Here’s what you’ll see:

• “How to Address Market Efficiency for Appraisal Hearings” (BVR Editor). In statutory appraisal matters in the Delaware Court of Chancery, the court has shifted its attention away from dueling experts and more toward using a stock’s market price as the best measure of fair value. Valuation experts who come up with a different value would, therefore, need to prove that the market is not efficient.
• “Mercer Updates His State-of-the-BV Profession Analysis” (BVR Editor). Chris Mercer (Mercer Capital) did a “state of the profession” update as a keynote presentation at the recent Business Valuation and Financial Litigation Super Conference, hosted by the National Association of Certified Valuators and Analysts (NACVA). He addressed the current number of credentialed professionals, the aging of the profession, growth outlook, how the valuation professional organizations (VPOs) are adapting, and more.
• “The 2023 Cannabis Reset: A Redux of 2019?” (Ron Seigneur and Ryan Cram). As we roll through 2023, getting well past what many are calling the post-COVID-19 pandemic era, the cannabis industry appears to be hitting a major reset button. Inflationary trends continue near a 40-year high with no sign of a quick retreat, legislative reforms for the industry have stalled, interest rates and the cost of capital continue to be significant challenges in the sector, and labor and supply-chain disruptions also continue in some jurisdictions.
• “Determining Working Capital Adjustments Using a Bardahl Analysis” (BVR Editor). During a recent conference, the issue of adjusting for working capital came up and the audience seemed unfamiliar with the Bardahl analysis. Here is an excerpt from Gary Trugman’s Understanding Business Valuation, 6th edition, which gives some very practical advice on how to use this analysis.
• “10 Short Takes From NACVA’s July Super Conference” (BVR Editor). There were top speakers, interesting sessions, and a good turnout (about 200) for the three-day NACVA Business Valuation & Financial Litigation Super Conference in person in Snowbird, Utah (and also online). Here are a few quick takeaways from some of the sessions we attended.
• “Next-Gen BV Practitioners Reveal Ways to Keep Them on Board” (BVR Editor). Opportunities for career growth, exposure, work-life balance, and good old-fashioned recognition are some of the ways to keep today’s young valuation practitioners from jumping ship. The profession faces the issue of attracting and retaining young talent, so their insights are particularly helpful.

To stay current on business valuation, check out the September 2023 issue of Business Valuation Update.