CASE STUDY Edwin Coe Brief Edwin Coe required advice, on behalf of a client, on the value of goodwill in a professional services firm. This was for an arbitration to determine amounts due to a retired partner. Approach Qualitative and quantitative market research was carried out to analyse key factors and trends. The achievements and position of the firm were assessed against the competitive set to back up overall assumptions on forecast fee income. These were used as the basis for a discounted cash flow business valuation. Comparable market research was also carried out into the M&A market for rules of thumb bases for measuring goodwill, used for valuing goodwill separately. A search was also carried out for licensing arrangements for professional services firms, which was use

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