Morrison Valuation & Forensic Services, LLC
 
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About the Firm

 

Our accredited valuation and forensics professionals conduct business valuations used in financial reporting, estate and gift tax planning and return preparation, sale or purchase negotiations, and litigation. Our courtroom-tested professionals investigate and provide consulting and testifying expert-opinions on issues related to economic damages, financial fraud, money and asset tracing, fraudulent conveyances, alter ego, and business valuation.

Valuation

Business Valuation Services

 

What is my interest in this business worth?

The interest you hold in your privately held company may be your most valuable asset. Determining the value of that business or interest is critical for both tax and business reasons. But determining value is not always easy because there is rarely an established market for closely held business interests. An independent, professionally prepared business valuation is essential.

 

Business valuations serve many needs

We perform independent valuations for many purposes:

 

Business acquisition, sale or merger

Valuation consulting to help the buyer or seller understand value, set price, and understand potential synergistic opportunities. In selling situations, a valuation may help set realistic price expectations. The process often reveals opportunities to enhance value and maximize price. A valuation may protect a buyer from paying more than the business is worth. Consultation with an experienced business valuation practioner may minimize these risks.

 

Litigation support

Proven credibility in arbitration, state courts, and federal courts. Attorneys rely on the opinions and expert testimony of our business valuation professionals to help substantiate or defend against claims of lost business value or lost profits. Our senior professionals have the added credibility of serving as international instructors for and elected and appointed leaders in nationally and internationally recognized business valuation professional organizations.

 

Estate and gift taxes

Credible valuation conclusions are reported in a manner to meet the safe haven and adequate disclosure requirements of the IRS. A properly prepared valuation can help avoid: 1) an IRS challenge that could overturn an estate plan, 2) exposing the estate to undervaluation penalties and 3) disputes among heirs.

 

Financial reporting

Deep experience in valuations for ASC 805 (purchase price allocation), ASC 350 (goodwill impairment testing), and ASC 718/IRC 409A (equity compensation) purposes as appraiser and as valuation subject matter expert reviewer for the fifth largest public accounting firm in the world. We understand the valuation and accounting issues related to fair value.

 

Qualified business valuation professionals

Our business valuation consultants use a comprehensive approach to valuing business interests. We perform an in-depth analysis using relevant market data and apply state-of-the-art valuation techniques to ensure a credible and defensible business valuation conclusion. In addition, we monitor statutory authority, administrative rulings and judicial precedent to ensure the valuation complies with legal and professional standards.

Our consultants are recognized leaders in the profession and serve as course developers and instructors for business valuation education and are elected by peers to leadership roles of internationally-recognized business valuation associations and organizations.

 

Levels of service provided

The firm's certified business valuation consultants can provide the level of service you require, ranging from informal calculations to a comprehensive appraisal of a closely held business interest. Our experts will help you determine which of the valuation services you will need.

 

Appraisal

An appraisal is the act or process of determining the value of a business, business ownership interest, security or intangible asset. The objective of an appraisal is to express an unambiguous opinion as to the value of a business, business ownership interest, or security, and for which the opinion is supported by all procedures that the appraiser deems to be relevant to the valuation.

 

Limited appraisal

The objective of a limited appraisal is to express an estimate as to the value of a business, business ownership interest, or security. The development of this estimate excludes some additional procedures that are required in an appraisal and in order to offer an opinion.

 

Calculations

The objective of calculations is to provide an approximate indication of value based upon the performance of limited procedures agreed upon by the appraiser and the client.

Forensic

Forensic Accounting & Litigation Support

 

How do I assimilate volumes of records and data into a credible, simplified presentation?

A credible economic case requires the assimilation and understanding of volumes of data and records with conclusions presented in a simplified and understandable format. Judges and juries tend to lack training in or knowledge of accounting, financial, or economic matters and place more weight on a credible and understandable presentation of financial evidence. This cannot be taught but is learned through experience providing testimony in various matters and jurisdictions.

 

Our approach

We help our clients and their counsel navigate all three phases of forensic and litigation matters: discovery, analysis and testimony. We help prepare direct, high-gain discovery requests. We know what to look for and how to look for it based on specialized training and years of experience conducting forensic accounting investigations as consulting experts and as court-appointed neutrals. We are comfortable dealing with incomplete information. As testifying experts, we are skilled at presenting complex facts and analyses and credible opinions supported by the evidence to judges and juries in a clear and comprehensible manner.  While we may be independent experts, we are advocates of our opinions.

 

Our qualifications

Our forensic consultants have years of experience conducting forensic investigations for civil and criminal matters and have qualified in state and federal courts as experts in business valuation, forensic accounting, financial analysis, and economic damages. We have been appointed by the courts to serve as a neutral Independent Accountant, Special Master, Trustee, Examiner, and Receiver. Our Managing Partner served as the practice leader for the Florida Forensic and Litigation practices of three of the five largest international public accounting firms.

 

Our services:

 

Business damages

• Breach of contract
• Intellectual property infringement
• Insured losses
• Business interruption
• Dissenter's rights/shareholder squeeze-outs
• Partnership dissolution
• Bankruptcy
• Fraud
• Professional liability

 

Business valuations

• Entire entity or specific ownership interest
• Division, product, or intangible asset
• M&A, tax, contract, dispute

 

Post-transactional disputes

• Purchase price adjustments
• Breach of representations (reps) and warranties

 

Insurance claims adjudication services

• Insurance, fidelity and surety bond claims
• Insurance coverage disputes and resolutions

 

Insolvency advisory

• Valuation services
• Advisors to creditors, debtors, committees, and trustees
• Fraudulent and preferential transfer analysis

 

Court-appointed neutral

• Receiver
• Trustee
• Examiner
• Special Master

 

Fraud investigations and forensic accounting

• Employee embezzlement
• Management, vendor and customer fraud
• Financial statement fraud
• Cash tracing
• Reconstruction of records

Team

Robert B. Morrison, ASABob Morrison

Bob Morrison is the Managing Partner of Morrison Valuation & Forensic Services, LLC. He has over 10 years of experience in private industry corporate accounting and finance and over 20 years of experience providing valuation, forensic and litigation consulting services.

Bob holds the American Society of Appraisers' (ASA) Accredited Senior Appraiser designation for Business Valuation.  He also holds the ASA's Business Valuation Intangible Asset appraisal specialty. He is elected as Chairman of the ASA's Business Valuation Committee and is a national instructor and course developer for the ASA. He has taught business valuation classes around the country and the world, including being invited to teach on-site for the "Big 4".

To obtain the Accredited Senior Appraiser status, Bob was required to pass an ethics exam, attend a 16 hour course on the U.S. government recognized Uniform Standards for Professional Appraisal Practice, provide evidence of at least 10,000 hours of actual business valuation experience, complete 108 hours of classroom instruction, pass four three-hour exams on the content taught in those courses, and submit two actual business valuation reports for review by the ASA's Board of Examiners.  He is further required to complete 100 hours of continuing professional education every five years in order to maintain his accreditation.

To obtain the Intangible Asset appraisal specialty, Bob was required to complete another 54 hours of classroom instruction, pass two more three-hour exams, provide evidence of significant involvement in at least ten intangible assets valuation assignments, and submit an actual intangible asset valuation report for review by the ASA's Board of Examiners.

In addition to his leadership role in the ASA, Bob is also appointed to the Board of Directors of the International Institute of Business Valuers (IIBV).  The IIBV delivers business valuation education around the globe.  Bob is appointed Vice -Chair of the IIBV board, serves as the chair of the IIBV Education Committee, and is an instructor for the IIBV.

Bob previously served as Steering Committee member, Vice Chairman, and Chairman of the Valuation, Forensic Accounting, and Litigation Services Section of the Florida Institute of Certified Public Accountants and remains an advisor to that group. He also previously served as an adjunct professor in finance at the University of Central Florida.

Bob has provided expert testimony regarding financial and accounting matters in federal and state courts and in arbitration proceedings. He has served as the court appointed Special Master, Arbitrator, and Receiver; and in bankruptcy court as the court appointed Examiner, Chapter 11 Trustee, and specially appointed Chapter 7 Trustee.

Prior to founding MorrisonVFS, Bob was a senior member and practice leader of three international public accounting consulting practices in the areas of financial analysis, forensic accounting, litigation support, business valuation and business damage evaluations. In addition to his client service and practice administration responsibilities, he also served as a national instructor for internal technical training classes.  Immediately prior to founding MorrisonVFS, Bob was southeast Valuation Partner for the fifth largest international public accounting and consulting firm.

 
 

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