Philip Schwab is a Managing Director in the firm’s Valuation Advisory group. He has extensive experience in determining discounts for lack of control and lack of marketability for fractional interests in real property and for interests in business entities, which hold real property, marketable securities, and other traditional and non-traditional assets. He is also recognized for his expertise in determining the valuation impact of holding investment assets inside a C corporation, as well as valuing non-voting securities, debt instruments, and other non-traditional business interests.

Prior to joining Stout, Philip was with FMV Opinions for over 20 years, where he was responsible for the firm's national valuation discount group. Prior to FMV, he spent three years as a Controller and one year as a General Manager of a wholesale distribution company based in Southern California, where his responsibilities included capital expenditure planning, cash-flow management, accounts receivable and accounts payable management, financial statement preparation and analysis, payroll and personnel management, and financial budgeting and analysis.

Select Publications

  • Business Valuation Alert Vol. 12, No. 3 July 2011

    Estate of Foster: Valuing Contingent Assets and Contingent Liabilities
  • BV Q&A Update Vol. 2, No. 10 October 2005

    Layered Discounts in FLPs
  • BV Q&A Update Vol. 2, No. 2 February 2005

    What is the Best Source for Determining Discounts for Lack of Marketability for Family Limited Partnerships Holding Real Estate?

Select Presentations and Speeches

  • AXA Advisors, LLC September 2017

    Introduction to Buy-Sell Agreements
  • Snell & Wilmer L.L.P. September 2017

    Role of the Board in M&A Transactions
  • Henderson, Caverly, Pum & Charney, LLP October 2016

    The New §2704 Regs.: What will valuations look like if they go final?
  • Geiger Law Office, P.C. September 2016

    The New §2704 Regs.: What will valuations look like if they go final?
  • Whittier Trust Company July 2016

    Valuation of Closely-Held Companies
  • Klein, DeNatale, Goldner, Cooper, Rosenlieb & Kimball, LLP September 2014

    The Current State of Discount Valuations
  • De Castro, West, Chodorow, Mendler, Glickfeld & Nass, Inc. July 2014

    The Current State of Discount Valuations
  • Freeman, Freeman & Smiley, LLP June 2014

    The Current State of Discount Valuations
  • Barth Calderon, L.L.P. May 2014

    The Current State of Discount Valuations
  • Deloitte & Touche LLP May 2014

    The Current State of Discount Valuations
  • AFRCT, LLP May 2014

    The Current State of Discount Valuations
  • Scripps Health Office of Gift Planning May 2014

    The Current State of Discount Valuations
  • South Bay Estate Planning Council January 2014

    The Current State of Discount Valuations
  • California Tax Bar & California Tax Policy Conference November 2012

    Avoiding the Pitfalls in Charitable Giving – Ensuring Unchallengeable Deductions
  • Scripps Health Office of Gift Planning March 2012

    The Current State of Discount Valuations
  • Clifford & Brown January 2012

    The Current State of Discount Valuations
  • Appraisal Institute – IRS Valuation Summit – Panelist August 2011

    The Value in Discounting Discounts: Partial Interest Valuations and Discounts
  • American Society of Farm Managers and Rural Appraisers – Estate Planning, Gift Giving & The IRS Seminar March 2011

    Partial Interest…Lack of Control Discount
  • IRS Valuation Summit – Panelist August 2010

    The Value in Discounting Discounts: Partial Interest Valuations and Discounts
  • Clark & Trevithick November 2009

    Estate & Gift Tax Valuations: Current State – Future Environment
  • Appraisal Institute Southern California Chapter October 2009

    Discounting Undivided Interests
  • Merrill Lynch Wealth Structuring Group September 2008

    The Current State of Discount Valuations
  • California Society of Certified Public Accountants July 2008

    The Current State of Discount Valuations
  • McDermott Will & Emery LLP February 2008

    The Current State of Discount Valuations
  • Lambda Alpha International October 2007

    Fractional Real Estate Discounts & Valuations
  • Estate Counselor’s Forum March 2007

    The Effect of Entity Choice on Valuation Discounts: A Practical Guide
  • Sagemark Consultants November 2003

    The Latest Developments in Valuation Discounts
  • Tax, Trusts and Estates Practice Group February 2003

    Examining Recent IRS Tax Court Victories
  • Society of Financial Service Professionals October 2002

    The Current State of Discount Valuations
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