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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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Valuations vs. Calculations: Advice and Guidance From Professional Standards
At first glance, the choice between a valuation and a calculation is simple. Each is a well-defined option for the business appraisal process, with a clear scope and a clear outcome. A closer look, however, reveals many questions and gray areas. How, for instance, should an appraiser reconcile the definitions SSVS and USPAP put forth? What liabilities, if any, are an appraiser exposed to under either a calculation or a valuation? In Valuations vs. Calculations ...
Valuing Entertainment Assets
Teleconference Presentation & Transcript August 9, 2007 Panelist: David Davis, FMV Opinions, Inc. Moderator: John Stockdale Jr., Business Valuation Resources, LLC ...
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 ...
Using Empirical Data to Value Family Limited Partnerships
Recent scrutiny on the part of the Tax Court in reviewing discounts for lack of marketability and control has placed renewed emphasis on the accuracy and defensibility of these adjustments to limited partnership interest appraisals. In addition to objecting to how discounts are substantiated, the court has expressed dissatisfaction over how empirical data are used to derive these discounts and the subjectivity in which those discounts were determined. In Using Empirical Data to Value Family Limited ...
Why Your DLOM Is Vulnerable to a Daubert Challenge
As noted in recent editions of the BVWire #8482, new work by Robert Comment has called into question the application of discounts for lack of marketability (DLOM) by some techniques. In this presentation, Comment joins BVR for an examination of the valuation process in general and DLOMs, in particular. As the title suggests, focus will be on how DLOMs fare under the Daubert challenge given their origination, how these determinations relate to other parts of ...
Valuing Construction Companies
If two truths are to hold for the construction industry at this time, they are these: It is an expansive, diverse, and multifaceted collection of firms and individuals, and, following a so-called "housing bubble," it has seen better days. From electricians and plumbers to general contractors and excavators, knowing how to approach this industry with reason and judgment can mean a world of difference in the defensibility of your conclusion of value—particularly in this time ...
Why You Need to Use Local Market Rates for FMV in Physician Compensation and How to Calculate Them
Whether the determination of reasonable compensation is being used in a business valuation, divorce valuation, or an employment setting, "Survey Says" has become as popular in compensation valuation as it is in the game show "Family Feud." This seminar introduces a new paradigm for the evaluation of physician fair market compensation based on hundreds of hours of research, modeling, and writing by Mark Dietrich, a nationally recognized author, speaker, and expert in the field of ...
Using Closed-End Funds to Derive Discounts for Lack of Control
Because closed-end funds (CEFs) are both traded in public and issued in a limited number of shares, their prices represent a comparable public proxy for a minority interest in a fully marketable security. In this webinar, appraiser Ray Bratcher and closed-end fund expert Tom Roseen discuss how the wealth of data available for CEFs can be put to use in determining a sound and defensible market-based discount for lack of control.
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 ...
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 ...
Valuing Assembled Workforce in Physician Practices
The AICPA's white paper on intangible asset valuation has reignited the debate over the value of trained workforce in physician practices. In this installment of BVR's 2014 Online Symposium on Healthcare Valuation, expert Timothy Smith sorts out the issues and the arguments with fresh research and logical analysis. Join him for this comprehensive examination of both sides of the argument, capitalizing on experience in hundreds of physician practice deals, the realities of human capital in ...
Discounts for Lack of Marketability: Critique of the Bajaj Approach
April 2004 Teleconference Transcript; Panel: Shannon Pratt (Moderator), Lance Hall, Chris Mercer, and Rob Oliver ...
Science and Uncertainty: Valuation in the Biomedical Industry
Valuation is often said to be “an art, not a science” in recognition of the uncertainties involved. The valuation of biomedical companies, though science-based businesses, is no less susceptible to uncertainty. Indeed, the biomedical industry is riskier than many other industries due to the particular regulatory and economic factors involved. Ignoring these factors may result in the doctor calling a “code blue” on your valuation. Join technology and valuation expert John Elmore in a discussion ...
The Valuation of Private Debt Investments: A Fair Value Update
Join Antonella Puca and Andreas Dal Santo for an update on the guidance to fair value measurement under ASC 820 as applicable to private debt investments, based on the guidance in the AICPA Guide on the Valuation of Portfolio Investments of Venture Capital and Private Equity Funds and Other Investment Companies, and Other Best Practices. Learn about the valuation methodologies that are suitable for private debt investments, and hear the key provisions of the guide ...
Purchase or Sale of the Closely Held Business
Purchasing or selling a business requires the synchronization of a lot of moving parts. Jim Alerding helps you keep your clients moving by looking at some of the issues to consider during a purchase or sale of a closely held business. Learn the process and know the ins and outs of how to conduct a sale, whether you are a buyer or a seller, so you are the best advisor to your clients.
Calculation or Full Valuation? What You Need to Know Now
Are you being pressured by attorneys and clients to prepare low-cost estimates of value? How comfortable do you feel going into court having prepared a calculation when the other side may have prepared a full valuation? Will your client pay you if your estimate of value does not meet the sufficient, reliable, believable, and “with reasonable certainty” tests? Jim Alerding will bring you up-to-date on the current thinking related to calculations and their place in ...
Active and Passive Appreciation: An Empirical Method for More Accurate Determination
Divorce rates have doubled for those over 50, and, in tandem, the demand for matrimonial valuation in this high-wealth segment has only increased. 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. Don’t turn away high value work—join Ashok Abbot to acquire ...
Understanding Work RVUs, Collections, Hours and Other Data That Impact Physician Compensation
Understanding and using survey data to support physician compensation arrangements can be challenging. Frequently clients and even compensation consultants don't understand what's behind the data and how it should be used to produce credible results. The final installment of BVR's 2014 Online Symposium on Healthcare Valuation features experts Alan Simons and Curtis Mayse, who explain common errors made when trying to support physician compensation, which data should be used based on a specific fact pattern ...
Valuing Urgent Care Centers
As access to healthcare expands, unmet demand and limited supply have led to the rapid growth of urgent care centers. Projected to reach almost 40% by 2017, this growth is expected to come with tighter regulatory control and increased M&A activity as the consolidation of medical services continues. For the appraiser, this leaves many questions relating to reimbursement schemes, insurance coverage, and market comparables, among others. In Part 6 of BVR’s 2014 Online Symposium on ...
Nonmarketable Investment Company Evaluation Method
The nonmarketable investment company evaluation (NICE) method seeks to determine the fair market value of equity interests in closely held investment entities, such as family limited partnerships (FLPs), "S" corporations, and limited liability companies (LLCs). As an income-based valuation approach, NICE avoids the discounts for lack of control and marketability found under the market approach, instead viewing these as investment risks that are embodied in the required rate of return of the subject interest. In the ...
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 ...
Valuations in Agribusiness: Food Processing Companies
From farm to table, the food and agriculture industry represents nearly 10% of the U.S. GDP and employs over 16.5 million people. As with any industry this large and specialized, the valuation challenges inherent in its constituent businesses are numerous and onerous. In Valuations in Agribusiness: Food Processing Companies, the latest installment of BVR's Industry Spotlight Series, BVR welcomes experts Jim Alerding and Ron Nielsen for an in-depth examination of the businesses that make up ...
Companies in Distress: Valuing the Impaired and Currently Unprofitable
As benchmarks, indicators, and pundits show that the end of recent economic woes are in sight, the fall-out and clean up of recent trouble continue across the economy. Nowhere is this more true than in the arena of business valuation, where the volume impaired and distressed business appraisals continue to escalate. Though the valuation of an unprofitable business is a challenge in its own right, it's only exacerbated by the recent economic environment.
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 ...