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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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Intangible Asset Valuation for Property Tax Compliance and Appeal Purposes
Many business appraisers currently use their intangible asset valuation expertise for fair value accounting, income tax, gift and estate tax, and similar engagements. This webinar will describe how BV analysts can use this same expertise to expand their intangible asset valuation practices by assisting industrial and commercial taxpayers with property tax compliance, appeal, and litigation services.
Using Asset Attrition to Determine Useful Life
The underlying assets that make up a business have a finite life, and knowing the rate at which their values decline is a critical skill for determining useful lives under ASC and other appraisal standards. To make this determination, a valuation professional needs knowledge of the underlying value drivers, but they also need a practical understanding of the tools and methods used to assess their values. Join expert Ray Rath for this in-depth session on ...
Measuring Attrition in Estimating the Remaining Useful Life of an Asset
While the cash flows of a business are often estimated into perpetuity, the underlying assets that make up that business have a finite life. Measuring the termination of these assets' lifespans and the rate at which their values decline requires not only specific knowledge of their value drivers, but also a practical understanding of the tools and methods used to assess their values. In Part 7 of BVR's 2014 Online Symposium on Fair Value Measurement ...
Omissions and Commissions: Errors, Challenges and Solutions in Business Appraisal Reports
For any written report, even the smallest of errors can prove to costly to overcome. In the case of business appraisal report writing, this is especially true when presenting nuanced and complex procedures and analysis. Through an examination of professional guidelines, judicial decisions, and real-world examples, expert Timothy Lee and attorney L. Paul Hood Jr., authors of A Reviewer's Handbook to Business Valuation: Practical Guidance to the Use and Abuse of a Business Appraisal, have ...
Issues in Valuing Tax-Exempt Medical Organizations
In the ever-changing healthcare industry, it would seem something as simple as an entity's tax-exempt status would carry some continuity and stability. But, in the largest sector of the U.S. economy, even this simple characteristic can create ripples that affect the operations and value of the entity in question and others operating in the same marketplace. This 100-minute webinar, Part 5 of BVR's Online Symposium on Healthcare Valuation, features expert appraiser Robert Reilly and attorney John ...
Estate of Gallagher: How the Court Sees the State of Business Valuation
The decision in Estate of Gallagher v. Commissioner reads like a memorandum on the state of valuation and its favored methods of analysis. Covering the guideline public company method, income approaches, tax affecting, adjustments to financial statements, cash-flow projections, rates of return, subsequent events, and discounts for lack of marketability, Gallagher touches on nearly every point of the valuation process—and certainly every contentious issue within the valuation community. With this one decision, the court has ...
Projection Issues Raised in ESOP Litigation
Revenue growth rate, profit margins, and long-term growth rate can all meaningfully impact projections. Add in inconsistency with historical results, industry/economy impacts, and lack of adjustment for critical things such as compensation or capital expenditures, and it is easy to see how litigation can arise. Chip Brown, Chelsea Mikula, and Kyle Wishing help identify common issues raised in ESOP litigation cases (either by the Department of Labor or private plaintiffs) with respect to financial projections ...
A Difference of Opinions—Using the Right Tools for the Market Approach
This course will be a hands-on exercise in valuing a small owner-operated business using the market approach. Two appraisers will walk through the valuation of a business with $5 million to $10 million in revenue using the same fundamental financial information but different valuation tools. The results are meant to highlight the differences in value based on a selected market approach and the use of different databases. The training will use multiples derived from private ...
2023 Overview of the Marijuana Industry: The Coming Wave of Consolidation and Beyond. Opportunities Abound!
The session will explore current trends and engagement opportunities in the cannabis industry. The continuing conflict between federal and state laws and regulations, coupled with the economic impact of inflation, the illicit cannabis market, and the aftermath of the COVID pandemic pause have resulted in a perfect storm for an incredibly unique industry. Recreational use of marijuana is currently legal for adults in 21 states and Washington, D.C., while medical marijuana is legal and available ...
Harvesting Knowledge: The Valuation of Wineries
A winery is a unique business that is easy to understand but difficult to value. This presentation will dig into the anatomy of a transaction and how deals are priced and closed as well as the valuation of a winery for compliance purposes. These different scopes of work present different challenges that focus on a buildup of value and assets combined with a fundamental understanding and value of consolidated cash flows. We will present two ...
Forensic Evidence: 43 Techniques and Case Studies for a Better Valuation
The evidence is in. Forensic skills are not only valuable, but also critical, to valuation professionals wanting to distinguish themselves in a commoditizing industry. Join Darrell D. Dorrell for deep dives into specific forensic techniques as he demonstrates their applicability in valuation assignments with practical examples. Forensics are ubiquitous to valuation-specific applications including rebuttals, financial statement analysis, and guiding counsel. Many of these techniques are not only more robust, but also more efficient and will ...
Price and Value: Discerning the Difference, an Advanced Workshop
As any appraiser will tell you, there is a fundamental difference between price and value, often highlighted by the sale of a recently appraised business at a price far from the assessed value. In this case, the gap between price and value may be of small consequence; in the assessment of underlying assets, market comparables, and with appraiser bias, this gap can jeopardize even the most reasoned and objective determinations of value. In Price and Value ...
Advanced Workshop on Monte Carlo Simulations: Applications & Examples
Advanced Workshop on Monte Carlo Simulations: Applications & Examples An Interactive BVR Web Workshop Workshop Handbook June 12, 2014 Presenters: David Dufendach Randy Heng Oksana Westerbeke Jared A Hannon Please note: This Handbook does not qua ...
American Business Appraisers and BVR Annual Key Issues Update
Every year American Business Appraisers brings together experts from across the country for a frank and practical discussion of the issues impacting business valuation. This year, everyone is invited to four great sessions. Get a current update on the SBA Paycheck Protection Program and the forgiveness application. Adam Rosenfield gives an overview of what the most recent changes to the program are and how that affects clients/future clients. Get guidance on how the loan and ...
Risks along the Technology Life Cycle: Discount Rates for Technology Valuation
There are several risk-related factors that should be considered when developing a discount rate to value intangible assets and intellectual property. The location of a project along its technology development cycle is a definitive input to estimate the rate of return for technology assets (specifically, in-process research and development and other similar technology assets).
Valuing C Corps and Pass-Through Entities Under the New Tax Law
On December 22, 2017, President Donald J. Trump signed into law the Tax Cuts and Jobs Act of 2017 (the “Act”). The Act is the most comprehensive tax reform package since the Tax Reform Act of 1986. The Act contains sweeping changes to corporate and individual tax rates, deduction limitations, foreign income taxation, and the tax treatment of pass-through entities (PTEs) such as S corporations and limited liability companies. In this article, we will discuss ...
The Retirement Rate Method and Customer Relationship Intangibles
Business Valuation Review Business Valuation Review Page 4 Page 4 The Retirement Rate Method and Customer Relationship Intangibles by Richard K. Ellsworth, PE, ASA, CFA The implementation of SFAS 141 and SFAS 142 has focused renewed attention on establishing the value and remaining useful life of intangible assets. Many business entities have expended substantial resources to develop customer relationships that represent a valu- able corporate asset. These customer relationships are significant assets that need ...
The Editor's Column
Page 191 Page 191 December 2004 December 2004 The Editors Column Jay E. Fishman, ASA, CBA Last month I celebrated my 30th year doing business valuations. That kind of milestone causes one to reflect on past experiences. In 1974, when I started in the busi- ness valuation profession, those doing financial valua- tions were trained in engineering, like John Vaughn and Johnnie Walker. Primarily because the profession was relatively new, there was a paucity ...
From the Chair
Do you know the history of the ASA? Currently, the ASA is raising awareness of ASA- accredited appraisers via a new global campaign called ‘‘The ASA Difference ...
Comparison of IRS and Taxpayer Experts As Stated by the Courts
The authors analyze comments documented by the courts on cases where experts from within the Internal Revenue Service testified and taxpayer experts testified on the same cases. This paper focuses on valuation issues. Note that this does not include all cases where experts testified since it includes only the subset where internal IRS experts testified. The results indicate an increasing trend by the courts to criticize both experts. This paper reviews the courts' comments and ...
Editor's Column
Editors Column Roger J. Grabowski, ASA As we enter the fourth quarter, much is happening. Economic risks continue to be great, causing our jobs as valuators and pricers of risk to similarly continue to be difficult. One could say that this increased level of risk is rapidly becoming the new normal. Economic Observations The litany of EU final solutions to the euro issues continues. The episodes remind me of old Dianas restaurant on Halsted ...
The Theory of Customer Relationship Valuation
The expectation of continued patronage from existing customers is recognized as a valuable business asset. For many business enterprises, customer relationships can represent a significant component of corporate balance sheets. The valuation of customer relationship intangible assets considers the underlying life characteristics of the customer population along with expected earnings from the customers in estimating the customer relationship value.
The Theory of Customer Relationship Valuation
The expectation of continued patronage from existing customers is recognized as a valuable business asset. For many business enterprises, customer relationships can represent a significant component of corporate balance sheets. The valuation of customer relationship intangible assets considers the underlying life characteristics of the customer population along with expected earnings from the customers in estimating the customer relationship value.
Customer Renewal Probabilities and Population Life Expectancy
Statistical methods provide analytical methods to mathematically describe customer population life expectancy. While historical retirement activity is frequently studied to forecast customer retirement behavior, in some instances customer retirement experience is lacking so alternative methods are needed to develop customer retirement behavior. The study of customer renewal expectations provides an alternative method to describe customer retirement behavior and portray customer population life expectancy.
Attrition Analysis, the Exponential Distribution, and Customer Life Expectancy
Attrition analysis is a statistical method that is applied to estimate life expectancy for grouped customer populations. With a foundation in actuarial science, attrition analysis is used to develop customer life characteristics when informational limitations preclude the use of other statistical methods. Attrition analysis examines customer retirement activity to construct a survivor curve that describes the pattern of customer decline from a population.