Services Available in Carmel

& Surrounding Area

(Westfield, Fishers, Noblesville, Et Cetera)



Do you know the value of your business? . . .


. . . I can help you with that question.



Bill Schreiner, BCBA

Board Certified Business Appraiser

Member - Association of Professional Merger & Acquisition Advisors

Member - Business Valuation Association



Business Appraisals

Construction Companies

Manufacturing Companies

Service Companies

Agri-Business Companies

Professional Practices

Hospitality Companies

Real Estate Holding Companies



Office (800) 373-1210 or (317) 216-8601

(Answered During Business Hours 8AM to 5PM EST)


Mobile (800) 736-5063 or (317) 716-1444

(Answered During and Outside Business Hours)


Fax (800) 229-5143 or (317) 216-5584

Click Here to Email Us at 24/7 for a Free Consultation


I provide valuations of various small business operation types.  Assignments accepted include mostly "main street" and "lower middle market" type companies of $10 million or less in annual revenue.  Industries covered include.







Due to my experience and qualifications in other areas of the commercial & industrial appraisal profession (tangible assets), I am able to handle assignments involving going concerns that own and/or control major holdings of tangible assets.  Unlike other business appraisers, it is not necessary for me to spend additional client time and money on hiring outside "asset" appraisers to value the tangible assets (real estate, machinery & equipment, et cetera) held on the subject business's balance sheet.

Business valuations are ordered for a number of reasons. Some of these situations may include.

● Accounting & Financial Matters

● Acquisitions & Mergers

● Allocation of Purchase Price

● Buy / Sell Agreements
● Corporate Planning
● Divestitures
● Estate Planning Matters

● Estate Tax Matters

● Financing
● Gift Tax Matters


USPAP Certified & Competent
I am USPAP (Uniform Standards of Professional Appraisal Practice) certified.  My education and experience of exceeds the voluntary "Appraiser Minimum Qualification Criteria" adopted by the Appraiser Qualifications Board (AQB) of The Appraisal Foundation.  Since I am USPAP (Uniform Standards of Professional Appraisal Practice) certified, my reports are completed in accordance with these guidelines.  I am required to re-certify in USPAP content on a periodic schedule.


Client Confidentiality
Clients are always concerned with the confidentiality of their records and assignment results. As a certified  appraiser and member of various professional organizations, I am bound by the confidentiality clause of the Uniform Standards of Professional Appraisal Practice (USPAP).  USPAP requires that I maintain the confidentiality of all conversations, documents provided to me and the contents of my reports subject to legal or administrative processes or proceedings.


I have over twenty-five (25) years of diverse experience in the appraisal, valuation, and consulting professions.  My business appraisal experience to date includes the performance of valuations involving entire enterprise, specific assets, and specific equity positions.  A brief listing of my qualifications are noted below.  A more detailed CV is available upon request.


Bill Schreiner

●  BCBA Board Certified Business Appraiser Designation from the National Society of Appraiser Specialists.

●  Member - Association of Professional Merger & Acquisition Advisors.

●  Member - Business Valuation Association.

●  Business valuation education includes the following.

     - National Association of Certified Valuators & Analysts, Salt Lake City, Utah.

        Business Valuation Course - Fundamentals, Techniques & Theory.

        Business Valuation Course - Income & Asset Approaches.

        Business Valuation Course  - Market Approaches.

        Business Valuation Course - Discounts & Premiums.

        Business Valuation Course - Special Purpose Valuations.

        Business Valuation Webinar - Evolution of Business Valuation.

        Business Valuation Webinar - Financial Statement Analysis.

        Business Valuation Webinar - Income Approaches.

        Business Valuation Webinar  - Asset & Market Approaches.

        Business Valuation Webinar - Discounts & Premiums.

    - University of British Columbia, Sauder School of Business, Vancouver, British Columbia.

        Course 101 Business Enterprise Valuation.

     - New York Institute of Finance, New York City, New York.

        Business Valuation Course  - Free Cash Flows, Terminal Value, DCF & WACC.

●  CAGA Certified Member Designation in the personal property discipline from the Certified Appraisers Guild of America.

●  Machinery & equipment appraisal education includes the following.

     - American Society of Appraisers, Washington, DC.

        Course ME 201 Introduction to Machinery & Equipment Valuation.

        Course ME 202 Machinery & Equipment Valuation Methodology.

     - University of British Columbia, Sauder School of Business, Vancouver, British Columbia.

        Course 118 Machinery & Equipment Valuation.

     - International Society of Appraisers, Chicago, Illinois.

        Medical Equipment Webinar.

        American Furniture Webinars.

     - National Auctioneers Association, Overland Park, Kansas.

        Valuation of Industrial and Heavy Equipment Webinar.

     - Association of Machinery & Equipment Appraisers, Alexandria, Virginia.

        Packaging Equipment Webinar.

        Fair Value Webinar.

     - Royal Institute of Chartered Surveyors, London, England, United Kingdom.

        Valuation of Plant & Equipment under IFRS Accounting Standards Webinar.

     - Certified Appraisers Guild of America, Grandview, Missouri.

        Certification Course in Personal Property Appraisal.

●  Certified General Appraiser License from the State of Indiana Professional Licensing Agency.

●  CCRA Certified Commercial Real Estate Appraiser Designation from the National Association of Real Estate Appraisers.

●  MSA Master Senior Appraiser Designation in the real property discipline from the National Association of Master Appraisers.

●  Real estate appraisal & consulting education includes the following.

     - Appraisal Institute, Chicago, Illinois.

        Course 101 Introduction to Appraising Real Property.

        Course 310 Basic Income Capitalization.

        Course 510 Advanced Income Capitalization.

        Valuation for Financial Reporting Webinar.

     - McKissock Education, Warren, Pennsylvania.

        Sales Comparison Course.

        Land & Site Valuation Course.

        Cost Approach Course.

        Commercial Appraisal Review Course.

        Appraisal of Self-Storage Facilities Course.

        Appraisal of Assisted Living Facilities Course.

        Appraisal of Historic Properties Course.

     - National Highway Institute, Arlington, Virginia.

        Real Estate Acquisition Under the Uniform Act Course.

        Local Public Agency Real Estate Acquisition Course.

     - Marshall & Swift, Los Angeles, California.

        Commercial Building Cost Course.

     - BKG Education, Pasadena, California.

        Course 101 Overview of Cost Segregation.

●  Management Certificate from Loyola University, School of Business Administration, Chicago, Illinois.
●  Over twenty-five (25) years of diverse experience in the appraisal, valuation, and consulting professions.

●  Previously held the position of Senior Appraiser in a regionally based accounting & consulting firm.
●  United States Marine Corps Veteran (Honorable Discharge from Active Duty and Service-Connected

    Disabled Veteran Rating from the Department of Veterans Affairs).



Valuation Methodology
Given our experience and knowledge in the two (2) other primary areas of commercial & industrial valuation (real estate and machinery & equipment), we are in a position to value businesses that own significant machinery, equipment and real estate without contracting additional practitioners.  This is an advantage over the majority of  our competition, in that most business appraisers come from a background that does not include experience or knowledge in the appraisal of hard tangible assets (real estate and/or machinery & equipment).

The majority of business enterprise appraisals are performed for the purpose of estimating the "Fair Market Value" of an identified interest (ranging from 100% control to some form of partial interest) in an on-going business entity (i.e. S Corp, C Corp, LLC, Partnership, Association or Sole Proprietorship).  On occasion, an assignment may call for estimating the "Liquidation Value" of an identified interest (typically 100% control) in a business entity due to an issue such as in-solvency or bankruptcy.

Typically, given the constraints of the data available in the marketplace, the value of the entire enterprise must first be estimated before addressing any partial interest calculations.  Although, is some situations, techniques do exist to value a partial equity interest directly.  However, these circumstances are not commonplace.  Normally the entity is valued, then the partial interest is analyzed.

There are three (3) generally accepted approaches to estimating value in a business enterprise appraisal engagement.  These are briefly described as follows.

Asset Approach

A generally accepted approach of developing a value indication of a business using one or more methods based on the value of the subject business's assets net of all liabilities.


Market Approach

A generally accepted approach of developing a value indication of a business using one or more methods that compare the subject business to similar businesses that have been sold in an open market.


Income Approach

A generally accepted approach of developing a value indication of a business using one or more methods that convert anticipated economic benefits into a present value amount.


Once the range is established by the developed approaches, a reconciliation of the indications is performed, based upon their respective relevance to the subject appraisal problem, to arrive at a final estimation of the value for the subject business.


Additional concerns may need to be addressed in the form of discounts at the entity level, including consideration for key man issues, trapped in gains, et cetera.  These discounts are normally applied to the enterprise as a whole.


If the subject of the appraisal is a partial equity interest in the business enterprise.  Then additional calculations are undertaken to; 1) account for the pro-rata interest in the business (i.e. number of shares or percentage of ownership), 2) any potential premium or discount for control or lack thereof (i.e. control interest, non-control interest, blockage interest, or minority interest), and 3) any potential discount for lack of marketability.


Depending upon the situation surrounding a valuation and the data available.  We will help you sort through this methodology to a clear understanding of the value to be estimated and the approaches to be applied.

The types of data we utilize in the performance of business enterprise appraisals vary widely depending upon the specific appraisal problem.  These sources include the following.

● BizComps.

● Pratt's Stats.

● MergerStat.

● BVMarketData.

● KeyValueData.

● First Research.

● BizMiner.


I subscribe to numerous print media and online databases for business valuation information & data.  My resources for this data are always expanding, given the reach of the information age.  This all goes together to form a solid basket of market information to form the basis of estimated values.  Each of my written reports will list the specific references for the engagement that were relied upon in the performance of the appraisal analysis.

A few years back USPAP (Uniform Standards of Professional Appraisal Practice) was modified to do away with the former definitions of the type of appraisal undertaken (i.e. "limited" or "complete").  The new standard involves the "scope of work rule" in which a client and an appraiser must mutually agree upon a scope of work that is adequate for the assignment and will produce credible results.

Of course, the appraiser is charged with the responsibility of final determination on what is required to produce credible results.  So an appraisal analysis may involve only one (1) approach to value, two (2) approaches to value, or all three (3) approaches to value.  It is all variable on the particular appraisal problem, the subject property type, and the market data available for the assignment.

There are two (2) basic types of written appraisal reports produced for business valuation assignments.   These include the following; 1) the "restricted-use appraisal report" narrative, 2) the "appraisal report" narrative.

A "restricted-use appraisal report" narrative presents "statements & basic illustrations" relative to the data, reasoning, and analyses that were used in the appraisal process to develop the opinion of value.  Supporting documentation concerning the data, reasoning, and analyses are typically enclosed within the file for the assignment.  This report is suitable for "internal uses only" by the named client.  It is not suitable for intended uses where third party users may need to review the report.

An "appraisal report" narrative presents "summary discussions & illustrations" of the data, reasoning, and analyses that were used in the appraisal process to develop the opinion of value.  Supporting documentation concerning the data, reasoning, and analyses are typically enclosed within the addenda of the report (and more fully documented in the the file for the assignment).  This report is suitable for a number of intended uses and is appropriate when third party users may need to review the report.

Fees & Timing
Typical fees for assignments can range widely dependent upon the scope of the analysis and type of report agreed upon with the client.  An indication of the typical fee range is noted as follows.

● Businesses without real estate owned or significant machinery & equipment ($750 to $3,500).

● Businesses with real estate owned but no significant machinery & equipment ($1,500 to $5,000).

● Businesses with real estate owned and significant machinery & equipment ($2,000 to $10,000).


Timing for completion of assignments can range from a week to a month, dependent upon the size & complexity of the engagement.  I can provide a solid fee & timing quote with some basic information about the appraisal problem and business to be valued.

Disabled American Veteran Owned - Schreiner Valuation Resources (SVR) is a Disabled American Veteran owned business.  Bill Schreiner, who owns 100% of Schreiner Valuation Resources is; 1) an Honorably Discharged Veteran of the United States Marine Corps, 2) has a Service Connected Disability rating from the Department of Veterans Affairs (VA), 3) is a member of the Disabled American Veterans (DAV) organization, and 4) is a member of the National Veteran Owned Business Association (NaVOBA).


Schreiner Valuation Resources, LLC

Mobile Telephone (800) 736-5063 or (317) 716-1444

Office Telephone (800) 373-1210 or (317) 216-8601

Facsimile (800) 229-5143 or (317) 216-5584


Corporate Headquarters

101 West Ohio Street, Suite 2000

Indianapolis, Indiana  46204



Schreiner Valuation Resources © 2014