Business Valuation Update Yearbook 2015

February 2015 978-1-62150-048-3 Hardcover, PDF

BVR (editor)

Business Valuation Resources, LLC

BVR has you covered with the latest news in the business valuation profession! Get your Business Valuation Update Yearbook 2015 now to stay up to date with the most innovative approaches and techniques, leading conferences, new court decisions and changes in regulations and standards in the profession with on-the-ground reporting from valuation experts, thought-leaders and the BVR editorial team.

The Business Valuation Update Yearbook 2015 contains all the must-have articles of the past year and is divided into seven categories for easy use:

  • Section I: Business Valuation Approaches, Methods and Entity-Specific Issues
  • Section II: Discounts for Lack of Marketability and Lack of Control
  • Section III: Industry-Specific Valuation
  • Section IV: From and In the Courtroom
  • Section V: BV Profession and Practice Management
  • Section VI: Reviews of Data Sources and New Books
  • Section VII: Data

BVR’s publications are the voice of the business valuation profession. With emerging methodology, evolving approaches, and critical debate, it’s more important than ever to be current on the trends in the profession. Don’t miss this year’s most important business valuation news. Get your Business Valuation Update Yearbook 2015 today!

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Table of Contents

Introduction, by Andy Dzamba, Executive Editor, Business Valuation Update

Section I. Business Valuation Approaches, Methods and Entity-Specific Issues

  • The Implied Private Company Pricing Model (IPCPM) K0 = (FCFF1/P) + g.11, by Bob Dohmeyer, ASA; Pete Butler, CFA, ASA; and Rod Burkert, CPA/ABV, CVA
  • IPCPL Developers Field Queries on the New Model’s Underlying Data
  • It’s in there! So What Else is Included in Your Estimated Cost of Capital? by Ted Israel, CPA/ABV/CFF, CVA
  • BV Community Reacts to New Cost of Capital Tool
  • Does the Size Effect Still Exist? New Analysis from Pratt and Grabowski
  • Alternative Model Uses Corporate Bond Yields to Measure a Size Premium, by Michael Dobner, CBV, ASA
  • Damadoran Discusses Value Versus Price and His View of the BV World
  • Damodaran’s Warning Signs That a Valuer’ is Becoming a ‘Pricer’
  • In Divorce, Who Owns the Goodwill? A New Analysis and Approach, by Alan Zipp, CPA, ABV, CVA, CBA, CFE, JD
  • In Divorce, Who Owns the Goodwill? A Response, by R. James Alerding, CPA/ABV, ASA
  • A Forgotten Statistical Concept Tells Why Your Multiple May be Wrong, by Bob Dohmeyer, ASA, and Dr. Herbert Kierulff
  • A Fresh Look at Using the Income Approach to Valuing FLPS, by Stuart Weiss, CPA/ABV
  • Using Monte Carlo Simulation as a Supplement to the Single Period Capitalization Method, by Scott M. DeMarco, CBA, CVA, CDFA, CPVA
  • Getting Your Head Out of the Model, by James T. Budyak CPA/ABV, CFA, ASA
  • How Do You Value A Business That Also Owns Real Estate?
  • Best Practices for Fund Valuations Amid Ongoing SEC Crackdown  
  • Impact of Recent Developments on Employee Stock Ownerships Plans, by Scott D. Miller, CPA/ABV, CVA
  • Determining a Distressed Debtor Company Discount Rates, Part 1, by Michael D. Pakter, CPA, CVA
  • Determining a Distressed Debtor Company Discount Rates, Part 2, by Michael D. Pakter, CPA, CVA
  • 10 Current—and Controversial—Issues in Bankruptcy Valuations, by Robert F. Reilly, CPA
  • Three-Step Analysis to Manage the ‘Noise’ in IP Royalty Rate Data
  • Help Clients Squeeze the Most Value Out of M&A Synergy  
  • Inside Look at a Post-M&A Damage Valuation and Settlement
  • Fannon and Dunitz Discuss Lost Profits and Other Commercial Damages
  • Mining Valuation Data from Trust and Estate Returns in a Divorce Case
  • BVU Profiles: The Challenges of Bringing a New BV Metholodogy Into Acceptance  
  • BVU Profiles: Don’t Conclude Your Valuation Until You Must
  • Can Regional Data be Used to Determine Reasonable Compensation Anywhere?, by Stuart Weiss, CPA/ABV
  • Hot BV Topics From the AICPA FVS Conference

Section II. Discounts for Lack of Marketability and Lack of Control

  • FMV’S Two-Year Equivalent Discounts for Lack of Marketability Methodology and Calculator, by Lance S. Hall, ASA, and David Bertucci
  • How Probability Affects Discounts for Lack of Marketability, by Marc Vianello, CPA, ABV, CFF
  • Using Closed-End Funds to Derive Discounts for Lack of Control, by Ray Bratcher, ASA
  • Is the Lingering Criticism of Using Pre-IPO Studies for DLOM Justified?

Section III. Industry Specific

  • Opportunities and Special Considerations in the Valuation of Hotels
  • Update on Key Health Reform Measure that Impact Healthcare Valuations
  • Unique Aspects of Wineries Make a Valuation a Challenge, by Keith Myers, CPA, ABV, CFF
  • A ‘Rose.com’ is a ‘Rose.com’: What’s the Value of a Domain?
  • Current Valuation Trends and Data for the A/E Industry
  • Choice of Data is Critical in Valuing Franchises 
  • Errors in Valuing Oil and Gas Properties in the Marcellus Shale, by Richard J. Miller, ASA

Section IV. From and In the Courtroom

  • Daubert  Defeat Does Not Always Ruin a Valuation Career
  • Essential Advice for Expert Witnesses from ASA Conference
  • Seven Cases to Read Before Writing Your Next Valuation Report  
  • Top 10 Noteworthy BV Cases OF 2013
  • Recent Case Points to Confusion over Calculation Reports Under the SSVS, by R. James Alerding, CPA/ABV, ASA
  • U.S. Tax Court Judge Laro Discusses Valuation and Expert Testimony Issues
  • 10 Time-Tested Ways to Build a Defensible Divorce Valuation
  • Fingertip Guide to State-by-State Divorce Valuation Issues
  • Seven Takeaways from Recent Valuation Business Cases

Section V. BV Profession and Practice Management

  • Personal Injury Cases: Opportunity for Appraisers? by Stuart Weiss, CPA/ABV
  • BVU Profiles: Gray Areas Make Valuation an Attractive Career
  • We Can Do the Work. The Question IS; Can We Get the Work? by Rod P. Burkert, CPA/ABV, CVA
  • Innovative Way for CPA Valuators to Crack the ESOP Market, by Brian D. Bornino, CFA, CPA/ABV, CBA
  • Convergence in International Valuation Standards Continues to Gain Steam, by Sean R. Saari, CPA/ABV, CVA

Section VI. Reviews of Data Sources and New Books

  • Trade Associations Can be Excellent Sources of Compensation Data
  • Insights into Recent Data on Small Private Company Executive Comp, by Stuart Weiss, CPA/ABV
  • A Preview of the New Benchmark Resource for Industry Cost of Capital
  • An In-Depth Look at the New D&P Valuation Handbook, by Ronald L. Seigneur, CPA/ABV, CFF, ASA, CVA, CGMA, and Stacey Udell, CPA/ABV/CFF, CVA
  • Book Review: Cost of Capital, Fifth Edition: A True Must-Have, by Ted Israel, CPA/ABV/CFF, CVA

Section VII. Data

  • Monthly Cost of Capital Data
  • BVR’S Economic Outlook for the Month (Excerpts from the Economic Outlook Update)