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The verdict is in: Part 3 from the files of a forensic valuation consultant
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Wednesday, October 3, 2012
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The business appraiser hired by the Water Authority was not impressed with Joe and Leon’s credentials as businessmen. On cross examination, when asked why two businessmen would pay $2 million for a plant that was, in his opinion, worth only $140,000, he stated directly in open court that he thought that they just didn’t know any better. I, on the other hand, was impressed with the fact that both Joe Smith (who is illiterate) and Leon Jones (who dropped out of the eighth grade) had made millions of dollars running successful businesses that were no more complicated than LJS Grease and Tallow.
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