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Accountants are frequently called upon to provide a valuation for a client’s business. One reason would be for inclusion in a personal financial statement for a bank loan application. Some other reasons for valuations include providing a guide when working on a personal financial plan or an estate or succession plan, providing some ownership as compensation to a key employee, establishing a benchmark to determine value growth, or providing information in a general discussion about what the business is worth. These would not be for a specific purpose or current intention of changing ownership but as a general guide.
Preparing a valuation is a serious undertaking. Shortcutting some steps could be harmful to the owner and should only be done by a qualified business appraiser. Further, there are many situations when having the wrong or an uninformed amount could be harmful to the client. This program should not be a substitute for the careful and thorough appraisal necessary under those circumstances. However, there are times when a ballpark range or estimate is helpful to the client. This presentation will be your guide on how to perform a quick “down-and-dirty,” on-the-fly valuation and will outline the situations where that approach can be useful.
Learning Objectives:
- Determine when giving a ballpark range/estimate for a client is appropriate
- Identify why a client would need a valuation
- Practice preparing a valuation for a client
Edward Mendlowitz, CPA
WithumSmith+Brown, PC
Partner
[email protected]
(732) 828-1614 x5616
Ed is a partner in Withum’s East Brunswick, NJ, office and has over 40 years of public accounting experience. He is a licensed, certified public accountant in New Jersey and New York. He is accredited by the American Institute of Certified Public Accountants (AICPA) in business valuation and as a personal financial specialist (PFS). Ed is also admitted to practice before the United States Tax Court and has testified as an expert witness in federal and state court regarding business valuations.
A graduate of City College of New York, Ed earned his bachelor of business administration degree. He is a member of the AICPA, the New Jersey Society of Certified Public Accountants (NJSCPA), and the New York State Society of Certified Public Accountants (NYSSCPA). Ed was a founding partner of Mendlowitz Weitsen, LLP, CPAs, which joined Withum in 2005. Currently, he serves on the NYSSCPA Estate Planning Committee and was chairman of the committee that planned the NYSSCPA’s 100th Anniversary. The author of 16 books, Ed has also written hundreds of articles for business and professional journals and newsletters. He is the contributing editor to the Practitioners Publishing Company’s 1998/1999 706/709 Deskbook and the AICPA 2004 edition of The Management of an Accounting Practice Handbook. He is on the editorial board of Bottom Line/Personal and Tax Hotline financial newsletters. Appearing regularly on television news programs, Ed has also been quoted in numerous major newspapers and periodicals in the United States. He is the Lawler Award recipient for the best article published in 2001 in the Journal of Accountancy.
Ed is a frequent speaker to many professional and business groups, including the AICPA, NJSCPA, NYSSCPA, American Management Association, the National Committee for Monetary Reform, University of Medicine and Dentistry in NJ, and many more. For 11 years, he taught financial analysis courses, corporate financial policy and theory, monetary and fiscal policy, and managerial accounting in the MBA program at Fairleigh Dickinson University.
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