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estate’s stock to be the amount the estate reported on its
return, $47,009,625.
D. Petitioners’ Expert Witnesses
We now briefly describe the reports and valuation
conclusions of petitioners’ experts, Mr. Schweihs and Mr.
Grabowski, each of whom we find thoughtful and credible. We give
significant weight to their reports, which lend further support
to our conclusions.
1. Mr. Schweihs’ Valuation
Mr. Schweihs is a managing director of WMA, has been
accredited as a senior appraiser in business valuation by the
ASA, and is a Certified Business Appraiser of the Institute of
Business Appraisers. He has authored several books, including
co-authoring “Valuing a Business” with Shannon Pratt and Robert
Reilly,12 and has written between 50 and 100 articles on valuing
businesses. Mr. Schweihs also gives two to four lectures a year
on the topic. He has appraised businesses since the early 1980s,
and his core work is valuing businesses and business interests,
including advising acquirers and sellers, taxation matters, and
dispute resolution. Mr. Schweihs had periodically performed
valuations of Kohler stock in the several years before the
valuation date and is very familiar with the company. For this
12Shannon P. Pratt, Robert F. Reilly & Robert P. Schweihs,
Valuing a Business (4th ed. 2001).
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