Business Valuation Update Yearbook, 2018 Edition
February 2018 PDF
BVR (editor)
Business Valuation Resources, LLC
In the business valuation profession, ideas and methods and approaches continually evolve, making it imperative to stay current with the most innovative approaches and techniques, court decisions, and regulatory and professional standards. BVR has you covered with the Business Valuation Update Yearbook 2018. This newest edition from the publishers of Business Valuation Update (BVU) covers the year’s most groundbreaking and thought-provoking advancements in business valuation. This critical desktop reference keeps you ahead of your peers with on-the-ground reporting from valuation experts, thought-leaders, and BVR’s editorial team.
This publication and many more are also available for download with a subscription to the Digital Library or BVResearch Pro.
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The Yearbook is divided into six easy to maneuver sections:
- Section I. Business Valuation Approaches, Methods, and Entity-Specific Issues: This section covers the latest industry news as well as the most discussed and most controversial business valuation topics that arose over the past year. Make sure you're in-the-know on topics such as practical tips for valuing intellectual property, a new approach to quantifying personal goodwill, and a fresh look at discounts for lack of marketability. Other articles of note cover the cost of capital, economic obsolescence, fairness opinions, and tax affecting S corporations
- Section II. Industry-Specific Valuation: These articles include coverage on the valuation of space firms, the challenges of valuing marijuana businesses, insight into valuing energy businesses and auto dealerships, and much more
- Section III. Legal, Regulatory, Standards: It’s imperative to stay current on the latest news regarding the legal, regulatory, and business valuation standards landscape. This section offers critical insight into the new fair value regulations, international regulations, and FASB changes
- Section IV. Business Valuation Profession and Practice Management: A number of articles in this section reveal insights into valuation firm performance and practice development. Get ideas to bring in more business valuation engagements, as well as coverage and action tips from the year’s major business valuation conferences
- Section V. Reviews of Data Sources and New Books: This section reviews the new Discount for Lack of Marketability Guide and Toolkit, Aswath Damodaran’s new book on the power of stories in valuation, and the new edition of Financial Valuation: Applications and Models
- Section VI. Data: This important section is an amalgamation of the monthly cost of capital data presented in tabular and chart form
Table of Contents
INTRODUCTION
SECTION I. BUSINESS VALUATION APPROACHES, METHODS, AND ENTITY-SPECIFIC ISSUES
- How to Better Validate the Reasons for Private-Company Discounts
By Anthony Carlton, Macquarie Applied Finance Centre (Sydney, Australia) - The Use of Historical Information to Project But-For Profits
By Stacey Udell, Gold Gerstein Group LLC (Moorestown, NJ, U.S.A.) - How ESOP Trustees Size Up a Potential Valuation Analyst
- The Residual Contribution Method for Valuation a Corporate Brand
By René Hlousek, Beacon Valuation Group LLC (San Francisco, Calif., USA) - Do Your Valuations Weigh Up?
By Chris Thorne (Bristol, U.K.) - Using Monte Carlo to Value Warrants With Down-Round Protection
By Oksana Westerbeke and Jared Hannon, Grant Thornton, LLP (Boston, Mass., USA) - Revisiting the Meaning of Fair Market Value
By Mark O. Dietrich (Framingham, Mass., USA) - Five Action Steps to Verify the Financials of a Cash Business
By Pasquale Rafanelli, Grassi & Co. (Jericho, N.Y., USA) - Do You Share Business Valuation’s Dirty Little Secret?
- Attorney’s Slant on Three Methods to Estimate Personal Goodwill
- Recent Developments Trigger a Fresh Look at DLOM
- Probing the Values of Professional Service Firm Brands
By Christof Binder, Capstone Branding GmbH (Germany) and Stefan Rüssli, Assessa GmbH (Switzerland) - Looking to Private Markets for Private Firm Cost of Capital
- Tips on Handling 10 Key Issues in Bankruptcy Valuations
- Dual Valuation/Forensic Experience Is Best for Litigation Engagements
By Pasquale Rafanelli, Grassi & Co. (Jericho, N.Y., USA) - Economic Obsolescence: Determining Loss of Value Caused by External Factors
By Charles Sapnas and Joseph Mickle, Valuation Research Corp. (Princeton, N.J., USA) - Lessons Learned in Amazon v. IRS on Valuing Marketing Intangibles
By John Wiora, ktMINE (Chicago, Ill., USA) - How to Estimate WACC for a Cross-Border Valuation
- Valuation of Dual Class Shares
By Gilbert E. Matthews, CFA, Sutter Securities Inc. (San Francisco, Calif., USA) - Key Valuation Considerations for Fairness Opinions
- Quantifying Personal Goodwill by Analyzing Customer Retention
By Claudia J. Stern and Carl S. Saba, Hemming Morse (San Francisco and San Mateo, Calif., USA) - Using a Restricted Stock Study Quintile Analysis for a DLOM
- Tax Affecting S Corporations: It’s Not a Matter of Whether. It’s a Matter of When
By Alan Zipp (Rockville, Md., USA) - A Reflection on Low Risk-Free Interest Rates
By Matthew Crane, Marshall & Stevens Inc. (New York, N.Y.) - Inside Pratt’s Stats: Impact of Entity Form on Selling Price (Part 1)
By Eric J. Barr (Marks Paneth) and Peter L. Lohrey (Montclair State University) - Inside Pratt’s Stats: Impact of Entity Form on Selling Price (Part 2)
By Eric J. Barr (Marks Paneth) and Peter L. Lohrey (Montclair State University)
SECTION II. INDUSTRY-SPECIFIC VALUATION
- An Investor’s View of the Valuation of Alternative Space Firms
- NYSSCPA Symposium Highlights Valuation and Other Challenges of the Legal Marijuana Industry
- A Case Study of Valuing Distressed Assets in the Energy Sector
By Doug Peterson, Valuation Research Corp. (Atlanta, Ga., U.S.A.) - Key Value Drivers and Valuation Issues for Solar Power Firms
- Valuation Approaches and Special Considerations for Home Healthcare Businesses
By Alan B. Simons, Security Risk Advisors (Philadelphia, Pa.) - Challenges and Common Errors in Valuing Electrical Contractors
- Latest Trends That Affect Auto Dealership Valuations
SECTION III. LEGAL, REGULATORY, STANDARDS
- The 10 Most Important Valuation Cases of 2016
- Main Lessons for Appraisers in the IPEV 2015 Valuation Guidelines
By Andrew Strickland, Scrutton Bland (Colchester, U.K.) - Strong Pushback of Sec. 2704 Regs at IRS Hearing
- IACVA Readies Exposure Draft for Peer Review of Valuation Services
- AICPA BV Chair Nathan DiNatale Discusses the New CEIV Credential
- Fair Value Experts Offer Their Insights on ASC 805
- Final IVS 2017 Seeks to Standardize Conduct and Approach to Global Valuation
- ASA BV Chair Discusses Recent Changes to New FV Rules and CEIV
- Feedback Wanted on Potential Refinements to International Valuation Standards
- Work File Checklist for Discount Rates Under New Fair Value Regulations
- What You Should Know About FASB Changes to Revenue Recognition and Lease Accounting
By Michael Mathieson, Valuation Research Corp. (Chicago, Ill., USA) - Tale of the Tape: Different BV Standards Do Not Conflict
- Hong Kong Cracks Down on Valuations in Wake of Scandal
- Key Differences Remain Between Certain Sections of GAAP and IRFS
- Work File Checklist for Fair Value Overview Under New Regulations
- AICPA Fields Questions About New CVFI Credential
- SEC Settlement Over Fair Value Signals Shift of Focus
- Work File Checklist for Growth Rate and Terminal Value
- CICBV Launches Proactive Practice Inspection Program
- Work File Checklist for Documenting Valuation Multiples
SECTION IV. BUSINESS VALUATION PROFESSION AND PRACTICE MANAGEMENT
- 30 Field –Tested Ideas to Bring in More BV Business
- Business Valuation Year in Review
- Business Valuation Industry in India Is Poised for Sustained Growth
By Bharat Kanodia, ASA, Veristrat Inc. (San Francisco, Calif., U.S.A. and New Delhi, India) - Seismic Shifts Underway in Business Valuation Practice in the U.K.
By Andrew Strickland, Scrutton Bland, (United Kingdom) - Time to Update the Guiding Principles to a Valuation Report
By Robert E. Kleeman Jr., OnPointe Financial Valuation Group LLC, (Englewood, Colo., USA) - Look Before You Leap Into Offshoring Some Valuation Components
By Bharat Kanodia, ASA, Veristrat Inc. (San Francisco, Calif., USA, and New Delhi, India) - 12 Ways to Build a Program That Ensures Quality Fair Value Measurements
- Willingness to Invest in Valuation Is a Key to M&A Success in Africa
- What Makes a Business Valuation Firm an Attractive Acquisition Target?
By Nancy Fannon, Marcum LLP (Portland, Maine, USA) - Update on DLOM, Fair Value, PTEs at NYSSCPA BV Confab
- Redefining the BV Profession at NACVA’s Annual Conference
- New Fair Value Regs and Credentials Highlight ASA Event
- News You Can Use From the NACVA Annual Conference
- Five Tips to Help BV Experts Succeed in Mediation
By Nancy Neal Yeend, The End Strategy (Portland, Ore., USA) - How Do Your BV Firm’s Billing Rates and Practices Stack Up?
- Ongoing Survey Reveals Need to Improve Report Writing
By Rod P. Burkert, CPA/ABV, CVA Burkert Valuation Advisors, (USA and Canada) - ASA BV Committee Members Share Insights and Advice
- Action Ideas From the ASA Advanced BV Confab
SECTION V. REVIEWS OF DATA SOURCES AND NEW BOOKS
- Review: Discount for Lack of Marketability Guide and Toolkit
By Harold G. Martin Jr., Keiter (Richmond, Va., USA) - Damodaran’s New Book on the Power of Stories in Valuation
Book Review: Financial Valuation: Applications and Models, 4th Edition + Website
SECTION VI. DATA
- Monthly Cost of Capital Data
