Beaver Bolt Inc. - Page 22

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            would take if she competed with petitioner.  For example, he                                
            estimated, using sales for June 1988, that Grecco might take as                             
            much as 38.5 percent, or $125,165, of petitioner's monthly                                  
            business.  Gilbert discounted petitioner's potential lost sales                             
            by 39 percent to take into account the uncertainty of Tiedemann's                           
            estimate.  He considered petitioner's ability to reattract                                  
            business and an assumed cost savings from doing less business.                              
                  We think Gilbert greatly overestimated the value of the                               
            covenant not to compete.  Gilbert relied too heavily on                                     
            Tiedemann's estimates, and failed to consider the extent to which                           
            Colbert could retain some of the accounts.  Grecco and Colbert                              
            testified that she could not have taken all of those accounts.                              
            Grecco's focus had changed from sales to suppliers.  Finally, we                            
            think Gilbert's assumption that Grecco would hire Spencer, and                              
            obtain Spencer's customers, was incorrect because Spencer said                              
            she probably would not have worked with Grecco if Grecco competed                           
            and Spencer probably could not have taken very much of                                      
            petitioner's business.                                                                      
            6.    Conclusion                                                                            
                  Although we have carefully considered the methodologies and                           
            conclusions of the two experts, we think the objective facts                                
            relating to Grecco's ability to compete give a more persuasive                              
            basis for deciding the value of her covenant not to compete.                                
                  Grecco was 44 years old in 1988, healthy, and fully able,                             
            both physically and mentally, to compete.  She had a considerable                           



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