Here’s what you’ll see:

• “Book Review: Understanding Business Valuation, 6th Edition” (R. James Alerding, CPA/ABV). Gary Trugman (Trugman Valuations) has updated his book, which shows you how to apply valuation theory with practical examples from actual engagements and sample valuation reports, written in an easy-to-understand style.
  
• “Book Review: Valuing a Business—The Analysis and Appraisal of Closely Held Companies, 6th Edition” (Harold G. Martin Jr., CPA/ABV/CFF, ASA, CFE). A review of the new edition of Shannon Pratt’s book, which gives a heavy dose of theory and has been updated by a team of 67 contributors and published by the American Society of Appraisers. 
  
• “Appraiser Uses Direct Way to Estimate Private-Company Cost of Equity” (BVR Editor). One appraiser, after 25 years and over 1,000 valuations of small owner-operated businesses, says that these firms bear no relation to public companies, so why look to the public markets for data when estimating cost of capital? Here’s the method he uses, which looks directly at the private capital markets and does not require any expensive resources. 
  
• “Additional Takeaways From the 2021 ASA International Conference” (BVR Editor). Interesting sessions covering risk-free rates, equity risk premia, expert testimony, appraisal reviews, cannabis valuations, and more from the American Society of Appraisers’ International Conference held in Las Vegas. 
  
• “Veteran Valuers Warn of This Fallout From COVID-19” (BVR Editor). Being cooped up because of the pandemic has created a potential problem, say experienced valuers, if appraisers continue to do management interviews and company tours virtually instead of in person.
  
• “Unique Pitfalls in Valuing a Diagnostic Imaging Center” (BVR Editor). Some advice from Douglas Smith (Phase 4 Radiology Business Strategies LLC), whose his entire practice is dedicated to the diagnostic imaging space. He is not an accredited valuation expert but is called in by appraisers as a third-party expert to perform analyses and forecasts for these entities. 
  

The issue also includes:

• A full 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 the “Cost of Capital Center”; and
  
• BVLaw Case Update: The latest court cases that involve business valuation issues.
  

To stay current on business valuation, check out the March 2022 issue of Business Valuation Update.