ESTATE PLANNING COUNCIL OF NORTH TEXAS

BREAKFAST MEETING 

WEDNESDAY, OCTOBER 21

Breakfast served 7:30-8:00 a.m.

Program 8:00-9:00 a.m.

GLENEAGLES COUNTRY CLUB (5401 West Park Blvd., Plano)

Registration Deadline: OCTOBER 13 (5:00 p.m.)

REGISTRATION WILL NOT BE AVAILABLE AFTER THE REGISTRATION DEADLINE

WALK-INS ARE NOT GUARANTEED A MEAL. CASH OR CHECK AT THE DOOR

Member: $30

Guest: $40

VALUATION OF PRIVATE EQUITY

WILL FRAZIER

Sponsored by Armanino and Wealth Advisors Trust Company

Valuing a noncontrolling interest in a privately held business presents challenges that are not encountered when valuing publicly traded securities. This presentation examines the economic characteristics that distinguish private equity interests, with particular attention to the investor’s inability to readily convert the investment to cash. Private equity encompasses many different business segments. These will be discussed but we will focus on the Buyout funds, primarily. We will consider how expected holding period, uncertainty surrounding the timing and form of an eventual liquidity event, and the size and characteristics of the underlying company affect an investor’s required rate of return. The discussion will explore market evidence that can be used to measure the cost of illiquidity, including private equity secondary transactions and liquidity relationships observed in public equity and debt markets. We will also examine why a static discount for lack of marketability may not fully capture the economics of an investment whose prospects for liquidity change over time.

Will Frazier, FASA, has over 50 years of experience in valuation, investment banking, mergers and acquisitions, and litigation advisory services. For the last 25 years, Will's career has focused on valuing family-owned businesses and holding entities, such as family limited partnerships. He has performed valuations for estate and gift taxation, fairness/solvency opinions, bankruptcy and reorganization, disputes related to business transactions and shareholder disputes, family law matters, purchase and sale advisement, employee stock ownership plans, equity compensation, financial reporting, and other litigation, tax and corporate matters. Additionally, Will has served as an expert witness and appraiser in several U.S. Tax Court cases.

Continuing education credit for attorneys, accountants and financial planners is pending for this meeting. The handout will be available on the website under the document library a few days prior to the presentation.

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We would like to thank the following Sponsors for their support for 2026-2027: Argent Trust, Armanino, Communities Foundation of Texas, Frost Bank, Glast Phillips Murray Zopolsky, Lindquist Eisenberg LLP, NDBT, Regions Bank, Texas Bank & Trust, The Catholic Foundation, Value, Inc, American National Bank & Trust, Texas Health Resources Foundation, Prosperity Bank, Heritage Auctions, Wealth Advisors Trust Company, Happy Trust Company

IMPORTANT: Sign in Sheets will not be available at the meeting. The continuing ed links are provided with receipt - save the links for the day of the meeting 

PAYMENT IS REQUIRED AT TIME OF REGISTRATION

$30 - Member 

$40 - Guest 

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