Persuasiveness At Trial


I would highly recommend Phil Saunders to anyone seeking an expert opinion and/or testimony regarding business valuation.  Phil possesses a keen intellect and an obvious mastery of valuation principles.  What sets him apart from others, however, is his thoughtful, reflective style.  In our particular case, we were involved in a bitter arbitration regarding our claims for breach of representation and warranty in connection with an acquisition we recently had concluded.  The measure of damages depended upon the difference between the actual purchase price for the business and the value of the business given actual knowledge of accounting irregularities we had discovered; as such, factors such as discounted cash flow and EBITDA multiples were critical to this analysis.  The sellers retained a highly credentialed investment banker with over 40 years of experience on Wall Street in an effort to persuade the arbitrator that the difference in value would not have been significant.  In contrast to the flamboyant, pompous style of the seller's expert, Phil exhibited a calm, matter-of-fact, almost professorial style that enhanced his credibility.  He also used memorable and easily understood examples to demonstrate the concepts underlying his testimony.  Phil's contribution contributed greatly to our attainment of a significant reduction in the ultimate price paid for the business.

Alan J. Glass
Vice President, General Counsel and Assistant Secretary
CIRCOR International, Inc.


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