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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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Common and Not-So-Common Errors in Business Valuation
To err is human, but try telling that to a client or attorney. Avoid embarrassment (or worse) and join Gary Trugman for a discussion about the most common errors that business appraisers make regularly as well as errors that are much less obvious and are made frequently even by experienced practitioners. Learn best practices on how to avoid making errors, and establish processes that lead to quality reports every time. This easy-to-follow session will give ...
Litigation Dynamics and Daubert Challenges: Excelling as an Expert
The cost of litigation is continuously accelerating. When a litigator needs to make use of an expert, that adds another level of complexity to the process. And, when the number of valuation and damages cases being filed continues to rise at both state and federal levels, more experienced experts are being needed in all areas of valuation and damages cases. In this program, CONSOR experts will provide insight into the expert’s discipline and work product ...
Valuing Trucking Companies: Assessing Risk and Return
Trucks move America. With over 65,000 freight trucking companies taking part in this monumental task, there is a full load of opportunity for valuation business in this highly fragmented industry. Understand what obstructions to watch for and what is really driving trucking company value. Join experts Erin Hollis and Andrew Manchir as they deliver the knowledge you need for your next transportation valuation.
Event Studies in Security Litigation: Strategy and Tactics
The Supreme Court decision in Halliburton II was a game changer in the strategic timing and tactical scope of event studies for both plaintiffs and defendants in “fraud-on-the-market” litigation. This decision accelerated the timing and elevated the importance of robust price impact analyses performed by valuation experts on behalf of both plaintiffs and defendants. Attend this webinar and come away with important and specific guidelines for the execution of event studies in securities litigation post-Halliburton ...
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 ...
Buy-Sell Agreements
Valuation professionals have an important opportunity to assist clients with administering or litigating ownership agreements. This webinar focuses on the valuation implications of buy-sell agreements, including factors that influence value and selecting the method to determine the purchase price. The speakers will also discuss how the courts view buy-sell agreement disputes and give practical examples of disputes and eventual outcomes.
Why Your Multiple May Be Wrong: Forgotten Statistical Concepts and Their Invaluable Application
In the November 2014 issue of Business Valuation Update™, Robert Dohmeyer and Herbert Kierulff posited that "many appraisers have missed the statistical and causal subtleties inherent in both luck and skill, adhering to conventional wisdom that says 'companies with superior margins deserve a premium multiple.'" In this live presentation of this and a subsequent article on the proper implementation of mean, median, and harmonic mean, Dohmeyer and Kierulff address how the nuances of statistical methods and ...
Valuing Sports Franchises
The August 2014 sale of the Los Angeles Clippers basketball team for $2 billion matched the March 2012 sale price of the Los Angeles Dodgers baseball team, a record for both the NBA and MLB. While these franchise sales make headlines, they call into question the exact values of these businesses and how such high price points compare to other major league franchises and the many minor- and independent-league teams that populate the sports landscape.
Valuations for Transactional vs. Nontransactional Purposes: The Intersection of Wall Street and Main Street
As any appraiser can tell you, not all values are equal, and considerations of hypothetical markets, buyers, and sellers affect the ultimate conclusion of value. When those hypothetical parties become real, the purpose, scope, and analysis often change more drastically. In Part 2 of BVR's Advanced Webinar Series on Valuations for Business Transactions, Jeff Tarbell and series curator Craig Jacobson discuss how business appraisals differ for transaction and nontransaction purposes. Learn how private business appraisers, private ...
Using the Distributor Method to Value Customer Relationships
While the relief from royalty method and multiperiod excess earnings method are effective tools for valuing intangible assets such as customer relationships, they rely on market data that can be both highly subjective and of poor comparable value to the subject company. As an alternative, the distributor method provides appraisers with a market-based proxy for use in valuing customer relationships. In Part 5 of BVR's Online Symposium on Fair Value Measurement, experts P.J. Patel and ...
Valuing Ambulatory Surgery Centers
Over the past decade or more, ambulatory surgery centers (ASCs) have featured prominently in major trends within the healthcare industry. With both for- and not-for-profit hospital systems engaged in joint ventures with ASCs and acquiring practices of physicians who staff ASCs, this segment represents both tremendous opportunity for business appraisers and significant risks and challenges associated with compliance, fraud, and regulatory statutes. In Part 3 of BVR’s 2014 Online Symposium on Healthcare Valuation, two veterans ...
What Business Valuators Need to Know When Preparing a DLOM for the IRS
In September 2009, the Internal Revenue Service (IRS) published "Discount for Lack of Marketability: Job Aid for IRS Valuation Professionals." This document, "Developed by Engineering/Valuation Program DLOM Team," provides guidance for IRS agents and engineers on areas of application and analysis of common methods of determining discounts for lack of marketability (DLOM) as well as the data that go into these determinations. In "What Business Valuators Need to Know When Preparing a DLOM for the IRS ...
Lost Profits v. Lost Business
In claiming economic damages, a business may, depending on circumstances, seek to recover either the lost profits of the business or the lost value of the business itself but not both. And, as with many other valuation decisions, this choice will affect many other considerations, including the number and makeup of claimants and the valuation analysis performed. Part 11 of BVR's Online Symposium on Litigation and Economic Damages features expert appraisers Edward McDonough and Laureen Ryan ...
Valuing Skilled Nursing Facilities
Highly regulated, part of a complicated payment and insurance market, and susceptible to fluctuations in demographics, skilled nursing facilities carry with them all the challenges of other healthcare entities with the added twist of real estate ownership and further regulation requirements. In Valuing Skilled Nursing Facilities, Part 3 of BVR's Online Symposium on Healthcare Valuation, experts Dennis Perrone and Jean-Pierre LoMonaco discuss the unique complexities and challenges in valuing these businesses. Learn how to approach ...
A New Approach to IP Management: The Penn State University Research Model Technology Transfer
Penn State has made two significant changes to the manner in which it deals with IP and industry-sponsored research. First, for new research that is industry-sponsored, the university will cede ownership of the IP to the sponsor. Second, in those cases where the university must retain ownership of the IP (as in instances of federal research funding), the university will offer the new "Penn State Two Step" licensing option in which the industry sponsor may ...
Point/Counterpoint: Debating the Private Capital Markets Project
Since its first report in August, 2009, the Private Capital Markets Project has created insight, confusion, disagreement, and adulation within the valuation community. Yet, out of the claims and responses created to vet the Private Capital Markets Project and its data, consensus and clarity have eluded appraisers. On March 15, BVR welcomes Private Capital Markets Project lead researcher John Paglia and valuation expert Kevin Yeanoplos for Point/Counterpoint: Debating the Private Capital Markets Project. Join these two ...
The Diminishing Size Effect and Link to Liquidty Risk
Thought to represent inherent risks in smaller businesses, the size effect has long been used as an explanation for the risk-reward relationship empirically seen in small businesses. Since its widespread use in the 1980s, however, empirical analysis has shown several discrepancies in this analysis including the "January Effect" and, more importantly, a significant decrease in the observed size effect. On July 28, expert appraisers Michael Crain and William Kennedy join BVR for an in-depth look at ...
Ambulatory Surgery Centers: Current Valuations, Benchmarking and Forecasting
A growing part of a fast-changing industry, ambulatory surgery centers (ACSs) are becoming an increasingly important part of the healthcare landscape. As Todd Sorensen notes in the AHLA/BVR Guide to Healthcare Valuation: "As patient care continues to migrate from an inpatient setting to an outpatient setting, surgery-center transactions have become one of the most popular joint-venture relationships involving both for-profit and not-for-profit healthcare providers and surgeons who perform outpatient surgery." In Ambulatory Surgery Centers: Current Valuations ...
Show Me the Money! The Exploration, Examination and Dissection of Reasonable Compensation
Poorly defined and highly subjective, reasonable compensation analysis is often both subject to, and the result of, highly contentious valuation disputes. In their presentation at the BVR/Morningstar 3rd Annual Summit on Business Valuation in Divorce, expert appraiser Kevin Yeanoplos and compensation specialist Edward Rataj examined how reasonable compensation analysis is performed, how it is disputed, and how it has come to be shaped by relevant case law. In this special encore presentation of their session ...
Valuation Issues in Estate and Gift Tax
If anything can match the wealth of valuation opportunities in estate and gift tax, it is surely the ever-changing nature of the laws and guidelines applying to this field. Over 2009 alone, IRS rules have placed new burdens on estate and gift tax valuations, making it even more important—and difficult—for appraisers to stay on top of the current legal arguments and technical analyses that apply to the area of estate and gift tax. In this presentation ...
Valuing Customer Relationships: The Do's and Don'ts of the Distributor Method
While the relief from royalty method and multiperiod excess earnings method are effective tools for valuing intangible assets such as customer relationships, they rely on market data that can be both highly subjective and of poor comparable value to the subject company. As an alternative, the distributor method provides appraisers with a market-based proxy for use in valuing customer relationships. Join experts Edward Hamilton and Sean Woodward to explore the strengths and weaknesses of customer ...
Family Matters: Standard of Value, DLOM/DLOC Discounts and Drama in BV
A buried body, sex surrogates, and family-owned business create a dramatic background for a recent court case impacting valuation. With complex minority discounts, this case kicks off a compelling discussion of key issues in family law. Experts Stacey Udell, Neil Beaton, and Ron Seigneur tackle these thorny issues with clarity and comedy. Get treated to the tricks and tips you’ll want when your next family-owned business engagement rings your doorbell.
Physician Compensation and COVID-19: Then and Now and Now What?
PYA’s Kathryn Taylor, CPA/ABV, ASA, MBA (consulting senior manager), and Justin Conant (consulting senior staff) will be presenting Physician Compensation and COVID-19: Then and Now and Now What. In this 100-minute session, Kathryn and Justin will review what physician compensation was like before COVID-19 and how it changed during the pandemic. Next, we will look into the future and explain where physician compensation and physician arrangements are headed. Kathryn and Justin will go through topics ...
Sure Bet: Valuations and M&A in the Gaming Industry
Go all in on this panel discussion that brings five gaming experts to the table. Join Ray Moran, Brian Holloway, Scott Kellenberger, Jack Behrens, and Joe Tinucci for a discussion on the casino industry, financial metrics, and M&A activity. You’ll come away with practical tips that you can use for engagements. With a deep dive and many different perspectives, this event is the perfect bet to get up to speed on the unique gaming industry.
What Business Valuers Need to Know and What to Do if Audited by the IRS with 25 Golden Suggestions
The IRS has recently undertaken some major initiatives in business valuation. Many of these relate to estate and gift tax and examination functions in the “Small Business Self Employed” and the “Large Business and International” divisions associated with BV. Michael Gregory examines those initiatives and guides analysts through successful negotiations with the IRS. Subscribers will learn 25 “golden rules” to help in resolving issues with the IRS.