Here’s what you’ll see:

• “How to Review a Report’s Valuation Methodology” (BVR Editor). This is part of a series on quality control for valuation engagements, which has emerged as the No. 1 concern at valuation firms and practices, according to BVR’s Benchmarking Survey. The article contains a checklist for an overall review of the income, market, asset, and excess earnings approaches.
• “Ideas for Solving Two Problems in the BV Profession” (BVR Editor). The business valuation profession needs to be more attuned to academic finance research, according to a letter to the editor of the ASA’s Business Valuation Review by Victor E. Jarosiewicz (Quid Valorem LLC), the chair of The Appraisal Foundation’s Business Valuation Resource Panel. He also has some ideas about attracting more young people to the profession by targeting colleges and universities. Feedback is wanted on the issues and his suggestions.
• “How Do Your Firm’s Benefits Stack Up?” (BVR Editor). “Flexibility” is the most important aspect of a benefits plan BV firms should be offering to employees, reveals a BVR survey. Also, a look at the levels of signing bonuses BV firms are doling out is included.
• “Using Rule of Thumb Data to Uncover Cooked Books” (BVR Editor). In addition to using rule of thumb data to corroborate a value conclusion reached using other methods, the data are also helpful for validating historical financials—particularly for cash-intensive businesses. An example and some metrics for cash businesses are presented.
• “A Channel Analysis Is Key When Valuing a Fast-Food Restaurant” (BVR Editor). There has been a seismic shift in the operations of limited-service restaurants since the pandemic—and there’s no sign of reverting. Channels of revenue have been upended. Therefore, an analysis along these lines is important when valuing these entities, advises an expert in this space.
• “Practice-Building Tips From the AICPA FVS Conference” (BVR Editor). The largest event of 2024 was the AICPA & CIMA Forensic and Valuation Services (FVS) Conference. While there were many excellent technical sessions, there was good attendance at sessions that related to the management of a valuation or forensics firm or practice—a topic that is gaining in importance in the profession. This article is a recap of those sessions.

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,” “FactSet/BVR Control Premium Study,” “Economic Outlook for the Month,” and the “Cost of Capital Center”; and
• BVLaw Case Update: The latest court cases that involve business valuation issues with one case featured in a detailed analysis.

To stay current on business valuation, check out the May 2024 issue of Business Valuation Update.