Experience is essential for the accurate appraisal and fair market valuation of FCC licensed AM
and FM broadcast radio stations.

David Schutz is a nationally known appraiser and valuation expert.  He has valued more than
4,000 radio stations during the past 40 years.

His valuations are routinely used by banks, investors, station owners, tax agencies, and for estate
planning. They also can form the forensic basis of expert testimony.

HSMC is experienced in bankruptcies, foreclosure, and forbearance agreements involving radio
and TV stations, and associated industries.

HSMC’s appraisals are accepted by the SBA, FDIC, IRS, Comptroller of the Currency, and state
tax agencies.

HSMC also provides specialized valuation and economic studies involving:  intangible assets,
asset allocation of purchase prices, leases, employment contracts, and FASB goodwill
impairment opinions.

Mr. Schutz is also a recognized expert in economic damages associated with business
interruptions and lost profits.Every station is unique, and in today’s business environment, there is no substitute for
experience.

Overview of the radio station valuation process.

Call: 206-201-3822