of Technology Spending Underscores Key Appraisal Concepts

A recent study looked at how companies spend their R&D. The findings conflict with some incorrect conventional ideas. Spending more does not ensure success, unless backed by an end-to-end process of focused selection and exploitation. In a dismal forecast regarding America’s dominance of highly educated research positions, the study also indicates that a majority of future research positions are going overseas to lower cost regions like China and India.

Valuation Case Instructs Controversial Valuation Topics, And The Proper Use Of Expert Witnesses

A recent Delaware Chancellery Court case addresses important valuation issues. On a more general note, the case also provides guidance regarding the proper care and feeding of expert witnesses, and what can go wrong if this guidance is ignored.

Steps in Valuing Intellectual Property

Intellectual property (including patents, trademarks, copyrights, trade secrets, software, entertainment assets, customer lists, in-process research, etc.) is a large portion of the value of most business enterprises. When entering into any transaction involving intellectual property, you need to properly value these assets. This is easier said than done.

Charitable Contributions of Property Become More Restricted

Effective January 1, 2007 (for calendar year taxpayers), receipts are required for every contribution, regardless of the amount. Deductions for contributions of used clothing, household items or other property are also tightened.

Fair Value Accounting Gets Additional Guidance

The Financial Accounting Standards Board (FASB) issued Statement 157 entitled "Fair Value Measurements" on September 15, 2006. The statement defines fair value, establishes a framework for measuring fair value in generally accepted account principles (GAAP)

New Advice for Special Committees and their Financial Advisors

The Delaware Chancery Court issued an opinion (Tele-Communications, Inc. Shareholders Litigation, C.A. No. 16470, December 21, 2005) that questions a number of widely-established procedures used when addressing the fairness of merger transactions.

Avoid Conflicts of Interest When Selecting a Fairness Opinion Expert

The hottest topic in fairness opinions today is independence. By default, most companies hire the deal's investment banker to provide the fairness opinion regarding the transaction. However, in late 2004, the National Association of Securities Dealers (NASD) began an inquiry into this common practice.

Buyer Beware - The Alphabet Soup of Appraisal Credentials

Appraisal disciplines have a confusing array of credentials.

Goodwill Valuations – The Good, The Bad and The Ugly

Based on current market conditions and the huge write-offs that have already been reported by public companies, the possibility of a material goodwill write-down at your client or company is very real.

IRS Issues Guidance on Appraisal Standards

The Internal Revenue Service (IRS) released Notice 2006-96, which provides guidance regarding the meaning of “qualified appraiser” and “qualified appraisal” contained in Internal Revenue Code (IRC) Section 170(f)(11). This portion of the IRC requires that a taxpayer substantiate the value of non-cash charitable contributions by obtaining an appraisal of the donated property.