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Rebuttal of no goodwill
by Jeffrey Denning Sept. 18, 2026

Sept. 18, 2026

BV and family law experts, I'm in a strange case and situation and would like some basic suggestion(s) after browsing details below: We provided a conclusion of value using an asset approach and NAV method for a small fabrication shop. Biz owns the real estate it occupies and has some fabricating and machining equipment. The subject biz is in a down cycle for the past 3 years. The marine and rec boating industry demand is down and their key customer is down worse. We found no goodwill, namely no residual income in our income approach and method. Standard is FMV and it's for a Florida divorce. Other side has a rebuttal expert that has not issued a report. Their 1st Expert The primary opposing expert used an income approach with a sale-leaseback assumption and other wild normalizing adjustments that arrived at goodwill and then that expert did not classify or bifurcate the goodwill. Stated "No reduction in value has been made for personal goodwill, if any." Apparently the rebuttal to our work from their 2nd expert is to try to supplement and/or rescue the first opposing expert. Their 2nd Expert She is providing deposition testimony on Monday. She is a reputable BV expert. It does not appear that she has valued the business. Can you fathom that, without valuing it, she will try to state that there is some goodwill and that it should be classified and bifurcated between enterprise and personal? Have you ever seen such a situation? How would you prepare the attorney to question the rebuttal expert re how she can classify and bifurcate goodwill if she hasn't valued the business? And hasn't interviewed the primary owner-operator? Any input will be appreciated, Jeff Jeff Denning, CPA, ABV Forensic Accounting and Valuation Services jeff.denning(a)creativeplanning.com<mailto:jeff.denning@creativeplanning.com> Direct: 239.433.5554 ext. 122 | Fax: 239.433.0127 creativeplanning.com<https://www.creativeplanning.com/> 8961 Conference Drive, Suite 1, Ft. Myers, FL 33919 [cid:image001.png@01DD4768.4EB3CCC0] MarkhamNorton is proud to be part of Creative Planning. Click here to securely upload files.<https://exchange-taxpayer.safesendreturns.com/DropOff/004h004a5h000>

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test
by Ron Seigneur Sept. 16, 2026

Sept. 16, 2026

test Ron V-card<http://cpavalue.com/vcf/Ronald%20L.%20Seigneur.vcf>| Web site<http://cpavalue.com/> | Bio<http://cpavalue.com/sg-about-us/bios/ronald-seigneur-2/> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> [cid:image001.jpg@01DD370E.D77287A0] Ron L. Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file ________________________________ Disclaimer Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, Seigneur Gustafson LLP would be pleased to perform the requisite research and provide you with a detailed response.. Such an engagement may be the subject of a separate retention agreement that would define the scope and limits of the desired consultation services. THIS MESSAGE CONTAINS INFORMATION WHICH MAY BE CONFIDENTIAL AND PRIVILEGED. UNLESS YOU ARE THE ADDRESSEE (OR AUTHORIZED TO RECEIVE FOR THE ADDRESSEE), YOU MAY NOT USE, COPY OR DISCLOSE TO ANYONE THE MESSAGE OR ANY INFORMATION CONTAINED IN THE MESSAGE. IF YOU HAVE RECEIVED THIS MESSAGE IN ERROR, PLEASE ADVISE THE SENDER BY REPLY E-MAIL TO ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> AND DELETE THE MESSAGE. THANK YOU. ________________________________ Connect with me: [cid:image002.jpg@01DD370E.D77287A0] <http://www.linkedin.com/in/ronseigneur> P Please consider the environment before printing this e-mail! P Thought for the quarter: "I used to have a handle on life, but it broke" - Anonymous Last quarters thought: "Choose to be optimistic, it feels better." - Dalai Lama [Diagram Description automatically generated] [cid:image004.png@01DD370E.D77287A0] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image006.png@01DD370E.D77287A0] [cid:image007.png@01DD370E.D77287A0] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image008.jpg@01DD370E.D77287A0] More info or to register at: https://events.aicpa-cima.com/CannabisConf

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Re: ERC- 2026 ERI Renewal
by Cheri McCallister Sept. 14, 2026

Sept. 14, 2026

Hi Jamie and Nick, Please forward the invoice to me. Thank you, T 303.980.1111 D 720.665.9003 T 877.775.2676 F 303.308.6969 [sgblackgoldsigblock] Cheri M. McCallister Business Office Manager cheri.mccallister(a)cpavalue.com<mailto:cheri.mccallister@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd., Suite 200 Lakewood, CO 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rbfd3e3632a1f4fea8791de1e3177f681> to send a secure file. On Sep 3, 2026, at 10:39 AM, Ron Seigneur <ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com>> wrote: Jamie – we will renew this again for the next cycle. Fyi only to Brenda, Ryan and David. See below. Ron V-card<http://cpavalue.com/cfwebstore/email/Ronald%20L.%20Seigneur.vcf>| Web site<http://www.cpavalue.com/> | Bio<http://www.cpavalue.com/cfwebstore/index.cfm?fuseaction=feature.display&fea…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> <image001.jpg> Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file Thought for the quarter: “I used to have a handle on life, but it broke” – Anonymous Last quarters thought: "Choose to be optimistic, it feels better." — Dalai Lama <image002.png> <image013.jpg> <image009.png> <image010.jpg><image011.png> One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 <image014.jpg> More info or to register at: https://events.aicpa-cima.com/CannabisConf From: Jamie Badger via Listserv <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Sent: Thursday, September 3, 2026 9:20 AM To: listserv(a)ercllc.net<mailto:listserv@ercllc.net> Cc: Nick Balgaard <nbalgaard(a)gfkcpa.com<mailto:nbalgaard@gfkcpa.com>> Subject: [Listserv] ERC- 2026 ERI Renewal All – following are the participants who have shared in the cost of the ERI (Salary Assessor) subscription. This is one we divide the total cost by the participants, so the per person cost is dependent on that. WHAT YOU NEED to DO (by 9/18/2026): 1. If you have your own ERI subscription, or simply don’t care about this subscription – you can ignore this and have a nice day ☺ 1. If you are on this list, you need to reply to me (only) to confirm your renewal (Note: with this number of participants we had last year, the cost will be around $375/ea) 1. Charlie Burak 2. Don DeGrazia 3. Jeff Denning 4. Jerome Johnson 5. Greg Kaseno 6. Clay Price 7. Ron Seigneur/Brenda Clarke 8. Sheri Fiske Schultz 9. Diane Womack 10. Clay Danielson 1. If you are not on this list and want to be added, please reply to me (only) Once we have the list finalized, we will send invoices. Thank you, Jamie Badger JBadger(a)gfkcpa.com<http://JBadger@gfkcpa.com/> Direct Dial: (517) 664-9386

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spam calls
by Ron Seigneur Sept. 10, 2026

Sept. 10, 2026

ERC brain trust - I know this is not a BVFLS related post so I apologize up front, but I wanted to ask if any others are getting bombarded with spam calls on your cell phones. I seem to be getting a bunch every day on home remodeling, auto insurance, unclaimed Medicare benefits, etc. and am looking for ways to tamp it down absent changing my cell phone number. Anyone else having this issue or have suggestions on how to minimize spam. I am on an Android for whatever that is worth buy my wife is on Apple and she is also getting a lot of spam calls. Thanks in advance. Ron V-card<http://cpavalue.com/cfwebstore/email/Ronald%20L.%20Seigneur.vcf>| Web site<http://www.cpavalue.com/> | Bio<http://www.cpavalue.com/cfwebstore/index.cfm?fuseaction=feature.display&fea…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> [cid:image001.jpg@01DD3F9C.38191980] Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file Thought for the quarter: "I used to have a handle on life, but it broke" - Anonymous Last quarters thought: "Choose to be optimistic, it feels better." - Dalai Lama [cid:image002.png@01DD3F9C.38191980] [Diagram Description automatically generated] [cid:image004.png@01DD3F9C.38191980] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image006.png@01DD3F9C.38191980] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image007.jpg@01DD3F9C.38191980] More info or to register at: https://events.aicpa-cima.com/CannabisConf

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Re: Where to find low-rated bond yields?
by Dr. Michael Crain Sept. 8, 2026

Sept. 8, 2026

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Where to find low-rated bond yields?
by Rob Levis Sept. 5, 2026

Sept. 5, 2026

Brain Trust, Any idea where I can find yields on high yield junk bonds with very low credit ratings? It appears the credit rating agencies don't publish these regularly. As always, any input greatly appreciated in advance. Rob Robert W. Levis, CPA, ASA, CFE 90 South Cascade Ave, Suite 1230, Colorado Springs, Colorado 80903 Main: 719.226.3702 | Cell: 719.651.7295 600 17th Street, Suite 2800 South, Denver, CO 80202 Main: 303.505.5563 [cid:image001.png@01DD3C54.18DE1570]

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ERC- 2026 ERI Renewal
by Jamie Badger Sept. 3, 2026

Sept. 3, 2026

All - following are the participants who have shared in the cost of the ERI (Salary Assessor) subscription. This is one we divide the total cost by the participants, so the per person cost is dependent on that. WHAT YOU NEED to DO (by 9/18/2026): 1. If you have your own ERI subscription, or simply don't care about this subscription - you can ignore this and have a nice day :) 1. If you are on this list, you need to reply to me (only) to confirm your renewal (Note: with this number of participants we had last year, the cost will be around $375/ea) 1. Charlie Burak 2. Don DeGrazia 3. Jeff Denning 4. Jerome Johnson 5. Greg Kaseno 6. Clay Price 7. Ron Seigneur/Brenda Clarke 8. Sheri Fiske Schultz 9. Diane Womack 10. Clay Danielson 1. If you are not on this list and want to be added, please reply to me (only) Once we have the list finalized, we will send invoices. Thank you, Jamie Badger JBadger(a)gfkcpa.com<http://JBadger@gfkcpa.com/> Direct Dial: (517) 664-9386

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Utility depreciation specialist recomendation
by Chris Rosenthal Aug. 31, 2026

Aug. 31, 2026

Everyone - I have fellow board member at The Appraisal Foundation who is looking for the following expert: "I need a utility depreciation / original-cost specialist - someone who lives in the NARUC Uniform System of Accounts world: depreciated-original-cost studies, service lives and survivor curves, CIAC and contributed-asset treatment. The system dates from 1907 to 2010, so early-vintage original-cost records will be thin, and the specialist needs to be comfortable working in a regulatory setting and standing behind the work if called on." Anyone have such expertise? [logo-email] R. Christopher Rosenthal, CPA/ABV/CFF, ASA, AEP Managing Member One Annapolis Street, Suite 201 Annapolis, Maryland 21401 Baltimore/Annapolis: 443-482-9500 x104 150 I Street, S.E., Office #104 Washington, DC 20003 DC: 202-652-4500 x104 625 E. Twigg St., Suite #117 Tampa,<https://www.google.com/maps?q=150+I+Street+SE++Office+#104%20Washington%20D…> Florida 33602 FL: 813-402-8840 x104 Cell: 410-453-2557 Fax: 443-482-9069 crosenthal(a)vallitadvisors.com<mailto:crosenthal@vallitadvisors.com> www.vallitadvisors.com<http://www.vallitadvisors.com/> [Image result for small linkedin button for email signature]<https://www.linkedin.com/in/r-christopher-rosenthal-b853821/>[cid:image003.png@01DD395E.A7D4C0B0]<https://www.vallitadvisors.com/site/wp-content/uploads/2019/03/R_-Christoph…>

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unsystematic risk and the 10th decile
by Ron Seigneur Aug. 31, 2026

Aug. 31, 2026

I am curious as to who in our group uses any of the subsets of the 10th decile in developing discount rates. I am solidly in Mike Crain's corner on this being bad science for all the reasons he has articulated in his recent academic study. We are considering a BVR webinar on this topic with added discussion of how to address the unsystematic risk component generally in the build up method. We have an analytical framework we use to support our professional judgment on what to add to the other premia. Is anyone here interested in potentially being part of a webinar with Mike and I to kick this all around? There is nothing on the books yet and the timing can be whatever will work for all ahead. Ron V-card<http://cpavalue.com/cfwebstore/email/Ronald%20L.%20Seigneur.vcf>| Web site<http://www.cpavalue.com/> | Bio<http://www.cpavalue.com/cfwebstore/index.cfm?fuseaction=feature.display&fea…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> [cid:image001.jpg@01DD3949.833ECDF0] Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file Thought for the quarter: "I used to have a handle on life, but it broke" - Anonymous Last quarters thought: "Choose to be optimistic, it feels better." - Dalai Lama [cid:image002.png@01DD3949.833ECDF0] [Diagram Description automatically generated] [cid:image004.png@01DD3949.833ECDF0] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image006.png@01DD3949.833ECDF0] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image007.jpg@01DD3949.833ECDF0] More info or to register at: https://events.aicpa-cima.com/CannabisConf

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Test
by Ron Seigneur Aug. 29, 2026

Aug. 29, 2026

Test Ron V-card<http://cpavalue.com/vcf/Ronald%20L.%20Seigneur.vcf>| Web site<http://cpavalue.com/> | Bio<http://cpavalue.com/sg-about-us/bios/ronald-seigneur-2/> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> [cid:image001.jpg@01DD3781.A8575EF0] Ron L. Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file ________________________________ Disclaimer Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, Seigneur Gustafson LLP would be pleased to perform the requisite research and provide you with a detailed response.. Such an engagement may be the subject of a separate retention agreement that would define the scope and limits of the desired consultation services. THIS MESSAGE CONTAINS INFORMATION WHICH MAY BE CONFIDENTIAL AND PRIVILEGED. UNLESS YOU ARE THE ADDRESSEE (OR AUTHORIZED TO RECEIVE FOR THE ADDRESSEE), YOU MAY NOT USE, COPY OR DISCLOSE TO ANYONE THE MESSAGE OR ANY INFORMATION CONTAINED IN THE MESSAGE. IF YOU HAVE RECEIVED THIS MESSAGE IN ERROR, PLEASE ADVISE THE SENDER BY REPLY E-MAIL TO ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> AND DELETE THE MESSAGE. THANK YOU. ________________________________ Connect with me: [cid:image002.jpg@01DD3781.A8575EF0] <http://www.linkedin.com/in/ronseigneur> P Please consider the environment before printing this e-mail! P Thought for the quarter: "I used to have a handle on life, but it broke" - Anonymous Last quarters thought: "Choose to be optimistic, it feels better." - Dalai Lama [Diagram Description automatically generated] [cid:image004.png@01DD3781.A8575EF0] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image006.png@01DD3781.A8575EF0] [cid:image007.png@01DD3781.A8575EF0] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image008.jpg@01DD3781.A8575EF0] More info or to register at: https://events.aicpa-cima.com/CannabisConf

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