Knowing the value of your business is an
essential part of doing business. A business valuation can
be an integral part of estate and gift planning, tax liability,
purchase or sale of a business, buy sell agreements, succession
planning, and divorce proceedings, as well as shareholder
disputes. Many factors are taken into consideration when a
professional valuator determines the value of your business.
Our valuations are conducted through Value
Defined, LLC. Garth Tebay, CPA, CVA, CM&AA, Managing Partner,
directs the business valuation services. Mr. Tebay is a Certified Valuation Analysts (CVA) by the National
Association of Certified Valuation Analysts (NACVA).
Our staff has performed hundreds of valuations
since 1980. Mr. Tebay has also been qualified in various municipal
and federal courts as an expert witness and has given testimony
in divorce cases, personal injury cases, lost profits, economic
damages and shareholder disputes. Mr. Tebay has been called upon to consult in various valuation
matters. Mr. Tebay has also served as an arbitrator for the
American Arbitration Association.
Our valuation staff is very active in NACVA.
Since 2001, Mr. Tebay has been an instructor for the NACVA
and has taught the Fundamentals Techniques & Theory (FT&T)
course as well as the Case course for NACVA’s certification
program, has presented the program for the Internal Revenue
Service, the Small Business Administration (SBIC Division),
and The Korean Valuation Association. He is currently the
Team Leader for FT&T and Case. In addition, Mr. Tebay
has written portions of the curriculum and presented numerous
speeches on the topic of business valuations. Mr. Tebay also
serves as a member of the Standards Committee, Course Review
Committee, Mentor Support Group, and the Speakers Bureau at
NACVA, and has co-authored a valuation book that will be published
in April 2005.
Having completed hundreds of valuations,
our firm offers years of training and experience in the preparation
of business valuations. We believe that a business valuation
should not only be technically sound, but also economically
A CVA a Valued Professional?
our Valuation Concepts Newsletters
Transactions involving changes in a corporation's
control can oftentimes create the need to obtain an expertly
derived, critically thorough and unbiased Fairness Opinion.
A soundly crafted Fairness Opinion should:
- Focus on the interests of shareholders – without
- Analyzes all transactional terms and conditions
- Provides structural transaction alternatives
- Assesses all relevant business interests
For both corporate managers and investors
the benefits of obtaining an expertly derived Value Defined
Fairness Opinion are many:
- It can prevent a bad transaction from being consummated.
- It can force the pricing of a transaction to be renegotiated.
- It can identify the key value drivers of the transaction.
- It can uncover potential hindrances to successful results.
- It can eliminate or highly reduce the potential for future
In short, taking this step can be critical
to all concerned parties. Obtaining a Fairness Opinion is
particularly advisable – many would say necessary –
for the following applications:
- Bond Issuance
- Corporate Restructuring
- Director Disagreements
- Going Private
- Minority Shareholder Concerns
- Multiple Price Offerings
- Stock Transactions
Value Defined has proven invaluable to hundreds
of investors and owners who are, in many cases, making life-altering
transactional decisions regarding their personal and professional
financial futures. This is not to be taken lightly and we
know it. There's too much on the line.
That's why we highly recommend making the
investment in a professionally executed – stringently
independent and conflict-free – Fairness Opinion.
Our team of specialists is particularly
cognizant of the depth of research and documentation required
to validate every aspect of a Fairness Opinion. Our roster
of Certified Valuation Analysts (CVAs) and Certified Mergers
and Acquisitions Analysts (CM&AAs) have achieved their
status through intensive training and academic preparedness.
We are also part of a nationwide affiliate network of CVA
and CM&AA professionals with whom we can confidentially
tap a wealth of transactional experience and proven analytical