Highlights of the September 20 issue:
  • Firms with better ESG ratings yield higher returns, per Kroll study
  • Internal billings trigger M&A damages; GPCM prevails
  • New book of essays by prominent valuation experts
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New Rule 702 crackdown already impacting expert witnesses

Although they don’t officially go into effect until December 1, expert witnesses are already feeling the effects of the changes designed to strengthen Rule 702, which is the federal rule of evidence regarding testifying experts.

Court has limited menu for steakhouse valuation

In a Michigan case, two 50% owners of a Ponderosa steakhouse were locked in a battle over the Old West-themed eatery, with both owners engaging in oppressive conduct against the other. They left it up to the court to decide their fate.

New app for the Margrabe options approach to DLOM

Dr. Ashok Abbott (West Virginia University) is developing a calculator that uses the Margrabe options approach to estimating a discount for lack of marketability (DLOM).

BIZCOMPS being upgraded with new platform

Users of BIZCOMPS will soon see a new look to the database of small private-company transactions.

VRC named M&A valuation firm of the year

Valuation Research Corp. (VRC) has been named Valuation Firm of the Year in M&A Advisor’s 14th Annual International M&A Awards.

NACVA adds to CVA and MFF ranks

The National Association of Certified Valuators and Analysts (NACVA) announced that 151 members recently earned their credentials (or are candidates).

Global BV News: CBV Institute opens registration for Student BV Challenge

The CBV Institute has opened registration for its Business Valuation Challenge, a national case competition for undergraduate students from top business schools across Canada.

Global BV News: Moran interviews IVSC Asia director Konialidis

The fastest growing part of the world for the valuation profession is the Asia-Pacific region, believes Ray Moran (FON Valuation Services), marketing director at the International Institute of Business Valuers (iiBV).

BV movers . . .

The National Association of Certified Valuators and Analysts (NACVA) has named its outstanding members for the third quarter of 2023.

CPE events

Private Equity Roll Up of Professional Practices Valuation Considerations, September 27, 10:00 a.m.-11:40 a.m. PT/1:00 p.m.-2:40 p.m. ET. Featuring: Dean Driskell (J.S. Held) and Brandon McFarland (J.S. Held). CPE credits: 2.0.

Firms with better ESG ratings yield higher returns, per Kroll study

Companies with better environmental, social, and governance (ESG) ratings generally outperformed those with lower ratings over the 2013-to-2021 period, according to Kroll’s new ESG and Global Investor Returns Study.

New book of essays by prominent valuation experts

Top experts from overlapping valuation disciplines tell their stories that capture a flavor of the romance, intrigue, art—and heart—of business appraisal in a new book, The Art of Valuation.

BVResearch Pro adds to its archive of the ASA’s BV Review

Among many other resources, the BVResearch Pro platform contains the full archive of the Business Valuation Review going back to 1982.

Next week: VSCPA Forensic and Valuation Conference

BVWire will be at the Forensic and Valuation Conference held by the Virginia Society of CPAs (VSCPA) September 26-27 in Glen Allen.

ISBA appraisal review workshop November 9-10

The International Society of Business Appraisers (ISBA) is offering a two-day workshop for its Business Certified Appraiser in Review (BCA-R) credential.

Global BV News: IVSC annual meeting in Paris October 9-11

The International Valuation Standards Council (IVSC) will hold its annual general meeting (AGM) at the Maison de la Chimie, Paris from October 9 to October 11.

BV movers . . .

Camille Pacht has joined Savannah, Ga.-based Hancock Askew & Co. LLP as director of business valuations.

CPE events

Valuing Businesses Catering to Seniors, September 20, 10:00 a.m.-11:40 a.m. PT/1:00 p.m.-2:40 p.m. ET. Featuring: Vanessa Brown Claiborne (Chaffe & Associates Inc.). CPE credits: 2.0.

Reminder: Sample IRS forms for PDF extraction testing

Nambri TaxXL is a new application that automates the conversion of PDF tax returns into an Excel spreadsheet.

Internal billings trigger M&A damages; GPCM prevails

A case in Delaware Chancery Court shows that the court will not award damages from an M&A transaction gone bad when the calculations are based on speculative lost synergies.

DOL ESOP valuation regs coming by year-end

The Department of Labor (DOL) will issue long-awaited guidance on ESOP valuations by the end of this year, according to a blog post from the National Center for Employee Ownership (NCEO).

Private-company EBITDA multiples up in 2Q2023

After a downward slide in the fourth quarter of 2022 and the first quarter of 2023, the median selling price-to-EBITDA multiple has jumped to 4.0x in the second quarter of 2023 (see the graph below), according to the latest issue of the DealStats Value Index (DVI).

The ASA’s online auction is now open

A copy of Cost of Capital, Applications and Examples or a lobster dinner for two?

Global BV News: Worldwide support grows for the V20

The list of organizations that are supporting the V20 Valuation Summit and Conference October 27-29 in New Delhi is impressive—and growing.

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