Estate of James J. Renier, Deceased, Kent L. Renier and Dubuque Bank & Trust Company, Co-Executors - Page 10

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               We place no weight on Mr. Lannom’s opinion.  His report                
          contains no explanation of, or analytical support for, the                  
          various “rules of thumb” employed in reaching several of its                
          valuation estimates.  Thus, we are largely unable to assess the             
          merits of Mr. Lannom’s conclusions.  See Rule 143(f)(1).  To the            
          extent we are able to form a judgment, we find his analysis                 
          unpersuasive.  One of his market approach calculations and three            
          of his rules of thumb used gross revenue as the primary                     
          determinative factor, without taking profitability into account.            
          This raises doubts about the basis for his conclusions, given               
          that Renier’s profitability was high in relation to the industry            
          average.  Furthermore, while Mr. Lannom’s second market approach            
          calculation used Renier’s earnings and one of his rules of thumb            
          used Renier’s cash-flow, Mr. Lannom provided no justification for           
          the earnings and cash-flow figures he used.  Finally, Mr.                   
          Lannom’s report provided no factual support for his “key-man”               
          discount.  Because of the summary nature and obvious shortcomings           
          of Mr. Lannom’s report, we give it no further consideration.                
               Both Mr. Sliwoski and Mr. Kramer ultimately concluded that             
          their asset approaches did not account for the goodwill inherent            
          in Renier as a going concern.  We therefore restrict our analysis           
          to the income and market approaches as applied to Renier by Mr.             
          Sliwoski and Mr. Kramer.  We now consider each in turn.                     
               B.  Income Approach                                                    

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