Adjusting Multiples from Guideline Public Companies

Featuring: Shannon Pratt, Founder of Shannon Pratt Valuations, Alina Niculita, President and Chief Operating Officer of Shannon Pratt Valuations, and Timothy Lee, Senior Vice President of Mercer Capital


Telephone Dial-In Audio Conference
Thursday, August 31, 2006
10:00am-11:40am PDT/11:00am-12:40pm MDT/12:00pm-1:40pm CDT/1:00pm-2:40pm EDT

Presented by Business Valuation Resources, LLC
Earn TWO INTERACTIVE CPE credits for participating in this conference

PRICE: $249.00 for a single dial-in connection. Use your conference room and the whole office can listen in. Two CPE credits are available for each additional listener sharing the same phone connection - only $49.00 per person.

Register for conference for $249

Register for conference and CD for $339

Register for conference and Transcript for $339

Register for conference, CD, and Transcript for $429

Why should you attend?

Shannon Pratt moderates this important session featuring Alina Niculita (President & COO, Shannon Pratt Valuations) and Tim Lee (SVP and board of directors member, Mercer Capital). These three renowned experts will share key and cutting-edge insights into the methodology of multiple adjustments.

As always, this interactive session offers listeners the chance to ask questions directly to the panel of experts.

Learning Objectives:

  • Acquire the ability to understand principal themes requisite for adjusting multiples from guideline public companies

  • Understand the differences between various theories regarding adjusting public multiples

  • Get to know the difference between fundamental adjustments and adjustments to individual valuation multiples

  • Gain direct experience from case studies of true to life examples describing various adjusting multiples scenarios


Program Outline:

  • Slideshow presentation by Tim Lee describes:
    • Principal themes of awareness and relative value analysis
    • Themes critical to understanding the subject of adjusting multiples
    • The tenets of the Mercer Methodology for adjusting multiples
  • Slideshow presentation and case study exhibition by Alina Niculita outlining:
    • The subjective adjustments methodology and its applications
  • Panelist Q & A session highlights questions from moderator Shannon Pratt
  • Audience Q & A session with the panelists


Featured Panel:



Shannon Pratt, CFA, FASA, MCBA, CM&AA

Dr. Shannon Pratt is a managing member of Shannon Pratt Valuations, LLC and is the founder of Business Valuation Resources, LLC. He is also one of the founders of Willamette Management Associates and was a managing director of Willamette for almost 35 years.

He has performed valuation assignments for the following purposes: transaction (acquisition, divestiture, reorganization, public offerings, public companies going private), taxation (federal income, gift, and estate and local ad valorem), financing (securitization, recapitalization, restructuring), litigation support and dispute resolution (including dissenting stockholder suits, damage cases, and corporate and marital dissolution cases), and management information and planning. He has also managed a variety of fairness opinion and solvency opinion engagements.

Dr. Pratt has performed business and stock appraisals in the following industries: accounting and consulting, advertising, aluminum, apparel, appraisal, architecture and engineering, automobile distributors and dealerships, automobile parts manufacturing, automobile repair and servicing, aviation, banking, bottling, breweries, brokerage, concrete, chemical, computer services, construction and contracting, consumer finance, distribution, education, entertainment, fast food, food service, forest products, funeral homes, health care, hotel and hospitality, insurance, leasing, manufacturing, medical and dental practice, mining and mineral extraction, petrochemical, printing, publishing, radio broadcasting, railroads, real estate development, recreational services, restaurant, retailing, ship repair, shipping, steel, telecommunications, television broadcasting, textile manufacturing, transportation and trucking, utilities, wholesaling, and wineries.

Dr. Pratt has testified on hundreds of occasions in such litigated matters as dissenting stockholder suits, various types of damage cases (including breach of contract, antitrust, and breach of fiduciary duty), divorces, and estate and gift tax cases.



Alina Niculita, CFA

Ms. Niculita is President and Chief Operating Officer of Shannon Pratt Valuations.

At Shannon Pratt Valuations, Ms. Niculita works on case management and the fundamental aspects of business valuation and economic analysis, such as
financial statement analysis, guideline publicly traded company analysis,
guideline merged and acquired company analysis, discounted cash flow analysis, intangible assets analysis, and discount rate development.

Ms. Niculita has been working for Business Valuation Resources as an in-house
senior valuation analyst and as a director of publications and resources for
valuation professionals. Ms. Niculita was previously the Managing Editor of Shannon Pratt's Business Valuation Update.



Timothy R. Lee, ASA

Timothy R. Lee joined Mercer Capital in 1994 and currently serves as a senior vice president and is a member of the firm’s board of directors. Mercer Capital is a premier business valuation and investment banking firm serving a national and international clientele.

Mr. Lee provides valuation and corporate advisory services for purposes including
mergers and acquisitions, employee stock ownership plans, profit sharing plans, estate and gift tax planning and compliance matters, limited and general partnerships, corporate planning and reorganizations.

Mr. Lee has extensive experience in working with both sellers and buyers in merger and acquisition advisory engagements. He has assisted clients through all phases of the sales process, from conducting strategic alternatives analyses to determine if selling is indeed the best option, to structuring, negotiating, and closing transactions.

In addition, Mr. Lee provides litigation support in cases involving dissenting shareholder rights, marital dissolution, tax matters, and other shareholder conflicts. Mr. Lee has broad industry experience providing corporate valuation and investment banking services to hundreds of companies in an array of industries.

Noteworthy industry experience includes, but is not limited to, beer wholesalers, computer hardware, computer software and consulting, construction, food services, general & specialty contracting, distribution companies, financial services, food processing and retail, heavy equipment, manufacturing, technology companies, trucking & transportation, and wood processing.

CPE Credit Information:
 Earn 2 Interactive CPE Credits (Consulting Services)
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 addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. www.nasba.org NASBA Sponsor

Please note: To receive CPE credit, you must fill out the post conference survey. The survey link is e-mailed to participants along with the dial-in number and registration code, normally sent two or more days prior to the conference. CPE credit only registrants will be sent the survey link via e-mail.

Satisfaction Guaranteed:
For more information on this telephone conference or our past telephone conferences, please email customerservice@bvresources.com Business Valuation Resources offers a 100% money-back guarantee. If you are not completely satisfied, you may submit a written request within 30 days of the date of this program to receive a full refund. Please e-mail our accounting manager at: pamp@bvresources.com . There are no fees associated with refunds.