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News And Information

Five Reasons a Business Acquisition Can Increase the Value of Your Business


Companies continually seek strategies to grow and enhance their value in the competitive business landscape. While organic growth has its merits, sometimes, the secret to an explosive uptick in value lies outside your organization. Enter the world of business acquisitions. Strategic takeovers can provide unparalleled advantages, amplifying a company’s worth and positioning it for even more significant future successes.

Meet Our Intern: Cameron

MEET CAMERON FREEMAN Cameron is a finance major and economic researcher entering his third year at the University of North Florida. Born and raised in Jacksonville, Cameron takes pride in working and studying in this vibrant city. A DAY IN THE LIFE While Cameron holds the job title of an intern, he considers himself more […]

Meet Our Intern: Hannah

Meet Our Intern: Celebrating Talent and Growth at BVI Our interns are the heartbeat of our daily endeavors at Business Valuations Inc. Their passion and dedication add to our team and elevate it with unique skills, infectious enthusiasm, and fresh viewpoints. Today, we’re thrilled to shine a light on one such outstanding intern, Hannah Goldfield. […]

Family Business Succession

Bill Sorenson | Director of Consulting, Business Valuation Inc.

Family Business Succession: The right plan starts with an honest discussion Guest Column from the Jacksonville Daily Record | June 23, 2023 | Bill Sorenson Owning and operating a business can be emotionally and economically rewarding. It also can be emotionally and economically damaging. In the case of a family-owned business, the rewards or damages […]

Are we in a recession?

Don Wiggins | President of Business Valuation, Inc.

Are we in a recession? It depends on who you ask. However, the White House argues that even though GDP has fallen, America is not in recession due to too many areas of the economy performing “too well.” Many critics, such as Florida Governor Ron DeSantis, contend that, historically, two consecutive quarters of negative GDP growth indicate […]

Inflation must be fought by dealing with money supply

Don Wiggins | President of Business Valuation, Inc.

 Vladimir Putin may be a bad guy, but the truth is that he’s not responsible for our overall level of inflation. That dead mouse can be laid at the feet of the Federal Reserve Board. I wrote an article in this space several months ago echoing Milton Friedman’s statement that, “Inflation is always and everywhere […]

Bill Sorenson Named President of the Rotary Club of Jacksonville

Business Valuation, Inc. would like to congratulate Bill Sorenson on being named president of the Rotary Club of Jacksonville, the oldest Rotary club in Florida. Bill joined Rotary in 2010 and has held different leadership positions including Assistant Treasurer and Director. In addition to these roles, Bill has chaired various Rotary committees and projects including […]

Do You Know What Your Business is Worth?

Don Wiggins | President of Business Valuation, Inc.

Simple Question – Complex Answer The valuation method used most often by business owners is, “What do I need to retire on?” Unfortunately, buyers never use that method to determine your business’ worth. Most business owners don’t have a good idea of what their business is worth, and understandably so. In fact, there are multiple […]


A Universal Valuation Model for Closely Held Businesses

by C. Donald Wiggins, D.B.A., ASA, CPA, CVA
Dilip D. Kare, Ph.D.
Jeff Madura, Ph.D.


“…if the appraiser accepts four basic tenets, the only logical conclusion that can be reached is that there is only one valuation model and that all others are simply variations on a single theme with differing assumptions. These tenets are straightforward and should be non-controversial. They are: 1. Investors will only pay for future expected returns from an investment; 2. The return that investors are seeking is cash; 3. Money has time value; and 4. Investors are risk averse. Each of these assumptions is intuitively appealing and supported by widely accepted economic theory, empirical research, and common sense. This article presents the arguments in support of these tenets, the universal valuation model that results from them, and mathematical proofs of the model’s equality with other widely used valuation models.”

The Economic Impact of Taxes on S Corporation Values

by C. Donald Wiggins, D.B.A., ASA
S. Mark Hand, CPA
Laura L. Coogan
Business Valuation Review


“One of the most highly debated topics in business valuation is the treatment of income taxes in valuing S corporations. There are two extreme positions on this point. The first is to include no income taxes at all in S appraisals. The second is to fully tax the income stream of S corporations and, in effect, to treat them as C corporations. This article discusses the treatement of income taxes in the valuation of S corporations and recommends a treatment different from both of these approaches. It describes a methodology that takes into account the tax advantage of S corporations and demonstrates an economically appropriate and supportable tax effect.”

Revisiting Valuation of Real Estate Partial Interests: Recent Case Studies

by C. Donald Wiggins, D.B.A.
Sidney B. Rosenberg, Ph.D.
The Appraisal Journal


“Valuing partial interests, such as common tenancies, is one of the more difficult assignments in appraising property interests. There are usually few comparable sales, a myriad of complex issues revolving around the rights of the owner, and a likelihood of litigation. While the Tax Court generally supports substantial discounts, the Internal Revenue Service consistently maintains that the only allowable discount is the direct cost of partitioning the property. In this article, we cite three cases in which the appraiser discounted the value of the partial interest by using the time and costs of partitioning the property and the cost of marketing the interest.”

Intra-year Cash Flow Patterns: A Simple Solution for an Unnecessary Appraisal Error

by C. Donald Wiggins
B. Perry Woodside
Dilip D. Kare
The Journal of Real Estate Appraisal and Economics


“As they are commonly described in the literature and applied in practice, appraisal techniques have a built-in conceptual error. This error occurs because of the clearly unrealistic assumption that annual cash flows occur at the end of the respective years of a property’s or business’s life. This article discusses the problem as it relates to the various cash flow patterns encountered in income property and closely held business appraisals and develops a theoretically sound, simple adjustment to correct it.”

How to Estimate the Effect of a Stock Repurchase on Share Price

by Dilip D. Kare, Ph.D.
C. Don Wiggins, DBA
Management Accounting


“Before a company decides to repurchase any of its stock, financial decision-makers need to analyze possible effects on the stock’s price per share. If a company’s financial managers follow our practical, relatively simple, conceptually sound tool, they can estimate the minimum repurchase necessary to avoid a negative effect on share price.”

Matching Cash Flows and Discount Rates in Discounted Cash Flow Appraisals

by C. Donald Wiggins, D.B.A, ASA, CVA
Business Valuation Review


“There are many conceptual and practical problems inherent in valuing a closely held business using discounted cash flow (DCF). One of the most critical and basic decisions an appraiser has to make is to define the appropriate calculation of cash flow and match it with the appropriate discount rate. If this selection is not made properly, the entire appraisal is invalid, even if every other decision is made correctly. This article describes four choices the appraiser may use as the definition of cash flow, the appropriate discount rate that matches each definition, and the values that result from these choices.”


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