Brian Brining JD, CPA, ASA listed some of the foundational questions used to introduce valuation testimony.
Here are the 37 questions that can be utilized:
These questions must be very general, and they are tailored to a valuation expert witness. In actual practice, the expert and the lawyer should prepare their questions and answers so that a continuity will develop.
1. What is your present occupation?
2. What is the nature of your firm and your occupation within the firm?
3. How long have you been employed in this capacity?
4. Do you have any professional credentials or licenses that qualify you to give your opinion of the value of ABC Company?
5. Could you give the court a brief description of your background?
6. What is your education?
7. Would you characterize your professional experience as it relates to the subject about which you are testifying?
8. Have you written any books, papers or articles on the subject of accounting or appraising?
9. Have you been involved in any lectures on the subject of business valuation?
10. Have you taught any courses in business valuation?
11. Have you been asked to value any other businesses similar to the subject business of your testimony today?
12. Have you appraised businesses for the purpose of purchase or sale?
13. Have you appraised businesses for the purpose of internal transfer of ownership?
14. Could you provide a list of some law firms or accounting firms that have engaged you to perform valuation services?
15. Have you been accepted by the courts as an expert witness previously?
16. How many times have you testified as a valuation expert witness?
17. Have you ever been appointed as an expert witness by the court?
18. Have you ever been requested to work as an expert by Mr. (opponent)?
19. Who retained you in the engagement?
20. What was your assignment?
21. What is the basis for your compensation?
22. Was there any suggestion as to the results that you were to find?
23. What steps did you take in order to begin your analysis of this business?
24. Did you meet with Mr. Owner?
25. Did you meet with any other management personnel?
26. Did you have the opinion that you had full access to the information that would enable you to render an opinion of value?
27. Did you receive all the records that you requested?
28. Were there any significant omissions?
29. You didn’t audit books or records, did you?
30. How much time did you spend on this case?
31. Did the material that you reviewed appear to be credible and trustworthy?
32. Did any of the materials that you reviewed appear to be created for you?
33. How old was the material that you reviewed?
34. Did you prepare and compile a report?
35. Does your report set forth your conclusions of value?
36. What are your conclusions of value?
37. Would you please describe for the court how you arrived at this conclusion of value?