Featuring:

Garth M. Tebay CPA, CVA, CM&AA Value Defined	Brandi Ruffalo MBA, AVA Valuation & Forensic Partners, LLC

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Why You Should Attend

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

Single Connection Policy
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.

Multi-User CPE Policy
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.

CPE Processing Fees may be bypassed by entering a valid, unused CPE Authorization Code (for single event purchasers) or by logging into BVR's website (for subscribers to BVR's Training Series).

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CPE Credits for Unlimited Listeners
Have as many eyes and ears take advantage of your registered connection as possible: CE credit is available for an unlimited number of listeners to any registered line. To add listeners for CE credit, please complete the Additional Listener form included on your webinar dial-in instruction email. We'll send dial-in instructions one to two days before our program, and will provide information directly to those listeners you identify approximately one hour before our program.

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)

Business Valuation Resources, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org. www.nasba.org NASBA Sponsor

All BVR training events are eligible for continuing education credits from the Exit Planning Institute's Certified Exit Planning Advisor (CEPA) program. Credits are based on a 50-minute hour. Final acceptance is at the discretion of the Exit Planning Institute. www.exit-planning-institute.org

Training Packs

BVR's Training Packs are an indispensable addition to any valuation reference library, or the perfect alternative when you cannot attend the session live.

Each Training Pack is delivered approximately 2-4 weeks after the program has aired, and includes:

• Video file (MP4)
• Audio file (MP3
• Transcript of the presentation
• A copy of the presentation slides
• A copy of the reading materials, visual aids, and handouts

Please note, CPE is not available with Training Packs.