Here’s what you’ll see:

• “Introducing the Rudich/Jaroudi BIZCOMPS DLOM Study” (Ronald D. Rudich, Business Valuation Group, and Baria Jaroudi, Briggs & Veselka). The authors do an analysis of the BIZOMPS database of sales of small private companies to uncover an imbedded discount for lack of marketability (DLOM) in a specific industry. The authors would like feedback on this study and methodology.
• “Update on U.S. Cannabis Valuations From PKF’s Practice Leader” (BVR Editor). Noam Hirschberger talks about the rapid growth and heavy regulations that have triggered a need for financial and advisory services, including valuation and tax planning, that will be critical to the ongoing success of firms in the cannabis industry.
• “Goodwill Amortization Controversy and CEIV Highlight Fair Value in 2020” (BVR Editor). Mark Zyla (Zyla Valuation Advisors) gives some highlights of what’s on the front burner for fair value in 2020, including issues surrounding the FASB’s invitation to comment on the impairment of goodwill, an important update to the Certified in Entity and Intangibles Valuation (CEIV) credential, the increasing globalization of the profession, and upcoming guidance.
• “Don’t Automatically Reject the Asset Approach for Going Concerns” (BVR Editor). Many valuation analysts immediately reject the asset-based approach for operating businesses, but this is a problem, say Robert Reilly and Weston Kirk, who are both with Willamette Management Associates. The method is rejected too often because analysts are not familiar enough with the asset approach or they have misconceptions about when (and when not) to apply it.
• “SRO Crowd Sees Latest Update to Leading Pre-IPO Study” (BVR Editor). The largest audience for a BVR webinar in recent memory watched as Brian Pearson put the Valuation Advisors Lack of Marketability Discount Study through its paces. Pearson, the creator of the study, discussed new data added in 2019, misconceptions and criticisms of pre-IPO data, and uses for the data that extend beyond estimating a DLOM.
• “More Ups and Downs for Patent Valuations in the UK and Beyond” (BVR Editor). Business valuers can expect further changes in the UK landscape for intellectual property (IP) creation and commercialization. Intangibles now represent almost 90% of the market value of the largest listed companies, so these changes may be the most significant factor in many current business valuations.

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,” “Stout Restricted Stock Study and DLOM Calculator,” “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 March 2020 issue of Business Valuation Update.