I remember my first case. All of a sudden, all the fluids from my mouth went away. Since then, when I do occasional cases, I make sure there is water nearby because when, your mouth gets dry like that, you appear extremely nervous. That’s my recollection of the first time I was asked to be an expert witness.
When valuing a physician practice, key factors are average physician compensation and productivity for a given specialty. One of the best sources for this data is Medical Group Management Association (MGMA). They publish a survey called Physician Compensation and Production Survey.
It’s important to know not only the average compensation of physicians by specialty, but also their averag…
A few weeks ago, a gentleman called me out of the blue and said he wanted me to value four family limited partnerships that had been part of his father’s estate. He had received a quote of $20,000 from his father’s lawyer and wanted to know if I could do the work for less money. He began to complain that the estate had already paid about $20,000 to value the underlying real estate in the FLPs, each of which contained apartment complexes in the same city with the same management.
After studying the documents, I came up with a lower fee and had him sign the engagement letter. A week later, he called me very apologetically to say that his attorney, a partner with a 1,000 lawyer international firm, insisted on using a valuation firm that he had used for many other engagements and that he felt would be better to have in their corner in case of an audit.