Business, Asset, Business Process, Patent & IP Valuation Services
Business Valuation, Tangible & Intangible Asset Valuation Services Worldwide
A Primer on Business Valuation
Business Valuation, involving the valuation of an entire business, is often at the heart of some of the largest matters that attorneys ever handle, such as corporate financing, mergers, acquisitions, carve-outs, other business purchases or sales, tax matters, estate valuations, divorce settlements, and many others. Yet very few attorneys can intelligently discuss business valuation. The subject of business valuation is not a part of a typical (or any that I know of) law school curriculum. Consequently, many attorneys and others feel that business valuation and real estate appraisal (a process with which most people in the business world are familiar) are the same process. The truth is that there are a few very basic overlapping theories of value, but few similarities beyond that.
This survey of some of the more common approaches to business valuation was prepared by Don Coker, a Banking, Management, Valuation, Economic & Real Estate Expert Consultant who holds a Certificate in Business Valuation from the Harvard Business School.
Mr. Coker is frequently called on as an expert consultant to perform business valuations as well as valuations of tangible and intangible assets, and economic damages, worldwide; and he has been called on as an Expert Witness over 390 times nationwide on behalf of Plaintiffs and Defendants, as well as by the IRS seven times, 8 of the top 10 banks in the country, 10 of the top 45 banks in the world, 32 of the country's top 250 law firms, has testified 98 times, and achieved 12 courthouse settlements.
Related areas of valuation activity include the valuation of assets used in business, specialized assets, intellectual property assets, patents, and other difficult valuation engagements.
Mr. Coker has served clients nationwide and worldwide in 25 countries in the Americas, Europe, Asia, and Africa from his office in the northern metro Atlanta, Georgia USA area.
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Methods for Valuing Businesses
There are many appropriate and acceptable methods of business valuation due to (1) the unique nature of each business, and (2) the purpose of the business valuation. Here is a rundown of a baker's dozen (there are many more) of the most common approaches to business valuation:
Market Comparison Approach - Compares the market value of the subject business with that of similar businesses. While this may seem similar to the market data approach used in real estate valuation, the business valuation process is much more difficult since there is no common yardstick for measurement, such as dollars per apartment unit or dollars per square foot of rentable office building, shopping center, or warehouse space. Instead, you only have the equity (net worth) of the businesses, and the concomitant problems of variations in levels of equity, relative size of the businesses, locational and market differences, differences in the level and quality of services or products offered, and other unique features of each business that require prudent adjustments in order to result in meaningful value numbers.
Replacement Value Approach - Measures value by determining what it would cost to replace the assets and business processes used by the business today. Differs from the Market Comparison Approach in that this approach deals with acquiring the parts that make up the whole business rather than looking at prices for the entire business, as does the Market Comparison. Often used in settling insurance claims.
Future Net Operating Income Approach - Uses the present value of reasonable future net operating income. Useful for a prospective purchaser whose chief interest is the business's future net income. Due to the speculative nature of this approach, great attention must be given to the assumptions for the projections of future revenues and expenses. Likewise, the rate at which those future earnings are discounted to a present value must be sound.
Historical Net Operating Income Approach - Takes the actual net income figures for the last few years and capitalizes them into a value figure. Any factors that caused any year to have higher or lower than typical earnings must be considered and adjusted.
Going-Concern Value - Basically the value of a company as an operating entity. Often used in conjunction with other approaches in order to determine a residual goodwill amount (i.e., organizational value). Often used in income tax valuation situations.
Liquidation Approach - The reasonable prices for the various assets or business entities that make up the business are calculated and totaled. Assumes that the master entity is ceasing to carry on business and is selling its parts in the most advantageous manner. Often applied to businesses that have a strong underlying asset value but a poor earnings performance record.
Formula Approach - Earnings, dividends, and book value are considered in this approach and weighted in accordance to their appropriateness to the particular company under consideration and their importance to the acquirer.
Capitalization of Dividends Approach - Looks upon an acquisition more as an acquisition of an investment security that will be held indefinitely. While it is a unique and limited approach, it is appropriate for some circumstances, and can be used as an indicator of value for consideration in some difficult evaluation cases.
Debt-Free Approach - Permits an analysis of the company's operations without consideration to the present debt structure. Allows a prospective purchaser who might acquire the business and pay off the existing debt to see what the business might be worth under those circumstances.
Reconstructed Capital Structure Approach - Similarly to the Debt-Free Approach, this methodology allows a prospective purchaser to see what a company would be worth with different capital and debt structures. Typically, several competing debt and equity structures will be examined and compared.
Capitalization of Future Cash Flow Approach - When there are large non-cash deductions from income and when the owner or acquirer is more interested in long term growth of their investment, this approach might be more meaningful than the capitalization of past or anticipated net income.
Capitalization of Historical Cash Flow Approach - Actual cash flows over the most recent years are capitalized. Assumes that the business will continue to operate in the future as it has in the past.
Adjusted Book Value Approach - Starts with the company's most recent financial statement. Then the values of the assets and liabilities are adjusted to reflect current values rather than historical values that may be inaccurate from a market value stand-point due to depreciation deductions, increases in asset value, collectability, payment terms, etc.
Tax Value Approach - In valuing a business's taxable real and personal properties for ad valorem tax purposes, it is typical to rely more heavily upon the assessed values of other similar properties than you would otherwise consider. Real estate is part of a business, but generally is not valued separately - except in special circumstances such as where a business has excess real estate that has a significant market value and is capable of being sold separately without negatively impacting the remaining operations of the business.
How Not to Value A Business
Financial Statements - Do not rely on the stockholders' equity or net worth figure on the company's financial statements. They are only useful as a starting point. Some assets, such as real estate, are probably carried at depreciated values that are lower than their market value. The financial statement may contain some intangible assets that are incapable of being sold separately.
Spreadsheet and Mathematical Models - Do not use a comparative spreadsheet model, or an economic consultant that relies on one. Many analysts (MBAs are notorious for this) think that they can simply develop a clever spreadsheet model, insert the appropriate inputs, and voila, a value figure pops out like a piece of toast. This weak methodology does not allow for the many differences that most likely exist between the subject and the companies used as a basis for setting up the comparative spreadsheet.
In-House Hired Help - If the valuation issue with which you are dealing could possibly go to trial, do not use an in-house person from the company or bank as your expert. You will never convince a jury that the person has any objectivity or would be capable of voicing any opinion that was contrary to the interests of their employer that signs their paycheck. Spend the few bucks it will take to obtain a credible estimate of value.
CPAs - Do not use a CPA to value a business. With all due respect, their service is accounting, which is basically making sure that numbers track and go in the right places. This is totally different from determining value. It just so happens that the financial statements that they produce have a net worth figure, but it was explained supra that these figures cannot be relied upon as meaningful indicators of value until they have been subjected to numerous adjustments that are beyond the training, experience, resources, and scope of a CPA.
Entire Website © 2002 - 2009 by Don Coker. (May be cited with proper attribution.)
This article was written by Don Coker, a Banking, Management, Economic, Real Estate & Business Valuation Consultant with over forty years experience in banking, corporate lending, business valuation, and financial economics. He completed the Harvard Business School's intensive Business Valuation program on-campus at Harvard University, and was awarded a Certificate in Business Valuation. Mr. Coker has served in various high-level banking, credit, and mortgage banking positions, as a high-level governmental financial institution regulator, and as an expert witness (over 390 cases, 98 testimonies for plaintiffs and defendants nationwide, and 12 courthouse settlements), and as a consultant to financial institutions, attorneys, corporations, and governmental entities nationwide and worldwide.
As a banker, corporate lender, and mortgage banker, Mr. Coker reviewed, critiqued, and approved or declined hundreds of corporate financing proposals and business valuations; and as a mortgage banker and consultant, Mr. Coker has had the opportunity to capitalize on his inside knowledge of the inner workings of the loan approval process by preparing meaningful and effective business valuations for clients.
Mr. Coker has been an independent consultant since 1986, is widely published in many fields of finance, banking, management, and other areas, and is listed in Who's Who in America, Who's Who in Finance & Industry, and Who's Who in the World.
Related Links
- Bank Consulting and Expert Witness Website
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- http://expertwitness.lawinfo.com/expert/Director/
Business, Patent and IP Valuation Services
Don Coker is an independent consultant offering business valuation, consulting, financial, real estate, research, and expert witness consulting services worldwide. Consulting assignments have involved financial matters as large as $20+ billion and have included matters in 45 states and 56 foreign countries in the Americas, Europe, Asia, and Africa.
Expert witness experience includes assisting both plaintiff and defense counsel in over 390 cases involving 98 testimonies and 12 courthouse settlements, as well as extensive work for various agencies of the United States government including the IRS, FDIC, USAID, and others. Listed in the recommended consultant databases of both the American Association for Justice (f/k/a ATLA) and DRI.
Prior employment positions include 20+ years experience in management at banks, savings & loans, credit companies, mortgage banking companies, and a governmental financial institution regulatory agency. Positions held include Board of Directors member, Executive Vice President, Senior Vice President, Manager of Lending, Manager of Mortgage Banking, Regulatory Supervisory Agent (tantamount to CEO). Committee memberships included Loan Committee, Executive Committee, Audit Committee, and Pension Plan Trustee. Served as a corporate officer of various financial institution subsidiaries.
Management responsibilities have included as many as 300 people in 22 locations nationwide in ten states and $1 billion in gross assets. Directly responsible for originating over 36,000 loans of all types totaling approximately $5 billion, and reviewing well over 100,000 financial statements and credit reports, and well over 25,000 real estate appraisals.
Mr. Coker has been called on by banking regulators to provide regulatory oversight management at several troubled financial institutions over a period of several years.
Representative Client List:
Banking:
The World Bank
Citigroup/CitiFinancial
Bank of America
Bank of America - Canada
NationsBank
Bank One/JP Morgan Chase Bank
Wachovia/First Union Bank
SouthTrust Bank
U.S. Bancorp/Firstar
National City (Bank) Corp.
MBNA America Bank
Provident Bank
Credit Suisse First Boston Mortgage Capital, LLC
Bank of Oklahoma
Sunbelt Savings
Sunbelt Federal Bank
PanAmerican Bank
Bluebonnet Savings
Standard Pacific Savings Bank
First National Bank of Brewton
Southeast Bank of Miami, FL
Barnett Banks, Inc.
Bank of the Southwest
Priority Bancorp
KeyCorp
Southern Security Bank
Tanzania Institute of Bankers
Bank of Tanzania (central bank)
Goldome Realty Credit Corp.
Western Gulf Savings & Loan
American Savings & Loan
EDS - BEI Golembe (Banking) Consultants
Governmental:
FDIC
Resolution Trust Corp.
Federal Reserve Bank of Atlanta
Federal Savings & Loan Insurance Corp.
Federal Home Loan Mortgage Corp.
U.S. Department of Education, Inspector General's Office
Farm Credit Bank
State of Texas, Savings & Loan Department (Regulators)
Internal Revenue Service, U.S. Treasury Department
Ten Municipalities in CA and CO
Tanzania Revenue Authority (tantamount to IRS)
U.S. Agency for International Development
United Nations Conference on Trade and Development
U.A. Air Force, Judge Advocate General's Office; Guantanamo Bay, Cuba, and CA (spy translator case)
New York Governor George Pataki's Office of Regulatory Reform
Insurance:
AIG
CNA
Lloyds of London, UK
St. Paul Travelers
State Farm
Liberty Mutual Insurance Co.
Acadia Insurance Co.
Military Premium Managers
Reliance Insurance Company
International Transport Intermediaries Club, Ltd., UK
North River Insurance Co.
American Casualty Insurance Co.
National Union Fire Insurance Co.
Continental Casualty Insurance Co.
Crum & Forster Managers
Physicians Mutual Insurance Co.
Physicians Life Insurance Co.
Xerox Financial Services
Thomas Miller & Company, UK
Corporate:
Cisco Systems
IBM - Lotus Development
Ford Motor Credit Corp.
Kawasaki
Wal-Mart Stores, Inc.
Wal-Mart Business Trust
International Accounting Standards Board Foundation
Ukrainian Accounting Reform Project
Network Software Associates
Prentice Hall Publishing
Sprint/Nextel
AT&T/SBC Communications
NBI Software
NAPA Auto Parts
Darryl's Restaurants
Sears
Heritage Motels. Inc.
Barron's Educational Software
Calco Aerospace
Ruby Tuesday
Remington Investments
Alpha Software
Phivos Karnaos (London & Moscow)
Jancik Concrete Specialties
Keytronics
George B. Kaiser, Forbes 400 List
Concord Boat Corp.
Houlihan's Restaurants
ButtonWare Software (PC Calc+)
Fillette Green Shipping
Zapadnoe Koltze (Russia)
Benchmarking Partners
Gary Tharaldson, Forbes 400 List
Simon & Schuster Publishing
Morrison's Cafeterias
Broderbund Software
Computer Associates
TimeWorks Software
WordStar
Cliff's Notes Publishing
Christian Bay Shipping Company
DataEase International
AddStor Software
Kilimanjaro International
Boston Credit Corp.
Books, Publications & News Media:
Complete Guide to Income Property Financing & Loan Packaging, Prentice Hall, 1984.
Self-Management: A Guide to Career Advancement and Development, written under contract for Prentice Hall, 1985.
Complete Real Estate Computer Workbook, Technical Editor, Prentice Hall, 1986.
The Complete Loan Officers Handbook, presently writing.
"Money Laundering: A Dirty Business," White-Collar Crime Reporter, Oct. 1991.
Treasury Magazine published by The Economist. Interviewed and quoted in an article written by a U.S. News and World Report Editor.
"How You Can Help Your Client Get a Loan to Finance Real Estate Projects," Practicing Attorney's Newsletter, April 1984.
"Getting a Grip on Core Deposit Intangibles," American Banker newspaper, 1996.
"The Dollars and Sense of Business Valuation," published on the website of the American Bank Attorneys Association, April 1996.
"Putting a Cash Value on a Business," interviewed by Lawyers Weekly, May 6, 1996.
"Business Valuation Techniques," Business Locator, May 1996.
"Valuing Businesses," TAB Letter, Technical Assistance Bureau, June 1996.
"Using Business Value to Achieve Ad Valorem Tax Reductions on Commercial Real Estate Properties," Journal of Property Management, June 1997.
What's Working in Credit & Collection, interviewed, quoted re: bank drafts, March 1997.
"Making Sense of Internet Stock Values," TAB Letter, July 1999.
Africa Today, extensive video coverage by Reuters News Agency of Tanzania Revenue Authority training program, Arusha, Tanzania, March 11, 2001 and other dates.
Interviewed by ITV Television Network on the subjects of banking, taxation, economic growth and development, and capitalism in Tanzania, in Arusha, Tanzania, March 16, 2001. Aired on March 17, 2001, and subsequent dates.
The Atlanta Journal-Constitution, interviewed for an article on banking regulatory policies and procedures, and banking practices, August 21, 2001.
The Atlanta Journal-Constitution, interviewed for an article on banking practices and procedures to help deter terrorism, September 19, 2001.
Collections & Credit Risk, interviewed regarding banking procedures, September 20, 2001.
The Atlanta Journal-Constitution, interviewed for an article on banking practices and procedures involving funds transfers and money laundering by terrorist groups. September 21, 2001.
The Baltimore Sun, interviewed for an article regarding considerations for the future of Allied Irish Banks, PLC's, American subsidiary Allfirst Bank. May 30, 2002.
The Atlanta Journal-Constitution, interviewed for an article on changes in banking practices and procedures as a result of the September 11, 2001, terrorist attacks. August 29, 2002.
ESPN.com and Outside the Lines television show, interviewed regarding identity theft matters. November 1 - 3, 2002.
Lending Intelligence magazine and website, interviewed regarding lending practices and interest rates, November 25, 2002.
NBC Evening News, interviewed regarding identity theft, November 25, 2002.
Lending Intelligence magazine and website, interviewed regarding credit scoring and loan approval policies and procedures, December 10, 2002.
Charlotte Observer newspaper, interviewed regarding bank branching and operations policies, January 21, 2003.
Street & Smith�s SportsBusiness Journal, interviewed regarding business ethics and corporate governance issues involving the U.S. Olympic Committee�s Chief Executive Officer, February 25, 2003.
Family Finances column that appears in The Boston Herald, the Pittsburgh Post Gazette, the Palm Beach (FL) Daily News, and some Scripps Howard newspapers. interviewed regarding credit card debt matters, September 23, 2003.
The Denver Post, interviewed regarding banking economics and bank branching January 21, 2004.
Mortgage Lending Compliance Alert, interviewed regarding housing market outlook, economic and interest rate outlook, and lender profitability strategies. Feb. 2004.
CFA (Chartered Financial Analyst) Magazine, published by the Association for Investment Research, which recently became the CFA Institute. Interviewed by this professional certification organization that promulgates standards for investment professionals worldwide regarding business ethics and corporate governance issues. May 2004.
Continental magazine, interviewed regarding banking and its effect on economic resurgence, especially as it relates to Ireland. July 6, 2004.
European Business School, International University; Schlob Reichartshausen, Germany. Interviewed regarding intellectual property and business valuation techniques. July 24, 2004.
San Francisco (CA) Daily Journal, a legal newspaper, quoted regarding the alleged bank fraud and credit card fraud factors related to alleged Guantanamo Bay, Cuba, U.S. Air Force translator spy Ahmad Al Halabi, July 28, 2004.
Bank Tech & Security Newsletter, provided direction to a bank on the proper way to handle an attempted fraudulent international wire transfer. September 30, 2004.
Small Business Times, provided information concerning business valuation issues. September 30, 2004.
Mortgage Lending Compliance Alert, interviewed regarding the Bank Secrecy Act and Suspicious Activity Reports (SARs). October 12, 2004.
Mortgage Lending Compliance Alert, provided input for an article concerning compliance with the rules and regulations of lending. November 4, 2004.
Mortgage Lending Compliance Alert, provided input for an article on the Fair and Accurate Credit Transactions Act of 2003, a/k/a/ FACTA or FACT Act. Mar. 16, 2005.
Bank Technology & Security Alert, provided input for a question and answer section regarding online bill paying. April 11, 2005.
Mortgage Lending Compliance Alert, provided input for a question and answer section regarding closing costs for home mortgages. May 18, 2005.
Newark Star-Ledger newspaper, interviewed on the subjects of check cashing and the need for enhanced identification verification systems. May 26, 2005.
Bank Insurance & Securities Marketing Magazine, interviewed regarding ethical training considerations and the Securities & Exchange Commission's recently enacted Investment Adviser Code of Ethics. June 21, 2005.
Mortgage Lending Compliance Alert, provided input for an article regarding the legal, regulatory, and marketing considerations of providing lending services to Spanish speakers. June 21, 2005.
Bank Security & Technology, provided input for a question and answer section regarding bank facility security. August 11, 2005.
Bank Security & Technology Alert, provided input for an article regarding the security of bank computer systems. November 9, 2005.
Chicago Sun-Times, interviewed on bank marketing issues. January 9, 2006.
American Prospect Magazine, provided input for an article on business and banking ethics written by a reporter for the Philadelphia Daily News. February 1, 2006.
Bank Security & Technology Alert, provided input for a question and answer section regarding bank record retention. February 8, 2006.
Patent:
On July 8, 2002, the United States Patent & Trademark Office registered a Provisional Patent to Don Coker for a business process for improving the prevention and detection of financial fraud involving personal and business checks, cashier's checks, postal and commercial money orders, letters of credit, bills of exchange, drafts, and many other types of financial instruments. On July 1, 2003, the formal Patent Application was filed. This Patent was successfully marketed in late 2006, early 2007.
Business & IP Valuation's Biographical Data
Don Coker, Business Valuation Expert Consultant
Education:
College & University:
- University of Alabama, BA.
- University of Alabama, post-graduate work.
- University of Houston, post-graduate work.
- Spring Hill College, masters degree-level work.
- Southern Methodist University, executive education work.
- Harvard Business School, Harvard University, Certificate in Business Valuation.
Professional Education:
- American Bankers Association - American Institute of Banking: financial statement analysis, business finance, bank investments, principles of bank operations, bank management, trusts.
- National Institute of Real Estate Boards, commercial real estate finance.
- International Council of Shopping Centers, shopping center finance.
- National Hospital Association, one-week workshop in healthcare entity finance and valuation.
- Mortgage Bankers Association, workshops in multi-family and SFR lending.
- Federal Home Loan Bank of Dallas, training workshops on financial institution management, lending, investments, operations, et. al.
- Texas Savings & Loan Department, training workshops on financial institution management, lending, investments, operations, et. al.
- Federal Home Loan Mortgage Corp., real estate financing workshop.
- First National Bank of Mobile, AL (now AmSouth Bancorporation), financial statement analysis, business finance, bank investments, credit card operations, deposit operations, bank management, trusts.
- Gibraltar Savings Association (now Citigroup), commercial real estate finance, valuation, joint-ventures.
- Citicorp, business, corporate, and real estate finance, valuation, deposit products, investments.
- Southwest Bancshares (later Bank One, now JPMorgan Chase Bank), business finance and real estate investments.
- Commercial Credit Corp. (now Citigroup), one-week Corporate Marketing Conference covering in-depth training in all financial products, plus 28 CDC Learning Center courses in business and economic subjects.
- Frost Bank, advanced credit analysis and business finance.
Other Professional Activities:
- Consultant on various economic, valuation, real estate, marketing, and banking matters for clients in 45 states and several foreign countries.
- Expert Witness, for plaintiff and defense, listed in BOTH the American Association for Justice's (f/k/a Association of Trial Lawyers of America) and the Defense Research Institute's databases of recommended consultants, plus state and local databases in AR, CO, DC, HI, IL, IA, KY, LA, MN, MS, NH, NY, NC, OH, PA, SD, WA, and San Francisco.
- Phillips College, former Adjunct Professor of Business.
- Institute of Financial Education, approved instructor for the educational arm of the U.S. League of Savings Institutions.
- Prentice Hall Publishing, Simon & Schuster, Paramount Communications, technical editor and consultant on banking and real estate subjects.
- Holiday Inn, Lender Advisory Panel.
- Rodeway Inn, Lender Advisory Panel.
- Novick's Money Market Seminars, panelist.
- National Directory of Corporate Distress Specialists, approved management consultant.
- Licensed Sports Agent, approved by the NCAA, Major League Baseball Players Association, and the AL Athlete Agents Regulatory Commission.
- American Arbitration Association, approved Professional Commercial Arbitrator.
- State of Texas Real Estate Commission, approved instructor and writer of courses.
- Texas Real Estate Broker's License held for over ten years.
Past Professional Memberships:
- American Bankers Association
- American Institute of Banking, Chapter Officer and Bank Consul
- U.S. League of Savings Institutions
- Institute of Financial Education, Instructor
- Mortgage Bankers Association
- Texas Mortgage Bankers Association
- American Council of State Savings Supervisors
- American Bankruptcy Institute - Committee assignments: Public Companies, Real Estate, International, U.C.C., Commercial Fraud Taskforce, Real Estate, Healthcare.
- Board of Realtors
- National Association of Homebuilders
- International Council of Shopping Centers
- Houston (TX) Chamber of Commerce, Economic Development Committee, 9 years
Civic Activities:
- Katy School District (Houston suburb), Trustee, elective position.
- U.S. Army Reserve, 1966-1968, Officer Training, Ft. Bragg, NC; Honorable Discharge.
- Nottingham Country Civic Club, officer, 1,500 family neighborhood association.
- Sunday School teacher, usher, host.
- Member of the High Museum of Art, Atlanta, GA.
- Grady Health System - Uncompensated volunteer consultant to the Metro Atlanta Chamber of Commerce's Greater Grady Task Force studying the financially troubled Grady Hospital and Grady Health System for the purpose of making recommendations to improve the operations and finances of Georgia's largest hospital and healthcare system.
Recognition in Biographical Reference Books:
- Who's Who in America, 52nd - 56th eds.
- Who's Who in the World, 12th - 16th eds.
- Who's Who in Finance & Industry, 26th - 29th, 33rd eds.
- Who's Who in Medicine & Healthcare, 1st - 4th eds.
- Who's Who in the South & Southwest, 21st - 29th eds.
- Directory of Distinguished Americans, 5th ed.
- Who's Who Registry of Global Business Leaders, 1993 - 1994 ed.
- Who's Who of Emerging Leaders of America, 3rd ed.
- Who's Who Registry of Business Leaders, 1994 ed.
- Personalities of America, 5th ed.
- Personalities of the South, 14th ed.
Employment History:
1986 - Present: Banking, Management & Economic Consultant, Woodstock, GA.
- Consulting assignments covering a broad range of activities such as governmental regulatory oversight, interim management, workout and restructuring of troubled loans, business valuation, intangible asset valuation and issues, bank income tax issues, merger & acquisition assistance, due diligence, business plans, management advice, policy and procedure manual matters, international engagements, writing & editing business books, feasibility studies, marketing studies, research, commercial real estate studies & advice, training & educational activities.
- Expert Witness engagements nationwide for plaintiffs and defendants covering all areas of banking, business valuation, tangible and intangible asset valuation, securities, economics, economic damages, trusts & estates, real estate, credit cards, leasing, international matters, management, credit, finance, FACTA cases, and business. Over 368 cases and 93 testimonies nationwide.
1985 - 1986: Executive Vice President, Manager of Lending & Board of Directors Member, Home Savings (now Citigroup), Houston, TX. Manager of all lending & mortgage banking. Number Two Executive. Heavily involved in investments & deposit activities. Officer of several subsidiary companies. Member of Loan Committee, Executive Committee, Audit Committee, et. al. Restructured the management responsibilities of several departments, increasing production, efficiency, and staff utilization. Completed a $54 million Collateralized Mortgage Obligation loan securitization transaction through Salomon Bros.
1984 - 1985: Senior Vice President, Manager of Lending, First Federal Savings (now Guaranty Federal Savings), San Antonio, TX. Manager of all lending and mortgage banking. Number Two Executive. Heavily involved in investments and deposit activities.
1983 - 1984: Southwest Regional Manager, Ford Motor Credit Corp., Houston, TX. Manager of commercial real estate finance, and some financing with dealers.
1977 - 1983: Regional Manager, Commercial Credit Company (now Citigroup), Houston, TX. Manager of commercial and residential real estate financing for the southwest, and involved in all financial products offered by the $7 billion company. Received the largest bonus ever awarded by the company - twice.
1974 - 1977: Manager of Commercial Real Estate Lending and Mortgage Banking, Southwest Bancshares (later Bank One, now JPMorgan Chase Bank), Houston, TX. Also involved in the origination and administration of construction loans, deposit and investment activities for lending clients including wealthy foreign nationals, corporate and personal lending, and credit card operations.
1973 - 1974: Assistant Regional Manager and Assistant Treasurer, Citicorp Real Estate, Houston, TX. Mortgage banking and construction lending for Citibank, N.A. (NY), and deposit and investment activities for wealthy foreign clients.
1972 - 1973: Loan Officer and Manager of Lending Department, Gibraltar Savings (now Citigroup), Houston, TX. At age 26, managed the day-to-day operations of Texas' largest S&L (55th largest in the U.S.). Handled construction and subdivision development loans, joint-ventures, and high-volume builder accounts.
1968 - 1972: First National Bank of Mobile (later AmSouth,now Regions Financial), Mobile, AL. Mortgage and real estate specialist in the Trust Department. Trained and worked in all areas of the bank including checking and savings, credit, corporate lending, personal lending, international, investments, trusts and estates, portfolio management, corporate pension plans, stock transfer, corporate bond trustee, credit cards, and funds transfers.
Copyright by Don Coker 2002 - 2008
Selected Key Words to Help Locate This Website:
Accounting Practice Appraisal
Bank Appraisal
Bank Branch Appraisal
Bank Evaluation
Bank Valuation
Business Appraisal
Business Evaluation
Business Process Valuation
Business Valuation
Clinic Appraisal
Closely-Held Business Appraisal
Collateral Appraisal
Contract Appraisal
Core Deposit Intangible Appraisal
Corporation Appraisal
Damages Appraisal (see "Damages")
Dental Practice Appraisal
Discounted Cash Flow Analysis
Economic Value Appraisal
Evaluation
Fairness Opinions
Financial Institution Appraisal
Health Maintenance Organization Appraisal
HMO Appraisal
Hospital Appraisal
Intangible Asset Appraisal
Intangible Assets
Intangibles
Intellectual Capital Appraisal
Law Practice Appraisal
Loan Portfolio Appraisal
Medical Practice Appraisal
Mortgage Appraisal
Mortgage Portfolio Appraisal
Mortgage Servicing Contract Appraisal
Note Appraisal
Portfolio Appraisal
Professional Practice Appraisal
Partnership Interest Appraisal
Reasonableness of Appraisals
Savings and Loan Appraisal
Savings and Loan Evaluation
Savings and Loan Valuation
Savings Bank Appraisal
Savings Bank Evaluation
Savings Bank Valuation
Securities Appraisal
Stock Appraisal
Subprime Loan Portfolio Appraisal Valuation
Subprime Mortgage Loan Appraisal Valuation
Valuation
Damages
Damages Appraisal
Damages Estimates
Economic Damages
Economic Evaluation
Economic Valuation
Economics
Human Life Valuation
Impaired Earnings
Intellectual Property Valuation
LLC Appraisal Valuation
Loss of Life
Lost Earnings
Lost Profits
Lost Wages Estimates
Patent Valuation
Personal Injury
Relief from Royalty Approach
Entire Website © 2008 - 2009 by Don Coker
Previous Websites Included for Reference Purposes:
http://expertwitness.lawinfo.com/expert/Bankexpert/
http://firms.findlaw.com/CheckFraud/
http://firms.findlaw.com/BusinessValuation/
http://firms.findlaw.com/BusinessPlans/
http://home.talkcity.com/PresidioDr/bankexpert/DonCoker.html
expertwitness.lawinfo.com/expert/Bankexpert/
Intellectual Property & Website Appraisal
Don Coker offers professional business valuation and appraisal services that cover the valuation of all intellectual property assets, intangible assets, and website valuation, as well as standard business valuations. These are highly specialized valuation engagements that require special skills.
A Website Valuation Appraisal involves the dual considerations of the costs that are incurred in order to create a functioning website, and then also the net profits that result from the operation of the website. Typically, a multi-year projection of realistic financial performance must be completed, a net present value calculated, and the results incorporated into the Website Valuation Appraisal.
Visit: http://www.hgexperts.com/article.asp?id=6603
Additional Questions or need further information?
Entire Website (c) 2006-2008 by Don Coker