Business Valuation Across Texas

Establish a defensible asking price before you go to market, and find out which parts of the business the buyer will actually pay for. We separate recurring earnings from one-time items and show where the value gap sits.

• Normalized earnings and add-back schedule
• Indicated value range by approach
• Value driver and gap analysis
• Support through LOI and negotiation

An independent view of value before capital is committed, including what the target is worth standalone versus what it is worth to you specifically.

• Standalone versus synergy value
• Earnout and contingent consideration modeling
• Working capital peg review
• Downside case and break-even analysis

An independent opinion for boards, trustees, and minority shareholders on whether the consideration in a proposed transaction is fair from a financial point of view.

• Independent of the deal parties and fee outcome
• Documented process and board presentation
• Related-party and conflict transactions

Allocation of purchase consideration to tangible and identifiable intangible assets, with the residual to goodwill, prepared for audit review.

• Customer relationships, trade names, technology, non-competes
• Weighted average return analysis
• Useful life and amortization support
• Auditor-ready workpapers

Recurring or triggered valuations under the standard of value written into your agreement — before a departure, death, or dispute turns it into litigation.

• Interpretation of the agreement's value definition
• Annual refresh valuations
• Control and marketability discount treatment

Quarterly and annual fair value marks on illiquid equity and debt positions for LP reporting and audit.

• Level 3 fair value measurement
• Yield, market, and enterprise waterfall methods
• Consistent quarter-over-quarter methodology

Valuation of a disputed ownership interest in oppression, dissenters' rights, and buyout matters — where the applicable standard of value and the treatment of discounts frequently decide the case.

• Fair value versus fair market value analysis
• Minority and marketability discount positions
• Distribution and compensation history review
• Reconstruction of disputed financial records

But-for modeling that isolates the financial effect of the alleged conduct from ordinary market movement, with mitigation and causation treated explicitly.

• But-for revenue and margin modeling
• Benchmark and yardstick methods
• Mitigation and offset analysis
• Prejudgment interest and present value

Quantification of losses from a terminated agreement, supply failure, or interrupted operations, including claims presented to an insurer.

• Contract-specific damage period
• Fixed versus variable cost treatment
• Extra expense and recovery period costs

Report, deposition, and trial testimony from a credentialed valuation expert, with methodology chosen and documented with admissibility in mind.

• Reports meeting NACVA and USPAP standards
• Direct and cross-examination preparation
• Plain-language explanation of financial concepts

A focused review of the other side's valuation identifying method errors, unsupported inputs, internal inconsistencies, and the effect of each on the conclusion.

• Assumption-by-assumption critique
• Recalculation under corrected inputs
• Deposition question outlines for counsel

Balance sheet, cash flow, and capital adequacy testing as of a specific date, plus reasonably equivalent value analysis for transfers under review.

• Three-part solvency testing
• Reasonably equivalent value opinions
• Retrospective valuation as of the transfer date

A structured read on an industry's economics: structure, margin behavior, cost curve, capital intensity, and where the current cycle sits relative to history.

• Supply and demand fundamentals
• Margin and return-on-capital history
• Entry barriers and competitive structure
• Cited primary and public sources

Bottom-up and top-down sizing of a market or segment, built so the assumptions can be challenged individually rather than accepted as a single growth rate.

• Addressable and serviceable market build
• Unit and pricing decomposition
• Adoption curve and penetration scenarios

How a company actually compares to its peer set on growth, margin, capital efficiency, and customer concentration — the evidence behind a company-specific risk premium.

• Peer selection and screening rationale
• Operating and financial metric comparison
• Positioning and share trend analysis

Sector work across upstream, midstream, power generation, utilities, and the energy transition, drawing on decades of energy-sector experience.

• Commodity price and basis considerations
• Generation economics and PPA analysis
• Regulatory and rate-case environment
• Transition and decarbonization exposure

An explicit assessment of what could invalidate the forecast — new technology, substitution, regulation, or a change in customer behavior — and how much of the value is exposed to it.

• Identification of displacement threats
• Sensitivity of value to each risk
• Timeline and early warning indicators

Custom research scoped to one question, for internal planning, board decisions, capital raising, or supporting an expert opinion.

• Defined question and deliverable format
• Source documentation for every figure
• Briefing session on findings

Valuation of the operating business at the heart of the estate, including cases where one spouse controls the records and reported earnings need to be normalized.

• Normalization of owner compensation and perks
• Review of related-party transactions
• Valuation date selection and its effect
• Marketability and control considerations

Analysis of what portion of an asset is community property under Texas law, including growth on separate property and contributions made during the marriage.

• Inception of title analysis
• Appreciation attribution
• Reimbursement claim support

Separation of the value tied to the individual professional — their skill, reputation, and relationships — from value that would transfer to a buyer.

• Professional practice valuations
• Transferability and non-compete analysis
• Comparison to industry benchmarks

Valuation and characterization of stock options, restricted stock, deferred compensation, carried interest, and other awards that vest across the marriage and after it.

• Option valuation and vesting allocation
• Carried interest and profits interest analysis
• Time-rule allocation formulas

Reconstruction of account and asset history to trace separate funds through commingled accounts, and to quantify reimbursement claims between estates.

• Bank and brokerage account tracing
• Commingling and identification methods
• Schedules ready for exhibit use

Service as a jointly retained or court-appointed neutral, or as the financial professional supporting a collaborative or mediated settlement.

• Single credible number for both sides
• Settlement scenario modeling
• Attendance at mediation sessions

Fair market value opinions for filed returns, prepared to meet qualified appraisal requirements and to withstand review long after the filing date.

• Form 706 and Form 709 support
• Revenue Ruling 59-60 factor analysis
• Date-of-death and alternate valuation dates
• Adequate disclosure documentation

Valuation of non-controlling, non-marketable interests in family limited partnerships and closely held entities, grounded in what the governing documents actually permit a holder to do.

• Partnership and operating agreement review
• Net asset value and income approaches
• Transfer restriction and distribution analysis

Discount analysis supported by published studies and the specific facts of the interest, with the reasoning shown rather than a single cited percentage.

• Restricted stock and pre-IPO study evidence
• Closed-end fund and control premium data
• Entity-specific adjustment reasoning

Valuation support for planned transfers — annual gifting programs, GRATs, sales to defective trusts, and recapitalizations — coordinated with your estate attorney and CPA.

• Pre-transaction planning values
• Coordination with counsel and tax advisors
• Multi-year gifting program support

Qualified appraisals of closely held business interests donated to charitable organizations, including Form 8283 support.

• Qualified appraiser and appraisal standards
• Form 8283 signature and documentation
• Contemporaneous valuation timing

Values used to divide a family business fairly among heirs — active and inactive alike — and to size the insurance or note funding behind a buy-sell agreement.

• Equalization scenario analysis
• Insurance funding adequacy review
• Successor and non-successor heir treatment

Independent fair market value of common stock for option and equity grants at private companies, prepared to support the safe-harbor presumption under Section 409A of the Internal Revenue Code.

• Option pricing and probability-weighted allocation methods
• Refresh after financing rounds or material events
• Support for ASC 718 compensation expense
• Common versus preferred rights analysis

Value of a brand or trademark apart from the business, for licensing, sale, intercompany transfer pricing, financing, or impairment testing.

• Relief-from-royalty and excess earnings methods
• Royalty rate benchmarking
• Brand strength and remaining useful life
• Impairment testing under ASC 350

Initial transaction and annual valuations for employee stock ownership plans, prepared for the independent trustee and consistent with ERISA and Department of Labor expectations.

• Adequate consideration opinions for the initial transaction
• Annual update valuations for participant statements
• Repurchase obligation considerations
• Coordination with trustee, counsel, and plan administrator

Value of patents, technology, and other intellectual property for sale, licensing, contribution to a venture, financing, or infringement damages.

• Income, market, and cost approaches to IP
• Reasonable royalty analysis for infringement matters
• Remaining economic life and obsolescence
• Single-patent and portfolio assignments

Valuation of companies in financial difficulty for restructuring, bankruptcy, lender negotiations, and creditor decisions, where going-concern value cannot be assumed.

• Going-concern versus liquidation value
• Plan of reorganization and recovery analysis
• Solvency and debt capacity testing
• Support for lenders, creditors, and debtors