Date: September 10, 2026
Presenters: Travis W. Harms, CFA, CPA, ABV and Zac L. Lange, CPA, ABV
Cost: Complimentary
Time: Noon - 1:15pm (CDT)
Course Overview and Purpose
This webinar will help attorneys, estate planners, family business directors, owners, management, as well as other professional advisors to understand how a thoughtfully designed buy-sell agreement can reduce uncertainty and improve outcomes when ownership interests change hands. The program will examine the purpose of buy-sell agreements, key valuation provisions, formula-based and appraisal-based pricing methods, and alternative appraiser structures. It will also address practical considerations for implementing and updating the valuation process, including timing, costs, funding terms, and appraiser continuity. Participants will learn how to identify and stress-test common drafting and valuation failure points before a triggering event creates conflict, delay, or unintended economic consequences.
Learning Objectives
Upon completion of this program, participants will be able to:
Identify the key valuation provisions that should be addressed in a buy-sell agreement, including standard of value, level of value, valuation date, appraiser qualifications, and appraisal standards.
Distinguish between formula-based pricing provisions and appraisal-based valuation processes and evaluate the strengths and limitations of each.
Compare single-appraiser and multiple-appraiser structures and assess how each affects timing, cost, uncertainty, and the potential for disputes.
Evaluate how payment and funding terms, life insurance proceeds, entity tax treatment, and valuation discounts can affect the economics of a buy-sell transaction.
Recognize common drafting and process failures that can lead to inconsistent valuation conclusions, shareholder disputes, or litigation.
Apply a practical “stress-test” to an existing buy-sell agreement to identify unresolved valuation, procedural, and implementation issues before a triggering event occurs.
Content Outline
I. What Do Buy-Sell Agreements Do?
Purpose and function of buy-sell agreements in governing future ownership transactions
Comparison of formula provisions and appraisal-based valuation processes
Five defining elements of a valuation assignment
Relationship between valuation conclusions, funding provisions, and shareholder notes
II. Designing the Valuation Process
Importance of addressing valuation procedures before a triggering event occurs
Comparison of multiple-appraiser and single-appraiser structures
Roles that may be assigned to a third appraiser
Advantages and disadvantages of multiple-appraiser processes, including timing, cost, uncertainty, and potential advocacy
Alternatives for selecting an appraiser and establishing value before or after a triggering event
III. Clarifying the Valuation Process
Establishing clear expectations regarding how the appraisal process will operate
Use of initial and periodic appraisals to maintain consistency and reduce uncertainty
Setting realistic timetables for completion of the valuation
Allocation of appraisal costs and treatment of economic changes during delays
Planning for continuity if the designated appraiser or appraisal firm becomes unavailable
IV. Stress-Testing Failure Points
Treatment of life insurance proceeds in determining value and funding a buyout
Other valuation issues that can materially affect conclusions, including tax-related assumptions and discounts
Common reasons valuation processes fail, such as ambiguity, information asymmetry, weak standards, unrealistic timelines, and appraiser advocacy
Review of existing agreement provisions to identify unresolved questions before a triggering event or dispute occurs
CLE Accreditation
The Florida Bar: This course has been approved by The Florida Bar for 1.0 CLE credit hours (General)
State Bar of Texas: This course has been approved for Minimum Continuing Legal Education credit by the State Bar of Texas Committee on MCLE in the amount of 1.0 credit hours, of which 0 credit hours will apply to legal ethics/professional responsibility credit.
Attorneys licensed outside Florida and Texas may be eligible to receive CLE credit through their state's reciprocity or self-application process and are encouraged to consult their state bar for specific requirements.
CPE Accreditation
Program Description: See above
Learning Objectives: See above
Instructional Delivery Method: Group Internet-Based
Recommended CPE Credits: 1.0 CPE credit
Recommended Field of Study: Specialized Knowledge
Prerequisites: None
Advanced Preparation: None
Program Knowledge Level: Basic
Refund/Cancellation Policy: $0 registration fee. If for any reason this webinar should be canceled, all registrants will be notified via email as soon as possible.
Official Complaint/Concern Policy: Contact Barbara Price at priceb@mercercapital.com to voice issues, concerns, or complaints.
Attendance Monitoring Disclaimer: Participants must remain logged in for at least 50 minutes and respond to a minimum of 4 random polling questions to receive the 1.0 credit.
Mercer Capital is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.