While the current economic conditions may prove challenging, there are tremendous opportunities as well. Reduced market values, shifting of assets and business closings can all create opportunity. Here are some areas to consider: Proactively address any Goodwill or Identifiable Intangible impairment issues and discuss with users of your financial statements. Consider second opinion impairment consultations, when applicable. Private equity companies should consider valuation studies on their portfolio companies. Consider acquisitions of competitors at reasonable valuations to create increased market share and ensure proper positioning once the economy rebounds. For closely held businesses, reduced company valuations can create an opportunity to reduce estate levels through gifting of. Read More.