Services
When the asset being valued includes both meaningful real-property value and operating-business value, and separating them is itself part of the work.
What this covers
LHM evaluates assets where the real estate and the operating business cannot reasonably be valued in isolation. Hospitality, senior living, healthcare, cannabis, specialized industrial, and a long tail of holding-company structures all share a common feature: the value of the property and the value of the enterprise are entangled, and the right answer requires methodology that respects that entanglement.
The work spans component allocation, going-concern vs. fee-simple reconciliation, leased-fee construction, and review-audience calibration. Reports are scoped to the standard the user will actually face, whether audit, tax, lender, court, or fiduciary, and not to a generic appraisal template.
Who this is for
Built for the review audiences who actually scrutinize this work.
When to call LHM
Why this gets complicated
Most appraisers value real estate. Most BV practitioners value businesses. Very few are credentialed to do both, and fewer still have done it under audit, IRS, and litigation review. The traps are predictable: double-counting going-concern value into both the property and the entity, mishandling related-party leases, applying inappropriate discount rates to mixed-asset cash flows, or treating intangibles as part of the real property when they are not.
The integrated work also requires a clear view of what the standard actually demands. ASC 805 wants components separated in a particular way; IRC §2031 wants a fair market value at a single date with discounts applied at the right tier; lenders want collateral defensibility. The methodology is not the same in each case.
What LHM evaluates
Standards and review audiences
Deliverables
Related reading
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The California Supreme Court’s August ruling didn’t make general headlines, but for hotels, healthcare, senior housing, and any other operating real estate where intangibles run alongside the building, it changed the standard of proof.
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Olympic turned on the answer to a question that came earlier in the assignment. Most appraisal disputes do.
Sep 2026
For most informal purposes, the company is one asset. For SBA loans, federal financing, ASC 805 allocations, estate planning, divorce, partner buyouts, and property-tax appeals, the components have to be valued under their respective standards.
Most engagements begin with a 20–30 minute conversation about scope, timing, and the right analytical path. There is no charge for an initial conversation.