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 […]
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 […]
Cannabis Rescheduling Is Here. What It Means for Business Valuations.
On April 22, 2026, the Acting Attorney General issued a final order reclassifying FDA-approved marijuana products and state-licensed medical marijuana from Schedule I to Schedule III under the Controlled Substances Act. A formal DEA hearing on broader cannabis rescheduling is scheduled to begin June 29, 2026. This is the most consequential shift in federal marijuana […]
409A Valuations: Strategic Considerations for Private Company Equity Compensation
The Growing Importance of Equity Compensation Discipline For many private companies, 409A valuations are treated as a compliance requirement, completed to support option grants and satisfy regulatory expectations. However, when the process is approached as a periodic checkbox rather than a strategic input, it can introduce avoidable friction across the organization. Misalignment between grant timing […]