Buy-Sell Agreements: Valuation Handbook for Attorneys is a one-of-a-kind resource for attorneys representing business owners.
Well-prepared buy-sell agreements establish a valuation process to set the price at which a transaction will occur when trigger events happen. Many, if not most, buy-sell agreements in existence today have dated language pertaining to the description of their appraisal processes and the definitions of the price to be set by these processes.
The book, penned by an experienced business appraiser and veteran of many buy-sell agreement disputes, scrutinizes common issues in current agreements and suggests improvements.
The book also provides seven elements that should be clearly defined in every agreement, including:
- Standard of value (like fair market value)
- Level of value (like financial control)
- Going concern requirement
- “As-of” date
- Qualifications of appraisers
- Appraisal standards to be followed
- Consideration of life insurance proceeds
The importance of this last element has been heightened by the U.S. Supreme Court decision in Connelly, which affects buy-sell agreements involving life insurance, as discussed in the book’s appendix.
Importantly, the book provides example language for consideration by attorneys when drafting buy-sell agreements that contains language important to the valuation process.
Attorneys will find that Buy-Sell Agreements: Valuation Handbook for Attorneys will be an invaluable resource for reviewing existing agreements or drafting new ones.
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Z. Christopher (“Chris”) Mercer is a nationally known business valuation expert, writer, and speaker. He has a deep interest in the ongoing valuation needs of privately held and public companies and has numerous recurring client relationships with durations of more than 20 years.Chris founded Mercer Capital in 1982. Mercer Capital is one of the largest independent business valuation and financial advisory firms in the nation. Mercer Capital is now employee-owned and has a buy-sell agreement with pricing based on a single appraiser process. The firm has had an annual independent appraisal every year since 2006.As a professional business valuator, an acknowledged expert in his field, and an expert witness, Chris has occupied a front-row seat in courtrooms and boardrooms in buy-sell agreement disputes, and this unique perspective informs his understanding of buy-sell agreements and how they work from business and valuation perspectives.
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