FASB Reconsiders Contractual Sale Restrictions (ASU 2022-03): What the Proposal Means for Locked Token Valuations
The July 2026 proposal reinforces a market-participant approach that Houlihan Capital has applied to cryptoasset portfolios for years Executive Takeaway In 2022, the FASB issued ASU 2022-03, concluding that a contractual restriction on the sale of an equity security should not reduce fair value when the restriction is viewed as a characteristic of the holder rather than […]
Enhancing Valuation Confidence: The Role of Positive Assurance in Portfolio Valuation
When the Mark Gets Questioned The moment arrives in different forms. An auditor returns to a fair value conclusion with a request for additional support on the methodology applied to a Level 3 position. An institutional limited partner, conducting its own due diligence on the fund, asks how the manager arrived at a particular mark, and the answer that seemed […]
Personal Goodwill in Business Transactions: Not Just a Valuation Question — A Planning Imperative
Consider a professional services firm where three client relationships — each cultivated personally by the founder over fifteen years — account for 65% of annual revenue. The contracts are month-to-month. The clients call the founder directly. No formal account management structure exists. When this business goes to market, what is a buyer actually acquiring? It is […]
Fairness Opinions in de-SPAC Transactions
The Role of a Fairness Opinion in a de-SPAC Transaction When a SPAC enters into a business combination agreement, its board is evaluating a transaction that will define the future of the vehicle. The decision is often made within a compressed timeframe, subject to a finite investment window, sponsor economics, and public shareholder rights. In this setting, a fairness opinion […]
Preparing for a Sale: What to Expect from a Sell-Side Advisor
Framing the Decision to Sell For many founder-owned businesses, a sale represents one of the most significant financial and strategic decisions an owner will make. It is often the culmination of years, if not decades, of effort, risk-taking, and reinvestment. Despite its importance, most founders go through the process only once. Unlike operating decisions made daily within […]