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Stay appraised of all the latest business considerations in the jewelry industry! The report explains how jewelry stores operate, the nature of their revenue streams, value drivers, the industry environment, the risks involved, and other key factors.
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Free updated guide to the Stout restricted stock study
The 2023 edition of the “Stout Restricted Stock Study Companion Guide” is now available, and it reflects updated tables and graphs that contain new transactions.
AICPA offers free replay of portfolio valuation event
If you missed the live AICPA Portfolio Valuation Forum, a free replay is available if you click here (free account registration needed).
Global BV News: NACVA joins the V20 bandwagon
The National Association of Certified Valuators and Analysts (NACVA) has joined as a participating organization for Valuation20, according to a LinkedIn post.
Free webinar series from the IVSC and Kroll
Recordings are now available of the Kroll-sponsored series of webinars presented by the International Valuation Standards Council (IVSC) from June 7 through June 15.
BV movers . . .
Gregory J. Urbanchuk, MSc., CVA, has joined New York City-based Grassi as a consulting principal in the forensic, litigation, and valuation services group.
CPE events
Confident Projections: Knowing & Implementing FP&A Methodology Into Projections. October 12, 10:00 a.m.-11:40 a.m. PT/1:00 p.m.-2:40 p.m. ET. Featuring: Josh Shilts (Shilts CPA). CPE credits: 2.0.
Lone dissenter of medical merger challenges share valuation
In a California case, a physician was a nonexclusive provider to a physician network and was one of 75 shareholders.
Turn PDF Tax Returns into Excel Spreadsheets in Minutes—TaxXL (FREE WEBINAR)
Do you know what financial aspects of the subject company are fundamental to the valuation? In this webinar, we will identify the financial aspects of the subject company that are fundamental to valuation and demonstrate how to use Nambri TaxXL to convert PDF tax forms to Excel spreadsheets. Then, we will use the export from TaxXL to perform a financial analysis of the subject company.
Bankruptcy Court Denies Summary Judgment That Financing Is a Loan and Not a Change of Control
The wind down trustee sought a summary judgment order in the form of a declaration that no sale or change of ownership or control occurred when the debtor entered into a DIP and exit loan agreements with a capital financing company. A change of ownership or control would result in the estate owing a break fee to Fifth Seasons Investment. The court denied summary judgment for reasons outlined in the opinion.
GWG Holdings, Inc. v. Fifth Season Investments, LLC (In re GWG Holdings, Inc.)
The wind down trustee sought a summary judgment order in the form of a declaration that no sale or change of ownership or control occurred when the debtor entered into a DIP and exit loan agreements with a capital financing company. A change of ownership or control would result in the estate owing a break fee to Fifth Seasons Investment. The court denied summary judgment for reasons outlined in the opinion.
Mercer Updates His State-of-the-BV-Profession Analysis
Chris Mercer (Mercer Capital) did a “state of the profession” update as a keynote presentation at the recent Business Valuation and Financial Litigation Super Conference, hosted by the National Association of Certified Valuators and Analysts (NACVA). He addressed the current number of credentialed professionals, the aging of the profession, growth outlook, how the valuation professional organizations (VPOs) are adapting, and more.
How to Address Market Efficiency for Appraisal Hearings
In statutory appraisal matters in the Delaware Court of Chancery, the court has shifted its attention away from dueling experts and more toward using a stock’s market price as the best measure of fair value. Valuation experts who come up with a different value would, therefore, need to prove that the market is not efficient.
The 2023 Cannabis Reset: A Redux of 2019?
As we roll through 2023, getting well past what many are calling the post-COVID-19 pandemic era, the cannabis industry appears to be hitting a major reset button. Inflationary trends continue near a 40-year high with no sign of a quick retreat, legislative reforms for the industry have stalled, interest rates and the cost of capital continue to be significant challenges in the sector, and labor and supply-chain disruptions also continue in some jurisdictions.
Determining Working Capital Adjustments Using a Bardahl Analysis
During a recent conference, the issue of adjusting for working capital came up and the audience seemed unfamiliar with the Bardahl analysis. Here is an excerpt from Gary Trugman’s Understanding Business Valuation, 6th edition, which gives some very practical advice on how to use this analysis.
10 Short Takes From NACVA’s July Super Conference
There were top speakers, interesting sessions, and a good turnout (about 200) for the three-day NACVA Business Valuation & Financial Litigation Super Conference in person in Snowbird, Utah (and also online). Here are a few quick takeaways from some of the sessions we attended.
Next-Gen BV Practitioners Reveal Ways to Keep Them on Board
Opportunities for career growth, exposure, work-life balance, and good old-fashioned recognition are some of the ways to keep today’s young valuation practitioners from jumping ship. The profession faces the issue of attracting and retaining young talent, so their insights are particularly helpful.
BV News and Trends September 2023
A monthly roundup of key developments of interest to business valuation experts.
Global BVU News and Trends September 2023
Business valuation news from a global perspective.
JBrick, LLC v. Chazak Kinder, Inc.
The defendants challenged the testimony of the plaintiff’s damages expert, and the plaintiff challenged the testimony of the defendants’ damages rebuttal expert. The case involved a Lego interpretation model of the Second Beit Hamikdash, or Second Holy Temple, and an alleged infringement of the copyright on this model. The court struck the plaintiff’s expert’s damages of a product related to the Temple Product but allowed testimony of damages on the Temple Product. The court also struck the plaintiff’s expert’s testimony that the plaintiff should be awarded lost profits on the Temple Product plus a disgorgement of the defendants’ profits. Both may not be awarded. The court also struck portions of the defendants’ rebuttal testimony and report.
Daubert Challenges on Experts on Damages Partially Successful
The defendants challenged the testimony of the plaintiff’s damages expert, and the plaintiff challenged the testimony of the defendants’ damages rebuttal expert. The case involved a Lego interpretation model of the Second Beit Hamikdash, or Second Holy Temple, and an alleged infringement of the copyright on this model. The court struck the plaintiff’s expert’s damages of a product related to the Temple Product but allowed testimony of damages on the Temple Product. The court also struck the plaintiff’s expert’s testimony that the plaintiff should be awarded lost profits on the Temple Product plus a disgorgement of the defendants’ profits. Both may not be awarded. The court also struck portions of the defendants’ rebuttal testimony and report.
Private Equity Roll Up of Professional Practices Valuation Considerations
This webinar transcript focuses on private equity roll-up acquisitions of professional practices and the possible effect of these transactions on business valuation.
New Rule 702 crackdown already impacting expert witnesses
Although they don’t officially go into effect until December 1, expert witnesses are already feeling the effects of the changes designed to strengthen Rule 702, which is the federal rule of evidence regarding testifying experts.
Court has limited menu for steakhouse valuation
In a Michigan case, two 50% owners of a Ponderosa steakhouse were locked in a battle over the Old West-themed eatery, with both owners engaging in oppressive conduct against the other. They left it up to the court to decide their fate.
New app for the Margrabe options approach to DLOM
Dr. Ashok Abbott (West Virginia University) is developing a calculator that uses the Margrabe options approach to estimating a discount for lack of marketability (DLOM).