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MERCER CAPITAL
Mercer Capital's RIA Valuation Insights blog is a weekly update on issues important to the Investment Management industry. On May 7, 2020, Neiman Marcus, an iconic luxury retailer, announced in its bankruptcy filing plans to reorganize under Chapter 11 with the backing of most creditors. RIA VALUATION INSIGHTS The outlook for RIAs depends on a number of factors. Investor demand for a particular manager’s asset class, fee pressure, rising costs, and regulatory overhang can all impact RIA valuations to varying extents. The one commonality, though, is that RIAs are all impacted by the market. The impact of market movements varies by sector, however.APRIL 2021 SAAR
April 2021 SAAR. May 10, 2021 SAAR. SAAR has continued its impressive run in 2021, increasing for the second straight month to 18.5 million . This is a 3.1% increase from March 2021. As we have mentioned in our previous SAAR blog post, comparing spring 2021 SAAR to 2020 does not hold much merit, especially in April which experienced the weakest OIL AND GAS RESERVE VALUES Oil and Gas Reserve Values. This is the first of two posts in which we will investigate the different values placed on oil and gas reserves in a GAAP, Non-GAAP, IFRS, and fair market value context. As an example we will consider Exxon Mobil Corp., the nation’s largest energy company, which is under investigation for its lack of assetwrite
ESPORTS: BUSINESS MODELS THE VALUATION OF ASSET MANAGEMENT FIRMS HOW TO VALUE AN OIL AND GAS REFINERY NORMALIZING ADJUSTMENTS TO THE INCOME STATEMENT Normalizing adjustments adjust the income statement of a private company to show the prospective purchaser the return from normal operations of the business and reveal a “public equivalent” income stream. If such adjustments were not made, something other than a freely traded value indication of value would be developed bycapitalizing the
LANDS’ END AND TRADE NAME IMPAIRMENT Lands’ End and Trade Name Impairment. February 1, 2016. Last week, Lands’ End, Inc. (NASDAQ: LE) announced that it would write down the value of its flagship trade name asset (Lands’ End). Management’s preliminary guidance is for a charge of $90 million to $110 million, which could lower the asset’s value by 20% from $528 million to FAMILY LIMITED PARTNERSHIPS: ARE ASSIGNEE INTERESTS WORTH Since family limited partnerships (or FLPs) became popular in 1994, we have valued hundreds such asset holding entities. Family limited partnerships are useful because one generation, owning a general partnership interest, can control the cash flow from gifted assets.MERCER CAPITAL
Mercer Capital's RIA Valuation Insights blog is a weekly update on issues important to the Investment Management industry. On May 7, 2020, Neiman Marcus, an iconic luxury retailer, announced in its bankruptcy filing plans to reorganize under Chapter 11 with the backing of most creditors. RIA VALUATION INSIGHTS The outlook for RIAs depends on a number of factors. Investor demand for a particular manager’s asset class, fee pressure, rising costs, and regulatory overhang can all impact RIA valuations to varying extents. The one commonality, though, is that RIAs are all impacted by the market. The impact of market movements varies by sector, however.APRIL 2021 SAAR
April 2021 SAAR. May 10, 2021 SAAR. SAAR has continued its impressive run in 2021, increasing for the second straight month to 18.5 million . This is a 3.1% increase from March 2021. As we have mentioned in our previous SAAR blog post, comparing spring 2021 SAAR to 2020 does not hold much merit, especially in April which experienced the weakest OIL AND GAS RESERVE VALUES Oil and Gas Reserve Values. This is the first of two posts in which we will investigate the different values placed on oil and gas reserves in a GAAP, Non-GAAP, IFRS, and fair market value context. As an example we will consider Exxon Mobil Corp., the nation’s largest energy company, which is under investigation for its lack of assetwrite
ESPORTS: BUSINESS MODELS THE VALUATION OF ASSET MANAGEMENT FIRMS HOW TO VALUE AN OIL AND GAS REFINERY NORMALIZING ADJUSTMENTS TO THE INCOME STATEMENT Normalizing adjustments adjust the income statement of a private company to show the prospective purchaser the return from normal operations of the business and reveal a “public equivalent” income stream. If such adjustments were not made, something other than a freely traded value indication of value would be developed bycapitalizing the
LANDS’ END AND TRADE NAME IMPAIRMENT Lands’ End and Trade Name Impairment. February 1, 2016. Last week, Lands’ End, Inc. (NASDAQ: LE) announced that it would write down the value of its flagship trade name asset (Lands’ End). Management’s preliminary guidance is for a charge of $90 million to $110 million, which could lower the asset’s value by 20% from $528 million to FAMILY LIMITED PARTNERSHIPS: ARE ASSIGNEE INTERESTS WORTH Since family limited partnerships (or FLPs) became popular in 1994, we have valued hundreds such asset holding entities. Family limited partnerships are useful because one generation, owning a general partnership interest, can control the cash flow from gifted assets.FAIRNESS OPINIONS
Evaluating a Buyer’s Shares From the Seller’s Perspective. M&A activity in North America (and globally) is rebounding in 2021 after falling to less than $2.0 trillion of deal value in 2020 for just the second time since 2015 according to PitchBook; however, deal activity has accelerated in 2021 and is expected to easily top 2020 assuming no major market disruption due to a confluence of TAX PLANNING FOR AUTO DEALERSHIPS In business valuation, appraisers seek to normalize historical earnings to establish the level of earnings an investor might reasonably expect from an investment in the subject company. SUCCESSION PLANNING FOR INDEPENDENT RIAS Succession planning has been an area of increasing focus in the RIA industry, particularly given what many are calling a looming succession crisis.The demographics suggest that increased attention to succession planning is well warranted: over 60% of RIAs are still led by their founders, and only about a quarter of them have non-foundingshareholders.
AUTOMOBILE DEALERSHIP VALUATION 101 Valuation of a business can be a complex process requiring certified business valuation and/or forensic accounting professionals. Valuations of automobile dealerships are unique even from valuation of manufacturing, service, and retail companies. Automobile dealership valuations involve the understanding of industry terminology, factory financial statements, and hybrid valuation approaches. AN INTRODUCTION TO DIVIDENDS AND DIVIDEND POLICY FOR An Introduction to Dividends and Dividend Policy for Private Companies. Excerpted from Z. Christopher Mercer, FASA, CFA, ABAR,’s newest book, Unlocking Private Company Wealth. It is reprinted here with permission. The issue of dividends and dividend policy is of great significance to owners of closely held and family businesses anddeserves
UNDERSTAND THE DISCOUNT RATE USED IN A BUSINESS VALUATION An equity discount rate range of 12% to 20%, give or take, is likely to be considered reasonable in a business valuation. This is about in line with the long-term anticipated returns quoted to private equity investors, which makes sense, because a business valuation is CRYPTO, MEME STOCKS, NFTS AND YOUR FAMILY BUSINESS Italian artist Salvatore Garau made headlines last week with the reported sale of his invisible sculpture at an auction. It is probably not our place to wade into heady debates surrounding the ontology of art, but the reported winning bid of $18,000 is admittedly hard to evaluate relative to something which, in at least a material sense,does not exist.
HOW TO VALUE AN OIL AND GAS REFINERY The price of refined products. There are four main components to refined product prices: (1) Crude Oil Prices, (2) Wholesale Margins, (3) Retail Distribution Costs, and (4) Taxes. Generally, input prices and wholesale margins drive fluctuations in product prices as the last two are relatively stable. THE FAIR MARKET VALUE OF OIL & GAS RESERVES Oil and gas assets represent the majority of value of an E&P company. The Oil and Gas Financial Journal describes reserves as “a measurable value of a company’s worth and a basic measure of its life span.” Thus, understanding the fair market value of a company’s PDP, PDNP, and PUDs is key to understanding the fair market value of the Company. FAMILY LIMITED PARTNERSHIPS: ARE ASSIGNEE INTERESTS WORTH Since family limited partnerships (or FLPs) became popular in 1994, we have valued hundreds such asset holding entities. Family limited partnerships are useful because one generation, owning a general partnership interest, can control the cash flow from gifted assets.* _⌂_
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Auto Dealer Valuation Insights Mercer Capital's Auto Dealer Valuation Insights blog is a weekly update on issues important to the Auto Dealer industry.Blog
Energy Valuation Insights Mercer Capital's Energy Valuation Insights blog is a weekly update on issues important to the Energy industry.Blog
Family Business Director Mercer Capital's Family Business Director blog provides corporate finance and planning insights to multi-generational family businessesdirectors.
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RIA Valuation Insights Mercer Capital's RIA Valuation Insights blog is a weekly update on issues important to the Investment Management industry.Article
Goodwill Impairment Testing in Uncertain Times Many companies just completed an impairment test as of year-end 2019. But the unprecedented events precipitated by the COVID-19 pandemic now raise questions about whether an interim goodwill impairment test is warranted. In this article, we discuss whether you need an interim impairment test and how an impairment test works. We also identify areas that are likely to draw additional scrutiny from auditors andregulators.
Article- AICPA.org
Coronavirus and the Value of Minority Interests in Private Businesses As the coronavirus pandemic unfolds, valuation analysts face the challenge of completing valuation engagements in real-time against a constantly changing economic backdrop. In this article, we review what valuation analysts can know, can’t know, and don’t need to know when developing valuation conclusions for minority interests in private businesses in 2020.Blog Post
Opportunity Times Two? Estate Planning Opportunities Abound as a Result of Low Valuations and Low Interest Rates While estate planning may appear to be less pressing than other issues during the COVID-19 pandemic, the positive impact of effective planning on the long-term health of both the family and the family business is hard to overstate. If you are confident in the long-term resilience of your family business, you should not miss the current opportunity for tax-efficient estate planning activity.Article
Always Cash Flow and Earning Power This article, reprinted from our Private Equity newsletter, discusses how to value private equity and credit in a developing recession that may be very deep and of an unknown duration.Blog Post
Looking Back to Look Forward We are not economic forecasters, so we are not attempting to make any predictions about the coronavirus or its economic effects. However, in an effort to provide some context for ourselves and our readers, we go back and examine some data from the Great Recession. Article- Family Business Magazine Now is a Great Time to Transfer Stock to Heirs The economic effects of the COVID-19 pandemic are dire, and family businesses are not immune to the economic fallout from the virus. Yet we are confident that family businesses are best positioned to survive and lead in the post-pandemic economic recovery. For family shareholders who are optimistic about the resilience of their family businesses and focused on the long view, this is an ideal time to execute intrafamily transfers in pursuit of estate planningobjectives.
RECENT NEWS
May 26, 2020 Harms Contributes Article for the May/June 2020 Issue of Family Business Magazine Travis Harms, CFA, CPA/ABV, Senior Vice President of Mercer Capital, authored the article “Tips on Interviewing Valuation Firms” in Family Business Magazine’s May/June issue. May 21, 2020 Bryce Erickson to Participate in a Texas Bar AssociationWebcast
April 27, 2020 Lee Contributes to New NCEO Publication for ESOPFiduciaries
April 24, 2020 Mercer Capital Launches Auto Dealer Valuation InsightsBlog
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