Business valuations

When a Business Owner/CEO is planning to exit a business in the immediate or mid-term future, an HBVS business valuation can provide crystal clear guidance on the critical steps to be taken to improve its market value at the time of sale. When a prospective Business Buyer uses HBVS to assess a business for possible acquisition, our three decades of valuation experience provide a platform by which factors of cash flow and assets are meticulously verified which then can (or cannot) contribute to the real world value of the business under consideration.

Business valuations

When placing a value on a business, accuracy is vital. Business valuation is our sole activity and we are happy to help and advise. – Paul Halas

The HBVS business valuation and business appraisal process begins when we forward our package of background information on the Halas Business Valuation Appraisal System which has been providing business valuations and appraisals since 1985. After the need, objective and timing of the business valuation project is established, the client’s most recent financial records are requested for initial valuation analysis. There is no charge for this preliminary review and all submitted information is kept 100% confidential. Once the data is received and assessed, the client is advised if a business appraisal is viable, the process steps involved, the total cost, time needed for completion, then confirmed with a firm price proposal in writing.

Business valuations


  • Affordable For Any Business
  • Completion In Days Not Weeks
  • Easy To Implement System
  • 8 Proven Market Driven Formulas To Produce Real World Value
  • For ASAP Response Call 704-364-4440

Business valuations


Sale/Purchase of Business,

Exit Estate Planning,

Shareholder Buy In/Out,

Take Overs Disputes,

Minority Mkt Discounts,

Tangible Intellectual Asset Valuations,

Justification of Purchase

Business valuations


I would very much like to thank you for your prompt and professional service. Your valuation result and final report was impressive and by all standards comprehensive and complete.

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Business schools

Since 2006 CBL International Education has been a world leader in design and delivery of cutting-edge study abroad solutions in Europe, the Middle East, and Asia. click for more

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Programme Overview

Business schools

Your opportunity to study abroad in Dubai begins here! CBL International has partnered with the Higher Colleges of Technology and Emirates Academy of Hospitality Management in Dubai to offer you cutting-edge, insightful lectures by local and international professors, successful managers and CEOs, and lawyers in the fields of Arabic business law, local business practices, management, hospitality, logistics, and economics.

While studying abroad in Dubai, you’ll have the chance to travel throughout the city and the Emirates, through activities and excursions designed to immerse you in the Middle East. Spend a day in Abu Dhabi, the capital of UAE, visiting the magnificent Sheikh Zayed Bin Sultan Al Nahyan Mosque, take a safari in the desert, cruise along Dubai creek in a dhow boat and much more!

Schedules & Fees

Business schools

27 December 2017 – 6 January 2018

Our study abroad in Dubai programmes are packed with:

  • Informative Lectures
  • Professional visits to international and local companies, institutions, and law firms
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  • A unique opportunity to immerse in Arabic culture

How To Apply

Business schools

Applying is quick and easy! Simply fill out the application form.

To receive an instant 100USD saving, don’t miss out on the early bird discount, available up to 3 months before the programme starts.

For additional information or if you want to speak to one of our academic programme advisors, please contact us.

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    Start your own business

    November 2017

    Find a pick your own farm near you! This website provides local listings of pick your own (also called U-pick or PYO) farms in the United States, Canada, Britain, Australia, New Zealand, South Africa and other countries. There are crop calendars for each local area to tell you what is available to pick throughout the year, local weather forecasts and really easy illustrated directions to show you how to make jam, jelly, salsa, pickles, spaghetti sauce, applesauce, apple butter and 150 other recipes with step-by-step directions to can, freeze, dry or preserve the harvest.

    How to find a Pick-Your-Own farm

    Whether you call it pick-your-own, PYO or U-pick, it’s easy to find one near you! There is a Start here button (at the top of the left of every page). You then select your local area (country, state/province) and then region/county or local metropolitan area. Just scroll down the page that appears, to see tree farms, lots or events listed by county. The search engine can be helpful, too.

    Click on your state or country below to find pick-your-own farms in your area!

    (Other countries are further down this page)

    PYO Farms Outside the U.S.

    Crop Availability Calendars / Harvest Dates

    Want to find out when your favorite crop will be ready to harvest in your local area? Just go to this page and click on your state, to see the crop calendar for your area!

    Miscellaneous Fun and Resources

    Our listings come from a variety of sources: consumers writing in to recommend a farm, the farmer’s themselves and state agriculture departments. We update and add listings every day. Of course, we re always looking for more to add, so we welcome your recommendations! Customers can recommend a farm here and farmers can add (or update/correct) their own farm’s listing by clicking here! And journalists looking for information for a story about pick-your-own farms or home canning should see this media resources page for more information.

    Updates by Email, RSS or Text on Twitter

    I also post crop updates, trends, tips and commentary via Twitter . Just go to and if you haven t got an account, sign up (they re free), then search for Blakepyo. I tend to send out only one or two per week, so it shouldn t be too much!

    You can sign up for our RSS feed here! Start your own business

    Picking Tips

    [General picking tips and a guide to each fruit and vegetable] [How much do I need to pick? (Yields – how much raw makes how much cooked or frozen)] [Selecting the right varieties to pick] [All about apple varieties – which to pick and why!] [Picking tips for Vegetables] [ Strawberry picking tips] [ Blueberries picking tips] Start your own business

    Start your own business

    Business Valuation Issues in Divorce

    February 2014 Business valuations Business valuations

    Divorce is a difficult process that becomes further complicated when a closely held business is involved. In such cases, a business valuation is typically required to determine the equitable distribution of marital assets. Often, the divorcing couple will disagree over the value of the company, requiring a business appraiser to provide his or her expert opinion to help the court come to a conclusion of value.

    Knowing what to expect in the divorce process can help business owners and their spouses reach amicable agreements and reduce the cost, time, and stress involved in divorce proceedings. In the article below, we discuss some issues to consider when disputing the value of closely held business interests in divorce cases.

    Standard of Value in Divorce Cases

    Business valuation professionals must define a standard of value before proceeding with an appraisal. A standard of value is a set of hypothetical conditions under which the business will be valued. In business valuations for divorce cases, there are two generally accepted standards: fair market value and fair value.

    Fair market value is “the price at which the property would change hands between a willing buyer and a willing seller when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, and both parties [have] reasonable knowledge of the relevant facts.” 1 Under fair market value, many appraisers apply discounts, such as the discount for lack of control (DLOC) and discount for lack of marketability (DLOM) , to obtain the value of minority interests.

    The full meaning of fair value depends on the context of its use. While it is similar to fair market value in some ways, it typically does not involve the application of minority discounts. Fair value is dictated by the court with jurisdiction over the case.

    The two standards mentioned above can result in significantly different value estimates. In marital disputes, business appraisers must select the correct standard of value or their expert opinions may be dismissed by the court. Ultimately, the correct standard to apply in divorce cases varies from state to state.


    Attorneys and valuation experts must refer to a particular jurisdiction’s statutes and case law to determine the applicable standard of value in divorce cases. Some jurisdictions use fair market value, while others reference the terms “fair value,” or just “value” in divorce statutes. However, many states do not provide any further definition of these terms.

    Attorneys and experts must refer to case law for guidance on the characteristics that comprise a particular standard of value. In reviewing past cases in a jurisdiction, an expert may discover that certain procedures, such as applying minority discounts, or determinations that comprise a particular standard of value are disallowed in martial disputes in that particular jurisdiction.

    Double Dipping

    When one spouse in a divorcing couple owns a business, the issue of “double dipping” often arises. Double dipping refers to the idea that a spouse may be awarded twice on income generated by the business once in the equitable distribution of assets and again when calculating income available for support. The basis of the argument against double dipping partially lies in how a business is valued.

    One of the most commonly used methods for valuing businesses in divorce cases is the income approach. Under this approach, the appraiser determines what the business is worth based on the present value of the income it is expected to generate in the future. The appraiser can accomplish this by either capitalizing the company’s income over a single period using an expected rate of return or by estimating a company’s income for each year over a forecasted period; the appraiser then applies a discount rate to determine the present value of the company’s future earnings.

    Many argue that using the future income stream of a company to determine its worth for property division purposes and then ordering the spouse to pay alimony or child support from the same future income stream is unfair and constitutes double dipping.

    Attorneys should be aware of double dipping situations in which the amount of owner compensation used in calculating business value is different from the amount used to calculate spousal support. This problem arises when the business-owning spouse earns compensation that is above the market rate for his or her position, which is common in closely held businesses. During the valuation process, an appraiser makes normalizing adjustments to a company’s income statement, such as adjusting owner compensation to reflect fair market value, and adds the difference back to the company’s earnings. This results in a higher valuation, which is then divided between spouses. If the owner’s actual salary is used to calculate spousal support rather than the adjusted rate used to value the company, then double dipping has occurred. Essentially, the difference between actual and adjusted compensation was already awarded during the equitable distribution of the business asset.

    Jurisdiction should be considered in double dipping arguments. In business valuations relating to divorce, certain states treat goodwill differently than others, while others reject the concept of double dipping altogether. Most states generally recognize the difference between personal goodwill (associated with the individual/owner), and enterprise goodwill (associated with the entity itself). However, certain states disagree on what types of goodwill are considered marital property. In theory, excluding personal goodwill from marital property would prevent double-dipping from occurring. Attorneys should review case law to determine how courts in a particular jurisdiction have treated goodwill in similar cases.

    Preventative Measures

    While it may be unpleasant to think about divorce, the unfortunate truth is that the divorce rate is greater than 50%. When a couple jointly owns a family business, divorce can cause severe financial implications for each spouse and the company. The emotional and financial burden created by divorce can impact an owner’s ability to manage the business and adversely affect productivity, profitability, and employee morale. To protect themselves and their futures, couples should take measures to minimize the stress and cost associated with divorce.

    Most disagreements in marital disputes involving businesses occur due to a lack of clarity on how to divide the asset. A shareholder agreement can help a couple minimize the impact of the divorce on the company by defining certain guidelines to follow in the event of a divorce. Provisions in these agreements can establish mechanisms for valuing each spouse’s interest in the company under certain circumstances, assign ownership in the event of a divorce, and include restrictions on the transfer of ownership. Prenuptial agreements can also help couples determine how the business asset should be divided.

    Owners should consult with their attorneys to draft such agreements and to understand how such agreements are enforced by the court in divorce proceedings. While it is best to implement such agreements early in the life of a business partnership, they should be continually updated to reflect current business conditions. Being proactive before a divorce is imminent can help each spouse make better decisions.

    Fraud Forensics

    A business-owning spouse may be so inclined to protect his or her own financial interests that he or she may commit fraud. A business owner going through a divorce may attempt to conceal or transfer assets, understate revenue, or overstate expenses. If you or a client suspects such behavior, you may also require the assistance of a forensic accountant. As we discussed in a previous article, these experts can help you develop a profile of the marital unit and interview each spouse then conduct a thorough investigation into the alleged fraud.

    1 IRS Revenue Ruling 59-60

    This document is for informational use only and may be outdated and/or no longer applicable. Nothing in this publication is intended to constitute legal, tax, or investment advice. There is no guarantee that any claims made will come to pass. The information contained herein has been obtained from sources believed to be reliable, but Mariner Capital Advisors does not warrant the accuracy of the information. Consult a financial, tax or legal professional for specific information related to your own situation.