Date: Thursday, December 6, 2012
Time: 10:00am-2:00pm PT / 1:00pm-5:00pm ET Format: An Interactive BVR Web Workshop
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It's been said that the business appraisal process is part art, part science. The same could be said of normalization adjustments. In making adjustments to the earnings, compensation, and other aspects of the balance sheet appraisers must make reasoned, defensible, and subjective judgments based on objective observation and evidence.
In the Advanced Workshop on Normalization Adjustments experts Garth Tebay and Brandi Ruffalo join BVR for an intensive, interactive workshop examining all aspects of normalization adjustments. From the processes through which normalization adjustments can be determined to effectively implementing those adjustments, Tebay and Ruffalo will cover what every appraiser needs to know in this exclusive event. Join them to learn which methods are available to determine normalization adjustments, how to put that analysis to use, and what the courts are saying about normalization adjustments today.
Agenda
Defining Normalized Adjustments
Matching the Normalized Adjustments to the Appropriate Benefit Stream
Normalized Adjustment Categories
Normalizing Control Compensation is Required When Valuing a Non-controlling Interest
Normalized Officers' Compensation
Normalizing Risk Free Rate When Market Yields are Abnormally Low
Normalized Adjustments in Fair Value Cases of Shareholder Oppression
Court Cases – Normalized Adjustments
Q&A
Learning Objectives
Solidify one's understanding of the proper methodology by which to implement adjustments for normalization
Learn the best practices and new applications for normalization adjustments
Understand where, when, and why to use normalization adjustments
Learn what courts, regulators, and practice guidelines are now saying about normalization adjustments and how this affects the appraisal process and conclusions of value
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Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.
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Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must pay a processing fee assessed at the completion of the online CE survey for this course.
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CPE Information
Prerequisites: Knowledge of Business Valuation Program Level: Advanced Preparation Required: None Delivery Method: Group Internet-Based Recommended CPE: 4.5 Credit Hours (Specialized Knowledge & Applications)
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Adjustments to the income stream seem to be part of every business valuation using the income approach — straightforward and free of controversy. Yet, observations on normalization adjustments from the real world indicate there is room for extra guidance and debate.
Current Trends in Normalization Adjustments: A BVR Special Report is a compilation of articles from business valuation leaders that confirm there are no "automatic" adjustments and careful consideration must be given to each one. Facts, circumstances, and context are important. The authors emphasize the significance of classifying and grouping adjustments to provide clarity to valuation report users and your own analysis. It also includes recent court cases in which normalization was an issue.
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Business Valuation Resources offers a 100% money-back guarantee. If you are not completely satisfied with your conference experience, or have any concerns or complaints, you may contact Business Valuation Resources at (503) 291-7963, cs@bvresources.com or mail to BVR, LLC, 1000 SW Broadway, Suite 1200, Portland, OR 97205.