Qualifications

of William H. Frazier, ASA

I have over 45 years of experience in the field of valuation and financial advisory services. Early in my career, I worked as an investment banker engaged in public offerings, private placements, and mergers and acquisitions. Over the years, my assignments migrated increasingly into the business valuation arena. My valuation advisory experience encompasses a broad range of industries. I have performed assignments for numerous purposes including estate and gift taxation, bankruptcy and reorganization, disputes related to business transactions and shareholders, and family law matters. The majority of my valuation experience within the past 20 years has been in the context of valuing family-owned businesses and holding entities such as family limited partnerships.

Valuation & Financial Advisory

American Society of Appraisers

Senior Member

I have been a senior member of the American Society of Appraisers (ASA) since 1987. These designations involve various combinations of requirements, including passing numerous courses and multiple levels of exams and fulfilling continuing education requirements for periodic reaccreditation. I have served on various boards and committees of the ASA over the years, including chair of the Government Relations Committee, Business Valuation Committee (treasurer and secretary), Standards Sub-committee of Business Valuations Committee, and Education Foundation. I was previously head of the Tax Reform Task Force of the ASA, a body created to offer guidance to members of the business valuation profession with respect to the Tax Cuts and Jobs Act. From 2009-2011, I served on the IRS Advisory Council. IRSAC's primary purpose is to provide an organized public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public. At IRSAC, I was attached to the Office of Professional Responsibility. I currently serve on the Standards Sub-committee.

I am the developer of the Non-marketable Investment Company Evaluation (“NICE”) Method and author of the chapter “The Cost of Capital of Private Company Interests” in the valuation textbook, The Cost of Capital. The NICE Method is gaining acceptance as a leading method of the Income Approach to valuations of family-owned investment entities. It was favorably reviewed in the 2019 U.S. Tax Court case Grieve v. Commissioner. I am also the lead author of the chapter “Discounts for Lack of Marketability” in the forthcoming sixth edition of Valuing a Business-generally regarded as the “Bible” of business valuation. Another valuation methodology I developed is the “Market Derived Blockage Discount Model”. This model was described in a 2018 article in the Business Valuation Review and was also the subject of a 2020 webinar for the ASA. Finally, for family law matters, I developed the course “Business Valuations in Divorce – Texas Case Law and Valuation Principles”. The course is an in-depth look at the valuation implications of 15 Texas cases.

Non-Marketable Investment Company Evaluation (NICE) Method

Developer

Lead Author

I am the author of the chapter “The Cost of Capital of Private Company Interests” in the valuation textbook, The Cost of Capital.

I am also the lead author of the chapter “Discounts for Lack of Marketability” in the forthcoming sixth edition of Valuing a Business-generally regarded as the “Bible” of business valuation.

Another valuation methodology I developed is the “Market Derived Blockage Discount Model”. This model was described in a 2018 article in the Business Valuation Review and was also the subject of a 2020 webinar for the ASA.

Finally, for family law matters, I developed the course “Business Valuations in Divorce – Texas Case Law and Valuation Principles”. The course is an in-depth look at the valuation implications of 15 Texas cases.