Featuring: George F. Burns
Part 7 of BVR's Online Symposium on Litigation and Economic Damages
Tuesday, February 7, 2012
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits or up to 2 CLE credits

Given the complexity of purpose, planning, and execution, it should be no surprise that claims alleging adverse actions result in unwarranted costs, lost profits, or other economic damages are not uncommon in the construction industry. Yet with all valuation assignments involving construction companies knowing how to properly assess the economic impact of these actions can be challenging at best.

In Part 7 of BVR's Online Symposium on Litigation and Economic Damages attorney George Burns discusses what these alleged actions include, how their economic impact is assessed, and what every appraiser should know before accepting such a challenging valuation assignment.

Click here to find more information or to register.

Featuring: Mark Zyla
Thursday, January 26, 2012
10:00am-11:00am PT / 1:00pm-2:00pm ET
Earn 1 CPE credit

On November 4, 2011 the AICPA's Financial Reporting Executive Committee (FinREC) issued a working draft of the AICPA Accounting and Valuation Guide Testing Goodwill for Impairment. Developed by the AICPA Impairment Task Force, the draft release provides non-authoritative guidance and illustrations for valuation specialists, preparers of financial statements, and independent auditors regarding goodwill impairment testing.

In "Goodwill Impairment: Qualitative Assessments & the FinREC Exposure Draft" impairment task force member and valuation expert Mark Zyla joins BVR for a discussion on the exposure draft, the task force's reasoning in some of their guidelines, and a critical look at the qualitative assessment of goodwill. Through this hour-long presentation attendees will have the opportunity to learn what’s in the exposure draft, how to best help improve this guidance through the feedback process, and what these guidelines mean for the qualitative assessment of goodwill.

Download a copy of the exposure draft, Accounting and Valuation Guide Testing Goodwill for Impairment, here.

Click here to find more information or to register.

Featuring: Mark Dietrich
Tuesday, January 24, 2012
10:00am-11:40am PT / 1:00pm-2:40pm ET
Part 1 of BVR's Online Symposium on Healthcare Valuation
Earn 2 CPE credits

From sweeping legislative changes and consequent judicial challenges to modifications forced by the economy, the U.S. healthcare system is undergoing dramatic – and surprisingly rapid – changes. For the appraiser working in this, the largest sector of the U.S. economy, these changes signify both opportunity and peril.

On January 24 BVR's 2012 Online Symposium on Healthcare Valuation kicks off with "Economic & Regulatory Update," a thorough look at the state of an industry in flux, hosted by series curator and AHLA/BVR Guide to Healthcare Valuation editor Mark Dietrich. Join us to find out how healthcare is changing, where it's headed, and what it means for the valuation profession and the valuation process.

Click here to find more information or to register.

Featuring: R. Mark Halligan
Wednesday, January 18, 2012
10:00am-11:15am PT / 1:00pm-2:15pm ET
Earn 2 CPE credits

As intangible assets continue to grow as a portion of company value, revenue, and future wealth creation, so too does the reliance on trade secrets. In this 75-minute program, expert attorney R. Mark Halligan will bring much needed business and valuation clarity to a company's trade secrets and how the changing nature of our economy has increased their importance.

Mr. Halligan will cover what every IP counsel and business valuation analyst needs to know about trade secrets in the increasingly knowledge-based global economy. This webinar will address how "traditional" valuation techniques can be used to arrive at the stand-alone value of trade secrets and will draw attention to the necessity of improving methods and practices to effectively safeguard a company's most valuable asset: its trade secrets.

Click here to find more information or to register.

Featuring: Robert Comment
Thursday, January 12, 2012
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

As noted in recent editions of the BVWire™, new work by Robert Comment has called into question the application of discounts for lack of marketability (DLOM) by some techniques. In this presentation, Comment joins BVR for an examination of the valuation process in general, and DLOMs, in particular. As the title suggests, focus will be given to how DLOMs fare under the Daubert challenge given their origination, how these determinations relate to other parts of the valuation process, and what a Daubert challenge in this area is actually questioning.

Click here to find more information or to register.

Featuring: Michael A. Crain and R. James Alerding
Part 6 of BVR's Online Symposium on Litigation and Economic Damages
Tuesday, January 10, 2012
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits or up to 2 CLE credits

In nearly all business valuations the appraisal report holds a special place: the only tangible product of a thorough, delicate, and nuanced process it acts as a guide to the appraiser's work process, skill, and judgement. For the purposes of the financial expert witness, however, this singular importance is enhanced by the report's function as evidence – and sometimes testimony.

On January 10 BVR welcomes experts Michael Crain and Jim Alerding for "What Should I Say? Reports & Reporting Standards in Litigation," part 6 of BVR's Online Symposium on Litigation & Economic Damages. Join Crain and Alerding as they discuss how professional standards, jurisdictional rules, and appraisal experience can dictate the appraisal report in litigation and what every appraiser should know when preparing a report for trial.

Click here to find more information or to register.

Featuring: Richard Gelb and Daniel Gelb
Part 5 of BVR's Online Symposium on Litigation and Economic Damages
Tuesday, December 13, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits or up to 2 CLE credits

In today's digital information age perhaps no emerging topic has been more closely watched and fought than that of discovery of electronically stored information (ESI). In Part 4 of BVR's Online Symposium on Litigation and Economic Damages attorneys Richard Gelb and Daniel Gelb join BVR for an in-depth look at what the courts currently say about electronic discovery and what this means for new and emerging technologies.

If you're reading this, then you're likely using a computer, cellular phone, or other mobile web device. Join Gelb and Gelb on December 13 to find out what else in the device you're currently using is admissible in court.

Click here to find more information or to register.

Featuring: Mark O. Dietrich and Carol Carden
Part 12 of BVR's Online Symposium on Healthcare Valuation
Friday, December 9, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Introduced in recent healthcare reform legislation, accountable care organizations are groups of physicians and hospitals who seek to limit costs and risks and thereby increase profits. As the new kid on the block in the healthcare industry, knowing how to approach these entities – described today as elusive and ephemeral – could be the greatest challenge facing appraisers in the healthcare industry over the coming months and years.

In "Accountable Care Organizations: What Are They and What Do You Need to Value?" the final installment in BVR's 2011 Online Symposium on Healthcare Valuation, series curator Mark Dietrich joins Carol Carden for a thorough examination of this latest healthcare iteration and the valuation challenges it's sure to pose.

Click here to find more information or to register.

Featuring: Neil Beaton, Vice Chancellor Donald F. Parsons, Jr., and Kevin R. Shannon
Thursday, December 8, 2011
10:00am-12:00pm PT / 1:00pm-3:00pm ET
Earn 2 CPE credits

Recognized as "the nation's preeminent forum for the determination of disputes" involving private and publicly held businesses, the Delaware Court of Chancery has long been known to appraisers as the source of many of the decisions and guidelines which govern the valuation process. Despite this high standing, much of what is learned from the Chancery is known through the decisions it issues rather than the jurists who author those decisions.

On December 8 BVR is pleased to welcome Vice Chancellor Donald F. Parsons Jr. of the Delaware Court of Chancery for a special two-hour roundtable discussion on the Court. With expert appraiser Neil Beaton and attorney Kevin Shannon, this panel will address what the court is seeing in valuation, what it expects of attorneys and expert witnesses, and how these practitioners can be most effective in presenting the cases of their clients.

Click here to find more information or to register.

Featuring: R. James Alerding and Ronald E. Nielsen
Thursday, December 1, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

From farm to table the food and agriculture industry represents nearly 10 percent of the U.S. GDP and employs over 16.5 million people. As with any industry this large and specialized, the valuation challenges inherent in its constituent businesses are numerous and onerous. In "Valuations in Agribusiness: Food Processing Companies," the latest installment of BVR's Industry Spotlight Series, BVR welcomes experts Jim Alerding and Ron Nielsen for an in depth examination of the businesses that make up the end of the agribusiness supply chain: food processing companies. Learn the valuation and operational nuances of the companies that turn farm output into market-ready food products in this must-attend webinar.

Click here to find more information or to register.

Featuring: Daniel Stech and James Connors, III
Part 11 of BVR's Online Symposium on Healthcare Valuation
Tuesday, November 29, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

As noted in the AHLA/BVR Guide to Healthcare Valuation, when it comes to physicians, variety abounds, "with over 700,000 physicians in the US and over 470,000 working in over 40,000 group practices. There are single specialty, multi-specialty, hospital affiliated, non hospital affiliated, for profit, not for profit, and academic practices." In examining physician compensation, then, it can be difficult to know where to begin.

In part 11, BVR's Online Symposium on Healthcare Valuation turns to physician compensation how new and emerging trends in the healthcare industry are compounding the already significant challenges of this valuation arena. Featuring Dan Stech and James Connors, this installment of our Symposium will address what appraisers need to know when assessing physician compensation.

Click here to find more information or to register.

Featuring: Don DeGrazia and Stacy Preston Collins
Thursday, November 17, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

In "Asset or Income? Double Dipping in Divorce" expert appraisers Don DeGrazia and Stacy Collins join BVR for an examination of issues related to the double-counting of income and assets in marital dissolution. From knowing how to recognize so-called "double dips" to knowing how to adequately value various business aspects to avoid these issues, DeGrazia and Collins will cover what you need to know when facing a valuation for marital dissolution purposes. This presentation will also feature an overview of how different jurisdictions consider different issues relating to double-dipping.

Click here to find more information or to register.

Featuring: Mark O. Dietrich and Kevin R. Yeanoplos
Part 10 of BVR's Online Symposium on Healthcare Valuation
Tuesday, November 15, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Any appraiser who's approached a healthcare assignment can tell you that common challenges to the valuation process are only exacerbated by the specifics and nuances of the healthcare industry. In Part 10 of BVR's Online Symposium on Healthcare Valuation series curator Mark Dietrich joins Kevin Yeanoplos for an in-depth examination of one such area: economic damages. Through their presentation, Dietrich and Yeanoplos will discuss new and emerging trends in assessing and examining economic damage claims in the healthcare sector as well as other issues relating to how appraisers can best prepare themselves for valuation work in this area.

Click here to find more information or to register.

Featuring: Neil Mills-Mazer
Part 4 of BVR's 2011 Online Tax Summit
Friday, November 11, 2011
10:00am-11:40pm PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

In part 4 of BVR's 2011 Online Tax Summit, BVR welcome Neil Mills-Mazer of the Internal Revenue Service for a critical look at the “minority premium” of fractional interest valuations and an introduction of his model in this area. Through his 100-minute presentation, Mills-Mazer will focus on fractional interest valuations, how they account for discounts to majority as well as minority holders, and how justifications for these discounts can be misleading.

Click here to find more information or to register.

Featuring: Hon. David Laro, Hon. Julian I. Jacobs, Hon. Mary Ann Cohen, and Jay E. Fishman
Part 3 of BVR's 2011 Online Tax Summit
Friday, November 4, 2011
10:00am-12:00pm PT / 1:00pm-3:00pm ET
Earn 2 CPE credits

In this very special presentation, BVR's 2011 Online Tax Summit welcomes Judges Laro, Jacobs and Cohen of the United States Tax Court for their unique perspective on the Court and what it expects from expert financial witnesses. Webcast live from the Georgetown Law Center and moderated by expert appraiser Jay Fishman, this presentation is perhaps the only setting where you can hear directly form these jurists on what they expect from attorneys and expert witnesses, how these parties can best support their clients, and where their opinions on these matters differ.

Click here to find more information or to register.

Featuring: Mark L. Zyla
An Interactive BVR Web Workshop
Thursday, November 3, 2011
10:00am-2:00pm PT / 1:00pm-5:00pm ET
Earn 4.5 CPE credits

Whether known through FASB 141(r), ASC topic 805, or simply purchase price allocation, the combination of businesses can create a confusing matrix of accounting and valuation considerations. These obstacles would be challenging enough to overcome without worrying about compliance with the standards set forth through statements issued to supposedly provide guidance.

In the "Advanced Workshop on Valuation Issues Under ASC 805 and Business Combinations" BVR welcomes expert appraiser Mark Zyla for a special, intensive and interactive four-hour workshop addressing these challenges. Through hands-on examples, case studies, and interactive webcasting, participants will learn the nuanced techniques to best overcome these obstacles from the convenience of their home or office as Zyla provides instructive from his Atlanta offices via a live video feed.

Click here to find more information or to register.

Featuring: Jonathan M. Dunitz and Nancy J. Fannon
art 4 of BVR's Online Symposium on Litigation & Economic Damages
Tuesday, November 1, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits and/or up to 2 CLE credits

As any attorney, financial expert, or fan of court-room television will tell you, no case can be tried without evidence. In "Support Your Case: Discovery and Evidence," BVR's Online Symposium on Litigation and Economic Damages continues with an in-depth look at the processes by which evidence is gathered and admitted to the U.S. court system. Though variations exist across jurisdictions, attorney Jonathan Dunitz and expert appraiser Nancy Fannon, both series curators, will cover what every financial expert needs to know when working on an assignment bound for a litigation setting.

Click here to find more information or to register.

Featuring: Jay Fishman, Stephanie Loomis-Price, and Edward M. Robbins Jr.
A BVR Webinar: Part 2 of BVR's 2011 Online Tax Summit
Friday, October 28, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Part 2 of BVR's 2011 Online Tax Summit features the view of perhaps the court's most perceptive and attentive observer: the attorney. Through this 100-mintue roundtable, hosted by expert appraiser Jay Fishman, attorneys Stephanie Loomis-Price and Edward M. Robbins Jr., a former Assistant U.S. Attorney in the Central District of California's Tax Division, will discuss how the intersection of appraisal and tax is evolving: from new and emerging trends in the tax court and how appraisers will be affected to what attorneys look for in expert witnesses – both their own and those of their opponents.

Click here to find more information or to register.

Featuring: James R. Morris
A BVR Webinar
Wednesday, October 26, 2011
10:00am-11:15am PT / 1:00pm-2:15pm ET
Earn 1.5 CPE credits

Neither the literature of finance nor the literature of valuation practitioners has taken in account the relatively short life expectancy of firms. Fewer than 50% of new firms live longer than ten years; yet, it is common practice to estimate firm value with a long term horizon model such as the constant growth model.

The purpose of this webinar is to increase awareness of the life expectancy of firms and demonstrate how to take account of the likelihood of firm death in valuation. Data on firm death rates and life expectancy that is available in the field of industrial organization is reviewed and summarized so valuation practitioners can take it into account in their valuations.

Click here to find more information or to register.

Featuring: Christopher Mercer and Paul Hood
A BVR Webinar: Part 1 of BVR's 2011 Online Tax Summit
Thursday, October 20, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

The decision in Estate of Gallagher v. Commissioner reads like a memorandum on the state of valuation and its favored methods of analysis. Covering the guideline public company method, income approaches, tax-affecting, adjustments to financial statements, cash flow projections, rates of return, subsequent events and discounts for lack of marketability, Gallagher touches on nearly every point of the valuation process – and certainly every contentious issue within the valuation community. With this one decision the court has seemingly entered the fray of nearly all valuation disputes, if not further asserting itself in those on which it had already weighed.

To help make sense of this decision and what it means for the myriad of valuation techniques it addresses, BVR welcomes expert appraiser Chris Mercer and attorney L. Paul Hood Jr. for "Estate of Gallagher: How the Court Sees the State of Business Valuation," the first installment of BVR's 2011 Online Tax Summit. Join Mercer and Hood for a thorough examination of this decision, its immediate impact, and what it means for the future of valuation.

Click here to find more information or to register.

Featuring: Lance Hall
A BVR Webinar
Wednesday, October 12, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

In September 2009 the IRS released a Job Aid for Valuation Professionals regarding the determination and application of discounts for lack of marketability. As this document and its questions of many DLOM studies and analysis techniques has gained prominence, many valuation analysts are left with many questions and few answers.

In "FMV Responds to the IRS DLOM Job Aid," FMV Restricted Stock Study creator and purveyor Lance Hall joins BVR for an in-depth, fast-paced, and entertaining examination and rebuttal of this Job Aid. This presentation will address how appraisers can counter IRS arguments and defend determinations based on the FMV Restricted Stock study and FMV's recommended Two-Step Approach. Further consideration will be given to academic studies involving restricted stock and the independent statistical support for the use of the company characteristics recommended by FMV.

Current subscribers to the FMV Restricted Stock Study are preregistered for this webinar and will automatically receive access information.

Click here for a free PDF of "Discount for Lack of Marketability Job Aid for IRS Valuation Professionals."

Click here to find more information or to register.

Featuring: Craig Jacobson and Stephen Lieb
A BVR Webinar
Thursday, October 6, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE and/or 2 CLE credits

Intangible assets in general, and intellectual property in particular, comprise an increasingly larger component of the assets of a typical business. This greater importance of intellectual property has been accompanied by an increase in litigation alleging infringement of intellectual property, particularly patents. As awards from these damages claims have begun to soar so has the use of the Entire Market Value Rule increased.

On October 6 BVR welcomes expert appraiser Craig Jacobson and attorney Stephen Lieb to discuss the Entire Market Value Rule, its place in economic damages claims and its application to intellectual property valuations. Special attention will be given to recent cases, the gestation period of their damages awards and how companies and their professional advisors can learn from these cases in protecting their own assets.

Click here to find more information or to register.

Featuring: John Garaffa and Jack Montgomery
A BVR Webinar
Tuesday, October 4, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE and/or 2 CLE credits

Part 2 of BVR's Online Symposium on Litigation and Economic Damages features attorneys John Garaffa and Jack Montgomery discussing valuation issues related to insurance claims for business interruption. With Garaffa and Montgomery taking the sides of the insurer and the insured, respectively, this presentation is a not-to-miss opportunity to learn the nuances of these claims, their litigation, and their valuations from two top attorneys.

Click here to find more information or to register.

Featuring: Mark Dietrich
A BVR Webinar
Tuesday, September 27, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Regardless of the valuation assignment, determinations of goodwill can be a critical step in the appraisal process. Whether for the purposes of marital dissolution or in the allocation of purchase price for tax or financial reporting purposes, separating personal from enterprise goodwill has been a challenge to appraisers across the board, but particularly so in healthcare vauluations.

In part 9 of BVR's Online Symposium on Healthcare Valuation, series curator Mark Dietrich takes an in-depth look at these challenges as they pertain to medical practices and elsewhere in the healthcare industry. As other installments in the Symposium have shown, valuations in the healthcare sector pose unique variations on long-standing challenges – something that is certainly true of the allocation of goodwill as well.

Click here to find more information or to register.

Featuring: Mary Adams
A BVR Webinar
Tuesday, September 20, 2011
10:00am-11:15am PT / 1:00pm-2:15pm ET
Earn 1.5 CPE credits

Value creation is the study of what drives the operations of companies today. In this 75-minute program, acclaimed author Mary Adams, a highly respected intangible asset strategist, brings clarity to the changing nature of our economy and how it has led to the increased importance of intellectual property and intangible assets: in how companies look, how they work and what drives their financial performance.

Ms. Adams covers what every business valuation analyst needs to know in the increasingly knowledge-based economy in which IP and intangibles constitute 80+% of most companies' value and sources of revenue. This program acknowledges core valuation methodologies do a good job of getting at the stand-alone value of intangibles while pointing to opportunities to improve the level of analysis of knowledge-based companies by:

• explaining why 47% of the average merger price ends up in goodwill,
• demonstrating how data on the accumulated investment of intangibles (which now exceeds tangible investment in the U.S.) tell a clear story of the creation of a new kind of knowledge infrastructure in today's company that includes intellectual property as well as a variety of intangible asset,
• making the connection between this intangible infrastructure and revenues, performance and overall corporate value, and
• suggesting how an understanding of these intangible value drivers will improve the analysis you do of both stand-alone intangible assets and overall corporate valuation.

Click here to find more information or to register.

Featuring: Drew Dorweiler
A BVR Webinar
Thursday, September 15, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits and up to 2 CLE Credits

Though the Steinbrenners, Cubans, and Jerry Jones of the world may be the most famous owners in sports they and their teams represent but a small component of a large and diverse industry. Considering the operation of teams in major and minor sports leagues often involves a significant intangible franchise asset component, as well as minority ownership interests, no two valuations of sports franchises are the same.

On September 15, BVR welcomes Drew Dorweiler for "Valuing Sports Franchises," the latest installment of BVR’s Industry Spotlight Series. Join Dorweiler as he explains the operational characteristics of sports franchises and their ramifications on the valuation process.

Click here to find more information or to register.

Featuring: Timothy Devlin and William Marsden Jr.
A BVR Webinar
Tuesday, September 13, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits and up to 2 CLE Credits

In "Working With Financial Experts" BVR's Online Symposium on Litigation and Economic Damages begins with insights from perhaps the most important perspective for anyone functioning as a financial expert in court: the attorney. Join attorneys Tim Devlin and William Marsden as they examine and explain the key considerations lawyers use when selecting a financial expert, working with a financial expert, or facing off against a financial expert in court.

As Devlin and Marsden explain in The Comprehensive Guide to Lost Profits for Experts and Attorneys, "the most effective damage expert is one who is actively engaged through all phases of the case." Join them on September 13 to more thoroughly engage yourself in the processes that will find you in damages cases in the future.

Click here to find more information or to register.

Featuring: James Harrington and Ted Israel
A BVR Webinar
Thursday, August 25, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

As noted in the June 8 edition of BVWire™, recent work by Ted Israel and James Harrington have posited that the size premium is alive and well, and that some company-specific risk measures are being double counted as they are already embedded in the subject company's earnings stream. Says Israel: "we're spending too much time obsessing over the denominator [the discount rate] and ignoring the effects on the numerator [earnings]."

On August 25 BVR welcomes Harrington and Israel for examination of these and other issues pertaining to their research in "The Overlap of Company-Specific Risk and the Size Premium." This discussion on the overlap between company-specific risk, the size premium, and other cost of capital issues is not to be missed.

Click here to find more information or to register.

Featuring: Ann Brandt, Jason L. Ruchaber, and Timothy Smith
A BVR Webinar
Tuesday, August 23, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

There is perhaps no better introduction to the current state of fair market value (FMV) in the life sciences industry than that provided by Ann Brandt, Jason Ruchaber, and Timothy Smith in the AHLA/BVR Guide to Healthcare Valuation:

"In an effort to control healthcare costs and to maintain a level playing field within the healthcare industry, federal regulators are increasingly focusing their efforts on prosecuting violators of the anti-kickback and Stark laws as well as the False Claims Act. Resulting judgments to date have not been trivial, nor have they been isolated to any one particular segment of the life sciences industry. Numerous medical device and pharmaceutical companies have been targeted by the government, and all indications are that such compliance actions will increase for those companies that fail to comply with these laws, whether intentionally or not."

In Part 8 of BVR's Online Symposium on Healthcare Valuation, Brandt, Ruchaber, and Smith join BVR for an examination of recent trends towards more scrutiny of the life sciences industry, tighter enforcement of regulations, and what it means for the practice of determining and analyzing FMV in the industries that comprise the life sciences sector of our economy.

Click here to find more information or to register.

Featuring: Ron Seigneur and Don DeGrazia
A BVR Webinar
Tuesday, August 16, 2011
10:00am-11:00am PT / 1:00pm-2:00pm ET
Earn 1 CPE credits

The news late August 5 of Standard and Poor's downgrading of U.S. credit for the first time in history sent uncertainty through debt and equity markets with unheralded speed. For the business appraisal community, the move has the potential to reach far and wide: from unsettling the certainty of a truly "risk free" rate to potentially impacting the outlook and forecasts of many diverse and seemingly disparate industries.

On August 16 BVR welcomes Ron Seigneur and Don DeGrazia for a special look at how this unprecedented change in the U.S. credit rating and the broader debate about U.S. debt – and its debt ceiling – will affect private company values, private company analysis, and the appraisal process as a whole.

Click here to find more information or to register.

Featuring: L. Paul Hood Jr. and Timothy Lee
A BVR Webinar
Thursday, August 11, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

There is perhaps no more important aspect to a business appraisal than the valuation report: the tangible result of a long, complicated, ephemeral process. Without the report neither a determination of value nor the methods by which that determination was calculated can be communicated. Indeed, there is surely a long list of appraisers whose work has been dismissed, downgraded, or ignored because their report lacked the necessary clarity.

In "Business Appraisal Reports: Perfecting the Art" attorney L. Paul Hood Jr. joins valuation expert Timothy Lee for a presentation addressing what makes an appraisal report work. No matter the end user's role, from attorney to business owner, this presentation will focus on what's necessary to convey a convincing conclusion of value.

Click here to find more information or to register.

Featuring: Mark Dietrich and James Lloyd
A BVR Webinar
Friday, August 5, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

As with many other valuation applications and techniques, lost profits claims in the healthcare sector carry subtle but important differences from the same non-healthcare applications. Depending on the size and sophistication of the practice claiming lost profits this analysis may closely resemble that of a lost earnings claim or go so far as to include the recruiting and training costs of replacing lost employees.

In "Lost Profits Damages in Medical Practices," Part 7 of BVR's Online Symposium on Healthcare Valuation, experts Jim Lloyd and Mark Dietrich, contributing author and editor of the AHLA/BVR Guide to Healthcare Valuation, respectively, will examine the methods by which lost profits claims are analyzed and determined for physician practices. Through their presentation attendees will gain invaluable insights into the nuances that make this analysis so challenging.

Click here to find more information or to register.

Featuring: Michael Crain and William Kennedy
A BVR Webinar
Thursday, July 28, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Thought to represent inherent risks in smaller businesses, the size effect has long been used as an explanation for the risk-reward relationship empirically seen in small businesses. Since its widespread use in the 1980's however, empirical analysis has show several discrepancies in this analysis have appeared including the "January Effect" and more importantly, a significant diminishment in the size effect.

On July 28 expert appraisers Michael Crain and William Kennedy join BVR for an in-depth look at the size effect’s recent history, the counter-intuitive and anomalous characteristics viewed in its analysis, and, most importantly, what all of this means for appraisers today.

Click here to find more information or to register.

Featuring: Jim Alerding and Drew Soshnick
A BVR Webinar
Thursday, July 14, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Perhaps the most ubiquitous challenge in a valuation for divorce is the assessment and allocation of goodwill. Whether personal or belonging to the entity, or attributable to the controlling or non-controlling spouse, allocating the most intangible aspects of any business can be a challenge in the best times, say nothing of a marital dissolution.

On July 14 expert appraiser Jim Alerding and attorney Andrew Soshnick join BVR for a special in-depth look at all things pertaining to goodwill in divorce. Through their presentation Alerding and Soshnick will examine the determination of goodwill, its allocation, what the courts say about these factors, and much more.

Click here to find more information or to register.

Featuring: Ron Seigneur and Pete Peterson
A BVR Webinar
Wednesday, June 29, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

In Valuing Law Firms BVR’s Industry Spotlight Series continues with an examination of one of the trickiest and, some would say, most ubiquitous professional service companies. Through their presentation experts Ron Seigneur and Pete Peterson will review the operational characteristics of law firms, the challenges they present, and how best to overcome these obstacles in the valuation process. In addition to Seigneur's past position as CFO of a 50-attorney firm, this panel has consulted with several hundred law firms for a variety of purposes. Take full advantage of this experience and expertise in this can't-miss webinar.

Click here to find more information or to register.

Featuring: Jay Fishman and Scott Nammacher
A BVR Webinar
Thursday, June 16, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Proliferating in good times while seeking to mitigate risks, alternative investments are an increasingly popular vehicle in the world economy. Given the complexity of their strategies, it should be no surprise that the management strategies of these firms can also seem confusing, resulting, in turn, with complications and pitfalls for the appraiser tasked with their valuation. Indeed, we've heard much about the compensation schemes for hedge fund and private equity managers through the years, as we have of recessions proving their investment strategies wrong.

In "Valuing Alternative Investment Management Companies: Private Equity and Hedge Funds," expert appraisers Jay Fishman and Scott Nammacher join BVR for a thorough examination of the valuation challenges inherent in this growing sector of our economy. The latest installment in BVR’s Industry Spotlight Series, this presentation will highlight what every appraiser should know when approaching the valuation of such firms.

Click here to find more information or to register.

Featuring: Gregory Anderson and Ann Brandt
A BVR Webinar
Tuesday, June 14, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Perhaps the greatest change to the American healthcare system over the past few decades has been the increased use of clinical co-management arrangements by hospitals to help the challenges of increasing competition, changing reimbursement structures, and shifting operational paradigms. As noted in the AHLA/BVR Guide to Healthcare Valuation, these arrangements are so unique and often so new that many valuation techniques are insufficient to assess their value.

In part 6 of BVR's Online Symposium on Healthcare Valuation expert appraisers Greg Anderson and Ann Brandt join us to discuss the challenges inherent in valuing this emerging component of the healthcare marketplace. Presentation topics will include operational characteristics of co-management agreements and methods of valuation, including income-, incentive-, and cost-based approaches.

Click here to find more information or to register.

Featuring: Nancy Fannon and Keith Sellers
A BVR Webinar
Thursday, May 26, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 1 CPE credit

The long-simmering debate regarding the proper methods by which to value an S-Corp or pass-through entity has taken many twists through the years. As new models are introduced, each claiming to accurately capture the true value of these entities' tax structures, the courts have weighed in with decisions that at times seem to refute the larger body of knowledge in development. Though the debate continues, research from the academic sector has begun to shed light on methods that should greatly aid the valuation process of these tricky entities.

In "Pass Through Entity Valuation Update: The Significant Impact of Academic Research on the Debate," expert appraiser Nancy Fannon and Keith Sellers, the LaGrange Eminent Scholar of Business Valuation at the University of North Alabama, will join BVR for an in-depth examination of this research, what it means for the valuation of pass-through entities, and what every appraiser should know when facing a pass-through valuation assignment.

Click here to find more information or to register.

Featuring: Jared Kaplan
A BVR Webinar
Thursday, May 19, 2011
10:00am-11:00am PT / 1:00pm-2:00pm ET
Earn 1 CPE credit

On October 22 the Federal Register reported on a proposal by the Department of Labor (DOL) to expand the definition of "fiduciary" with regard to ESOPs to include those who give "advice, appraisal or fairness opinions concerning the value of securities or other property." Though the DOL believes this change will cut down on purported abuses in the market, changing a classification held since 1976 to include appraisers as ERISA fiduciaries would carry significant implications for the liability of those valuation professionals working with ESOPs.

On May 19 BVR welcomes attorney Jared Kaplan, who's had extensive involvement with this proposed rule change for an in-depth examination of the affects projected by this new regulation and what it means for the appraisal profession. For any appraiser practicing in this area, this is not a presentation to miss.

Click here to find more information or to register.

Featuring: Christine Baker and Cynthia Rubin
Interactive Web Workshop
Thursday, May 5, 2011
10:00am-1:00pm PT / 1:00pm-4:00pm ET
Earn 2 CPE credit

There is no doubt that an accurate and reliable projection greatly aids a valuation for any purpose. Yet questions about management projections and forecasts have long posed challenges for appraisers: How can an appraiser verify the projections validity and accuracy? What is the best use for a projection or forecast once it's in hand? How can an appraiser best obtain projections? And most importantly, what do you do when a projection or forecast is unreliable or nonexistent?

On May 5 expert Christine Baker and attorney Cynthia B. Rubin join BVR for the "Advanced Workshop on Management Forecasts and Projections," an intensive three-hour event focusing on all aspects of projections, forecasts, and their uses in the valuation process. Through BVR's exclusive interactive web-workshop format Baker will lead attendees through case-studies, live examples, and tutorials live from ParenteBeard's Manhattan offices as attendees participate from anywhere via the internet.

Click here to find more information or to register.

Featuring: Ronald Seigneur, Kevin R. Yeanoplos, and Michelle F. Gallagher
Webinar
Thursday, April 28, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credit

Small company valuations have always presented a unique challenge to business appraisers, with a lack of guideline comparables, peculiar reliance on key-person discounts and premiums, and compensation analysis challenges being just a few of the obstacles in the valuation process. Now, having weathered the economic storm of the past few years, small company valuations are more challenging than ever as they face a new and developing market and regulatory environments.

On April 28, BVR welcomes experts Ron Seigneur, Kevin Yeanoplos and Michelle Gallagher for "Valuing a Business Worth Less than $2 Million," an exhaustive examination of the classic and emerging challenges of small business valuation. Join this brain trust as they review where we've been and where we’re heading.

Click here to find more information or to register.

Featuring: James Pinna and Matthew Jenkins
Webinar
Tuesday, April 26, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credit

The stipulations in the federal Anti-Kickback Statue and Stark Law that healthcare providers cannot exchange remuneration in return for referrals of federal healthcare program business has extensive consequences in the world of healthcare valuation. Indeed, as Jim Pinna and Matt Jenkins explain in the BVR/AHLA Guide to Healthcare Valuation "healthcare providers [must] be careful to avoid ascribing value to prior or anticipated referrals when structuring transactions involving business ventures providing services to beneficiaries of federal healthcare programs."

In the fourth installment of BVR’s Online Symposium on Healthcare Valuation Pinna and Jenkins join us for a 100-minute presentation explaining the challenges these regulations pose for appraisers. Through an examination of these laws, their histories, and the obstacle they pose to appraisers, Pinna and Jenkins will explain where to find and how to avoid potential landmines.

Click here to find more information or to register.

Featuring: Todd J. Sorensen, Elliott Jeter, and Kevin McDonough
Webinar
Tuesday, March 22, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credit

A growing part of a fast-changing industry, ambulatory surgery centers (ACSs) are becoming an increasingly important part of the healthcare landscape. As Todd Sorensen notes in the AHLA/BVR Guide to Healthcare Valuation: "As patient care continues to migrate from an inpatient setting to an outpatient setting, surgery-center transactions have become one of the most popular joint-venture relationships involving both for-profit and not-for-profit healthcare providers and surgeons who perform outpatient surgery."

In "Ambulatory Surgery Centers: Current Valuations, Benchmarking & Forecasting," part 3 of BVR's Online Symposium on Healthcare Valuation Sorensen joins Elliot Jeter and Kevin McDonough for an in-depth look at the valuation challenges inherent in ASCs and how these entities are changing as healthcare evolves. Discussion will also focus on the procurement and analysis of data used in the valuation of ASCs, along with the validity of said data.

Click here to find more information or to register.

Featuring: Mike Pellegrino
Webinar
Thursday, March 17, 2011
10:00am-11:15am PT / 1:00pm-2:15pm ET
Earn 1.5 CPE credit

Though wounded by the ".com bubble," internet-based businesses are here to stay. Combining the valuation challenges of retail businesses and professional practices (whose capital is often intangible), internet-based companies pose a tricky valuation assignment, to say the least.

In the latest installment of BVR's Industry Spotlight Series, expert Mike Pellegrino shows how to value a firm whose assets are so intangible that even its retail space doesn't physically exist.

Click here to find more information or to register.

Featuring: David Jarczyk
Webinar
Wednesday, March 9, 2011
10:00am-11:15am PT / 1:00pm-2:15pm ET
Earn 1.5 CPE credit

By rejecting the previously accepted 25% "rule of thumb," Uniloc v. Microsoft has established a future where more stringent analysis and documentation will be paramount to creating a compelling argument in the calculation of patent infringement damages. With a new onus on appraisers to perform thorough and exhaustive due diligence in royalty rate calculations, third-party licensing agreements have become and even more important part of any damages analysis. For many practitioners, knowing where to find relevant (and un-redacted) market comparables, determining which royalty rate benchmarks are appropriate to use, and understanding what additional licensing terms might affect asset values can be an arduous process.

In "Finding & Analyzing Royalty Rates" expert David Jarczyk joins BVR for an in-depth examination of key strategies for locating and breaking down intangibles licensing information for use in business valuation studies, such as purchase price allocations, capitalized value determinations for after-tax royalties using the relief from royalty method, and goodwill impairment analyses under SFAS 141r/SFAS 142. Jarczyk will also turn the spotlight on the intricacies of license agreement construction, with a special emphasis on identifying terms that impact valuation such as upfront payments, milestone payments or mandatory payments.

Click here to find more information or to register.

Featuring: Roger Grabowski
Webinar
Thursday, March 3, 2011
10:00am-11:00am PT / 1:00pm-2:00pm ET
Earn 1 CPE credit

With the many changes that come with a new year, none could be more pertinent or useful to BV practitioners than the publishing of the 2011 Duff & Phelps Risk Premium Report. Authored by Roger Grabowski, the report presents equity risk premia (ERPs) and size premias for 25 size ranked portfolios using 8 alternative measures of company size.

On Thursday, March 3 Grabowski will join us for “Duff & Phelps Risk Premium Report 2011”. Through the course of his hour-long presentation, Grabowski will highlight everything you need to know to put this powerful valuation tool to work, and will answer your questions along the way. Purchasers of the 2011 Duff & Phelps Risk Premium Report and attend this webinar for free.

Click here to find more information or to register.

Featuring: Mark L. Zyla
Interactive Web Workshop
Thursday, February 24, 2011
10:00am-2:00pm PT / 1:00pm-5:00pm ET
Earn 2 CPE credits

In this one-of-a-kind hands-on interactive web workshop, expert Mark Zyla provides appraisers with all the tools they need to properly implement option pricing modeling (OPM) analysis. From basic fact patterns and implementation through what new developments in the AICPA’s forthcoming practice aid will mean for OPM techniques, Zyla will cover this tricky, but highly useful valuation technique through case studies and hands-on examples. In addition to Zyla's tutorial and written materials, attendees will receive access to BVLibrary's vault of OPM-related materials. For any appraiser, this is a can't-miss workshop.

Click here to find more information or to register.

Featuring: Andrew Gibbs and Chip MacDonald
Webinar
Thursday, February 17, 2011
10:00am-11:40pm PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

When BVR last visited the topic of bank valuations in August, 2008 the industry was in a very different place. Now, as the U.S. banking system crawls out of one of the worst periods in its history, new regulations, economic realities, and trends are providing a much different background for the valuation of banks.

In this webinar, expert Andrew Gibbs of Mercer Capital and attorney Chip MacDonald of Jones Day join us to discuss how the banking sector has changed and what it means for the bank valuations. Items to be discussed will include the economic climate, new regulations such as the Dodd-Frank Act and emerging trends in such areas as bookkeeping and employee benefits and compensation.

Click here to find more information or to register.

Featuring: Douglas G. Smith
Webinar
Tuesday, February 15, 2011
10:00am-11:00pm PT / 1:00pm-2:00pm ET
Earn 1 CPE credit

As with any healthcare valuation assignment, diagnostic imaging centers rely on a complicated mix of payment schemes, organizational structures, and regulatory oversight for operation. Given their complexity and ubiquity within the healthcare field, understanding these arrangements can be imperative when appraising an imaging center or related entity.

In the second installment of BVR's Online Symposium on Healthcare Valuation, Douglas Smith, the foremost expert on diagnostic imaging consulting and analysis, joins us to explain the intricate workings of imaging centers, how they should be approached from a valuation perspective, and what new regulations and industry trends will mean for the difficulty and abundance of valuation work in this field.

Click here to find more information or to register.

Featuring: Jonathan M. Dunitz Attorney at Law, and Robert M. Lloyd J.D.
Webinar
Tuesday, January 25, 2011
10:00am-12:00pm PT / 1:00pm-3:00pm ET
Earn 2 CPE credits

The Daubert requirement that a judge "ensure that any and all scientific testimony or evidence admitted [at trial] is not only relevant, but reliable" has sent shockwaves through the financial expert community. As appraisers, accountants, and forensic specialists seek to bolster their credentials, admissibility, and, by extension, their reputations, the emerging narrative of Daubert requirements and guidelines has provided attorneys and experts with a road map to both motions to exclude and indemnification from those motions.

In the final installment of BVR's Advanced Webinar Series on Lost Profits Damages, attorneys Jonathan Dunitz and Robert Lloyd discuss historical and emerging case law along with their own experiences and analysis of these motions and their outcomes. Anyone whose role involves court room testimony should not miss this presentation.

Click here to find more information or to register.

Featuring: Mark Dietrich CPA, ABV, G. Don Barbo CPA/ABV, and Gregory D. Anderson, CPA, ABV, CVA
Webinar
Tuesday, January 25, 2011
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Though known by many other names, the Patient Protection and Affordable Care Act will have a profound effect on the healthcare industry of this country. As its measures being their implementation, knowing how they will affect the healthcare industry is paramount for appraisers working in this already mercurial industry. Indeed, as Mark Dietrich describes this legislation in the AHLA/BVR Guide to Healthcare Valuation, 2010 Edition, reform will most likely mean a shifting of costs among patients, providers, and employers. Knowing how, where, and why these costs will shift is imperative for any healthcare valuation in 2011.

In the first installment of BVR’s Online Symposium on Healthcare Valuation, Dietrich, a Massachusetts-based veteran of previous reform measures, will join experts Don Barbo and Greg Anderson to discuss how this legislation will impact value and valuation.

Click here to find more information or to register.

Featuring: John Pilkinton MBA, MS, and John Slafsky Attorney at law
Webinar
Friday, January 21, 2011
10:00am-12:00pm PT / 1:00pm-3:00pm ET
Earn 2 CPE credits

While lost profits claims in trademark disputes are essentially similar to other lost profits claims, they differ in some unique ways, including what the infringed party may seek for compensation. Among those options set forth by the federal Trademark Act are lost profits, unjust enrichment, reasonable royalty, and corrective advertising. In part 3 of BVR's Advanced Webinar Series on Economic Damages, experts John Pilkinton and John Slafsky show how these cases differ from others through the unique legal and economic nuances often encountered.

Click here to find more information or to register.

Featuring: Linda B. Trugman CPA/ABV, CBA, ASA, MBA, Gene A. Trevino Ph.D., CFA, ASA, CEA and Spencer Jefferies
Webinar
Thursday, January 20, 2011
10:00am-11:40am PT / 1:00pm-2:40am ET
Earn 2 CPE credits

Perhaps one of the most difficult aspects of a business appraisal is the allocation and valuation of control. Whether applying a control premium or discount for lack of control, much is dependent on "appraiser judgment," making this part of the valuation assignment subject to much scrutiny and contention.

In this webinar Linda Trugman hosts a panel of experts to discuss the use and application of the data that often goes behind these appraiser judgments. While many appraisers have tried to test the adage of a house built on sand, understanding the source and compilation of this data often means a more justifiable and defensible determination of a control premium or discount.

Click here to find more information or to register.

Featuring: Richard F. Bero CPA/ABV, CVA, CLP, CFF and Robert A. Surrette Attorney at Law
Webinar
Friday, January 14, 2011
10:00am-12:00pm PT / 1:00pm-3:00pm ET
Earn 2 CPE credits

As Rick Bero points out in The Comprehensive Guide to Lost Profits Damages, the number of patent infringement lawsuits filed in the United States has been on the rise since the 1980s. Governed by Section 284 of Chapter 29 of the U.S. Patent Act, these damages claims require damages awards to be "in no event less than a reasonable royalty for the use made of the invention by the infringer." As Bero points out, "to accomplish this goal, a damages analysis reconstructs the market to project economic results that did not occur."

In Part 2 of BVR's Advanced Webinar Series on Lost Profits Damages, Bero and Robert Surrette will guide listeners through this hypothetical exercise while examining the nuances of patent damages, their related case law, and valuation factors unique to these claims. Under the tutelage of these two experts, attendees will learn how to navigate the hellish marriage of patent valuations and lost profits claims.

Click here to find more information or to register.

Featuring: Robert M. Lloyd J.D. and Michael A. Crain CPA/ABV, ASA, CFA, CFE
Webinar
Friday, January 7, 2011
10:00am-12:00pm PT / 1:00pm-3:00pm ET
Earn 2 CPE credits

In the first part of BVR's Advanced Webinar Series on Lost Profits Damages, Michael Crain and Robert Lloyd discuss the most fundamental obstacle to the amount of a lost profits award or claim: its value – or rather, its present value. As all appraisers know, the value of money changes over time. When this fact is combined with basic considerations of the details of the case and the jurisdictional rules of the court, knowing how to properly discount a damages measurement for interest, discount, and return rates can be daunting. In their presentation, Crain and Lloyd will discuss how these factors and others affect the discounting determination. Discounting for past and future damages claims will be discussed as well as how recent case law has come to impact these considerations.

Click here to find more information or to register.

Featuring: Neil Beaton CPA/ABV, CFA, ASA and David Dufendach CPA/ABV, ASA
Webinar
Wednesday, December 22, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Since its implementation in January, 2005 IRC 409a has taken on a life of its own. As Neil Beaton explains in BVR’s Guide to Valuations for IRC 409a Compliance, because of "exposure to many bright minds and questioning professionals, new techniques and refinements of old ones have surfaced and are now being implemented." And as the AICPA prepares to release a revisited practice aid on this matter, a new chapter looks to be added to the saga of 409a.

In "Valuation Issues in 409a," Beaton and David Dufendach will discuss this complex regulation's past, present, and future, as well as those all-important details of the methods and applications with which it is associated.

Click here to find more information or to register.

Featuring: Scott Beauchene CFA, ASA and James Walling MBA
Webinar
Thursday, December 16, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

The use and application of the Black Scholes Option Pricing Model in business valuation has come under increased scrutiny as of late. Since its inclusion in the AICPA's practice aid in 2004, critical examination and a deep economic downturn have drawn its use and appropriateness into question. Indeed, this model was the subject of rebutting articles in BVUpdate in January and March of this year: "Does Black Scholes Overvalue Early Stage Company Allocations?" and "Lognormal Distributions vs. Empirical Observations – A Defense of the Option Pricing Method," respectively. In "The Use and Application of Option Pricing Modeling" James Walling and Scott Beauchene, each a co-author of these articles, will join BVR to discuss both how to appropriately utilize this valuation tool and its applicability in light of a practice aid update and a turbulent economy.

Click here to find more information or to register.

Featuring: Kevin R. Yeanoplos CPA/ABV/CFF, ASA and Edward R. Rataj CCP
Webinar
Thursday, December 2, 2010
10:00am-11:15am PT / 1:00pm-2:15pm ET
Earn 2 CPE credits

Poorly defined and highly subjective, reasonable compensation analysis is often both subject to, and the result of highly contentious valuation disputes. In their presentation at the BVR/Morningstar 3rd Annual Summit on Business Valuation in Divorce, expert appraiser Kevin Yeanoplos and compensation specialist Edward Rataj examined how reasonable compensation analysis is performed, how it is disputed, and how it has come to be shaped by relevant case law. On December 2, in a special encore presentation of their session at the Summit on Business Valuation in Divorce, Yeanoplos and Rataj will cover these issues, then join us live to take your questions. Join us for the most in-depth examination of this issue in years.

Click here to find more information or to register.

Featuring: Nancy J. Fannon ASA, CPA/ABV, MCBA and Jonathan M. Dunitz Attorney at Law
Webinar
Friday, October 22, 2010
10:00am-12:00pm PT / 1:00pm-3:00pm ET
Earn 2 CPE credits

As a legal occurrence, lost profits claims exist within a judicial realm of preceding actions and decisions. But courts apply varying legal theories, and lost profits cases change with them: context is everything. In "Understanding the Legal Contexts of Lost Profits Damages Cases," the final installment of BVR’s Webinar Series on Damages Essentials, attorney Jonathan Dunitz and series curator Nancy Fannon will discuss how understanding lost profits claims and their context across varying legal theories can aid in the preparation and defense of lost profits calculations.

In addition to covering the varying precedents and standards across court types, Fannon and Dunitz will address those elements of lost profits cases that are common, regardless of applicable legal theory. This session will also feature a case law update, covering how recent decisions have come to shape lost profits calculations, evidence, and analysis.

Click here to find more information or to register.

Featuring: Jay Fishman FASA and Gil Matthews MBA, CFA
Webinar
Thursday, October 21, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Imagine, if you will, a valuation world where everything is the same, but slightly different: the fair value definition is not that of financial reporting; discounted cash flow methods are utilized a great deal, but deeply scrutinized by the court; a separate and deep lineage of cases set the precedent; and valuation techniques on discounts and premiums are questioned in great detail by judges. This world is no dream: it's the world of shareholder dissent and oppression cases.

On October 21 appraisal experts Jay Fishman and Gil Matthews, both well acquainted with the unique challenges posed by these cases, will be your guides to everything you need to know when approaching this strange landscape. From the essentials of the fair value standard to how new court cases are shaping the future, these two will show you the way.

Click here to find more information or to register.

Featuring: Robert M. Lloyd J.D. and Neil Beaton CPA/ABV, CFA, ASA
Webinar
Friday, October 15, 2010
10:00am-12:00pm PT / 1:00pm-3:00pm ET
Earn 2 CPE credits

Though never simple, lost profits and damages cases are acutely difficult in the two areas covered in Part 2 of BVR’s Webinar Series on Damages Essentials: reasonable certainty and early stage company claims. In their presentation, Robert Lloyd, the Lindsay Young Distinguished Professor of Law at the University of Tennessee College of Law, and expert appraiser Neil Beaton will show how the complexity of these two issues have evolved, what they mean for your reports and testimony, and how to best approach them in lost profits cases.

In the first part of our presentation, Lloyd will show that though every United States jurisdiction has adopted a rule requiring plaintiffs to prove lost profits within reasonable certainty, no court has actually defined what this means, and some have even confessed to not knowing at all. Beaton will then cover how to assess lost profits claims for early stage or start up companies that usually lack a track record of operating results, thereby nullifying the applicability of many of the usual lost profits analysis techniques.

Click here to find more information or to register.

Featuring: Robert P. Gray CPA/ABV, CFE and James O'Brien CPA, CFF
Webinar
Thursday, October 8, 2010
11:00am-1:00pm PT / 2:00pm-4:00pm ET
Earn 2 CPE credits

In the first installment of BVR's Webinar Series on Damages Essentials, experts Robert Gray and James O'Brien will show the methods and procedures by which lost profits calculations are made. Though built on the same foundations and techniques as most appraisal work, the task of building an unimpeachable lost profits calculation is based upon the rules of the courts in matters of both evidence and technique. The difference between success and failure in this arena can just as easily be the expert's familiarity with these rules and procedures as with the skill of the attorneys.

Through their presentation, Gray and O'Brien will cover everything you need to know when engaging in a lost profits case: from calculations methods and related supporting – and admissible – evidence to the business engagements involved in lost profits work. Never before has there been a better time to familiarize yourself with this challenging, abundant, and potentially lucrative area of valuation.

Click here to find more information or to register.

Featuring: Ian Rusk ASA and Michael O'Brien ASA
Webinar
Thursday, September 23, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

On September 23, BVR's Industry Spotlight Series continues with "Valuing Architecture & Engineering Firms." Featuring Ian Rusk and Michael O’Brien, two appraisers with 30 years experience between them in this industry alone, this webinar will focus on the unique valuation challenges inherent in valuing architecture, engineering and landscape architecture firms.

Through their presentation, Rusk and O'Brien will show how companies in this industry embody the valuation challenges of both professional services firms and construction firms, with a lack of intangible assets and an unsteady income stream, respectively. New and emerging trends of this industry will also be discussed, including new valuation opportunities presented from exit planning and ESO plans.

Click here to find more information or to register.

Featuring: Jared Kaplan Esq. and Robert Gross MBA
Webinar
Thursday, August 26, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

The days of the repurchase obligation are here. As employee stock ownership plans (ESOP) age, and as the economy picks itself up from recent turmoil, new valuation challenges are arising in assessing the viability of ESOP plans. At the heart of the issue is the ability of the company to exercise "put" options as defined in their ESOP. As Jared Kaplan explains, though these transactions are "financially neutral," they can have serious consequences on the operation and growth abilities of the issuing company, and, in turn, its value and its ESOP.

In "ESOP Valuation: Repurchase Obligations" Kaplan and Robert Gross will examine how the confluence of aging ESOPs and the current economic environment has created a new burden on appraisers to master the art of valuations for ESOPs. This thorough review of the careful balancing act of current and future repurchases is a must for anyone operating in this expanding valuation space.

Click here to find more information or to register.

Featuring: Kevin Yeanoplos CPA/ABV/CFF, ASA James Lurie CPA/ABV, ASA, CBA, CVA, BVAL, CIRA and Z. Christopher Mercer ASA, CFA
Webinar
Wednesday, August 11, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

While the volume of materials presented and written on discounts for lack of marketability (DLOMs) seems unending, persistent questions remain for many appraisers in determining and applying these all-important adjustments. For example, while you may be asking yourself how the holding period affects DLOM, finding the answer will be more difficult than you'd imagine.

In "Everything You Wanted to Know About DLOM But Were Too Afraid to Ask" experts Kevin Yeanoplos, James Lurie, and Chris Mercer will address these nagging, annoying, and seemingly simple questions whose answers are curiously complex. Submit your questions for our panel via the link above, and be sure to attend this can't-miss event.

Click here to find more information or to register.

Featuring: Jim Alerding CPA/ABV, ASA, CVA Kevin Yeanoplos CPA/ABV/CFF, ASA and Carl Woodward CPA
Webinar
Thursday, July 29, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

The auto industry has been perhaps the easiest segment of the economy to keep track of these past few years. Between bail-outs, recalls, and industry innovations it's been hard to miss the changing fortunes of these titans of industry. What has been difficult, however, is quantifying how these changes affect the end of the supply chain: the dealer.

In "Valuing Auto Dealerships" expert appraisers Jim Alerding and Kevin Yeanoplos will join Carl Woodward, one of the nation's leading experts on automobile dealership accounting, valuation, and operations. From new car sales through service and repairs, these three will lead you through the ins and outs of this ubiquitous and challenging valuation assignment.

Click here to find more information or to register.

Featuring: Craig Jacobson MBA and Jeffrey Rothschild Esq.
Teleconference
Thursday, July 15, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

In 2006 BVR hosted expert appraiser Craig Jacobson in an in-depth review of fairness opinions. Since that presentation unprecedented changes have occurred through regulation, court case law, and – of course – the economy. On July 15 Jacobson will rejoin BVR with attorney Jeffrey Rothschild to cover how these changes affect fairness opinions. From changes to the processes of determining value to operating in the current regulatory and market environment, Jacobson and Rothschild will discuss how classic considerations and emerging trends affect you in this must-attend presentation.

Click here to find more information or to register.

Featuring: Mike Pellegrino MBA and Robert Schlegel ASA, MCBA
Teleconference
Thursday, June 24, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Perhaps no business segment in modern history has been as much of a mystery to analysts and watchers as the software industry. In an environment where a great many fail, a few succeed wildly, and some even sell for great prices before even turning a profit, knowing how to properly value a software company can be a challenge at best.

With the latest installment of BVR’s Industry Spotlight Series, expert appraisers Mike Pellegrino (also a former software engineer) and Rob Schlegel will join BVR for “Valuing Software Companies”. During their 100-minute presentation, Mike and Rob will show what everyone needs to know when approaching a valuation assignment in this turbulent and – at times – seemingly irrational space.

Click here to find more information or to register.

Featuring: Mark O. Dietrich CPA, ABV, C. Elliott Jeter CFA, CPA/ABV, and G. Don Barbo CPA/ABV
Teleconference
Thursday, June 10, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

By now you've heard from the President, both houses of Congress, the media, and even the parliamentarian on what healthcare reform will mean for you personally. Do you know what will it mean for you professionally?

In "Healthcare Reform and its Impact on Valuation" BVR will host Mark Dietrich, Elliott Jeter, and Don Barbo, three of the best minds in this field, on what effect healthcare reform and related legislation will have on the valuation of businesses in the healthcare sector. Scheduled for June 10, this presentation is perfectly timed to give you an early, informed, and impartial look at the complex issues and valuation challenges posed by healthcare reform. This is not one to miss.

Click here to find more information or to register.

Featuring: Don M. Drysdale CPA/ABV, ASA, and M. Keith Prescott CPA/CVA/ABV, CFF
Teleconference
Thursday, May 13, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

If two truths are to hold for the construction industry at this time, they are these: it is an expansive, diverse, and multifaceted collection of firms and individuals, and, following a so-called "housing bubble", it has seen better days. From electricians and plumbers to general contractors and excavators, knowing how to approach this industry with reason and judgment can mean a world of difference in the defensibility of your conclusion of value – particularly in this time of stress.

In "Valuing Construction Companies" experts Don Drysdale and Keith Prescott will help make sense of this vast industry and will show you how to address the unique challenges it poses in the best – and worst – of times. Construction companies can be a business appraiser’s best friend, producing a depth of valuation engagements and opportunities, or they can be an appraiser’s nightmare, creating more challenges than anticipated. On May 13, learn how to take advantage of the opportunities, and control the nightmares.

Click here to find more information or to register.

Featuring: Brad Pursel CPA/ABV, CFA, ASA Mark Edwards CPA/ABV, CFA and Andrew Fargason CFA
Teleconference
Thursday, April 29, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 1 CPE credits

As FAS 157 states, “Substantial value may arise from the ability to take advantage of synergies and other benefits that flow from control over another entity.” In short: there’s value in control. Yet knowing how to recognize and quantify that control has been an enduring source of debate for appraiser of all stripes.

On April 29 appraisal experts Brad Pursel, Mark Edwards, and Andrew Fargason, a member of the Appraisal Foundation's working group on this topic, will provide a much-needed examination of these adjustments in “Control Premiums: Applications and Analysis”, a 100-minute BVR teleconference. Through the course of their presentation, Pursel, Edwards, and Fargason will cover the much-needed areas of the application, determination, and recognition of control premiums, as well as new analysis of the factors that are commonly believed to influence the magnitude of control premiums. If you’re valuing a business, you shouldn’t miss this presentation.

Click here to find more information or to register.

Featuring: Peter J. Butler CFA, ASA, MBA, and Gary R. Trugman CPA/ABV, MCBA, ASA, MVS
Teleconference
Wednesday, March 31, 2010
10:00am-11:00am PT / 1:00pm-2:00pm ET
Earn 1 CPE credits

Even casual observers of business valuation know the Butler Pinkerton Calculator™ (BPC) by reputation. The source of much debate, confusion, and misinformation, the BPC is being subject to the growing pains and misunderstandings that many other business valuation tools have experienced over time. Separating fact from fiction in the utilization of the BPC has become increasingly difficult given the tenor of recent debates.

In “The Butler Pinkerton Calculator: Come and See What All the Hoopla is About”, Peter Butler, one of the creators of the BPC, and valuation expert Gary Trugman will review the uses and applications of this powerful tool for determining total cost of equity for guideline public companies. In this free one hour webinar, Butler and Trugman will separate fact from fiction to help you utilize the BPC to its greatest potential - and you’ll see what the all the hoopla is about.

Click here to find more information or to register.

Featuring: Gil Matthews MBA, CFA, and Michael Wachter Ph.D.
Teleconference
Friday, March 19, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

The Delaware Chancery Court (DCC), it appears, may be living in the past. Despite new thinking on issues related to implied minority discounts, the DCC has tenaciously maintained that enterprise values for comparable guideline public companies must inherently be adjusted for control premiums. Though the experts who initially imbued this thinking into the DCC have since changed their minds, the Court has held fast, creating an environment where legal standards regarding fair value are opposed to the guidance of the profession’s top experts.

In “Implied Minority Discounts in Statutory Fair Value: The Doctrine that Just Won’t Die”, expert appraiser Gil Matthews and Michael Wachter, legal scholar, and close watcher of the DCC, will guide listeners through this sticky situation and the challenges it creates for anyone adjusting for minority discounts. Through their presentation attendees will see the emergence and divergence of this issue, its wider repercussions, and will be challenged to review their thinking on minority discounts and other control adjustments.

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Featuring: Linda Trugman CPA/ABV, CBA, ASA, MBA, Jay Fishman FASA, and Chris D. TreharneASA, MCBA, BVAL
Teleconference
Thursday, March 4, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

If anything can match the wealth of valuation opportunities in estate and gift tax it is surely the every-changing nature the laws and guidelines applying to this field. Over the past year alone IRS rules have placed new burdens on estate and gift tax valuations, making it even more important – and difficult – for appraisers to stay on top of the current legal arguments and technical analyses that apply to the area of estate and gift tax.

On Thursday, March 4, 2010 Linda Trugman, author of BVR’s forthcoming Guide to Valuation Issues in Estate & Gift Tax will join Jay Fishman and Chris Treharne for a 100-minute presentation on what every appraiser needs to know when confronted with the evolving world of valuations for estate and gift tax purposes. For anyone practicing in this field, this presentation is a can’t-miss event.

Click here to find more information or to register.

Featuring: Roger Grabowski ASA
Teleconference
Thursday, February 18, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

With the many changes that come with a new year, none could be more pertinent or useful to BV practitioners than the publishing of the 2010 Duff & Phelps Risk Premium Report. Authored by Roger Grabowski and David King, this report offers even more defensible cost of capital measures than previous editions – particularly for small target companies – through historical equity risk premiums (ERPs) and size premiums for 25 size-ranked portfolios using 8 alternative measures of company size.

On Thursday, February 18 author Roger Grabowski will join us for “Duff & Phelps Report 2010: Learn from the Master”. Through the course of his 100-minute presentation, Grabowski will highlight everything you need to know to put this powerful valuation tool to work, and will answer your questions along the way. And as a special bonus, buy the 2010 Duff & Phelps Risk Premium Report and attend this teleconference for free.

Click here to find more information or to register.

Featuring: Nancy Fannon ASA, MCBA, CPA, ABV, BVAL and Heide Walker ASA, CPA, ABV
Teleconference
Thursday, February 11, 2010
10:00am-11:00am PT / 1:00pm-2:00pm ET
Earn 1 CPE credit

Transaction databases are a powerful valuation tool. But, as we know, with great power comes great responsibility. Knowing how to effectively utilize the data present in any database is an imperative part of the valuation process. With information now available for transactions of all sizes for all types of businesses it’s more important than ever to know the best way to put this information to use.

In “Putting Transaction Databases to Work” Nancy Fannon and Heidi Walker, authors of The Comprehensive Guide to the Use and Application of the Transaction Databases, will highlight what everyone needs to know when using the transaction databases and how to best put that information to work. If you’ve ever done the market approach to valuation, this one-hour webinar is a must.

Click here to find more information or to register.

Featuring: James D. Ewart CPA/ABV/CFF, CVA
Teleconference
Wednesday, January 20, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Whether for GAAP compliance, industry accounting principles, or to find an easier comparison between statements, compensations, or other accounting areas, normalization adjustments are a necessary and ubiquitous step in the valuation process. But with all accounting practices and comparative valuation techniques, mastering the art of normalization adjustments is difficult as standards, practices, and applications continue to evolve, and current events alter the setting for valuation assignments.

On January 20 valuation expert James Ewart will lead you through the classic and emerging challenges of normalization adjustments. From knowing when to make normalization adjustments to knowing how to do so, Ewart will show how these imperative processes can mean the difference between defensible and indefensible conclusions of value.

Click here to find more information or to register.

Featuring: Jay Fishman FASA, Z. Christopher Mercer ASA, CFA, and Charles P. Rettig Esq.
Teleconference
Friday, January 8, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Events subsequent to the valuation date are seldom known, knowable, or foreseeable – particularly recently. As appraisers continue to sift through the fallout of recent economic turmoil the consideration of subsequent events is becoming ever more important when proving and defending a sound conclusion of value.

In “Subsequent Events” two of the valuation communities best minds, Jay Fishman and Chris Mercer, will join one of best in tax litigation, Chuck Rettig, for an in-depth discussion of how to handle the tricky area of accounting for subsequent events. Any appraiser performing valuations today without the use of a crystal ball should attend this teleconference.

Click here to find more information or to register.

Featuring: Nancy Fannon ASA, CPA/ABV, MCBA
Teleconference
Wednesday, December 16, 2009
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

As Nancy Fannon points out, "the area of pass-through entity valuation and the effect of taxes on value has been a topic that has confounded valuation analysts for about nine or ten years now." Indeed, it has been a problem without a solution in sight, particularly given the lack of data and studies on the subject within the business valuation community. Through groundbreaking research, Nancy has compiled a new collection of studies that address this previously unresolved area of valuation.

In "The Effect of Taxes on Value in Private Capital Markets" Nancy will present the findings of academic research on the effect of taxes on value, set to be released in a Guide of the same title. This 100-minute discussion will cover the results of years of study by researchers and the substantive evidence provided by numerous studies regarding tax affects. This presentation will have a lasting impact on anyone concerned with private market valuation. This opportunity to hear about this new research should not be missed.

Click here to find more information or to register.

Featuring: G. Don Barbo CPA/ABV, Carol Carden CPA/ABV, ASA, CFE, and Gregory Anderson CPA, ABV, CVA
Teleconference
Thursday, December 3, 2009
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Healthcare is the single largest segment of the U.S. economy, and its growth continues unabated, despite recent economic woes and political maneuverings. Yet the complexity and rapid evolution of this industry can be challenging at best, requiring business appraisers of all stripes to work hard to keep up with changes in the field.

In the third and final installment of BVR's 2009 Teleconference Series on Healthcare Valuation, Don Barbo, Carol Carden, and Greg Anderson, contributors to BVR's Guide to Healthcare Valuation, will present the most up-to-date, need-to-know information on valuing Hospitals, Joint Ventures, and Co-Management Agreements, respectively. Part 3 of our series will close with live audience Q&A with this distinguished panel. For any appraiser practicing in this fickle industry, the knowledge and insights of these three experts will prove invaluable.

Click here to find more information or to register.

Featuring: R. James Alerding CPA/ABV, ASA, CVA, James D. Ewart CPA/ABV/CFF, CVA, and Robert Shortle MBA, CPA
Teleconference
Thursday, November 5, 2009
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

As benchmarks, indicators, and pundits show that the end of recent economic woes are in sight, the fall-out and clean up of recent trouble continue across the economy. Nowhere is this more true than in the arena of business valuation, where the volume impaired and distressed business appraisals continue to escalate. Though the valuation of an unprofitable business is a challenge in its own right, it’s only exacerbated by the recent economic environment.

In “Companies in Distress: Valuing the Impaired and Currently Unprofitable”, Jim Alerding, Jim Ewart, and Robert Shortle will discuss obstacles and considerations when valuing distressed and impaired businesses. Their 100-minute presentation will cover such topics as management planning, liquidation, premises of value, and the operating environment. You know the problems posed by distressed company valuations. This teleconference will help you find the solutions.

Click here to find more information or to register.

Featuring: Jay Fishman FASA, Sharyn Maggio CPA/ABV/CFF, and William Morrison CPA/ABV
Teleconference
Friday, October 16, 2009
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

BVR's 2nd Annual Summit on Business Valuation in Divorce featured the best minds on everything related to the valuation of businesses for marital dissolution. For those unable to attend the Summit in person, BVR is hosting a special recast of highlights from some of the most informative and insightful sessions, followed by live Q&A with conference chairs. In this incredible 100-minute teleconference you'll hear highlights from:

• Active v. Passive, featuring Chris Mercer, Ashok Abbott, and Mark Sobel
• Projections, Post-Judgment Events, and the Post-Bernie Madoff World, featuring Bill Morrison, Sharyn Maggio, and Judge Jacqueline Silbermann
• Current Developments in Standards of Value - Thornhill and Other War Stories, featuring Ron Seigneur

In addition to cutting-edge, ground breaking insights from this all-star cast of speakers, and the chance to ask questions of conference chairs, attendees will gain access to complete presentation materials from these sessions at the Summit. If you missed the Summit, you can't let the opportunity to hear some of the best legal and valuation minds slip away again.

Click here to find more information or to register.

Featuring: Cindy Eddins Collier, MHA, MSA, CPA/ABV/CFF, CVA, CMPE, David Greene, CBI, and Byron Farquer DVMA, AVA
Teleconference
Wednesday, September 2, 2009
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

According to the American Veterinary Medical Association (AVMA), as of 2008 there were nearly 60,000 private veterinary practices in the United States. Representing a wide variety of specialties, business models, and valuation challenges, these practices are undergoing the same level of Baby-Boomer-related turnover as other industries, while facing demographic changes to both veterinarians and the types of animals they treat – all while facing the uncertainty of today’s market.

On September 2, our all-star panel of Cindy Collier, David Greene, and Byron Farquer will help listeners navigate through the tricky spots of veterinary practice valuations: everything from emerging industry trends and common business practices to finding the right data for your valuation and parsing through the books of any valuation target. In addition to hands-on examples and case studies, this teleconference will feature the valuation expertise of Cindy Collier (co-editor of BVR’s Guide to Healthcare Valuation), the brokerage experience of David Greene, and the insights of Byron Farquer, a Doctor of Veterinary Medicine and veterinary practice broker.

Click here to find more information or to register.

Featuring: Mike Pellegrino, MBA, and Neil Beaton, CPA/ABV, CFF, ASA
Teleconference
Thursday, August 20, 2009
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Existing cost of capital estimation models fail to capture the unique attributes of intellectual property (IP). And, according to Mike Pellegrino, that inability to assess risks and success rates leads to indefensible – and sometimes erroneous – valuation determinations. Whereas many IP cost of capital estimations are adjusted using little more than the appraiser’s experience, Pellegrino has developed a model that captures the unique attributes of IP using objective empirical evidence.

On August 20 that model will be presented “An IP Cost of Capital Estimation Model,” a 100-minute teleconference hosted by BVR. Joining Pellegrino will be valuation expert Neil Beaton who will put this model under close scrutiny as he tests its validity and applicability. For anyone challenged with assessing discounts rates for IP valuations, this presentation is a must.

Click here to find more information or to register.

Featuring: Ed Moran, MBA, CPA/ABV, CVA, CBA, Kevin R. Yeanoplos, CPA/ABV/CFF, ASA, and John T. Hall, CPA, CFD
Teleconference
Thursday, August6, 2009
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

The restaurant industry represents perhaps the single most fertile ground for business appraisers: total industry employment equal to 9% of the U.S. workforce despite the fact that 91% of all restaurants have fewer than 50 employees. Yet these opportunities come with inherent valuation challenges, represented by a great deal of variety within the industry, and requiring a certain agility on the part of any appraiser working in this space. As Ed Moran, author of BVR’s soon-to-be-released Guide to Restaurant Valuation, said in his introduction to the Guide, “It seemed odd to me that a restaurateur would work his or her entire life and then determine the value of this life’s work with a simple multiple.”

In “Valuing Restaurants” on August 6, Moran will be joined by Guide contributors Kevin Yeanoplos and John Hall for an in-depth discussion of the best techniques for valuing any restaurant. Covering franchises, restaurant financing, the dos-and-don’t's of market research, which questions must be asked during any appraisal, and the useful and useless rules of thumb, this presentation is a must for anyone called to value a restaurant.

Click here to find more information or to register.

Featuring: Ed Morris, ASA, CBA, BVAL, CPA/ABV, CFF, Jim Alerding, CPA/ABV, ASA, CVA, and Brian Steen, CFA, ASA, CIRA
Teleconference
Thursday, July 23, 2009
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

The summary for SFAS 142 notes that "intangible assets are an increasingly important economic resources for many entities" - an importance that has only grown since the statement's authorship in June, 2001. As the global economy continues its turbulence, the valuation of goodwill and other intangible assets has become increasingly important, placing more of a burden on appraisers to understand both SFAS 142 and 144 - the statement on accounting for the impairment or disposal of long-lived assets.

In "Goodwill Impairment in a Troubled Economy," valuation experts Ed Morris, Jim Alerding, and Brian Steen will cover the hands-on, must-know issues relating to recognizing, testing, and accounting for goodwill impairment. For all valuation practitioners, this presentation is an imperative preparation for the coming wave of impairment-related valuation issues. Indeed, Ed Morris notes "we've seen some increase in goodwill impairment for the 2008 financial statements, but we think that's going to continue - and if nothing else accelerate - in 2009, and get into some of the trickier issues where it's not as black and white as it has been."

Click here to find more information or to register.

Featuring: Rob Schlegel, ASA, MCBA, and Linda B. Trugman, CPA/ABV, CBA, ASA, MBA
Teleconference
Wednesday, July 8, 2009
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

The Guideline Public Company Method best captures the effect of today’s volatile economy on the value of an appraisal target—and it’s more important than ever as business appraisers find that income and other approaches, with their market-based ERP and beta factors, frequently provide inflated conclusions of value. Never before has there been a better opportunity—or need—to develop a complete understanding of this increasingly essential valuation method.

In March 2009, BVR joined with Rob Schlegel ASA, MCBA (Houlihan Valuation Advisors), a highly-rated instructor for the ASA, IBA, and other accounting organizations, to offer an intensive seminar in current application of the GPCM. Join us on July 8 for a special teleconference featuring highlights of that workshop and live commentary, case studies, and Q&A with Rob Schlegel and Linda Trugman.

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Featuring: Carol Carden, CPA/ABV, ASA, CFE, Mark O. Dietrich, CPA/ABV, Douglas Smith, and Douglas Smith, CPA/ABV
Teleconference
Tuesday, June 23, 2009
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Healthcare is the single largest segment of the U.S. economy, and its growth continues despite larger economic woes. The financial aspects of this industry are perhaps the least understood, and continue to present challenges to business appraisers of all stripes called to value the many forms of companies comprising the healthcare field.

In Part 2 of BVR's three part series on Healthcare, three contributors to the recently released BVR's Guide to Healthcare Valuation, will join co-editor Mark Dietrich to discuss three of the most common but complex areas of the healthcare industry. Following presentations by Douglas Smith on Imaging Centers, Timothy Smith on Physician Compensation, and Mark Dietrich on Physician Practices, moderator Carol Carden will lead this distinguished panel in discussion and live audience Q&A. For any appraiser practicing in this fickle industry, the knowledge and insights of these four experts will prove invaluable.

Attendees of Part 1 of our Series are eligible for $50 off Part 2. Attendees of Part 2 will be given $50 off Part 3. For more information, contact BVR's Customer Service Department.

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Featuring: Ashok Abbott, Ph.D
Teleconference
Thursday, May21, 2009
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

"Credit Crunches," "Toxic Debt," and now "Stress Tests." Problems in capital markets in the current economy should by now be well known. While traditional valuation theory assumes liquidity, recent events in capital markets have demonstrated that DCF values based on public market transactions may be significantly overstated when the impact of liquidity is ignored. And while Blockage - the incremental cost of liquidating a large position in a publicly traded company - is generally acknowledged, we need to be able to quantify its impact on the realizable value of the assets being valued.

In "Liquidity Crisis and Valuation Practices - Estimating the Cost of Liquidity" at the 11th Annual FAE/BVR Business Valuation Conference, Dr. Ashok Abbott will use capital markets data from this turbulent period to illustrate option method techniques that can be used to develop theoretically valid and empirically defensible discounts for lack of liquidity.

On May 21, BVR will replay Dr. Abbott's presentation in a special teleconference, "Liquidity Crises & the Impact on Valuation Practices". Following "Liquidity Crisis and Valuation Practices," Dr. Abbott will join us for live audience Q&A. Given Dr. Abbott's expertise, the current state of credit markets, and the necessity of this consideration in the business valuation process, this teleconference is not to be missed.

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Featuring: Jim Andersen, ASA, ABV, CFF, MBA, Ron Seigneur, MBA, CPA/ABV/CFF, CVA, and Dr. Stephen Persichetti, DDS, MBA
Webinar/Teleconference
Thursday, May14, 2009
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

As of 2006 there were more than 160,000 practicing dentists of all types in the United States, 63 percent of whom ran practices in which they were the only licensed dentist.  With government oversight and professional licensing alone dentistry practices can be an appraisal challenge.  Add in capital expenses, professional and personal goodwill, and insurance requirements and the world of dentistry can suddenly become an appraiser’s nightmare.  BVR has assembled an all-star panel to provide the guidance needed to deal with the numerous and complicated obstacles presented by valuing dental practices.

On May 14, 2009, James Andersen and Ron Seigneur, both highly experienced expert appraisers, will join Dr. Stephen Persichetti, a practicing dentist and professor of dental practice management, for a 100-minute program outlining the ins and outs of dental practice valuation.  This panel will deliver all the hands-on how-to knowledge needed to ensure your next dental practice valuation is clear, logical, and defensible.

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Register for Teleconference and On Demand Conference Pack

Featuring: Ron Seigneur, MBA, CPA/ABV/CFF, CVA, Don DeGrazia, CPA, ABV, and Stacy Collins, CPA/ABV
Webinar/Teleconference
Thursday, April 30, 2009
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE credits

Developing discount and capitalization rates in a changing marketplace can be tricky in the best of times. In these “difficult” “troubled” and “desperate” economic times, however, the rules by which this process is completed are now being challenged under the microscope of irregular market conditions and unforeseen changes to the marketplace. While many traditional models, such as CAPM, Modified CAPM, and the Build-up Model (BUM) are still full appropriate to utilize, their inputs now require extra justification.

On April 30, 2009, BVR will tackle these problems head-on with “Developing Discount and Cap Rates in a Troubled Economy: New and Emerging Views on Old Issues”, hosted by Ron Seignuer, Don DeGrazia, and Stacy Preston Collins. Over the course of their 100-minute presentation, these three valuation experts will focus on relatively new and emerging issues that practitioners need to consider when developing their discount and capitalization rates in today's turbulent economy, exploring opportunities for practitioners to enhance their support for these key elements of the valuation process.

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Lawyers, accountants, engineers, architects, dentists, chiropractors, doctors…The world of professional practices is expansive and varied, presenting numerous challenges to the process of business appraisal.  How does an appraiser arrive at the proper value when analyzing a company whose product is intangible and whose marketplace is determined by much more than supply and demand?  How does an appraiser distinguish between personal and professional goodwill, and what is the value of customer relationships in a professional practice?

On April 2, Kevin Yeanoplos, Ron Seigneur, and moderator Stuart Weiss will tackle these and other questions in their teleconference “Valuing Professional Practices”.  Covering all the problem areas professional practices produce in the valuation process, Kevin, Ron, and Stuart will present what ever appraiser needs to know.

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Register for Teleconference and On Demand Conference Pack

Featuring: Robert Cimasi, MHA, ASA, CBA, AVA, CM&AA, William Forsberg, Esq. Michael Gregory, ASA, AVA, MBA, PE, and Howard Lewis, MS, AVA
Webinar/Teleconference
Wednesday, March 18, 2009
10:00am-11:40am PT / 1:00pm-2:40pm ET
Earn 2 CPE and/or 1.5 CLE Credits

Through the American Job Creation Act of 2004, the Pension Protection Act (PPA) of 2006, and related IRS guidelines, rules, and notices, business appraisers now a face difficult and sometimes shifting landscape. While changes in legislation and guidelines have increased appraisal opportunities, they have also significantly increased penalties to practitioners. Through these laws, there is a trade off between an increase in the business of appraisal, and what is required of a business appraiser. A depth of knowledge and perspective, therefore, can mean the difference between penalty and prosperity.

In this 100-minute teleconference some the best experts on appraiser penalties will lead the way through the opportunities and pitfalls of the PPA and related Appraiser Penalties.  With presentations by William Forsberg, Michael Gregory, Howard Lewis, and moderator Robert Cimasi, this teleconference will present PPA penalties from the viewpoints of the law, the IRS, accounting standards, and the business appraiser, respectively.  With the diverse and knowledgeable perspectives of this panel this teleconference will not be one to miss.

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