This case involves a plaintiff plastic surgeon who lost wages after being terminated from a plastic surgery practice. The plaintiff ran several offices in the Los Angeles area that made up his practice and owned the commercial properties that housed each office. The practice generated over $15 million per year in income. The plaintiff then sold his practices to the defendant. As part of the sale, the plaintiff was to act as the landlord for the defendant and continue on as a plastic surgeon for several years. Following the sale, a dispute broke out and the plaintiff was terminated from the practice. A lawsuit ensued and as per the settlement, the offices were to be returned to plaintiff. The defendant was required to vacate the properties by a certain date but did not vacate until almost 2 months later. During this period, the plaintiff was without work. A business valuation expert was sought to determine the damages and lost profits the plaintiff incurred based on past data and industry accepted profit/loss analysis.
Question(s) For Expert Witness
- 1. Please describe your business valuation experience as it relates to the details of this case.
Expert Witness Response E-066380
I have consulted and testified in 100+ business valuation cases over the past 30 years. I have also taught business valuation at both the undergraduate and graduate levels for 30 years. I am able to determine the total loss of revenue and profits for the plaintiff. I have worked on many cases involving similar practices.
This highly qualified expert has extensive experience in forensic economics and business valuation. This expert received his MBA as well as his MPh and Ph.D. in economics and finance at a nationally renowned research university. His doctoral dissertation won an award as “The Outstanding Dissertation in Economics in the United States.” His study of and experience in statistical and decision analysis provide him with a unique quantitative skill in business forecasting and economic valuation, and he consults in the areas of quantifying individual income loss due to an event, business income loss, and business valuation, with particular expertise in “unestablished businesses.” This expert currently serves as a forensic economist for an economics firm and a professor of economics and finance at a major university.