Last updated: April 26, 2026
Business Valuation in Fort Worth and Tarrant County
Defensible opinions of value for divorce, estate, gift, buy-sell, dissolution, and corporate transactions. Reports issued under SSVS No. 1 by a Certified Valuation Analyst with twenty-plus years of practice in Tarrant County and across north Texas.
The work is analytical, not adversarial. The role of the valuation analyst is to calculate, opine, and report — not to advocate for the party who hired the firm.
When You Need a Business Valuation
Business valuation engagements typically arise in two settings: contested matters that require an independent expert, and transactions that require a defensible number for a deal, a tax filing, or an internal decision. Both require the same standard of care; only the report’s audience changes.
Litigation contexts
- Divorce: community property versus separate property characterization, and personal goodwill carve-out under Nail v. Nail, 486 S.W.2d 761 (Tex. 1972)
- Estate and gift tax reporting on IRS Form 706 and Form 709, including discounts for lack of marketability and lack of control
- Shareholder dissent and oppression under Texas Business Organizations Code sections 10.351 to 10.367
- Business divorce and partnership dissolution, including tracing of contributed and commingled capital
- Lost profits and lost business value damages calculations supported by but-for analysis and reasonable certainty
Transaction contexts
- Buy-sell agreement triggers: death, disability, retirement, departure
- Estate planning and family limited partnership design
- M&A negotiations on the sell-side or the buy-side
- ESOP design, transaction support, and annual updates
- Strategic exit planning and pre-sale preparation
Calculation Engagement vs. Valuation Engagement
This distinction is the single most important thing an attorney or business owner needs to understand before hiring a valuation analyst. Misuse of these terms is a fast trust killer for sophisticated readers, and labeling a calculation as a valuation can sink a report at deposition.
Calculation engagement (SSVS No. 1, paragraph 21)
Limited scope, agreed-upon procedures, often a single approach, fewer corroborating tests. Faster and lower cost. Useful for early settlement discussions, internal planning, mediation, or matters where a full valuation engagement is not yet justified by the procedural posture or the dollars at issue. The report is labeled a Calculation Report and the conclusion is a Calculated Value, not a Conclusion of Value.
Valuation engagement (SSVS No. 1, paragraph 10)
Full scope. All three approaches considered. All relevant normalizing adjustments tested. All relevant discounts analyzed. Suitable for trial testimony, IRS submissions, and high-stakes transactions. The report is a Detailed Report or a Summary Report, and the conclusion is a Conclusion of Value.
How the engagement type is chosen
At intake the firm discusses procedural posture, budget, valuation date, standard of value, and what the report needs to do. The engagement letter explicitly states which type of engagement is being performed. A calculation is never labeled a valuation, and a valuation is never labeled a calculation. That line is structural under SSVS No. 1, not a matter of preference.
How We Approach Value
Every engagement considers all three approaches to value, with selection and weighting documented in the report. The methodology framework is grounded in IRS Revenue Ruling 59-60, the AICPA’s SSVS No. 1, and NACVA Professional Standards. The applicable standard of value, the valuation date, and every adjustment are stated explicitly so the report can be defended on cross-examination.
Three approaches considered in every engagement. The market approach uses guideline public companies and guideline transactions. The income approach typically applies a capitalized cash flow or discounted cash flow method, with discount rates built up from market data. The asset (cost) approach is most often relevant for holding entities, distressed operating companies, and certain professional practices. Approach selection and weighting is documented and defended in the report.
Standard of value stated explicitly. Fair market value applies to estate and gift work and to most Texas family law matters. Fair value applies to dissenter and oppression cases under the Texas Business Organizations Code. Investment value applies to specific buyer scenarios. The engagement letter and the report both name the standard, because applying the wrong standard is a defensible-report killer at trial.
Discounts: DLOM and DLOC. A discount for lack of marketability (DLOM) is applied where the subject interest cannot be quickly converted to cash; the analysis is supported by current empirical studies and, where appropriate, the Mandelbaum factors. A discount for lack of control (DLOC), sometimes called a minority discount, is applied where the subject interest does not control distributions, compensation, sale, or capital structure; the analysis is supported by current control-premium studies.
Normalizing adjustments tested and listed. Owner compensation is normalized to a market replacement rate. Related-party transactions are restated to arm’s length. Non-recurring revenue and expenses are removed. Unrecorded liabilities, off-balance-sheet items, and personal expenses run through the entity are addressed. Every adjustment appears in the report with its source and amount, because adjustments unsupported by documentation are the first thing opposing counsel attacks.
Personal goodwill versus enterprise goodwill. In Texas family law and in many transaction contexts the distinction between personal goodwill (attributable to the individual owner) and enterprise goodwill (attributable to the business entity) is dispositive. Personal goodwill is generally not a divisible community asset under Nail v. Nail; enterprise goodwill is. The carve-out is supported by analysis of customer relationships, owner-specific reputation, transferability, and contractual constraints.
Industries and Entity Types
Engagements span the breadth of the Tarrant County and north Texas economy. The methodology is the same; the data sources, comparable transactions, and normalizing adjustments differ by industry.
Industries
- Manufacturing
- Distribution and wholesale
- Professional services (medical, legal, accounting, engineering, architecture)
- Construction and trades
- Energy services
- Restaurant and food service
- Transportation and logistics
- Agriculture
- Healthcare
- Retail
- Real estate holding entities
Entity types
- Sole proprietorships
- General, limited, and limited liability partnerships
- C corporations and S corporations
- Limited liability companies
- Family limited partnerships (FLPs)
- Limited liability limited partnerships (LLLPs)
- Joint ventures
- Employee stock ownership plans (ESOPs)
Reports Built for Daubert and TRCP 194
Reports issued for litigation are built to survive a Rule 702 challenge and to satisfy Texas Rule of Civil Procedure 194.2(f) disclosure requirements. The Texas standards under E.I. du Pont v. Robinson and Gammill v. Jack Williams Chevrolet apply the same reliability gatekeeping to non-scientific expert testimony, including financial expert opinion. The schedule of opinions, the basis for each opinion, the data considered, and the methodology applied are documented so the report holds up at deposition and at trial. Where a rebuttal report is required, it is structured to address the opposing expert’s methodology, assumptions, and data, not the opposing expert personally.
Considering selling the business? When valuation supports a sale, Jeff is also a member of the International Business Brokers Association (IBBA) and can manage the engagement from valuation through transaction. Learn about Harwell & Company’s business brokerage practice.
Frequently Asked Questions
What is a CVA?
Certified Valuation Analyst, a credential issued by the National Association of Certified Valuators and Analysts (NACVA). The CVA requires a graduate degree or equivalent business experience, demonstrated expertise, peer-reviewed work product, and continuing professional education. Jeff has served as Texas State Chapter President and received NACVA’s Outstanding Member Award in 2012.
What is the difference between CVA, ASA, and ABV?
All three are recognized business valuation credentials. CVA is issued by NACVA, ABV by the AICPA, and ASA by the American Society of Appraisers. Texas courts accept all three. Jeff is a CVA and a MAFF (Master Analyst in Financial Forensics, also issued by NACVA).
Do you perform real estate appraisals?
No. Real estate appraisal in Texas requires a separate license from the Texas Appraiser Licensing and Certification Board (TALCB). When an engagement involves real property held by the subject business, the firm coordinates with a TALCB-licensed real estate appraiser and integrates that appraisal into the business valuation report.
What is your typical fee range?
Calculation engagements typically start in the low five figures. Valuation engagements typically start in the mid five figures. Complex litigation matters with deposition and trial testimony are higher. The firm provides a written estimate after a scoping call and a conflict check.
How long does a valuation take?
A calculation engagement is generally three to five weeks from receipt of complete information. A valuation engagement is generally six to ten weeks. Faster turnaround is possible with rush authorization and the cooperation of the subject company in producing data.
What if I just need a ballpark?
A ballpark conversation is a phone call, and the firm is happy to have it without charge. A ballpark in writing is a calculation engagement at a minimum. Anything else is a malpractice exposure for everyone involved, and SSVS No. 1 is explicit on this point.
Ready to engage Harwell & Company?
Every engagement begins with a conflict check. For attorneys, the conflict check confirms there is no prior relationship with any party. For business owners and CPAs, the consultation scopes the engagement type, valuation date, and standard of value before an engagement letter is issued.
Related reading: divorce and family law valuation | commercial litigation and lost profits | financial forensics and damages | CVA, MAFF, and CMEA credentials in detail | recent writing and insights.
Harwell & Company — 11816 Ferndale Lane, Aledo, TX 76008 — (817) 385-1866. Harwell & Company is a Texas firm proudly located in Aledo, Texas. We are not affiliated with Harwell Valuation Advisors of Knoxville, TN.