Kelly Schmid, director of valuation services, explores how the Tax Cuts and Jobs Act of 2017 might affect businesses valuations. Kelly explains the importance of business appraisers proactively discussing with management the expected utilization of enhanced cash flows from tax savings. Kelly also discusses the need for business appraisers to consider using longer-term discounted cash flow models in the wake of the Tax Act. In regard to the market approach in a business valuation, Kelly explains why care should be taken in using market valuation multiples from periods before the tax changes were fully known, how we might see a rise in EBITDA multiples and how this might  affect company valuations moving forward.