Business Valuation Update Yearbook, 2021 Edition

January 2021 Hardcover, PDF

BVR (editor)

Business Valuation Resources, LLC

While ideas and methods continually evolve in the business valuation profession, 2020 marked a year of challenges unlike any other. 

Always a highly-anticipated annual publication, the Business Valuation Update Yearbook 2021 covers the year’s most groundbreaking and thought-provoking advancements on valuation methodologies in the face of a global pandemic.  It also captures, changes in regulations and professional standards, key takeaways from the best virtual conferences, and tactical practice-building ideas. This critical desktop reference puts you ahead of the competition with on-the-ground reporting from valuation experts, thought-leaders, and BVR’s expert editorial and legal teams.

The Yearbook is divided into eight sections for easy navigation.

This publication and many more are also available for download with a subscription to the Digital Library or BVResearch Pro.
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Additional Product Details

  • Section I. Business Valuation Approaches, Methods, and Entity-Specific Issues: Covers the latest news of the profession as well as the most discussed and most controversial business valuation topics that arose over the past year.

  • Section II. Cost of Capital: It was a challenging year with COVID-19. This section includes articles on assessing additional economic risk due to COVID-19, quantifying a COVID-19 equity risk premium using high-yield bond pricing, and much more.

  • Section III. Business Valuation Conference Coverage:  This year was a bit different, but BVR editors attended many of the virtual business valuation conferences both in the U.S. and around the globe and provided "on-the-ground" reporting of topics and issues you need to know about.

  • Section IV. Legal, Regulatory, Standards:  It’s always important to stay up on the latest news regarding the legal, regulatory, and BV standards landscape. 2020 was a momentous year for business valuation in several respects and we've covered many of the most important cases here. 

  • Section V. Business Valuation Profession and Practice Management:  This section includes a number of articles that reveal insights into how firms are attracting more valuation work and what management practices have worked best.

  • Section VI. Reviews of Data Sources and New Books: Includes a look at some new resources for valuation professionals, including the expanded Mergerstat Review and a fresh look at transaction databases.

  • Section VII. U.S. and Global BVU News Roundup: A month-by-month compilation of news briefs and important announcements related to the business valuation profession not covered in the main articles. 

  • Section VIII. Data: An amalgamation of the monthly cost of capital data presented in tabular and chart form. Also, includes aggregated data from DealStats, the valuation profession’s leading data platform for private company transactions.

Table of Contents

  • INTRODUCTION

SECTION I. BUSINESS VALUATION APPROACHES, METHODS, AND ENTITY-SPECIFIC ISSUES

  • THE EVOLVING LANDSCAPE OF INTELLECTUAL PROPERTY THAT IMPACTS VALUATION
  • PRE-IPO STUDIES ENDURE TO RETAIN FOOTHOLD IN THE DLOM TOOLBOX
  • ASSESSING CYBERSECURITY RISK WHEN DOING A BUSINESS VALUATION
  • EXAMINING THE CORRELATION BETWEEN IP AND STARTUP VALUATIONS
    By Efrat Kasznik, Foresight Valuation Group LLC (Palo Alto, Calif., USA)
  •  ROLLOVER EQUITY: DON’T JUST TAKE IT AT FACE VALUE
    By Charles Sapnas, Valuation Research Corp. (New York, N.Y., USA)
  •  10 SPECIAL RISK FACTORS TO CONSIDER WHEN VALUING A DENTAL PRACTICE
  • UPDATE ON U .S . CANNABIS VALUATIONS FROM PKF’S PRACTICE LEADER
  • INTRODUCING THE RUDICH/JAROUDI BIZCOMPS DLOM STUDY
    By Ronald D. Rudich, Business Valuation Group, LLC (Baltimore, Md., U.S.A.), and Baria Jaroudi, Briggs & Veselka (Houston, Texas, U.S.A.)
  •  DON’T AUTOMATICALLY REJECT THE ASSET APPROACH FOR GOING CONCERNS
  • SRO CROWD SEES LATEST UPDATE TO LEADING PRE-IPO STUDY
  • MORE UPS AND DOWNS FOR PATENT VALUATIONS IN THE UK AND BEYOND
  • ADULT NIGHTCLUBS: COMPANY-SPECIFIC RISK AT THE EXTREME
  • MARKET VOLATILITY AND ITS IMPACT ON THE VALUATION ADVISORS PRE-IPO DATABASE
  • ACCOUNTING ISSUES TO CONSIDER WHEN VALUING CONSTRUCTION FIRMS
    By Pasquale Rafanelli, Empire Valuation Consultants (New York, N.Y., USA)
  •  A VETERAN VALUER’S GUIDANCE ON COVID-19 AND THE ‘SOUL’ OF A BUSINESS
  • THE VALUATION PARADIGM OF COVID-19: USING THE DCF METHOD AFTER AN ECONOMIC CRISIS
    By Craig Jacobson, Dan Korczyk, and Richard Peil, GlassRatner, a B. Riley Financial Company
  •  A REVISIT OF ‘KNOWN OR KNOWABLE’ AND SUBSEQUENT EVENTS IN THE COVID-19 WORLD
    By Robert B. Morrison, ASA BV/IA, and Alexander Dokuchaev, CFE, Rosenfield & Co. PLLC (Orlando, Fla., USA)
  •  PERFECT STORM: COVID-19 AND 2020 ELECTION—UNEXPECTED WINDFALL FOR E&G TAX PLANNING
    By Chris Rosenthal and Brian Broxterman, Vallit Advisors
  •  A VIEW FROM THE UK ON THE COST APPROACH AMID THE CURRENT CRISIS
    By Andrew Strickland, FCA (United Kingdom)
  •  IS HISTORY REPEATING ITSELF? A LIST OF BV GUIDANCE FROM THE 2008 FINANCIAL CRISIS
  • ALTERNATE VALUATION METHODS IN THE ERA OF COVID-19
    By Daniel R. Van Vleet, ASA; Joseph W. Thompson, CFA, ASA; William P. McInerney, ASA; and David J. Neuzil, CFA; Griffing Group (Oak Park, Ill., USA)
  •  DAMAGE VALUATION IN A FINANCIAL ADVISOR TERMINATION CASE
    By Howard A. Buchler, JD (Reno, Nev., USA)
  •  BVRESEARCH PRO TACKLES TRICKY SEARCH FOR GUIDANCE ON A 50% INTEREST
  • VALUERS STAND GROUND IN CLASH OVER PURCHASE PRICE IN SPAC MERGER
    By J. Russell Frawley III, MBA, CPA, ABV, Frawley & Co. PLLC (Miami, Fla., USA)
  •  UNDERSTANDING THE SCIENCE OF COVID-19 IS KEY TO ASSESSING VALUATION IMPACTS
    By Mark O. Dietrich, CPA (Framingham, Mass., USA)
  •  REOPEN OR NOT? A METHOD FOR ANALYZING A COVID-19-SHUTTERED FIRM
  • AMID MARKET DATA VOLATILITY, THE BEST OPTION IS A MORE RIGOROUS DCF
  • LATEST STUDY AVAILABLE FOR THE EMPIRICAL METHOD FOR DETERMINING DLOM
  • THE VALUATION OF CONVERTIBLE NOTES USING A BINOMIAL MODEL
    By Anthony R. Banks, ASA, and Taylor Rosanova, CFA, Marcum LLP
  •  THIS DECEPTIVELY SIMPLE TOOL CAN HELP CLIENTS FORECAST CASH FLOW
  • BACK TO BASICS FOR LOST PROFIT DAMAGES CALCULATIONS AMID COVID-19
  • ESTIMATING A COVID-19 MARKETABILITY DISCOUNT FOR SMALL BUSINESSES
    By Gregory R. Caruso, Harvest Business Advisors (Princeton, N.J., USA)
  •  COVID-19 TO TRIGGER MORE REQUESTS FOR ‘RISKY’ CALCULATION REPORTS, EXPERT SAYS
  • LITTLE-KNOWN RESOURCE CAN HELP BOLSTER SUPPORT FOR PROJECTIONS
  • WHAT THE NEW SUBCHAPTER V IN BANKRUPTCY MEANS TO BUSINESS VALUERS
  • CAN YOU DO TWO VALUATIONS WITH THE SAME DATE? YES, SAYS HITCHNER

SECTION II. COST OF CAPITAL

  • ASSESSING ADDITIONAL ECONOMIC RISK DUE TO COVID-19
    By Ronald L. Seigneur, CPA/ABV, CVA, ASA, Seigneur Gustafson LLP (Lakewood, Colo., USA)
  •  THE MARKET PRICE OF RISK: QUANTIFYING A COVID-19 EQUITY RISK PREMIUM USING HIGH-YIELD BOND PRICING
    By Mark A. Orndorff, CFA, ASA, and Matthew L. Jakes, CFA, ASA, Southard Financial LLC (Memphis, Tenn., USA)
  •  DEVIATIONS FROM HISTORICAL CASH FLOW AND THEIR IMPLICATIONS TO EFFECTIVE DISCOUNT RATES FOR LOST PROFITS ANALYSES
    By Josh Shilts, CPA/ABV/CFF/CGMA, CFE, and Jeff Robison, Shilts CPA, PLC (Jacksonville, Fla., USA)
  •  COST OF EQUITY AND COVID-19: WHAT TO DO?
    By Peter J. Butler, Valtrend (Eagle, Idaho, USA)
  •  COST OF EQUITY AND COVID-19: WHAT TO DO? (UPDATE)
    By Peter J. Butler, Valtrend (Eagle, Idaho, USA)

SECTION III. BUSINESS VALUATION CONFERENCE COVERAGE

  • VALUERS AND FORENSICS EXPERTS CONVERGE AT THE 2019 AICPA FVS CONFERENCE
  • PANDEMIC, ESOP WOES, FAIR VALUE, CRYPTO, AND FRAUD AT NYSSCPA CONFERENCE
  • 25 TIPS ON DEALING WITH COVID-19 FROM THE NACVA CONFERENCE
  • ATTORNEYS AND VALUERS LINK UP AT AAML/BVR VIRTUAL DIVORCE CONFERENCE
  • RECAP OF THE VSCPA BUSINESS VALUATION, FRAUD, AND LITIGATION SERVICES CONFERENCE
  • APPRAISAL DISCIPLINES REVEAL BREAKING TRENDS AT THE ASA CONFERENCE

SECTION IV. LEGAL, REGULATORY, STANDARDS

  • 2019 KEY VALUATION AND DAMAGES CASES
    By Sylvia Golden, Esq., Business Valuation Resources (Portland, Ore, USA)
  •  NEW GUIDANCE IN THE IVS UPDATE EFFECTIVE JAN . 1, 2020
  • GOODWILL AMORTIZATION CONTROVERSY AND CEIV HIGHLIGHT FAIR VALUE IN 2020
  • LATEST UPDATE ON PROPOSAL TO UPEND GOODWILL ACCOUNTING
  • ESOP CASE APPEAL STOKES CONTROVERSY OVER DOL VALUATIONS
  • A QUIET REVOLUTION IS GOING ON IN DCF TECHNIQUES IN UK CASES
    By Andrew Strickland, FCA (United Kingdom)
  •  FLAWS IN NORTH CAROLINA COURT’S APPRAISAL OF REYNOLDS AMERICAN
    By Gilbert E. Matthews, CFA, Sutter Securities, Inc. (San Francisco, Calif., USA)
  •  THE SEC’S NOT-SO-GENTLE REMINDER: SHOW YOUR WORK
    By PJ Patel, ASA, CFA, Valuation Research Corp. (New York, NY, USA)
  •  HOW COVID-19 IS IMPACTING THE IRS AND VALUATION AUDITS
  • THE EXPERT WITNESS PROCESS: TIPS FOR VALUATION PRACTITIONERS
    By Robert E. Kleeman Jr., CPA/ABV, ASA, CVA, OnPointe Financial Valuation Group LLC (Englewood, Colo., USA)
  •  FROM THE BENCH: 10 WARNING SIGNALS OF TROUBLE WITH A VALUATION EXPERT
  • SINK OR SWIM: THE NEW WORLD OF VIRTUAL TESTIMONY
  • COMPANY OR DAMAGE VALUATION IN A MEDIATION CONTEXT
    By Charles Markowicz, Costmasters Center for Dispute Resolution (Belgium)
  • LETTER TO THE EDITOR: COMMENTARY ON RECENT STATEMENTS BY THE IRS REGARDING THE CHANGE TO APPRAISAL REVIEWS
  • SEVERAL TRENDS OF NOTE IN VALUATION CASES IN THE UNITED KINGDOM

SECTION V. BUSINESS VALUATION PROFESSION AND PRACTICE MANAGEMENT

  • BUSINESS VALUATION YEAR IN REVIEW 2019
  • VALUERS AND BANKERS: BENEFITS OF CROSS-TRAINING BETWEEN THE PROFESSIONS
    By David Shindel, ShindelRock (Novi, Mich., USA)
  • SURVEY REVEALS BV FIRMS’ BILLING PRACTICES AND RATES
  • TALES FROM THE TRENCHES: THINK TWICE ABOUT ADDING M&A SERVICES TO YOUR BV PRACTICE
    By Robert E. Kleeman Jr., CPA/ABV, ASA, OnPointe Financial Valuation Group LLC (Englewood, Colo., USA)
  •  SEASONED VALUERS URGE UP-AND-COMING PRACTITIONERS TO SPECIALIZE
  • PANDEMIC TRIGGERS CHANCES FOR VALUERS IN EXIT PLANNING

SECTION VI. REVIEWS OF DATA SOURCES AND NEW BOOKS

  • EXPANDED 2020 EDITION OF MERGERSTAT REVIEW BUILDS ON PRIOR ENHANCEMENTS
  • BOOK REVIEW: BEST PRACTICES: THOUGHT LEADERSHIP IN VALUATION, DAMAGES, AND TRANSFER PRICE ANALYSIS
    By Roberto H. Castro, JD, MST, MBA, CVA, CPVA (Chelan, Wash., USA)
  •  TIME TO TAKE A FRESH LOOK AT THE USE OF TRANSACTION DATABASES

SECTION VII. U.S. AND GLOBAL BVU NEWS AND TRENDS ROUNDUP

  • JANUARY 2020 U .S . AND GLOBAL BVU NEWS AND TRENDS
  • FEBRUARY 2020 U .S . AND GLOBAL BVU NEWS AND TRENDS
  • MARCH 2020 U .S . AND GLOBAL BVU NEWS AND TRENDS
  • APRIL 2020 U .S . AND GLOBAL BVU NEWS AND TRENDS
  • MAY 2020 U .S . AND GLOBAL BVU NEWS AND TRENDS
  • JUNE 2020 U .S . AND GLOBAL BVU NEWS AND TRENDS
  • JULY 2020 U .S . AND GLOBAL BVU NEWS AND TRENDS
  • AUGUST 2020 U .S . AND GLOBAL BVU NEWS AND TRENDS
  • SEPTEMBER 2020 U .S . AND GLOBAL BVU NEWS AND TRENDS
  • OCTOBER 2020 U .S . AND GLOBAL BVU NEWS AND TRENDS
  • NOVEMBER 2020 U .S . AND GLOBAL BVU NEWS AND TRENDS
  • DECEMBER 2020 U .S . AND GLOBAL BVU NEWS AND TRENDS

SECTION VIII. DATA

  • PRIVATE COMPANY VALUATION MULTIPLES
  • MONTHLY COST OF CAPITAL DATA

 

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