What’s the Deal With Deals?
Mid-year update highlights the most relevant trends shaping M&A, Private Equity, and Private Credit
VRC Appoints Carla Nunes to Lead its Capital Markets Research
Carla Nunes will focus on advancing the firm’s market data and research capabilities, supporting clients across portfolio valuation and transaction-related valuation matters.
Carla S. Nunes
Carla S. Nunes has more than 25 years of experience in valuation, financial reporting, and tax, with deep expertise in cost of capital, market data,…
Charitable Gift Valuations Before Business Sale
Qualified, purpose‑specific valuations are essential to substantiating charitable deductions and withstanding IRS scrutiny.
Evolving Earnouts: Shorter Horizons, Higher Hurdles, and Rising Complexity
As dealmakers balance renewed optimism with lingering risk, earnouts remain a critical tool for bridging valuation gaps and aligning buyer–seller incentives.
Nilufer Usta
Nilufer Usta has more than two decades of experience providing valuation and financial advisory support to privately held and publicly traded companies. She has extensive…
Luke McCann
Mr. McCann has extensive experience preparing valuations for a variety of purposes, including financial reporting, tax compliance, mergers and acquisitions, ESOPs, and litigation matters. He…
Adam Smith
Mr. Smith has over 25 years of experience in the valuation industry. He has conducted valuations of businesses, intangible assets, derivatives, and more, serving a…
The Role of Valuation in Carve-outs in the Current Market
Carve-outs have become a prominent feature of the deal landscape, with $23.72 billion in private equity carve-outs across 145 deals in the first half of 2024, presenting unique valuation challenges for both buyers and sellers.
The Impact of Tariffs on Tax Valuation
The recent imposition of tariffs on U.S. imports has sent shockwaves through the global economy, with far-reaching implications for international trade, supply chains, and tax valuation.
Tariffs and Tax Policy: Impacts on the Deal Environment
As trade tensions escalate and tariffs take hold, the U.S. deal market is starting to feel the pinch.
M&A Insights: Philadelphia Edition
In our new focused M&A Insight update, we see that the Philadelphia region’s M&A market continues to evolve with a flurry of strategic transactions completed during the third quarter of 2024.
M&A Advisor Alerts Feature VRC: Key Trends, Strategies in Dealmaking
Deal market activity in 2024 is expected to normalize as market participants adapt to recent conditions gradually.
Gottfried, Sapnas Share New Insights on Tax Valuation Considerations in M&A Transactions
Article provides a close look at purchase price allocations, Section 382 limitation calculations, tax receivable agreements, and more.
Multiples and Deal Dynamics: A Mid-Year 2024 Market and Valuation Overview
Amidst economic uncertainty and shifting market dynamics, understanding multiples and deal strategies is crucial for navigating the ever-evolving deal landscape.
Intangible Asset Valuation for Tax Purposes
Dive into the complexities of valuing intangible assets for tax purposes and unravel the differences between Fair Market Value and Arm’s-Length Standards.
The Practice and Potential Pitfalls of Using Non-Competes to Reduce Tax Exposures Associated with Golden Parachutes
The value of a non-compete may help lower the tax bill, but it needs to be appropriately valued to avoid potential scrutiny by tax authorities.
Donald Jacobs
Mr. Jacobs has over 40 years of experience in performing business valuations across all industry segments. For more than 25 years, he has specialized in…
Molly Shepard
Ms. Shepard specializes in valuations of businesses and intangible assets for a variety of purposes, including fair value measurement, allocation of purchase price, impairment testing,…
Estate Planning Valuation Considerations for Privately Held Businesses Preparing for Sale
Business owners preparing for a sale but still needing to execute their estate plan may see beneficial opportunities in using a common estate planning tool.
Tax and Financial Reporting Differences in an Allocation of Purchase Price
One of the key differences in valuations for tax vs. financial reporting lies in the definition of value.
Eugene Wu
Mr. Wu specializes in the valuation of business enterprise, intangible assets and liabilities for M&A, financial and tax reporting, and other strategic matters. He has…
Presiyan Lazarov
Mr. Lazarov has over 15 years of experience in valuation advisory spanning from pre-revenue start-ups to late-stage, middle market companies for a variety of purposes…
FASB Implements Improvements to Deferred Revenue Accounting in Acquisitions
New FASB guidance allows companies to apply the revenue recognition standard (ASC 606).
Tom Gottfried
Mr. Gottfried specializes in business enterprise, credit/debt instruments, equity, intangible asset and portfolio valuations. He has over 15 years of experience in planning, facilitating and…
Bryson Miller
Bryson Miller leads VRC’s Dallas office. He has provided numerous business, intangible asset, and equity valuations for a variety of purposes, including fair value measurements…
What Is a Global Brand Worth?
Before making a purchase, acquirers should make sure a plan is in place to maximize the value of the acquired brand.
Rollover Equity for Private Equity Deals
Valuation considerations for rollover equity in PE platform acquisitions.
Top 10 Drivers to Enhance Company Value
Now is an ideal time for private company owners to focus on factors that will improve their business value in the event of an opportunity to sell.
Cross-Border Tax Planning and Asset Transfers
How have in-house tax executives transitioned valuation considerations to mission-critical?
Rollover Equity: Don’t Just Take It At Face Value
Several factors, including the rights and preferences of the rollover equity compared to the private equity sponsor’s shares and the sources of deal financing, have important implications for valuation.
How to Win Your Fantasy Football League? Use Valuation Methodologies!
Want to crush your fantasy football championship? Take a page out of a valuation professional’s playbook.
Understanding Tax Amortization Benefit Considerations and the International Impact
Tax amortization benefit rules differ between countries, and they can also change over time.
The Evolution of the Distributor Method
Originally considered a unique approach to determining the fair value of customer-related assets, the method has become mainstream methodology and evolved into a foundational analytical tool.
Contingent Consideration: Practical Pointers for Earnouts in Business Combinations
Contingent consideration can salvage a business combination when buyer and seller can’t agree on value, which is especially true in a frothy deal environment with high valuations and overpayment concerns.
Personal Goodwill: Valuation, Documentation, and Tax Considerations
Allocating a portion of proceeds from the sale of assets of a private company to the personal goodwill of a major shareholder can result in significant tax benefits to buyer and seller.
Oil & Gas
VRC provided a required valuation of tangible and intangible assets for a Master Limited Partnership (MLP) client in support of a purchase price allocation. There were no detailed fixed asset records; VRC needed to overcome significant data limitations.
Financial Sponsor: Hedge Fund
A hedge fund client held convertible note in a company that restructured outstanding debt. As part of restructure, the note was exchanged for two separate Term Loans.
Kevin Hagemeier
Mr. Hagemeier has significant experience with public and private corporate needs including transactional consulting. He specializes in valuation engagements including intangible assets for business combinations,…
Introduction to a Refined Approach to Inventory Valuation
With limited authoritative guidance around inventory valuation best practices in business combinations, these modifications may improve the valuation process.
Energy
We were retained by an energy production company whose subsidiary acquired distressed energy assets from an energy & production company. In selecting a valuation methodology, we needed to consider the significant divergence in the enterprise value of the business versus the un-discounted value of the assets given the dramatic drop in commodity prices at the time.
Mercedes Falcon
Ms. Falcon has extensive experience in business valuation for financial and tax purposes, project management and corporate finance. Prior to joining Valuation Research, Ms. Falcon…
The Only Legal Requirement for Fairness Opinions
California Corporations Code Section 1203 requires an affirmative fairness opinion to provide target shareholders with greater protection in takeover transactions.
Adriana De La Mora
Ms. De La Mora has extensive experience preparing valuations for financial reporting, tax, M&A, and strategic planning purposes utilizing discounted cash flow, guideline company, and…
What Directors Consider During Takeover Talks
What issues must board members contemplate when facing a competitor’s takeover offer?
Keys to Avoiding Failed M&A Deals
50 percent of M&A deals fail. How can a board avoid deal failure before an acquisition?
Consumer Products
A brand valuation that estimated the fair value of intangible assets acquired in a business combination was needed by a personal care product company for the sale of its branded and private label products.
Financial Sponsor: Private Equity
A technology company was purchased by large private equity investor. With the purchase price set, the new entity was capitalized with debt and three different types of equity securities.
Steven Schuetz
With over 30 years of experience in valuation, corporate finance and mergers and acquisitions, Steve Schuetz is a Senior Advisor to the firm. Mr. Schuetz…
Charles Sapnas
Mr. Sapnas is a practice leader specializing in the valuation of domestic and international businesses, intangible assets and liabilities for financial reporting and tax compliance…
Anthony Pumphrey
Mr. Pumphrey has nearly two decades of experience in valuation engagements for public and private companies in support of business combinations (ASC 805), impairment testing…
Doug Peterson
Doug Peterson specializes in the valuation of business enterprises related to mergers and acquisitions, reorganizations, shareholder transactions, tax planning and compliance, and financial reporting. He…
Parag Patel
Mr. Patel supports the alternative investment community with quality valuations of illiquid and hard-to-value assets for BDCs, banks, credit funds, hedge funds and venture capital…
PJ Patel
Mr. Patel is co-CEO and senior managing director and is a member of our board of directors. Mr. Patel specializes in the valuation of businesses,…
Wes Nichols
Mr. Nichols specializes in the valuation of machinery and equipment for domestic and international clients. For over 15 years, he has prepared valuations for allocation…
Chris Mellen
Mr. Mellen has over 30 years of experience across a wide range of industries providing valuation services in support of tax planning and compliance, strategic…
Francis Mainville
Mr. Mainville specializes in the valuation of complex securities such as options, warrants, preferred and common stock in privately-held companies, management incentive plans (including those…
Vincent Flaherty
Mr. Flaherty specializes in valuations for financial reporting, incentive compensation, mergers & acquisitions, and tax restructuring/planning purposes. Mr. Flaherty has experience as a valuation advisor…
John Bintz
John Bintz started in the financial services industry in Chicago in 1987. He has specific financial service experience related to public finance, private equity, investment…
Mergers & Acquisitions
ASC 805 & ASC 350 make it critical for buyers & sellers to consider how a transaction impacts financial reporting
Goodwill Hunting: Elimination of Step 2 & the Implications for Public Companies
The FASB has sought to simplify the accounting for goodwill impairment for several years.
Pharmaceuticals
In order to comply with Accounting Standards Codification 815 (ASC 815), an early stage pharmaceutical company asked VRC to analyze the entire convertible callable note and determine the fair market value of each of the embedded derivatives.
FASB Issues Accounting Standards Update Clarifying the Definition of a Business
Within the ASU guidelines, there are two main thresholds to determine if an entity is a business.
Preparing for FASB Changes to Revenue Recognition and Lease Accounting
FASB guidance addresses inconsistency and weakness in existing revenue recognition and lease accounting requirements.
Financial Sponsor: Hedge Fund
A shareholder of a closely-held hedge fund was not receiving the appropriate level of compensation per agreement with the controlling interest shareholder.
Pre-Acquisition Valuation: Intangible Assets and Contingent Consideration
In several instances, the knowledge gained from valuation support in the due diligence phase results in modifications or cancellations of transactions.
Brands: Food & Beverage
A leading manufacturer of branded food products engaged VRC to estimate the fair value of certain intangible assets acquired in a business combination.
Consumer Products
A large multinational consumer products company acquired a South American company operating in the same space. VRC was engaged to estimate the value of the PP&E and intangible assets for financial reporting purposes.
Challenges in Valuing Contingent Consideration
ASC 805 provides guidance for whether it is contingent consideration or compensation.
PCAOB Comments Increase Auditor Scrutiny of Fair Value Measurements
Auditors have increased scrutiny around management forecasts which provide the foundation for valuation methods based on an income approach.
Valuation Plays Key Role in Section 338 Elections
Sec. 338 elections take two forms: the Sec. 338 (g) election, used for foreign acquisitions, and the Sec. 338(h)(10) election, used in domestic cases.
Pre-Acquisition Valuation Key Step in Due Diligence Process
Identifying and valuing intangible assets in advance of a purchase has become a valuable step in the due diligence process.