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How to Value: Clothing Stores
Industry Description The clothing stores industry retails new clothing for all genders and age groups (NAICS 4481). Retailed clothing includes men (448110), women (448120), children and infants (448130), family (448140), accessories (448150) and many other categories and segments (448190). The industry also includes basic alterations services, such as hemming, adding or removing seams, and lengthening…
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The Basics of Duty to Mitigate
Many types of commercial litigation include the duty to mitigate. The duty to mitigate is an affirmative duty: a plaintiff must make reasonable efforts to reduce their losses. When a plaintiff does not, then their damages are reduced under the assumption they had taken reasonable efforts to reduce their losses, or they are excluded from…
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Producing QuickBooks Online is Easy
If opposing counsel is claiming that producing QuickBooks Online accounting records cannot be done, or doing so would be difficult and overly burdensome, it is not. Producing a QuickBooks Online for litigation can be done in a few short minutes. There is no need to make any changes or modifications to the file, the company’s…
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How to Value: Car Washes & Auto Detailing
Industry Description The car washes & auto detailing industry cleans, washes and waxes automobiles, such as cars, trucks, vans and trailers (NAICS 811190). This industry also includes self-service car wash establishments. The industry does not include automotive repair or maintenance services, which are the subject of other valuation guides. The following are some basic characteristics…
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The Basics of Lost Profits
Lost profits is a form of compensatory damages, and a potential remedy in most commercial litigation cases including breach of contract, business interruption, theft of trade secrets, and most business torts. Lost profits seek to compensate plaintiff with the benefits they were denied due to alleged wrongdoing. At the highest level, lost profits are the difference…
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Spoliation of QuickBooks Records
Story time Our experts once served on a case to critique the claimed replacement value of a destroyed piece of property. This is commonly known as a cost approach. To support their calculation, claimants produced their QuickBooks file. Earlier, claimants produced their financial statements. Based on their form, we knew that these financial statements had…
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SECURE 2.0 is here
Late 2022 Congress and President Biden passed the Consolidated Appropriate Act. Referred to as SECURE 2.0, it expands on the provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019, or SECURE Act. Secure 2.0 was passed with the goal of substantially improving retirement savings options. Despite the breadth and depth of…
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Producing QuickBooks Desktop is Easy
If opposing counsel is claiming that producing QuickBooks Desktopaccounting records cannot be done, or doing so would be difficult and overly burdensome, it is not. Producing a QuickBooks Desktop file for litigation can be done in a few short minutes. Copy, paste. There is no need to make any changes or modifications to the file,…
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How to Value: Auto Mechanics
Industry Description The auto mechanics industry in the US provides repair and maintenance services for automobiles (NAICS 811110). This industry includes self-employed mechanics, auto repair shops, garages and car care centers and does not include car dealerships, auto parts retailers or gas stations that provide industry services. Also not included in this industry are auto…
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How to Value: Sporting Goods Stores
Industry Description The Sporting Goods Stores industry (NAICS 451110) retails new sporting goods like bicycles, camping equipment, exercise and fitness equipment, apparel, footwear, and other goods and accessories of the like to the general public. Department stores, mass merchandisers and retailers exclusively selling apparel are not included in this industry. The following are some basic…
