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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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Catch Me If You Can: Mitigating Compliance Risk Related To Provider Compensation
With ongoing regulatory changes and an evolving healthcare environment, it is likely that the Department of Justice (DOJ) will maintain its focus on enforcing actions against healthcare providers who prioritize their financial gains over patient well-being and unlawfully siphon funds from government programs. In this presentation, we will discuss recent enforcement actions and highlight themes related to specialty and methodology. We will also describe how organizations should manage Stark law and antikickback violations when prevention ...
Dividing Goodwill: A Case Study in Active and Passive Appreciation
When a couple divorce, who gets the goodwill? Understanding how to correctly determine wealth appropriation is a “must-know” skill, but it is difficult to master. The most troubling issue with active and passive appreciation in divorce cases is applying a method based on empirical evidence and a clear common sense framework. Ashok Abbot demonstrates a methodology and supporting evidence to successfully isolate passive appreciation. Work through practice-ready examples across several industries and you’ll be sure ...
Hospice Valuation: Trends, Value Drivers, and Physician Compensation
Hospice has become a primary focus for buyers looking for stable reimbursement and good margins in the healthcare industry. What do hospice providers do? And why are the multiples for these companies so high? Join Darcy Devine and William Hamilton for an examination of the business model behind many hospice companies, as well as the risks and opportunities that investors face in this arena. Learn about the fair market value and commercial reasonableness issues related ...
Emerging Markets for Minority Interests
Minority interest holders have been looking for easier ways to sell interests for decades. Beginning with the real estate secondary limited partnership market in the 1980s, several initiatives have been undertaken to create opportunities for both sellers and buyers. Join Christine Baker and Charlie Sheridan for a discussion on alternatives available today for a minority investor and consider whether today’s market might impact appraisers’ and valuators’ traditional views of nonmarketable, minority interests. Get a front ...
EBITDA Single-Period Income Capitalization for Business Valuation
The focus on the EBITDA of private companies is almost ubiquitous among business appraisers. Join Chris Mercer to learn about the relationship between depreciation (and amortization) and EBIT as one measure of relative capital intensity. This relationship, "the EBITDA Depreciation Factor," is then used to convert debt-free pretax (i.e., EBIT) multiples into corresponding multiples of EBITDA. Mercer presents analysis that illustrates why the pervasive rules of thumb suggest that many private companies were worth 4.0x ...
Valuing Trained and Assembled Workforces in Healthcare Provider Entities: A Deep Dive
When valuing trained and assembled workforce (TAWF) in healthcare provider entities, such as physician practices, imaging centers, hospitals, ASCs, and the like, many appraisers get it wrong. Experts Tim Smith and Angie Smith discuss the most common reason including a misunderstanding of the correct application of the cost approach as currently formulated in the professional literature or the nature of training for healthcare provider employees, especially for physicians. Often appraisers have not correctly analyzed functional ...
Valuing Shareholder Cash Flows
The integrated theory of business valuation provides a conceptual framework for disciplined analysis of valuation questions. Too often, valuation analysts are tempted to view individual components of a valuation assignment on a piecemeal basis. Adhering to the integrated theory helps valuation analysts develop base valuation conclusions, discounts, and premiums that are rooted in a shared perspective of the subject company and the subject ownership interest. In the first webinar of the three-part series, Chris Mercer ...
Marketability Discounts for Controlling Interests: The Market Data Is Out There
Do you believe in DLOMs for controlling interests? Have you heard the competing theories? Do they make you nervous? Discover the evidence with expert Ron DiMattia. Examine the market data that support the theory that controlling interests lack liquidity. Be part of the discussion of the potential impact on the profession, and then decide whether you will change your DLOM direction.
Conceptual Overview of the Integrated Theory
The integrated theory of business valuation provides a conceptual framework for disciplined analysis of valuation questions. Too often, valuation analysts are tempted to view individual components of a valuation assignment on a piecemeal basis. Adhering to the integrated theory helps valuation analysts develop base valuation conclusions, discounts, and premiums that are rooted in a shared perspective of the subject company and the subject ownership interest. This first webinar in the three-part series sets the stage ...
Valuing Enterprise Cash Flows
The integrated theory of business valuation provides a conceptual framework for disciplined analysis of valuation questions. Too often, valuation analysts are tempted to view individual components of a valuation assignment on a piecemeal basis. Adhering to the integrated theory helps valuation analysts develop base valuation conclusions, discounts, and premiums that are rooted in a shared perspective of the subject company and the subject ownership interest. In Part 1 of the series, Chris Mercer and Travis ...
How to Conduct an S Corp Valuation for the IRS Given IRS Internal Memorandums
Join Michael Gregory for a discussion on two recently obtained internal IRS memorandums so that you can work more effectively with the IRS on estate and gift tax valuations. These memorandums shed light on how the IRS approaches valuing S corporation valuations and what you need to consider when preparing an S corporation valuation for federal tax purposes. The memorandums recommend consideration of both Revenue Ruling 59-60 and the IRS Job Aid on Non-Controlling Interests.
Benchmarking and Supporting International Cost of Capital Estimates With the New 2015 International Valuation Handbook
Benchmarking and Supporting International Cost of Capital Estimates with the New 2015 International Valuation Handbook Webinar Handbook June 26, 2015 Presenters: James Harrington & Carla Nunes Please note: This Handbook does not qualify for self stud ...
Healthcare Valuation: Marquee Topics 2023
The healthcare industry is a different place than it was even just three years ago. The combined result of the COVID-19 pandemic, regulatory changes, and reimbursement shifts have transformed the landscape for all healthcare industry stakeholders. This presentation will provide an overview of what we anticipate to be the most important topics of 2023 (from investing in behavioral health to increasing private equity and venture capital involvement) and their associated implication for healthcare valuation.
DLOM Day: An Advanced Workshop
A crisis of consensus. No regulatory or legal clarity. Over 20 possible approaches. Many appraisers deal with this ambiguity by using outdated benchmarks or a rule-of-thumb percentage. Others adopt an approach and apply it to every minority valuation regardless of the circumstance. The solution for the lack of confidence in the profession in addressing discounts for lack of marketability (or overconfidence in a single approach) is not a wholesale adaptation of a single school of ...
Masterclass in Normalizing Compensation
Three nationally known experts will explain how to determine reasonable compensation amounts. The principal author of the Job Aid, Mike Gregory, will explain the “IRS Job Aid on Reasonable Compensation” and share case studies with many tips and traps. One of the foremost national experts on reasonable compensation, Stephen Kirkland, will share insights and sources to help determine reasonable compensation for your clients. Paul Hamann will show how easy it is to use RCReports to ...
How the IRS Determines Reasonable Compensation and What You Should Do
In the most up-to-date commentary on reasonable compensation and the IRS, Mike Gregory, the original champion with the IRS on this issue, gives commentary on how to determine reasonable compensation for federal tax purposes. With fresh insight from developing his latest book, Business Valuations and the IRS, Five Books in One, Gregory will cover three IRS Job Aids including highlights of the Job Aid on Reasonable Compensation. He'll then critique each and offer valuable insights ...
How the IRS Determines Reasonable Compensation With Commentary
The IRS internal white paper “Reasonable Compensation Job Aid for IRS Valuation Professionals,” dated Oct. 29, 2014, is reviewed and available. This recently obtained IRS document, which was written to help IRS professionals who are reviewing reasonable compensation issues, presents background on this topic area from the IRS perspective. In this insightful webinar, former IRS employee Michael Gregory provides insights to help business valuation professionals respond to this commentary. Major elements of this document are ...
How the IRS Values Noncontrolling Interests in S Corps
The IRS internal white paper, "The IRS Valuation of Non-Controlling Interests in Business Entities Electing to be Treated as S Corporations for Federal Tax Purposes,” dated Oct. 29, 2014, is reviewed and available. This recently obtained document, which was written to help IRS professionals who are examining S corp valuations, presents background on this topic area from the perspective of the IRS. In this can’t-miss webinar, former IRS employee Michael Gregory provides insights to help ...
BVLaw Case Update: Kress, Vinoskey plus three more cases that dominated 2019
Join Jim Alerding, a veteran valuator, and Sylvia Golden, BVR’s legal editor, for a discussion of five of the most consequential valuation and damages cases of 2019. This selection of state and federal cases includes the year’s tax decisions that have reframed the conversation on tax affecting, a statutory appraisal case illustrating the Delaware Court of Chancery’s current approach to determining fair value, an ESOP trial court decision that solidifies the DOL’s litigation success, and ...
Cost of Capital in Cross-Border Valuations
Join Carla Nunes and James P. Harrington, both of Kroll (formerly Duff & Phelps), for a presentation about developing cost of capital estimates for cross-border (i.e., international) valuations. This presentation includes a comprehensive case study along with a framework for cross-border valuations and common errors to avoid. Hear a discussion of models and data sources, and see the models in action.
Valuing Common Stock After a Series A Financing
Valuing common stock in an early-stage company that has completed a Series A preferred stock financing can be challenging. According to the AICPA’s “cheap stock” practice aid, many of the conventional valuation techniques, such as the discounted cash flow method and the guideline public company method, are not applicable for early-stage companies. Instead, appraisers are advised to use the option-pricing method to backsolve to the Series A value. That calculation requires an in-depth understanding of ...
International Case Studies Using the Duff & Phelps Valuation Handbooks: Practical Application of the Valuation Profession's Most Relied Upon Cost of Capital Resource (Day 2—FREE Webinar)
A supportable cost of capital estimate is a key ingredient in estimating the value of a business. The Duff & Phelps Valuation Handbook series is at the forefront in providing the cost of capital inputs (equity risk premia, size premia, industry risk premia, risk-free rates, country risk premia, etc.) that are used to develop cost of capital estimates, both in the United States and internationally. Join the Duff & Phelps team that produces the Valuation ...
The Devil in the Valuation Details: Top 10 Questions Lawyers and Healthcare Organizations Ask
© 2019 Business Valuation Resources, LLC. All Rights Reserved. July 31, 2019 Webinar Handbook The Devil in the Valuation Details: Top 10 Questions Lawyers and Healthcare Organizations Ask Part of BVR’s Special Series presented by the BVR/AHLA Guide to Healthcare Industry Finance and Valuation Featuring: Denise Palencik, CVA, Veralon Jessica Stack, MBA, Veralon The Devil in the Valuation Details: Top 10 Questions Lawyers and Healthcare Organizations Ask Please note: This Handbook does not qualify for ...
How Courts View Cost of Capital in Appraisal and Fairness Cases
As Gil Matthews writes in The Lawyer's Guide to Cost of Capital, "The cost of capital is central in business valuations in statutory appraisal, stockholder oppression, and 'entire fairness' cases." In this webinar, Matthews joins BVR for a look at what judicial proceedings and decisions can tell us about how cost of capital determinations should be performed for trial and deposition. Matthews will cover what can be gleaned from the canon of appraisal and fairness ...
Don’t Make Me Call Security!: How to Consider Data Security in a Business Appraisal
Cyber liability is of increasing concern for business owners and executives. With the average total cost of a single data breach of $8.19 million in the U.S., shareholder value can be wiped out with the click of a mouse. Cyber risk is a relatively new risk yet is a particularly lethal one. According to Inc. Magazine, 60% of successful cyberattacks force the target business to close. Appraisals that fail to explicitly address this risk are ...