Practice aids from BVR's special reports line

Current Trends in Normalization Adjustments

Current Trends in Normalization Adjustments is a compilation of articles from business valuation leaders that confirm there are no "automatic" adjustments and that careful consideration must be given to each one. Facts, circumstances, and context are important. The authors emphasize the significance of classifying and grouping adjustments to provide clarity to valuation report users and your own analysis. It also includes recent court cases in which normalization was an issue.View Table of Contents

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Fairness Opinions in Today’s Legal and Economic Environments

The fairness opinion is a fairly recent phenomenon - and a business valuation exercise that continues to evolve. This Special Report helps advisors understand their roles, the process of analyzing fairness, and the process and pitfalls of issuing fairness opinions.

It includes a series of articles that examine fairness opinions from a number of angles, including the role of independent advisors, the effects of certain market conditions on the demand for fairness opinions, controversies surrounding fairness opinions, and the current state of fairness opinions from a regulatory perspective. It's an essential resource for advisors who issue fairness opinions and board directors who seek them. View Table of Contents

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Cost of Capital: Risk and Volatility Factors in an Unpredictable Economy

The economy has been uniquely unstable and challenging. Business appraisers have begun questioning the standard practice of simply adding the risk free rate ("spot" yield on 20-year U.S government bonds) to the arithmetic average of realized risk premiums to get a base cost of capital estimate. This methodology delivered erroneous estimates over the past three years and is now the subject of great debate. Cost of Capital: Risk and Volatility Factors in an Unpredictable Economy, examines the risk free rate, industry specific risk, and the impact of economic volatility on cost of capital estimations. View Table of Contents

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Valuing Goodwill in Divorce

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Fair Value in Divorce

Many states have departed from the traditional fair market value standard in divorce cases and instead adopted a fair value standard. The challenge for appraisers and attorneys is the lack of any consistent definition of fair value as it relates to marital dissolution as well as a standard of value that varies from state to state. This Special Report sheds light on the topic by detailing the differences between the two standards. It also includes an expert overview of relevant court cases and a discussion of the need for a uniform standard of business value in divorce cases. View Table of Contents

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Lost Profits Damages in Construction Claims

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The Use and Application of Option Pricing Modeling

There has been a proliferation of discussion and debate surrounding the usefulness and applicability of option pricing models in business valuation. Sophisticated methodologies have emerged and practitioners now have more of these tools at their disposal. BVR’s Special Report is a collection of representative articles covering the key areas of the option pricing modeling discussion and includes a full-length transcript of BVR’s Advanced Workshop on Option Pricing Modeling with Mark Zyla. View Table of Contents

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The Use of Management Projections for Valuations

Management forecasts and projections can be key to determine a company’s value, but often times they are unreliable or unrealistic. In this Special Report, BVR delivers meaningful guidance on what steps to take in order to ensure as much accuracy as possible when working with management reports – or dealing with the absence of these reports. Also included are summaries of recent court decisions in which a debate around projections was at the core of the dispute. View Table of Contents

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Valuing Goodwill in a Physician Practice

Distinguishing personal goodwill from enterprise goodwill is often the central issue in any physician practice valuation. This Special Report discusses methodologies for identifying and measuring goodwill in a medical practice. It also includes summaries of court cases in which physician practice goodwill was central to the dispute, along with a state-by-state summary of key court cases for easy reference.View Table of Contents

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