Business Valuation Update

In the February 2022 issue:
  • Typical Way to Estimate Long-Term Growth Is ‘Flat Wrong,’ Says Grabowski
  • New Version of the NICE DLOM Method Now Freely Available
  • New Case Points Up Opportunity for Buy-Sell Valuations
  • Valuation Lessons Learned From the Gaming Industry
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Welcome to Business Valuation Update
The Business Valuation Update (BVU) has been the voice of the valuation profession since its inception in 1995. Each monthly issue includes new thinking from leading professionals, detailed reports from valuation conferences, analysis of new business valuation approaches, coverage of “landmark” legal cases in key business valuation issues, regulatory and standards updates, and much more!  Learn more and subscribe >>
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Typical Way to Estimate Long-Term Growth Is ‘Flat Wrong,’ Says Grabowski

New research calls into question the common practice of using long-term real GDP growth plus expected inflation in terminal values.

Valuation Lessons Learned From the Gaming Industry

No matter what type of firm you are valuing, there are several lessons to be learned from the gaming industry. Several industry experts from different markets—Las Vegas, Colorado, and Illinois—shared some fascinating insights into the business of gambling including how these firms operate and how they’re recovering from the pandemic.

Questions a Trier of Fact Will Ask About Your Valuation

The fear of every valuation analyst is to be unprepared to answer a question in a deposition or on the witness stand. Here are some questions a judge or attorney will likely ask, either directed to themselves when reviewing your report or directly to you.

Global BV News and Trends February 2022

Business valuation news from a global perspective.

New Case Points Up Opportunity for Buy-Sell Valuations

A recent court case illustrates that many buy-sell agreements do not adequately address the issue of valuation when an owner exits the firm. This represents an opportunity for valuation experts to review clients’ buy-sell agreements to identify potential problems, which could mean recurring business for the practice.

BV News and Trends February 2022

A monthly roundup of key developments of interest to business valuation experts.

New Version of the NICE DLOM Method Now Freely Available

William Frazier (Weaver) has a new version of his nonmarketable investment company evaluation (NICE) method for estimating a discount for lack of marketability (DLOM). An Excel template for the revised version, aptly named NICE-R, is now available.

Reader Question: How Much Is a Discount for Lack of Voting Rights?

In response to a reader question, we put the BVResearch Pro platform to work to reveal what the studies, valuation textbooks, and court cases say about a discount for nonvoting stock—more than enough material to estimate and substantiate an opinion.

BV Year in Review 2021: End of an Era

A recap of significant new ideas and developments as reported in over 70 articles and hundreds of news items in the pages of Business Valuation Update during 2021.

A Closer Look at the ‘Perfect Storm’ in BVFLS Staffing

A vigorous discussion has been underway about the demand and supply issues related to staffing at business valuation, forensic, and litigation support (BVFLS) firms.

Avoid This Mistake When Using an Exit Multiple in the Terminal Year

There is nothing wrong with using exit multiples on the terminal year of a DCF, but the devil is in the details.

Final Version of Global Business Valuation Glossary Released

The International Valuation Glossary—Business Valuation has been completed, and a final version has been released. The prior glossary (from 2001) needed an update because new terms have gained traction and become more popular in the market and in practice.

Vertical IQ Enhances Its Industry Research Platform

Audience Q&As from a webinar on the Vertical IQ industry research platform. The addition of behind-the-paywall industry news from Lexis/Nexis will enhance the platform’s industry news feature.

BV News and Trends January 2021

A monthly roundup of key developments of interest to business valuation experts.

Global BV News and Trends January 2021

Business valuation news from a global perspective.

Colleagues Pay Tribute to Shannon Pratt

A few words of tribute and remembrances about Shannon Pratt, who passed away recently at age 88.

BVLaw Review: The Top Valuation Cases of 2021

Here is our pick for the state and federal court decisions that enhanced our understanding of valuation issues as they arose in a litigation setting during 2021.

Valuers Converge (in Person!) at the ASA International Conference

This is a recap of some sessions covering small promissory notes, shareholder disputes, sports businesses, valuing defensive patents, IRS news, competing appraisals, and more. Over 600 valuation experts from all disciplines came together for the American Society of Appraisers’ International Conference in Las Vegas, October 24-26. This was a hybrid event, and many of the attendees were on-site.

An Inside Look at the Landmark ESOP Valuation Case

For over a decade, the Department of Labor has not lost a major ESOP case on a valuation issue, but its winning streak ended with Walsh v. Bowers. The case involves many key valuation issues, and Ken Pia (Marcum LLP) and Ian Rusk (Rusk O’Brien Gido + Partners LLC), expert witnesses for the defense, give their insights.

Items of Interest Gleaned From the ASA Conference Networking Ops

BV firm staffing troubles, Shannon Pratt’s video remarks about his new book, a new app for fractional interests, a heightened interest in businesses with a real estate component, and help needed in developing a new module for the Cost of Capital Navigator are just some of the things we learned outside the regular sessions at the ASA conference—in and around the exhibit hall and during the many networking breaks.

Letter to the Editor: A New Development in Personal Goodwil

Remarks and comments from BVR’s legal editor on a previous article that discussed Florida’s proposed legislation to clarify the value of goodwill in the marital interest of closely held businesses.

How to Explain Personal Goodwill to a Trier of Fact for a Divorce Valuation

This is an excerpt from the author’s upcoming sixth edition of Understanding Business Valuation, which will be available from BVR in early 2022.

Physician Distribution, Mobility, Fair Market Value, and Compensation Surveys: An Update

This article updates the author’s peer-reviewed research on the geographic distribution of physicians in the United States, including some key commentary from CMS about the use of surveys for Stark fair market value.

BV News and Trends December 2021

A monthly roundup of key developments of interest to business valuation experts.

Global BV News and Trends December 2021

Business valuation news from a global perspective.

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