Mr. Frazier has over 40 years of experience in valuing closely-held businesses and regulary
testifies in cases involving the value of a business or equity or debt ownership interests.
These cases have been tried in various court venues including federal, state, bankruptcy,
family and probate.
William Frazier has participated as an appraiser and/or expert witness in several landmark
U.S. Tax Court cases, including Steinberg, Hendrix, Jelke, McCord, Dunn and Gladys Cook.
Mr. Frazier has written numerous articles on the subject of business valuation appearing in
such publications as the Business Valuation Review, Valuation Strategies, BV E-Letter, and
Mr. Frazier continues to be affiliated with the valuation and investment banking firm Stout
Risius Ross, Inc. as a Senior Advisor. Mr. Frazier was a founding partner of HFBE (acquired by
Stout in 2012) where he provided financial advisory and valuation opinions for purposes of
corporate mergers, acquisitions and spin-offs, reorganizations and recapitalizations, estate,
gift and income tax requirements, estate planning, employee stock ownership plans, and
other requirements. Prior to HFBE, Mr. Frazier was an officer of a major regional investment
banking firm, where he was involved in public offerings of equity and debt securities, private
placements, mergers and acquisitions, venture capital and valuation and fairness opinions.
Mr. Frazier is the developer of the Non-marketable Investment Company Evaluation Method
and author of the chapter “The Cost of Capital of Private Company Interests” in the valuation
textbook, The Cost of Capital.