Kenneth had no idea how complicated a lawsuit could be. That is until a former business partner sued his company and its subsidiaries. Their legal dispute centered on how much the business was worth, both at the time their partnership began and when it ended. Voluminous internal paperwork and complicated bank records led his attorneys to seek expert testimony that might help his business lawsuit in several ways.
You May Need Expert Testimony to Prove Business Damages
If you claim your business has suffered financial losses, you may file a lawsuit against the person or company that caused those losses. As your case progresses, you may need to prove your damages. A financial or business expert may review records, then produce a report about their findings. Sometimes expert testimony is given in depositions that are taken during the discovery phase of a lawsuit.
Expert Testimony Might Help with Business Valuation.
Some lawsuits involve two or more parties sparring over how much a business is worth. Business valuation “is the general process of determining the economic value of a whole business or company unit.” This is not always an easy calculation, in part because of the factors involved. For example, an expert might review and give testimony about:
- The company’s management,
- Its future earning potential, and
- The market value of the company’s assets.
Without expert testimony at trial, the judge and jury may not understand a company’s real value.
Intellectual Property Infringement May Be Explained by Experts.
Many people find copyrights, patents, and trademarks mysterious. But intellectual property, though not as tangible as buildings or products, can be extremely valuable to a company. Someone with an in-depth knowledge of how intellectual property impacts business could serve as an expert witness.
Business lawsuits, particularly if they involve intellectual property infringement, could benefit from the testimony of an expert on intellectual property.
Forensic Accounting Experts May Help Juries Understand Financial Issues.
Many business lawsuits will at least touch on a company’s intricate, detailed accounting records. In some cases, parties may try to hide business assets to safeguard them from a judgment against them.
Forensic accountants use their expertise to analyze corporate financial records, conduct audits, and investigate inconsistencies and anomalies. When forensic accountants serve as expert witnesses, they may prepare reports, attend depositions, and appear at trial. One of the more difficult tasks may be putting their findings in language simple enough for laypeople to understand.
Will Your Business Lawsuit Benefit from Expert Testimony
You may be surprised at the complicated issues involved in your business litigation. However, your corporate counsel or business lawyer may suggest hiring experts to support and explain your claims.
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with business and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.