Business Valuation Expert Witness Services

Attorneys across Florida and the United States retain Joey N. Friedman, CPA, ABV, M.Acc, MIB, as their business valuation expert witness when a case demands independent, court-ready opinions that can withstand deposition scrutiny and cross-examination at trial. Contact the firm to discuss your matter confidentially: (954) 290-5657 or (954) 282-9615. Schedule a Consultation

Executive Summary

Joey N. Friedman, CPA, ABV, M.Acc, MIB, provides expert business valuation testimony and litigation support for attorneys and their clients across Florida and nationwide. As a credentialed valuator with the Accredited in Business Valuation (ABV) designation, Mr. Friedman delivers independent, defensible opinions of value that withstand deposition and trial scrutiny. His work spans shareholder disputes, marital dissolution proceedings, contract litigation, and business interruption claims—bringing rigorous financial analysis to every engagement. Attorneys rely on his clear, court-ready reports and confident testimony to advance their clients’ positions.

When Attorneys Retain a Business Valuation Expert Witness

Attorneys engaged in complex commercial, family, or fiduciary litigation routinely need a qualified valuation expert to ground their case in credible, defensible financial analysis. Mr. Friedman is retained in matters that include:

  • Shareholder and partner disputes – Minority oppression claims, forced buyouts, buy-sell agreement disputes, and dissolution proceedings requiring an independent determination of closely held equity value.
  • Marital dissolution / divorce – Valuation of business interests held by either spouse, including professional goodwill analysis consistent with Florida marital-law standards.
  • Breach of fiduciary duty claims – Quantification of losses or diminution in value resulting from a fiduciary’s improper conduct, self-dealing, or misappropriation of business assets.
  • Fraud and unjust enrichment – Calculation of economic damages, lost profits, or ill-gotten gains in commercial fraud, embezzlement, or tortious interference matters.
  • Estate and gift tax disputes – Transfer-pricing and fair-market-value opinions for IRS challenges and Tax Court proceedings involving closely held business interests.
  • Business interruption claims – Economic loss analysis for insurance litigation or coverage disputes where operations were partially or fully suspended.
  • Breach of contract and lost profits – Quantification of provable economic damages arising from a counterparty’s failure to perform under a contract.
  • Intellectual property and intangible asset disputes – Royalty-rate and lost-profit analyses in patent, trade secret, and licensing litigation.

In every engagement, Mr. Friedman’s analysis is prepared with trial in mind: rigorous methodology, fully documented assumptions, and testimony delivered in plain language that judges and juries can understand and credit.

What a Business Valuation Expert Witness Does

In litigation, a business valuation expert witness provides an independent, objective opinion of the fair market value—or another standard of value—of a business interest, intangible asset, or lost economic benefit. The expert’s role extends well beyond preparing a written report. He or she must be prepared to explain complex financial concepts to judges and juries in plain language, defend methodology under cross-examination, and rebut opposing expert opinions. Mr. Friedman’s expert witness and litigation support services are designed specifically for the demands of contested proceedings, from the earliest stages of discovery through final verdict.

A well-qualified business valuation expert will review financial statements, tax returns, industry data, transactional databases, and company-specific risk factors to arrive at a well-supported, defensible conclusion. In adversarial proceedings, the ability to explain every assumption and cite authoritative sources is as important as the numeric conclusion itself.

Daubert / Court Admissibility Readiness

Federal courts and many state courts apply the Daubert standard to evaluate whether expert testimony rests on a reliable methodology. Mr. Friedman prepares every engagement with admissibility in mind:

  • Recognized methodology – All analyses draw on the income, market, and asset (cost) approaches as defined by AICPA and USPAP standards. The selection and weighting of methods is driven by the facts of each case, available data, and the applicable standard of value.
  • Fully documented assumptions – Every key assumption—growth rates, discount rates, normalization adjustments, and industry benchmarks—is documented and supported by authoritative data sources, reducing exposure to Daubert challenges.
  • Independence and objectivity – Mr. Friedman’s compensation is not contingent on the outcome of the matter. He provides the same rigorous, unbiased analysis regardless of which party retains him.
  • Rebuttal and critique capability – When an opposing expert’s report departs from professional standards or relies on unsupported assumptions, Mr. Friedman prepares a written rebuttal that retaining counsel can use in cross-examination and at trial.
  • Defensible valuation approaches – Discount rates, capitalization rates, and market multiples are drawn from recognized databases and publications, and are reconciled and explained in plain English within the report.

This approach to forensic accounting and expert witness preparation ensures that the valuation opinion is not only sound but is positioned to survive the most rigorous judicial scrutiny.

Common Case Types

Mr. Friedman regularly serves as a valuation expert in the following types of matters:

  • Shareholder and partner disputes – Minority oppression claims, dissolution proceedings, and buy-sell agreement disputes requiring an independent determination of the value of closely held equity.
  • Marital dissolution / divorce – Valuation of business interests held by either spouse, including goodwill analysis consistent with Florida marital-law standards.
  • Contract disputes and breach of contract – Quantification of lost profits and economic damages arising from a counterparty’s failure to perform.
  • Business interruption claims – Economic loss analysis for insurance litigation or coverage disputes where business operations were partially or fully suspended.
  • Estate and gift tax disputes – Transfer-pricing and fair-market-value opinions supporting or defending positions before the IRS or Tax Court.
  • Commercial litigation and fraud – Quantification of economic damages, unjust enrichment, and lost business value in fraud or tortious interference matters.

If your matter involves a closely held business, a professional practice, or an equity interest whose value is in dispute, a professional business valuation is typically the critical evidentiary centerpiece of the case.

Methodology Overview

Business valuation expert witnesses are expected to apply recognized, authoritative methodologies aligned with the engagement’s purpose and standard of value. Mr. Friedman’s analyses draw on all three major valuation approaches, selecting and weighting methods appropriate to the facts of each case:

  • Income approach – Capitalizes or discounts a sustainable stream of earnings or cash flow, reflecting the risk profile and growth prospects of the specific business. Common methods include the capitalization of earnings and the discounted cash flow (DCF) analysis.
  • Market approach – Benchmarks the subject company against arm’s-length transactions involving comparable businesses or publicly traded guideline companies, adjusting for size, risk, and financial performance differences.
  • Asset (cost) approach – Values the underlying net assets of the enterprise at fair market value, most commonly applied to asset-intensive businesses or holding companies.

The selection and weighting of approaches is driven by the nature of the business, available data, and the applicable standard of value. All work product is prepared in accordance with the standards of the American Institute of CPAs (AICPA) and the Uniform Standards of Professional Appraisal Practice (USPAP) where applicable.

What Attorneys Receive

Depending on the stage of litigation and retaining counsel’s specific needs, Mr. Friedman provides the following deliverables:

  • Expert report (court-ready) – A comprehensive written report documenting scope of work, sources of information, methodology, key assumptions, and a fully supported conclusion of value—suitable for submission as an expert disclosure or exhibit.
  • Exhibits and supporting schedules – Financial spread models, comparative market analysis schedules, and normalization adjustments presented in a format designed for courtroom use.
  • Rebuttal / critique report – A written critique of the opposing expert’s report identifying methodological weaknesses, unsupported assumptions, and departures from professional standards.
  • Deposition support – Preparation of retaining counsel for deposing the opposing expert, followed by deposition testimony in defense of Mr. Friedman’s own opinions.
  • Trial testimony support – Clear, well-organized testimony explaining complex valuation concepts to judges and juries, reinforcing the attorney’s theory of the case.
  • Consultation during discovery – Early-stage guidance on what financial records to request, how to frame damages theories, and how to anticipate weaknesses in the opposing valuation.

Mr. Friedman’s litigation support services are designed to serve counsel efficiently from the earliest stages of discovery through the conclusion of trial.

Credentials

Joey N. Friedman, CPA, ABV, M.Acc, MIB holds the Accredited in Business Valuation (ABV) credential issued by the American Institute of Certified Public Accountants (AICPA)—one of the most rigorous and widely recognized credentials in business valuation. This designation requires demonstrated competency through examination, experience, and continuing education. In addition to his ABV credential, Mr. Friedman is a licensed Certified Public Accountant (CPA) with advanced graduate degrees in accounting (M.Acc) and international business (MIB), providing a broad analytical foundation for complex, multi-faceted valuation engagements.

Service Area

Joey Friedman CPA PA is headquartered in Pembroke Pines, Florida, and serves clients throughout South Florida, including Miami-Dade County, Broward County, Palm Beach County, and the greater West Palm Beach area. Expert witness and litigation support engagements are accepted on a remote or nationwide basis, making it convenient for attorneys in any jurisdiction to retain Mr. Friedman as their business valuation expert.

Schedule a Consultation

If you are an attorney or litigant seeking a qualified business valuation expert witness, contact Joey Friedman CPA PA to discuss your matter confidentially. Retaining a qualified expert early—before discovery closes—gives your case the best foundation for a successful outcome.

Direct Line: (954) 290-5657
Office: (954) 282-9615

Contact Us to Retain Mr. Friedman

Frequently Asked Questions

What qualifications should a business valuation expert witness have?

Attorneys should look for a valuator who holds a recognized credential such as the Accredited in Business Valuation (ABV) from the AICPA or the Certified Valuation Analyst (CVA). Equally important is prior testimony experience—both at deposition and at trial—and familiarity with the applicable standard of value in the jurisdiction. Mr. Friedman holds the ABV credential and has extensive experience in Florida litigation matters.

How do you support your assumptions in an expert report?

Every key assumption in Mr. Friedman’s reports—discount rates, capitalization rates, normalization adjustments, growth projections, and discount for lack of marketability (DLOM)—is supported by reference to recognized data sources such as Duff & Phelps (now Kroll), Pratt’s Stats, BIZCOMPS, industry reports, and peer-reviewed literature. The sourcing is documented within the report so that opposing counsel and the court can evaluate each assumption independently.

Do you provide rebuttal reports and deposition support?

Yes. Mr. Friedman accepts engagements as a rebuttal or responsive expert. He reviews the opposing expert’s report, identifies methodological deficiencies and unsupported assumptions, and prepares a written rebuttal opinion that counsel can use in cross-examination or at trial. He also assists retaining counsel in preparing for the deposition of the opposing expert. Rebuttal engagements are subject to availability and the applicable court-ordered disclosure schedule.

What documents do you typically request for a valuation in litigation?

A thorough litigation valuation typically requires federal and state tax returns (3–5 years), financial statements (audited, reviewed, or compiled), general ledgers, accounts receivable and payable aging reports, officer compensation schedules, buy-sell agreements or operating agreements, industry and market data, and any prior valuations or appraisals of the business. Early retention allows Mr. Friedman to help shape discovery requests to ensure the right documents are obtained.

How do you handle discounts (DLOM, control/marketability) in disputes?

The application of a Discount for Lack of Marketability (DLOM) or a discount for lack of control depends on the applicable standard of value and the jurisdiction. Under fair market value, DLOM and minority discounts are typically appropriate for non-controlling interests in closely held companies. Under fair value (the Florida statutory standard for certain dissenter rights and oppression cases), courts have sometimes disallowed such discounts. Mr. Friedman’s reports clearly identify which standard of value applies and document the basis for any discount applied or excluded. His approach is grounded in recognized studies and court-accepted methodologies.

How long does an expert valuation engagement typically take?

Timelines vary based on the complexity of the business, volume of financial records, and the stage of litigation. A straightforward engagement with organized records may be completed in four to six weeks. Complex, multi-entity, or contested matters involving extensive financial reconstruction may take considerably longer. Retaining Mr. Friedman early—ideally before or during the discovery phase—provides the most flexibility for a thorough analysis. He works within court-ordered disclosure deadlines whenever possible.

What are typical fee structures for expert witness engagements?

Expert witness engagements are generally billed on an hourly basis. Fees depend on the scope of the engagement, the complexity of the business being valued, the volume of financial records to be reviewed, and whether the engagement includes deposition or trial testimony. An initial consultation to discuss the scope of the matter is the best way to obtain a realistic fee estimate. Please contact the firm to get started.

What is the difference between fair market value and fair value in litigation?

Fair market value is a federal and Florida standard that assumes a hypothetical willing buyer and seller, neither under compulsion, and is commonly used in estate, gift, and tax matters. Fair value is a statutory concept used in certain Florida shareholder dissent and oppression proceedings and may exclude minority and marketability discounts that would otherwise apply under fair market value. Selecting the wrong standard of value can materially affect the outcome of a case; your expert should be well-versed in both standards. For related economic damages analysis, the applicable standard similarly shapes the methodology and conclusion.