Business Valuation Update
- How to Review a Report’s Valuation Methodology
- Ideas for Solving Two Problems in the BV Profession
- How Do Your Firm’s Benefits Stack Up?
- Using Rule of Thumb Data to Uncover Cooked Books
Valuing Professional Licenses: Preparing, Planning, and Protecting Your Clients
The valuation of professional licenses and degrees is litigated in New York State, but other jurisdictions are not immune from this influence. Like a Broadway show that gains popularity and eventually plays throughout the country, the concept of professio ...
ASA International Appraisal Conference: winds of change
The ASA International Appraisal Conference held at the Marriott Waterfront Hotel on July 14-16 in Tampa, Florida was anything but business as usual this year.
IBA conference heats up Las Vegas
The IBA held its annual conference on June 8th at the Paris Hotel in Las Vegas, Nevada.
The World According to Delaware Chancery: A Vice Chancellor Offers Ten Tips to Appraisers
At the recent AICPA National Business Valuation conference in Austin, an attendee was trying to get the attention of Dr. Shannon Pratt—when he turned and introduced her to Vice Chancellor Donald F. Parsons of the Delaware Chancery Court. “It was like mee ...
Institute of Business Appraisers 1996 conference focuses on valuing small to medium-size companies
This report contains brief abstracts of the presentations at the Institute of Business Appraisers conference, Appraising Closely Held Businesses, January 25-26, 1996 in Orlando, Florida. Reade ...
ASA Advanced BV Conference: Lots of options (Part 1 of 4)
The American Society of Appraisers’ 23rd Annual Advanced Business Valuation Conference, held at the Marriott River Center in San Antonio, Texas, October 7-9, 2004 covered the gamut of BV topics, from options valuation and FASB’s proposed fair value rules ...
ASA Advanced BV Conference covers host of topics (part 2)
It was a packed house for this diverse panel of views on tax-affecting S corporations.
Thousands at Valuation 2000
Discounts & Premiums Meet Levels of Value: The Final Chapter Presented by Z. Christopher Mercer, ASA, CFA. Mercer's presentation continued the exploration of the "levels of value" outlined ...
From experts in valuation in each of nine industry groups to a takeoff on Survivor, AICPA BV Conference offers variety
The 2001 AICPA Business Valuation Conference held at the Venetian in Las Vegas December 2-4 was attended by 840 people (by the way, the Venetian served the best conference food that I've ever experienced).
ASA conference offers valuable insights, part 1 of 2
Charlie Elliott of Howard Barker Frazier & Elliott chaired the business valuation portion of the American Society of Appraisers Annual International Conference held in Houston June 23-25. There wa ...
Earnout potentially increases price by four times
Recently, the staff at BVU was generously invited to review Crader & Associates, Inc. merger and acquisition files for the purpose of collecting data for Pratt's Stats. Crader & Associates h ...
Moving targets: determining the fair market value of restaurants
One of the few constants about restaurant appraisal is that there is nothing constant about it. Volatility is the name of the game in the restaurant appraisal business. Concepts like theme restaur ...
Short but pithy IBA 2005 business valuation conference (Part 3 of 3)
The IBA 2005 Business Valuation Conference was held at the Wyndham Palace Resort & Spa in Orlando, Florida (May 4-7, 2005).
IBA 2001 Conference Members share their wealth of knowledge
The Institute of Business Appraisers held its annual conference in Orlando, Florida May 8-11. The theme of the conference was "Share the Wealth," referring to the more seasoned business appraisal memb ...
Has the Tax Court Become Hostile to Appraisers? Will Ibbotston’s Become Obsolete by Next Year?
For the second year in a row, the Institute of Business Appraisers has held a sold-out, symposium-styled national gathering, informal and yet highly informative. This year’s IBA Symposium in Denver offered two-tracks, limited registration, and four-hour ...
ASA Advanced BV Conference covers host of topics
ASA Advanced BV Conference covers host of topics part 3 of 3 ...
Panel challenges traditional levels of value chart at the 20th Advanced Business Valuation Conference
The 20th annual American Society of Appraisers (ASA) Advanced Business Valuation Conference was a huge success, despite attendance of only about 325 compared to pre-Sept. 11 projections of 450 attende ...
The Valuation Profession—A Brief History
The need to value items reaches far into antiquity. Plato (427 - 347 B.C.) described the concept of value as one of the most difficult questions. His pupil, Aristotle (384 - 322 B.C.), teacher of Alexander the Great, believed that the value of an object w ...
Valuing Earnouts in Uncertain Times: an Overview of FAS 141R Requirements
FAS 141R s requirements related to the valuation of contingent consideration present new opportunities as well as new challenges for valuation specialists. Although the number of FAS 141R engagements may not increase compared to those under FAS 141, their scope will enlarge if there is contingent consideration. In addition, clients and auditors will have a difficult time understanding and testing the accuracy or reasonableness of the values that analysts derive for earnouts, especially when complex methods ...
Discount Rate, Risk & Economic Damages: Practical Considerations
When calculating damages awards in litigation, it is undisputed that the plaintiff’s projected economic losses must be discounted to their present value to avoid over-compensating for the harm caused by a defendant’s wrongful act.
Valuation expert provides insight on Howell v. Howell - Court accepts value to owner versus fair market value
The April 1999 issue of Judges & Lawyers Business Valuation Update summarized the opinion of the trial court in Howell v. Howell , 1998 WL 972312 (Va Cir. Ct.). This is a notable e ...
Weinberg v. Commissioner: Good law, bad economics, or both?
Lawyers often comment that good cases make bad law. As an economist, I have a similar comment: good law often comes from bad economics. By definition, a judge’s opinion is good law.
Discounts may apply when company holds nonhomogeneous assets or a diverse portfolio
Shannon Pratt's latest book Business Valuation Discounts and Premiums thoroughly discusses the well-known minority and marketability discounts. However, it also covers less familiar discounts, such as ...
Company-Specific Risk Is Not All That Specific
All firms face company-specific risks, many of which are somewhat similar across industries and companies. So is anything really company-specific? An alternative method eliminates the need to totally guess at the company-specific risk premium.
Practical Considerations in Normalizing the Risk-Free Rate
Some valuation firms and practitioners have advocated that the risk-free rate of return (Rf) should be normalized when it is believed to be too low because of Federal Reserve Bank policies. Recent arguments for doing so have been based on technical economic analyses but have ignored practical aspects of normalizing Rf. This article is intended to address those practical considerations.