Here’s what you’ll see:

• “New Meta-Analysis Study Reveals Diminished Size Premium” (BVR Editor). There have been many studies on the size premium but with conflicting results. Now, the first “meta-analysis” of the size premium provides an estimate that is smaller than what many people believe, according to a new paper.
• “Valuing a Financial Advisor’s Book of Business” (Howard A. Buchler, J.D.). A court may not immediately recognize the value of a financial advisor’s collection of client relationships. The author illustrates this based on a case in which he was one of the testifying experts, and he also discusses various perspectives on the valuation.
• “Using Industry Benchmarks to Establish Secure Negotiating Positions for M&A Purposes” (Casey Karlsen and Seth Webber, BerryDunn). M&A parties are often at odds with the valuation, causing many deals to ultimately fall apart. One solution to this dilemma is to select a multiple based on how the subject company compares to industry benchmarks. The authors include a discussion of a new resource: The Valuation Benchmarking Platform.
• “Musings on the Cost of Capital” (Ronald L. Seigneur, Seigneur Gustafson LLP). A veteran appraiser presents an interesting retrospective on the cost of capital and offers some observations on current practice.
• “Latest Resources to Help Improve the Valuation of Financial Instruments” (BVR Editor). Recent resources that have emerged, including some new credentialing, that are designed to improve this area of practice are reviewed. This is the valuation profession’s response to the concerns of financial regulators and others around the world about the quality and consistency of financial instrument valuations.
• “Reports From Global BV Conferences: ICVPME, IVSC, IACVS, ICAEW” (BVR Editor). The “I” in all of these acronyms stands for “international,” and Business Valuation Update brings you some key takeaways from several recent global conferences.

The issue also includes:

• An expanded section of “BV News and Trends/Global BV News and Trends.”
• Regular features: “Ask the Experts” and “Tip of the Month.”
• BV data spotlight: “DealStats MVIC/Revenue Trends,” “ktMINE Royalty Rate Data,” “Economic Outlook for the Month,” and the “Cost of Capital Center.”
• BVLaw Case Update: The latest court cases that involve business valuation issues.

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