Justin Cherfoli, Managing Director in the Valuation Advisory group and National Practice Leader of the Valuation Disputes/Family Law practice, recently provided expert testimony in a high-stakes divorce matter involving an information technology reseller, which sells and renews licenses of Oracle products on behalf of IBM customers. Justin testified on behalf of the business owner/husband in determining the fair market value of the company to be $1,248,000. The wife’s expert testified the fair market value was $3,700,000. After hearing nearly two full days of testimony from each party’s respective valuation expert, the court adopted Justin’s valuation conclusion entirely, stating that his opinion was “more representative of the fair market value of the business entities.” In addressing the myriad valuation assumptions applied by the experts, the court concluded “Mr. Cherfoli’s valuation to be more logical and less speculative” than the opposing expert’s findings.
The business owner was represented by Erik G. Chappell of Lyden, Chappell & Dewhirst, Ltd. Judge Norman Zemmelman of the Lucas County Court of Common Pleas in Ohio presided over the trial.