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What It's Worth: Brewery Value

May 2016 PDF (70 pages)

BVR's new special report, What It’s Worth: Brewery Value, offers advice from top experts who work with craft breweries and study valuation issues associated with this industry daily. These experts walk you through the very specific factors involved in brewery valuation, from the best valuation approaches to use, considerations for valuing the buildings associated with the brewery, the specialized equipment needed to produce the beers, and the value of the key personnel who operate the brewery. Learn more >>

Valuing Craft Breweries

The valuation profession was born in the age of prohibition, and the recent craft beer explosion takes us back to our roots. It’s coming full circle, and it is all about the beer! According to the Brewers Association, the number of brewers has been steadily increasing, from just over 600 in 1994 to more than 2,800 in 2013. Join expert appraiser Courtney Sparks White for insight on the value drivers specific to craft breweries, along ...

Valuing Wineries and Breweries

In this special installment of BVR's Industry Spotlight Series, we relax into summer with a tall, cool, refreshing look at an industry whose products we all know. While many are familiar with the production methods, business models, and distribution goals of wineries and breweries, their valuations involve often complex considerations not readily apparent to the casual observer. Join valuation expert Jim Andersen as he explains the nuances that make these valuations so challenging. Take advantage ...

Beyond All Comparables: Lessons to Learn From the Kingfisher Airlines Brand Valuation

Recently, India’s Serious Fraud Investigation Office (SFIO) announced it would probe the valuation of the Kingfisher Airlines trademark and whether the trademark was fraudulently inflated to get more funds from banks. The officials of the now-defunct airline, bank representatives, and a corporate finance advisory firm who had valued the brand are being investigated.

The Legend of Weighted Average Return on Assets and Benchmarking Purchase Price Allocation Data

The author's research shows that only current assets, non-competes, and customer relationships have any predictability to WACC in limited industries. In general, when intangibles have significance, their coefficients are negative, which reduces WACC and implied risk. This finding supports the claim by Lev and Gu (2008) that intangibles are important assets, which reduce, not increase risk. The concept that intangible always should have a premium above WACC is unfounded, and the premise of ARM 34 that intangibles are ancillary assets is outdated. The author suggests and alternative method to use purchase price allocation data to support the selection of premiums above WACC.

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.

Quantifying Company-Specific Risk: The Authors Answer Your Questions

Note: Keith Pinkerton and Peter Butler’s recent article “Quantifying Specific-Company Risk: A New Empirical Framework” (Feb. 2007 BVU), followed by a BVR telephone conference in March, sparked a lively debate and numerous questions from our well-informed ...

Valuation Q&A: Andersen Looks at Valuing Start-Up Wineries, Minority Interests, and Discounts for Personnel

At a recent well-attended BVR webinar on valuing wineries and breweries, speaker James Andersen, a 30-year veteran of winery valuations, fielded questions on valuing start-up wineries, minority interest, and discounts for personnel. Here’s a rundown of so ...

Incorporating Industry Research Throughout the Engagement Process (Free Webinar)

In this presentation, the co-founder and CEO of Vertical IQ, Bobby Martin, will share how industry research can help you have more value-added discussions with the business owners you advise. By leveraging industry-specific content in the business valuation process, you will increase new client percentages and strengthen existing relationships. Learn best practices for using industry research to go beyond the basic requirements of business valuations.

Up Your Industry Analysis: How Vertical IQ Can Improve Your Valuation Report (FREE WEBINAR)

Join the co-founder and CEO of Vertical IQ, Bobby Martin, who will share how industry intelligence can help you have more value-added discussions with the business owners you advise along with valuation expert Jim Ewart. By leveraging industry-specific content in the business valuation process, you will increase new client percentages and strengthen existing relationships. Learn the best practices for using industry intelligence to go beyond the basic requirements of business valuations.

The Excess Earnings Method

The sources of confusion, criticism, and, at times, derision, the excess earnings method (EEM), or "hybrid" or "formula" approach, is a challenging, yet useful tool for many appraisers. Despite use in the valuation of intangible assets for divorce, small business, and fair value settings, among others, its full range of applications and proper implementation remains clouded. In this webinar, expert appraiser James Alerding leads listeners through the EEM, its history, and its implementation to provide ...

Using the BPM Total Cost of Equity (TCOE) and Public Company Specific Risk Calculator

In this webinar, Keith Pinkerton and Pete Butler help the listener understand the theory, assumptions and key conclusions behind the BPM, how to analyze the inputs and outputs to the Calculator, and they illustrate practical applications of the BPM to pro ...

Collaborate With Valuation Professionals Who Complement Your Strengths to Better Serve Clients

Join Erika Heiser and Victor Werley to learn how to effectively collaborate with other valuation professionals to better meet clients’ needs. Fostering a relationship with other professionals helps create a trusting and client-centric environment that ensures basic business functions, such as confidentiality agreements, co-branding, and logistics, are met, which are critical to long-term success. As a result, you can better serve clients, generate more professional opportunities, become experts in specific fields, create a sounding board ...

Valuing Closely Held Farms and Ranches With Economic Reality

Valuing a minority interest in an entity with farm/ranch ownership and/or operations can be tricky. As analysts, we are bound to valuation theory, but economic reality must play a role as well. As valuation professionals know, an owner of a minority interest cannot force liquidation of assets, so that precludes us from strictly employing the asset approach. However, cash flows from farms and ranches are very low in relation to the underlying ground; as such ...

Valuing Beer, Wine, and Alcohol Distributors

There is perhaps no industry more prone to valuation innuendo than that of alcoholic beverage distribution. Because there is no silver bullet to the valuation of beverage wholesalers, appraisers must develop a cohesive position to properly define and develop their valuations, all with the understanding that fair market value can and often will contrast with marketplace rumors and anecdotal transaction information. Join Mercer Capital's Timothy Lee as he reviews an abundance of issues that business ...

Proper Use of the Multiperiod Excess Earning Method

The multiperiod excess earnings method (MPEEM) has emerged as a common methodology for determining the valuation of intangible assets. Its analysis of a stream of revenue and expenses associated with a particular group of assets make the MPEEM a powerful income-based approach. With great power, however, comes great responsibility—in this case, the appraiser's selection of MPEEM inputs and careful analysis of its outputs. In Proper Use of the Multiperiod Excess Earning Method, Part 4 of ...

Subsequent Events

The experts discuss standards for managing subsequent events, judicial precedents and guideline cases, the practicality of solutions to subsequent event problems, and the dangers of "known, knowable, and foreseeable." This is a must for any appraiser whose valuation report or testimony could be skewed by events after the fact.

The Market Approach Today: Deciphering Messages From Markets, Courts, and Common Appraisal Errors

You would be forgiven for viewing this as the age of the income approach. While increased scrutiny through scholarship and judicial decision has raised the income approach to new prominence, a turbulent economy and tempestuous public markets have caused some appraisers to shy away from the market approach. But keep in mind: No valuation is complete without thorough analysis, and market evidence appears throughout the valuation process. In The Market Approach Today: Deciphering Messages From Markets ...

Shining a Spotlight on Nightclub Valuation

Get ready to jump the line with this lesson on valuing bars and nightclubs with Jason Pierce and Lynton Kotzin. The entertainment venue industry is nuanced, and the pandemic changed the approach for these valuations. Hear specific examples of specialized issues, including deconstructing the revenue streams, matching the risk to the business model, properly applying transaction multiples and other benchmarks, and utilizing lessons learned from court cases. Valuation experts, financial analysts, legal counsel, industry practitioners ...

Defining, Measuring & Defending Discounts for Lack of Liquidity

Teleconference Presentation and Transcript April 25, 2007 Moderator: Shannon Pratt, President of Shannon Pratt Valuations Speakers: Ashok Abbott, Professor of Finance at West Virginia University Rob Schlegel, Principal with Houlihan Valu ...

Total Beta—A Capital Market Analysis with Empirical Evidence

Some authors have postulated that Total Beta (“Tβ”) is an appropriate measure of risk for undiversified investors to use in developing the cost of equity capital for valuing a privately held company. This paper offers a mathematical analysis of Total Beta based upon the Capital Market Theory in the Expected Return-standard deviation framework, reviews the arguments offered by supporters of Total Beta, and challenges their assumptions and logic. The author offers the first direct evidence ...

Unqualified Valuers Costing Nigerian Government a Fortune

Valuations of asset-intensive entities done by unqualified nonprofessionals are costing the government big money from taxes that can t be collected because the valuations are too low, according to the Nigerian Institution of Estate Surveyors and Valuers (NIESV). Source of the trouble. Thisday Newspapers in Nigeria first reported the problem.1 According to Paul Osaji, who is chairman of the faculty of housing for NIESV, the industries potentially impacted include breweries, aviation companies, and communication firms.

Quantifying Company-Specific Risk: A New, Empirical Framework With Practical Applications

In this article, the authors have refined their earlier work1 by providing a detailed example of how to select a company-specific risk premium (CSRP) for a privately held company using benchmark CSRPs derived from guideline publicly traded companies.

Total Cost of Equity or Company-Specific Risk—A Better Use for the BPM?

The Butler Pinkerton Model™ Total Cost of Equity and Public Company Specific Risk CalculatorTM (the BPM Calculator) highlights two outputs: the total cost of equity (TCOE) and the company-specific risk premium (CSRP) for publicly traded guideline companie ...

Valuation Experts Give Initial Thoughts on Tax Reform

Valuation experts were asked for their initial impressions on what to consider when doing valuations under the Tax Cuts and Jobs Act. This will be an evolving discussion.

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