Here’s what you’ll see:

• “New Research Finds That Industries Have Different Growth Rates” (BVR Editor). An update to ongoing research by Roger Grabowski (Kroll) and Dr. Ashok Abbott (West Virginia University) supports the use of different long-term growth rates for different industries and the use of the three-stage DCF.
• “Key Points From the VSCPA Forensic and Valuation Conference” (BVR Editor). An economic update, a new IRS crackdown, goodwill, reasonable comp, healthcare insights, expert testimony, and options are among the topics recapped from the annual two-day Forensic and Valuation Conference hosted by the Virginia State Society of CPAs.
• “Hitchner Updates the Risk/Return Spectrum for Cost of Capital” (BVR Editor). A good visual to use for checking the reasonableness of your cost of capital estimate is the spectrum of rates in the market. Jim Hitchner (Financial Valuation Advisors Inc.) has done an update to this spectrum, which can be used in valuation reports and in court.
• “CPT® Codes Drive Compensation, Business Valuation, and Regulatory Compliance in Healthcare” (Mark O. Dietrich, CPA). “Know them or practice at your peril,” says the author, who maintains that you cannot understand Stark Law requirements without understanding the CPT® codes for the particular medical specialty you are engaged to value.
• “The CEIV Is Gone But the MPF Will Endure—Here’s an Example” (BVR Editor). The Certified in Entity and Intangible Valuations (CEIV) credential has been discontinued, but the Mandatory Performance Framework (MPF) will continue to be used. In fact, a revision is expected to make it more streamlined. Here are its guidelines for documenting management projections, which are worthy of repurposing.
• “Student Business Valuation Challenge May Be Resurrected” (BVR Editor). At the 2023 ASA International Conference in New Orleans, there were some preliminary discussions about bringing back the Business Valuation Challenge, a competition for college students.

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 with one case featured in a detailed analysis.

To stay current on business valuation, check out the November 2023 issue of Business Valuation Update.