Business Owners and Divorce: A Valuation Conversation.
Our guest today on #PoisedforExit featured Corey O'Connell, CPA and Business Valuation specialist at Boulay Group. Corey helps owners of businesses determine Fair Market Value of their companies in dispute and divorce situations. Corey's background in Finance and Accounting suited him well for doing this kind of work, and he became attracted to it through observing the work his father did as a Family Law attorney.
Corey does his best to avoid litigation with his clients, but there are times when it occurs. He's called upon to give his professional opinion in Valuation as well as Cash Flow Projections and how to split the value of a business when it lacks transferability. There are times when the owner, who wants to leave, is the one the business is most dependent upon.
The most common methodology for determining business value in MN is Fair Market Value. This form is also widely used in Estate and Gift situations in MN as well. Corey works closely with other professionals like attorneys, bankers, and lenders who may be involved in a marriage dissolution when a business is involved.
Corey's main focus in the end is to help the people in contention with each other to achieve the best outcome possible so they can move on and have a happier, more fulfilling life, doing so without extravagant expense.
If you'd like to learn more, listen to the episode now.
Find Corey on LinkedIn, call 952-841-3025 or learn more about Boulay here.
Thank you to this month's sponsors! JAK CPA's and Sunbelt Business Advisors.
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