VALUATION FOR DECISION MAKING
“Our boutique-oriented approach to each engagement means that we recognize the significance and uniqueness of every matter. Our senior level managers have hands-on responsibility for each of the engagements they oversee, which results in the kind of exceptional service and high quality product our clients have come to expect.� - Mark Santarsiero CEO - Marshall & Stevens
MARSHALL & STEVENS
The scope of our practice is uniquely diverse, allowing us to take on virtually any valuation project.
WITH
We offer the quality of a big firm but the personalized attention of a small firm.
EXPERIENCE C WEALTH KNOWLEDGE OMES
A
Because we are an independent valuation firm, we are not distracted by other business interests.
OF
Established in 1932, Marshall & Stevens is a recognized leader in valuation, serving business owners, managers, boards and trusted advisors throughout the world. We assist our clients with planning, due diligence, negotiation and reporting issues related to their mergers, acquisitions, divestitures, restructurings, financings, insurance placement and tax related transactions. Our in-house specialists provide a full complement of valuation-related services, from transaction advisory and opinion letters to the valuation of businesses and business assets, both tangible and intangible.
MULTI-DISCIPLINARY APPROACH
“It has been my experience that Marshall & Stevens has a thorough understanding of purchase price allocations, for real estate as well as corporate acquisitions. I have great confidence in their skills and know that my clients will be treated well by the Marshall & Stevens professionals.� - Gale B. Moore, CPA Partner - Singer Lewak
MARSHALL & STEVENS
Business Enterprise Valuations
VALUATION & FINANCIAL ADVISORY
Purchase Price Allocations Fair Value Analysis Goodwill & Intangible Asset Impairment Long-Lived Asset Impairment Contingent Assets & Liabilities Intangible Assets & Intellectual Property Employee Stock Ownership Plans (ESOP) Stock Option and Warrants “Cheap Stock� Valuations Fairness & Solvency Opinions
Marshall & Stevens valuation consulting practice provides independent credible valuation and financial advisory services by an experienced, professional staff. From engagements concerning compliance with reporting requirements to accurate options pricing critical to federal tax issues, Marshall & Stevens helps to eliminate uncertainty and map the avenues to your strategic financial objective.
We shed light on business opportunities, uncover solutions to business challenges, and provide support for business strategies.
QUALITY VALUATION
2009 Accomplishments Valuation of 500+ properties for a west coast based not-for-profit organization including 250+ land and improvements for financial reporting purposes and 100+ properties for financing and buy/sell consideration. Property tax appeal for a large entertainment company consisting of 6 properties located in 6 different counties.
MARSHALL & STEVENS
Estate Tax and Wealth Transfer
TAX VALUATION
Tax Restructuring Property Tax Consulting
Marshall & Stevens has significant experience helping organizations successfully
Non-Compete Agreements
navigate the increasingly complex world of tax planning strategies. We mitigate
Partial Interest (“Discount�) Studies
the risk of audit by consistently offering valuations that are thorough, well-reasoned
Supchapter C to S Conversions
and empirically supported. We do not rely on just one proprietary valuation model, but typically apply several different methodologies. This approach, together with a well-documented record of positions taken and assumptions made, provides a solid foundation for valuations.
Expert Testimony
LITIGATION SUPPORT
Commercial Litigation Solvency Testimony
The ability to explain and simplify complex business and valuation issues to a court
Damage Calculations
or jury can make all the difference in litigations. Our management team includes
Trademark & Copyright Infringements
valuation professionals and lawyers specifically experienced in regulatory matters
Marital Dissolutions
and large case administration. We provide comprehensive and specialized litigation consulting on matters across the valuation spectrum, including IRS investigations, commercial damages and intellectual property infringements.
QUALITY DECISION MAKING
2009 Accomplishments Property valuations for over 1000 bank branches and offices representing more than 6.6 million square feet throughout the United States. Insurance appraisal of over 1000 buildings and structures for 70+ suburban municipalities in a major metropolitan city.
MARSHALL & STEVENS
Real Property Valuations
REAL ESTATE VALUATION
Property Tax Consulting CMBS Advisory
Marshall & Stevens recognizes how valuable your company’s real estate and capital
Insurance Placement and Loss
assets are to your operations. Through our extensive valuation and consulting
Commercial Real Estate Loan Evaluation
experience, we have developed a thorough understanding of the interplay among
Purchase Price Allocation
asset valuation, tax implications and marketplace issues. With multiple offices
Impairment Testing
throughout the United States, Marshall & Stevens has the flexibility and perspective that enable us to assemble multi-disciplinary teams to satisfy client needs on domestic and cross-border assignments.
Machinery & Equipment Valuation
MACHINERY & EQUIPMENT VALUATION
Ghost Assets Remediation Collateral Lending including Structured Finance Insurance Placement & Loss
We are uniquely prepared to provide a wide range of options that help clients implement an asset management strategy company-wide, including establishing a reliable baseline; identifying non-existent, obsolete or under-utilized assets; and, where necessary, arranging for rapid disposition of assets. Our thorough understanding of capital assets ranges from the intricacies of specific machinery and equipment to the subtleties of fully integrated manufacturing operations.
INDEPENDENCE & INTEGRITY
“As a director of a public company charged with completing a unique and tough merger, I needed a firm that could provide a quality fairness opinion in a very timely manner. Upon interviewing Marshall & Stevens, I immediately recognized the fit based on their experience, commitment and responses. The firms has great professionals and delivered as promised.� -Former Director of Sport Supply Group, Inc.
MARSHALL & STEVENS
Fairness Opinions
CORPORATE FINANCE ADVISORY
Merger & Acquisitions - Due Diligence, Negotiation, Reporting, Opinions
Marshall & Stevens serves a diverse client base that includes corporations, financial
Buy/Sell Side Transactions
institutions, financial sponsors, hedge funds, and venture capitalists. Whether
Going Private Transactions
it’s raising capital to meet growth objectives or identifying strategic acquisition
Asset Carve-Outs
opportunities, Marshall & Stevens offers our clients merger & acquisition advisory,
Private Investment in Public Equities
capital markets, and other corporate finance services. Our extensive network of
Special Situation Financing
institutional and strategic relationships provide a unique resource and knowledge base for our clients
Solvency Opinions
RESTRUCTURING ADVISORY
Fraudulent Transfer & Preferences Fair Value Analysis
The preparation for and administration during the restructuring process is crucial
Adequate Protection
for an effective result. In situations that are often complex and urgent, Marshall &
Equity Cushion Analysis
Stevens understands that every company requires a different strategy. Whether
Use of Cash Collateral Valuations
assisting with debt restructurings, bankruptcy filings, fraudulent transfers, solvency
Motions for Relief from Stay
opinions, or other facets of the restructuring process, Marshall & Stevens has the
Fresh Start Accounting
resources and expertise to help your company move forward and get back on track.
VALUATION FOR DECISION MAKING
2009 Accomplishments Multi-disciplinary prebankruptcy litigation support including real estate, enterprise, intangible asset, executory contract, and lease valuations for an $8 billion real estate development. Performed 120 separate real estate engagements, both domestically and internationally. Impairment report of a division within a $50 billion electronics company.
MARSHALL & STEVENS
Valuation & Financial Advisory
MISSION STATEMENT
Tax Valuation Real Estate Valuation Machinery & Equipment Valuation Corporate Finance Restructuring Advisory Services Litigation Support Fairness & Solvency Opinions
We do not waver on our promise to be timely in our work, communicate openly with our clients, and present well-written reports. Marshall & Stevens professionals add value by using a problem solving approach that recognizes that valuation is part of a broader decision making process, which in turn, requires an appreciation of the context in which advice is sought and an ability to foresee client needs and issues.
SPEED & FLEXIBILITY
“It is not often that my ‘experts’ are as ‘expert’ as you are. Your assistance in [my] matter has been exemplary. Thank you for your fine work and I look forward to continuing to work with you on [my] matter as well as other substantial matters in the future.” - Jeffrey W. Broker, Esq. Broker & Associates
MARSHALL & STEVENS
AEROSPACE & DEFENSE AGRICULTURE APPAREL AUTOMOTIVE CASINO & GAMING CHEMICAL CONSTRUCTION EDUCATION ELECTRONICS ENERGY ENTERTAINMENT FINANCIAL FOOD & BEVERAGE FURNITURE & FIXTURES GOVERNMENT HEALTHCARE HEALTH ADMINISTRATION HOSPITALITY INSURANCE MACHINERY MANUFACTURING
MARKETING MEDICAL METALLURGY MINING, OIL, & GAS PHARMACEUTICAL PLASTICS, RUBBER, & GLASS PRINTING PRIVATE EQUITY RAIL REAL ESTATE RETAIL SEMICONDUCTOR SOFTWARE STONE & CONCRETE TECHNOLOGY TELECOMMUNICATIONS TRANSPORTATION UTILITIES
FULL RANGE OF INDUSTRY EXPERTISE
Marshall & Stevens not only accurately identifies the value of the company, asset, or transaction in question, we value each client and assignment.
For more information or to speak to a valuation consultant, please visit our website or call 800.950.9588
Los Angeles 213.612.8000 213.612.8010 FAX
New York 212.425.4300 212.344.9731 FAX
Chicago 312.223.8477 312.346.2107 FAX
Philadelphia 215.561.5600 215.557.7280 FAX St. Louis 314.621.7025 314.436.2244 FAX Tampa 813.962.7888 813.963.2251 FAX
www.marshall-stevens.com