Will Frazier is a Managing Director in the Valuation Advisory group. He has over 40 years of experience in business valuation and corporate finance.

He has participated as an appraiser and/or expert witness in numerous U.S. Tax Court cases and has written numerous articles on the subject of business valuation for tax purposes. Will is a frequent speaker and lecturer and has recently spoken at the 2017 Texas Bar Advanced Estate Planning Seminar, the 2016 Advanced Business Valuation Conference of the American Society of Appraisers and the 2016 Southern Federal Tax Institute. 

Prior to joining Stout, Will was a founding partner of HFBE 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.

Select Publications

  • Trust and Estates February 2017

    Estate and Gift Tax Valuation Outlook for 2017
  • Houston Business Journal September 2016

    How new IRS rules "could be devastating" for family-owned businesses
  • Cost of Capital (Fifth Edition) Workbook and Technical Supplement April 2014

    Cost of Capital of Family Holding Company Interests
  • Trust & Estates June 2011

    Unintended Consequences
  • Trusts & Estates October 2010

    Valuation Discounts in Tiered Investments
  • Cost of Capital Workbook and Technical Supplement October 2010

    Cost of Capital of Private Investment Company Interests
  • Trusts & Estates May 2009

    The Pomeroy Bill Sledgehammer
  • Trusts & Estates August 2008

    The Net, Net Gift
  • Estate & Personal Financial Planning June 2008

    Jelke and the Liquidation Scenario Paradox
  • Cost of Capital: Applications and Examples February 2008

    Cost of Capital in Private Investment Companies
  • Trusts & Estates December 2007

    Valuation Assurance Clauses
  • Valuation Strategies December 2006

    Non-Marketable Investment Company Evaluation (NICE)
  • Valuation Strategies February 2005

    Quantitative Analysis of the Fair Market value of an Interest in a Family Limited Partnership
  • Paper and Presentation to Twenty Third Annual Advanced Business Valuation Conference of the American Society of Appraisers October 2004

    It’s Turtles All the Way Down
  • Blockage Discounts, The Handbook of Advanced Business Valuation

    Pure Blockage
  • The Handbook of Business Valuation and Intellectual Property Analysis

    The Valuation of Family Limited Partnerships
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