ESOP Advocate Now on Senate Finance Committee

January 7, 2013 by Brian Bornino

It is great to see that Senator Rob Portman (R-Ohio) has been appointed to the Senate Finance Committee.  Mr. Portman is widely regarded as a supporter of Employee Stock Ownership Plans (ESOPs) and was an architect of legislation supporting ESOP-owned [...]

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Top 5 Reasons Why EBITDA Multiples Are Dangerous

October 29, 2012 by Brian Bornino

In the world of mergers and acquisitions, it is commonplace to hear business owners and their advisors reference a transaction price or value based on a multiple of EBITDA (i.e., earnings before interest, taxes, depreciation and amortization).  While multiples of [...]

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Valuator Capacity Will Be an Issue for Last Minute Gifts

June 22, 2012 by Brian Bornino

By now, everyone knows that 2012 represents an unprecedented opportunity to transfer substantial wealth through gifting.  GBQ and countless others have written pieces encouraging wealthy taxpayers to consider this strategy. What hasn’t been mentioned often is that to support any [...]

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Start Spreading the News: GBQ is in the Big Apple

February 17, 2012 by Brian Bornino

I am extremely excited about opening new valuation offices in New York and Philadelphia as we begin our journey toward building a market presence on the East Coast.  But I am even more excited about the professionals we found to [...]

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In Case You Didn’t Know…Business Valuation Doesn’t Make Titillating Dinner Conversation

November 15, 2011 by Rebekah Smith

My husband is from a small town, west of Lima.  Like many small towns they have events designed to raise money for the local social and charitable groups (the church, the park, etc.) This weekend we attended an event called [...]

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What is the Right Long-Term Growth Rate?

November 7, 2011 by Brian Bornino

When selecting a long-term growth rate to use in the terminal year of a discounted cash flow method (or for use in a capitalized cash flow method), it is common to hear valuation professionals state that “a company’s growth cannot [...]

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Notes from my first “Step Zero” goodwill impairment test

October 17, 2011 by Brian Bornino

I was consulting with a valuation colleague from another firm who presented me with my first opportunity to review a company-prepared memo in which a company applied the FASB’s new “Step Zero” process to qualitatively determine whether goodwill impairment exists.  [...]

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Thank you Congressman Rokita!

September 7, 2011 by Brian Bornino

I applaud Congressman Todd Rokita (R-IN) for his recent strong support of ESOPs and his opposition to a new proposed regulation that would make ESOP valuators plan fiduciaries.  Mr. Rokita has been vigilant about challenging the DOL’s assertion that there [...]

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Does the Cleveland Indians’ Recent Trade Comply with Sound Valuation Principles?

August 3, 2011 by Brian Bornino

As a life-long Cleveland Indians fan, and I can’t help but wonder if my Tribe used proper “valuation techniques” when making their recent trade to acquire former All-Star pitcher Ubaldo Jimenez in exchange for 5 prospects: Value of what the [...]

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The 49% Myth

July 11, 2011 by Brian Bornino

I recently heard in a seminar that a business owner could maintain control of his family business, yet accomplish effective estate planning, by gifting 49% of his ownership in the family business to his children.  This would allow the business [...]

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