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.

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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.

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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.

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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.

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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.

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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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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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