Is the Promissory Note in Your Buy-Sell Agreement Fair to All Parties? 

Promissory notes issued pursuant to the operation of buy-sell agreements are fairly common but often do not provide equivalent fair market value for the stock that is sold by shareholders. This article outlines the problems and suggests a solution.

To facilitate your review of the shareholder (promissory) notes for your company or for your clients, the Checklist for Shareholder (Promissory) Notes in Buy-Sell Agreements is offered as a free download

Estate of Giustina v. Commissioner

An interesting case from 2011. The IRS continues its attack of family limited partnerships and the valuation discounts for lack of marketability and control, specifically those partnerships funded with passive assets.

Other Content of Interest from
Mercer Capital

About Mercer Capital

Mercer Capital is a full-service business valuation and financial advisory services firm. Valuation services are provided for estate and gift tax compliance matters, limited and general partnerships, employee stock ownership plans, profit sharing plans, buy-sell agreements, mergers and acquisitions, financial reporting valuation, and litigation support.

For more information, visit our website at

Vol. 1, 2012


Employee Stock Ownership Plans
for Banks
Exploring an Alternative for Liquidity While Maintaining Capital and Independence

Thursday, March 8, 2012
Noon - 1:00pm CST

1 Hour of CPE Credit Offered
Banks proportionately make more use of ESOPs than any other industy in the U.S. While an ESOP is not suitable in all circumstances, an ESOP may provide assistance in resolving the following issues:
  • Augmenting capital
  • Facilitating stock purchases 
  • Providing employee benefits 
This webinar will: 
  • Describe the function of ESOPs in the real world of banks and bank holding companies.
  • Highlight different structures and their respective pros & cons to various stakeholders.
  • Discuss valuation issues.
For more information, click here.

Copyright © 2012 Mercer Capital, All rights reserved.

Value Matters (TM) is published six times a year and does not constitute legal or financial consulting advice. It is offered as an information service to our clients and friends. Those interested in specific guidance for legal, tax, or accounting matters should seek competent professional advice. Inquiries to discuss specific valuation matters are welcomed.