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Business Valuation.

Credible conclusions.  Derived from the rigorous application of accepted and state-of-the-art business valuation methods.  Our approach is as much an exercise in qualitative analysis as it is in mathematical calculations.  We endeavor to fully understand the economic drivers of the subject company and how the company responds to competitive, geographical, industry and economic environments.

Forensic Accounting.

Think like a thief.  A requirement for an effective forensic accounting investigation.  Knowing how frauds are perpetrated enhances the ability to detect and document a fraud that has occurred.  Our team of accounting specialists and Certified Fraud Examiners has the requisite level of skepticism and experience wading through and organizing a mountain of data and records in order to uncover credible evidence.

Expert Testimony.

Reasonable, supported opinions. Presented in a way that enhances the jury’s or the judge’s understanding of the issues. We present our objective opinions and deliver our expert testimony to the court as a teacher would present instruction to a class. Our team members have qualified in state and federal court as experts in business valuation, forensic accounting, financial analysis, and economic damages.

About Us.

Our Firm

We are a business valuation and forensic accounting services firm with a team of accredited valuation and forensic specialists.  We conduct business valuations for financial reporting, estate and gift, and sale and purchase purposes; forensic accounting investigations for civil and criminal matters; and consulting and testifying expert witness services in commercial disputes. We serve as court-appointed neutrals in state and federal courts. 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.

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Morrison Valuation & Forensic Services is a member of the American Business Appraisers National Network of over a dozen independently-owned business valuation practices throughout the country.

Bob Morrison ASA BV/IA

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

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Mr. Morrison earned and holds the Accredited Senior Appraiser credential and the Intangible Asset appraisal specialty from the American Society of Appraisers.

Litigation and Forensic Services.

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 delivered in a simplified and understandable presentation. Judges and juries tend to lack training in or knowledge of accounting, financial, and 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 objective, credible opinions supported by the evidence to judges and juries in a clear and comprehensible manner.

 

 

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. We hold forensic accreditations from the Association of Certified Fraud Examiners and from the American Institute of Certified Public Accountants.

Our Services

 

Business damages

• Breach of contract
• Tortious interference
• Intellectual property infringement
• Business interruption/destruction
• Dissenter’s rights/shareholder squeeze-outs
• Partnership dissolution
• Bankruptcy
• Fraud

Post-transaction disputes

• Purchase price adjustments
• Breach of representations and warranties
• Fraudulent inducement

Insurance claims adjudication services

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

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

Insolvency advisory

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

 

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, and the value of your business might be driven more by intangible assets than tangible assets. Determining the value of that business, business interest or intangible assets 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, business interests, or intangible assets. An independent, professionally prepared business valuation prepared by a qualified appraiser is essential.

 

When are valuation services needed?

 

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 a qualified business valuation specialist 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 specialists  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 developed through a qualified appraisal are reported by a qualified appraiser 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 (impairment testing), and ASC 718/IRC 409A (equity compensation) purposes as appraiser and as valuation subject matter expert reviewer for the fifth largest international public accounting firm. We understand the valuation and accounting issues related to fair value.

Our Approach

We 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. We monitor statutory authority, administrative rulings and judicial precedent to ensure the valuation complies with legal and professional standards.

 

Our Qualifications

Our specialists 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.  We hold valuation accreditations from the American Society of Appraisers and from the American Institute of Certified Public Accountants.

 

What are the levels of service provided by Morrison VFS?

 

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. Since the scope of a calculation is limited, the resulting calculated values may not be presented as opinions of value.

Team.

Paul M. Dumm

CPA/ABV/CFF, CFE

ABA Members

Morrison VFS is a member of the American Business Appraisers National Network that includes over a dozen offices throughout the United States.

Video Testimonials.

Interpreter of Financial and Accounting Information

Integral Litigation Team Member

Credible and Responsive

Valuation Help for the CPA

A Trustee Success Story

Resolution of Complicated Cases

Court-Appointed Neutral.

Appointments

 Bob Morrison, Managing Partner of Morrison Valuation & Forensic Services, is frequently appointed by state and federal courts to serve as a neutral to run businesses, recover and protect assets, and perform forensic investigations. In these appointments, the neutral is independent of all parties and acts in the best interest of the creditors first and then the owners of the company at issue. Here is a list of recent active and closed neutral appointments.

Chapter 7 Trustee: In re: Superior Homes & Investments, LLC, Debtor (Case No. 6:09-bk-01955-KSJ, United States Bankruptcy Court, Middle District of Florida)

www.superiortrustee.com

Receiver: Securities & Exchange Commission v. Freedom Environmental Services, Inc., et al (Case No. 6:12-cv-01415-Orl-28DAB, United States District Court, Middle District of Florida)

Receiver: Federal Trade Commission v. The Green Savers, LLC, et al (Case No. 6:12-cv-011588-Orl-28DAB, United States District Court, Middle District of Florida)

Resources.

In the News

Morrison invited to speak at the American Society of Appraisers’ 2015 Advanced Business Valuation ConferenceDo Divorces Have a Monopoly pon the Personal Goodwill Issue? (Oct 2015)

Morrison elected Chairman of the Board of the Institute of Business Appraisers (May 2015)

Morrison joins Stetson University adjunct faculty to develop and teach Business Valuation course (May 2015)

Morrison invited to speak to the Business Law Section of the Orange County Bar Association:  Statutory Fair Value (May 2015)

Morrison invited to speak at the American Business Appraisers’ national conference (May 2015)

Dumm appointed Chairman of the 2015 Valuation, Forensic Accounting, and Litigation Services Conference of the Florida Institute of CPAs (Jan 2015)

Morrison invited to speak  at FICPA Valuation, Forensic Accounting, & Litigations Services Conference: Valuing Intangible Assets  (Jan 2015)

Morrison invited to teach American Society of Appraisers’ BV 202 Course (Jan 2015)

Morrison Appointed to the Advisory Board of Markables, a New Online Database of Trademark Valuations (Nov 2014)

Jadeja awarded the Certified Fraud Examiner credential by the Association of Certified Fraud Examiners (Oct 2014)

Morrison invited on panel of a “Lively Debate About International Business Valuation Education and Credentials” (Oct 2014)

Morrison Elected as Vice-Chairman of the International Institute of Business Valuers (Aug 2014)

Dumm invited to speak at the Central Florida Bankruptcy Law Association (Jun 2014)

Morrison invited to teach Business Valuation courses in Australia (May 2014)

Morrison invited to speak to University of Central Florida Graduate Accounting Students (Apr 2014)

Morrison to teach American Society of Appraisers’ BV 202 Course (Mar 2014)

Morrison invited to speak to Miami University (Ohio) Accounting Students (Mar 2014)

Morrison invited to speak to Rollins College Crummer Graduate Students (Dec 2013)

Morrison thanks Linda Trugman, ASA, outgoing BVC Chair (Oct 2013)

Jadeja earns Certified Public Accountant credential and license (Oct 2013)

Morrison elected to serve as Chairman of the Businesss Valuation Committee of the American Society of Appraisers (Jun 2013)

Morrison invited to speak at FICPA Valuation, Forensic Accounting & Litigations Services Conference (Jan 2012)

 

Presentations

Morrison, Robert B.  “Statutory Fair Value”, Orange County Bar Association Business Law Section (May 2015)

Morrison, Robert B.  “International Cost of Capital”, 2014 American Business Appraisers Conference (September 2014)

Morrison, Robert B.  “Multi Period Excess Earnings Method”, 2014 Southeast Chapter of Business Appraisers Conference (September 2014)

Morrison, Robert B. and Jon Swergold.  “Statutory Fair Value”, Florida Bar Association  Business Law Section (September 2012)

 

 

 

 

Articles

Binder, Christof and Robert B. Morrison.  “Indefinite is not Infinite:  Solving a Dichotomy in Trademark Valuarion”.  BVUpdate (May 2015), Business Valuation Resources.
Morrison, Robert B.  “Protecting Intangible Value”.  The Briefs, Orange County Bae Association (Vol. ___, No. ___ , March 2015)

Morrison, Robert B.  “Five Tips that will Enhance Your Valuation Analysis”.  Business Valuation Australia (Vol. 1, No. 2, October 2014), Business Valuation Resources.
Morrison, Robert B.  “Valuers Q&A Corner”.  Business Valuation Australia (Vol. 1, No. 1, October 2014), Business Valuation Resources.

Morrison, Robert B.  “No Silver Bullet in Value Question Concerning Dissolution, Buy-Sell, Gift & Estate, and Bankruptcy Litigation:  Is 50 Percent of 100 Percent Equal to 50 Percent?”. The Orange County Bar Association, The Briefs (January 2014, Vol. 82 No.1)

 

Helpful Links

AMERICAN SOCIETY OF APPRAISERS:  FIND AN APPRAISER

American Business Appraisers Network (ABA)

American Institute of CPAs (AICPA)

American Society of Appraisers (ASA)

Association of Certified Fraud Examiners

Business Valuation Resources

Dr. Aswath Damodaran, University of New York

East Central Florida Regional Planning Council

Federal Reserve Bank of Atlanta

Federal Reserve Economic Data

Florida Bureau of Economic and Business Research

Institute of International Business Valuators (IIBV)

U.S. Bureau of Labor Statistics

U.S. Census

Yahoo! Finance

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July 2nd, 2015 at 5:22pm
Message from Outgoing @ASAAppraisers Business Valuation Committee Chair: http://t.co/eHQcZXWtOv #businessvaluation #bvsuccess
July 1st, 2015 at 1:34pm
New ASA Business Valuation Committee Leadership http://t.co/XsqjcRn749 @ASAappraisers #businessvaluation #businessvaluationcommittee
May 31st, 2015 at 7:21pm
Blastoff! Check out our new website http://t.co/i2yTqI8NRY. #businessvaluation #forensicaccounting
May 28th, 2015 at 12:00am
RT @MiamiRedHawks: Ben Roethlisberger Officially Inducted Into MAC Hall of Fame http://t.co/2zCWSEujbH @steelers http://t.co/1YOiKztTLG
May 27th, 2015 at 10:36pm
MorrisonVFS will be unveiling an updated website within the next week. Stay tuned to http://t.co/GyhWIznfxw