The client whose financial fortunes may rely on the quality of work or the effectiveness of testimony by his valuation expert should probably not make a decision on hiring a valuator based primarily on lowest fees.
Find out some of the challenges involved in running a small business.
When Lakelet first started, our client base was 90% based in Western NY. Now, clients in Western NY account for only 10% of our business.
The legal requirements for being an expert witness are fairly minimal. According to Federal Rule of Evidence 702, expert witnesses must have “knowledge, skill, experience, training, or education” which will “help the trier of fact to understand the evidence or to determine a fact in issue.” This is a very broad standard. Under this standard most adults could probably be qualified as an expert witness on something.
One of niche markets for restructuring and turnaround are technology companies. This industry has its own very unique set of challenges – as do most industries. If the technology turnaround effort is ultimately successful, it will join a small club of technology companies that have been able to reverse their fortunes. It’s a difficult challenge.
Too often with SMB’s [Small to Mid-Size Businesses] the financial institutions are not current on the financial and / or operation performance of the company in question. The financial institutions / creditors based their assessment on an annual set of reviewed or even compiled financial statements that are months old.