Management Company Valuations in Trust and Estate Planning: A Strategic Overview
Investment management firms present a distinctive set of valuation challenges in the context of estate and gift planning. The same characteristics that make these businesses valuable also make them analytically complex to value and, in some cases, difficult to defend under IRS scrutiny. When ownership interests are incorporated into estate or gifting strategies, a well-supported […]
Valuing Private Assets in Retail Funds: Insights from the SEC’s Private Markets Roundtable
Key Takeaways for Fund Managers and Boards On March 4, 2026, the Securities and Exchange Commission hosted a roundtable examining the growing intersection between private markets and retail investors, with particular focus on valuation practices and governance under Rule 2a-5 of the Investment Company Act. As private market strategies increasingly migrate into registered vehicles such […]
Fairness Opinions: When They Matter and Why
Three weeks before a board vote on a management-led buyout. The terms are reasonable. Management has been transparent. Then board counsel asks the question that changes everything: “Do we need a fairness opinion?” The answer isn’t obvious, and it matters more than most boards realize. Not because fairness opinions are required by law—in most situations, they aren’t. Rather, […]
Unlocking the QSBS Advantage: 2026 Update to Section 1202 Planning Guide
Recent legislative changes have significantly expanded the economic impact of Qualified Small Business Stock (QSBS) for stock issued on or after July 4, 2025. While Section 1202 has existed for decades, the post‑2025 regime introduces greater flexibility, higher exclusion limits, and broader issuer eligibility, while materially increasing complexity, documentation requirements, and audit risk. What Changed: The […]
Best Practices for Year-End Audit Preparation for your Investment Fund
Authored by Monica Blocker, Director, Houlihan Capital & Herbert M. Chain, CPA, Director, CBIZ Advisors As the year-end audit season approaches, proactive planning for the annual financial statement audit is essential. The audit process can be complex and demanding, but with careful preparation, your investment firm can not only meet reporting deadlines, but also make the process less “painless”. Below are practical insights and strategies to help you lay the groundwork for an effective and efficient audit. Build […]