Here’s what you’ll see:

• “Calibration With OPM in Early-Stage Enterprises: A Fair Value Update” (Neil Beaton, Andreas Dal Sant, and Antonella Puca). Based on new draft guidelines, a review of how a calibration model can be established based on the initial transaction price of an investment in an early-stage enterprise. Also discussed is how such a model could be used in subsequent measurement periods to estimate the fair value of the enterprise and of equity interests in a portfolio company.
  
• “Enterprise Value Adjustment Multiple for Post-Tax Reform Valuations” (Daniel R. Van Vleet). An intuitive method to adjust enterprise values that were calculated using pretax reform M&A multiples that arguably do not reflect the tax characteristics of the new tax law. 
• “Physician Distribution, Mobility, Fair Market Value, and Compensation Surveys” (Mark O. Dietrich). Groundbreaking analysis of regional differences in physician compensation coupled with the general tendency against long-distance relocation shows there is no national market for established physicians. Rather, local-market conditions must be considered in setting fair market value.
  
• “Vertical IQ: Very Smart Industry Research” (Stuart Weiss). A practitioner’s review of the newest platform for industry research that focuses on the financial aspects of how firms operate in a particular industry.
  
• “A Dozen ‘Don’ts’ to Help Survive a Divorce Engagement” (BVR Editor). The nuances of divorce valuations and testifying in court create difficulties that make divorce engagements especially challenging.
  

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/EBITDA Trends,” “Stout Restricted Stock Study and DLOM Calculator,” “Economic Outlook for the Month,” and “Cost of Capital Center.”
  
• BVLaw Case Update: The latest court cases that involve business valuation issues.