Authored By: Will O’Donnell At the Spring 2026 ASA Fair Value Conference, the opening panel session brought together managing directors from industry leaders at Deloitte, EY, PwC, KPMG, and Kroll to discuss how artificial intelligence (“AI”) is reshaping valuation practices. The conversation offered a candid look at both the opportunities and challenges as firms integrate…

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Authored By: Pat Lowry For years, ESOP transactions have operated under a consistent backdrop of regulatory and legal scrutiny—especially around trustee independence, fiduciary processes, and transaction fairness. For trustees, fiduciaries, and business owners, valuation challenges remain a key concern. In April 2026, the DOL’s Employee Benefits Security Administration (EBSA) outlined updated enforcement priorities that point…

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Authored By: Pat Lowry Planning Beyond the Present At some point, every business owner and leadership team faces the same fundamental question: How do I develop a succession plan that will help ensure the continuity of the business while providing liquidity to current shareholders? For some, the answer points toward a sale. For others, it…

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Authored By: Shawn Moxley and Will O’Donnell Why Vesting Matters Vesting is one of the most critical features of incentive equity because it determines whether and when an award has value. From a valuation perspective, vesting provisions are not just legal terms—they directly influence the modeling approach required to determine fair value. In practice, vesting…

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Authored By: Shawn Moxley and Will O’Donnell What is Incentive Equity? Incentive equity represents equity awards designed to align key employees and management teams with the long-term value creation of a business by allowing participants to share in future upside rather than current value. There are various types of incentive equity securities, depending on the…

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Authored By: Patrick Guthrie When a business begins exploring a sale, recapitalization, or similar transaction, most conversations focus on valuation, deal structure, and closing terms. What often gets less attention is how parachute payments made to executives and owners are taxed once the deal closes. In general, parachute payments (sometimes referred to as “Golden Parachutes”)…

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Authored By: Will O’Donnell A sound business valuation provides the foundation for strategic initiatives such as planning a sale, evaluating investments, meeting tax requirements, and ensuring transparent financial reporting. In valuation, there are a variety of approaches commonly used. One of the most widely used market-based approaches is the Guideline Transaction Method (GTM). This method…

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Authored By: Patrick Lowry If you’re exploring succession planning or liquidity strategies, an Employee Stock Ownership Plan (ESOP) may be worth considering. While ESOPs can be complex and highly regulated, they offer unique tax advantages and long-term benefits for both business owners and employees. Here’s what to know when evaluating whether your company is a…

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Authored By: Patrick Lowry Business owners and investors looking to maximize the capital gains tax benefits available under Section 1202 of the Internal Revenue Code (IRC) just received meaningful improvements. In July, the passage of the One Big Beautiful Bill Act (OBBBA) expanded several provisions tied to the Qualified Small Business Stock (QSBS) exclusion, making…

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Authored By: Patrick Lowry When valuing a business—or even just a minority stake in one—understanding the standard of value being applied is essential. Different standards can lead to very different conclusions. Whether the purpose is estate planning, shareholder litigation, ESOP compliance, or preparing for a sale, the valuation framework needs to align with the intent.…

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