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VideoSuccess Story: Supporting a Defensible $6 Million Business Valuation in a Marital Dissolution
Forensics, Litigation & Valuation Services
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The Client
The client was involved in an Oklahoma marital dissolution proceeding involving the valuation of a closely held business operated by the opposing spouse. Because the business represented a significant source of income and future earning capacity, accurately determining its value was critical to help ensure the client received an appropriate share of value related to the entirety of the marital balance sheet.
The Challenge
The opposing expert concluded that the business had no value, assigning a figure of zero dollars. This conclusion was inconsistent with both the operational realities of the company and the underlying financial information. In contrast, Weaver’s preliminary work indicated a value of more than $6 million. The discrepancy stemmed largely from the opposing expert not incorporating significant changes that occurred within the business during the measurement period.
Given the financial implications for the client, it was essential to develop a clear and defensible valuation grounded in the facts and circumstances of the company’s operations.
The Process
Weaver’s valuation team conducted a detailed review of the financial and operational information provided, including careful analysis of the general ledger and line-item detail, as well as thorough deposition questioning of the company’s management.
During management’s deposition, the company confirmed that its service offerings had undergone a substantial transition beginning two years prior to the valuation date, with the business shifting entirely toward a new service line within the same industry. Leading up to the valuation date, the legacy operations were maintained temporarily solely to cover certain fixed costs that were winding down. These costs concluded within months of the valuation date.
Internal financial records corroborated this transition, showing that historical results were no longer reflective of future performance. Despite this, the opposing expert relied on simple historical averages to reflect continued business operations, without performing any normalization adjustments, leading to a conclusion that did not reflect the economic reality of the business.
Weaver evaluated the company’s evolving cost structure, removed nonrecurring items tied to the legacy operations and prepared a normalized financial profile that aligned with the company’s post transition operating model and the reality of operations as of the valuation date. This allowed our team to forecast future operations in a manner consistent with both the deposition testimony and the financial evidence.
The Deliverables
Our findings were documented in a comprehensive valuation analysis that clearly explained the business transition, the necessary normalization adjustments and the resulting economic implications. The analysis provided a transparent and supportable basis for valuing the company at more than $6 million.
This work helped ensure that the appropriate fair market value of the business interest was considered in the marital dissolution. Matters involving incomplete analysis or differing assumptions can significantly affect results. Engagements like this highlight the importance of diligence, technical rigor and careful consideration of all relevant details.
Authored by Dillon Aston and T.J. Liles-Tims
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Success Story