Business Valuation Update Yearbook, 2022 Edition

January 2022 PDF, Softcover (454 pages)

BVR (editor)

Business Valuation Resources, LLC

PDF version now available. Print versions will ship in Early February.

A new year means another annual “greatest hits” publication!  The Business Valuation Update Yearbook 2022 covers the previous year’s most groundbreaking and thought-provoking advancements in valuation.  It captures changes in regulations and professional standards, key takeaways from professional conferences, and tactical practice-building ideas. This critical desktop reference puts you ahead of the competition with on-the-ground reporting by the BVR editorial team including an Introduction by Andy Dzamba, BVR Executive Editor and insights from notable BV experts.

This publication and many more are also available for download with a subscription to the Digital Library or BVResearch Pro.
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Section I. Business Valuation Specific 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: Covid-19 continues to pose unique challenges to valuation as a whole. This chapter revisits analytical framework first developed in early 2020 to measure the impact primarily from a business appraisal standpoint.

Section III. Business Valuation Conference Coverage: Goes over various valuation conferences that occured in the last year and their impact on the profession.

Section IV.  Legal Regulatory Standards: Stay up to date on the latest news regarding the legal, regulatory, and BV standards landscape. 2021 was a big year for business valuation in numerous 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, with new publications added over the previous year.

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: A compendium of the monthly cost of capital data originally presented in the Business Valuation Update newsletter.

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

Choose Your Client Wisely in a Bankruptcy Engagement

New Research From Grabowski and Abbott on Recovery and Growth

Monetary Remedies in Trademark Infringement Litigation
   By Stanley P. Stephenson, Litigation Economics LLC (Tampa, Fla., USA),
  and Gauri Prakash-Canjels, Litigation Economics LLC (Washington, D.C.,
  USA)

Price Versus Value: A Transaction and Litigation Perspective
     By Craig A. Jacobson and Richard B. Peil, B. Riley Advisory Services
    
(New York, N.Y., and Phoenix, Ariz., USA)

The NICE DLOM Method Gets a Few Shots in the Arm

Using a Discounted Cash Flow Methodology in Uncertain Times
     
By Ronald L. Seigneur, Seigneur Gustafson LLP
   
(Lakewood, Colorado, USA)

Letter to the Editor: Comments on Using Jensen’s Alpha for Active and Passive Appreciation

Letter to the Editor: Response to Dr. Abbott’s Comments on Using Jensen’s Alpha for Separating Active and Passive Appreciation

Do Not Use the Arithmetic Mean to Average Multiples
     
By Gilbert E. Matthews, CFA, Sutter Securities Inc.
    (San Francisco, Calif., USA)

Letter to the Editor: The Use of the Arithmetic Mean to Average Multiples

What Business Appraisers Can Learn From the GameStop Saga
     By Joseph W. Thompson, CFA, ASA, Griffing Group (Oak Park, Illinois, USA)

14 Ways to Detect Misrepresentations in Business Interruption Claims

New BVR ‘Power Panel’ Series Offers Seasoned Insights on Timely Issues

New Study Analyzes Earnout Data in DealStats
     By Brian Wendler and Rebecca Crowley, National Business Valuation
    Services (Dallas, Texas, USA)

The Strategic Premium: An Inside Look at M&A Prices
     By Jim Horvath, ValuQuest Limited (Canada)

Economic Damages From Design Patent Infringements
     By Richard F. Bero, The BERO Group PA (Chicago, Ill., USA) and
    Christopher V. Carani, Esq., McAndrews, Held & Malloy Ltd.
    (Chicago, Ill.,USA)

Eliminating Outliers in Financial Data Without Cherry-Picking
    By J. Richard Claywell, J. Richard Claywell, CPA (Houston, Texas, USA)

Ghaidarov Offers a New Framework for DLOM

Updated Data in Largest Pre-IPO Study Reveal High Discounts

COVID-19 Just a Speed Bump in Hot M&A Market, Say Speakers at Transaction Advisors Forum

Defining Terms: Forecasts v. Projections—Why Does It Matter?

New Ballgame for FMV in Healthcare Under Final CMS Rules

Damodaran Says COVID-19 Crisis Puts More Emphasis on the Story Behind a Valuation

Forecasting Expenses for an Economic Damages and Lost Profits Analysis

Red Flags Appear in BVR’s DLOM Survey Results

Examining the ‘Reasonably Objective Basis’ Concept for Projections

Warning to Business Valuers Looking to Use New ESG Ratings

COVID-19 Cloud Has Silver Lining in the Cannabis Sector

‘Survey Says’ for FMV of Physician Compensation Is on Its Last Legs

How COVID-19 Has Impacted Insurance Agencies and Brokerages

Statistical Methodologies for Analyzing Active and Passive Appreciation

Physician Distribution, Mobility, Fair Market Value, and Compensation Surveys: An Update
     By Mark O. Dietrich, CPA/ABV, Mark O. Dietrich, CPA, PC
    (Orleans, Mass., USA)

Section II. Cost of Capital

New Research Paper Joins Call to ‘Let Go’ of the Size Premium

Assessing Additional Economic Risk Due to COVID-19 (Update)
    By Ronald L. Seigneur, Seigneur Gustafson LLP
    (Lakewood, Colorado, USA)

Company-Specific Risk Is Not All That Specific
     By Peter J. Butler, Valtrend (Eagle, Idaho, USA)

Input Needed to Develop New Guidance on Company-Specific Risk

Good News: Key Research on Private Cost of Capital Is Back

Section III. Business Valuation Conference Coverage

Insights From the Record-Breaking ASA Fair Value Conference

Adjusting the Income Approach Highlights AICPA FVS Conference Panel

Insights, Tips, and Practical Advice From the AICPA FVS Conference

Global Valuers Converge for the Art and Science of Business Valuation Conference

Valuers and Attorneys Advise How to Stay Out of Daubert Trouble

Timely Insights From the NYSSCPA Business Valuation and Litigation Services Conference

New World of Energy Valuations, Per Speakers at the ASA Houston Conference

‘Absurd’ CAPM, Size Impact, ‘Sense Checks,’ and Family Firms Highlight the ICAEW Conference

Premier ASA Complex Securities Conference Breaks Attendance Record

Recap of the VSCPA Forensic and Valuation Virtual Conference

Economy, Cannabis, Physician Pay, SPACs, and Expert Testimony Among the Hot Topics at the NJCPA BV Conference

Valuers Converge (in Person!) at the ASA International Conference

Items of Interest Gleaned From the ASA Conference Networking Ops

Section IV. Legal, Regulatory, Standards

The Top Valuation and Damages Cases of 2020
     By Sylvia Golden, Esq.

Massive Overhaul of Global BV Glossary in the Works

Highlights of 2020 Delaware Valuation Decisions
     By Gilbert E. Matthews, CFA, Sutter Securities Inc.
    (San Francisco, Calif.,
 USA)

Fair Price for Delaware Fiduciary Actions Can Exceed Appraisal Fair Value
     By Gilbert E. Matthews, Sutter Securities, Inc. (San Francisco, Calif., USA),
    and Matthew L. Miller, Esq., Abrams & Bayliss LLP (Wilmington, Del., USA)

Personal v. Enterprise Goodwill in Florida Divorce Cases: What the Appellate Courts Say
     By Jimmy Stewart, Baker Tilly (Tampa, Fla., USA)

Alerding Gives an Update on BV Standards and Guidance

Three Court Cases You Must Read Before Writing Your Next Valuation Report

Insiders Examine Michael Jackson Estate Valuation Dispute

Mercer Predicts a Shakeout in the U.S. BV Credentialing Landscape

SEC Comment Letters Reveal COVID-19 Impacts—and Much More

How Recent Insolvency Reform in the UK Impacts Business Valuations

Florida’s Proposed Change to Goodwill Could Set a Precedent
     By Richard West, Esq.; Bruce Parisi, ASA, ARM; and Thomas Gillmore,
    CPA/ABV/CFF, CFE

Letter to the Editor: A New Development in Personal Goodwill

An Inside Look at the Landmark ESOP Valuation Case

How to Explain Personal Goodwill to a Trier of Fact for a Divorce Valuation
     By Gary Trugman, Trugman Valuation (Parkland, Florida, USA)

Section V. Business Valuation Profession and Practice Management

Business Valuation Year in Review 2020

Practice Growth Opportunity in Valuing Financial Instruments

Section VI.Reviews of Data Sources and New Books

Treasure Trove of Data in the 2021 Business Reference Guide

How to Use New Data on Invested Capital Premiums

Updated Data Help Appraisers With RULs of Intangible Assets

Premium Gap Closes Between Strategic and Financial Acquisitions

Benchmark Data on Contract-Based Intangible Assets and Remaining Useful Lives

Section VII. U.S. and Global BVU News and Trends Roundup

January 2021 U.S. and Global News and Trends

February 2021 U.S. and Global News and Trends

March 2021 U.S. and Global News and Trends

April 2021 U.S. and Global News and Trends

May 2021 U.S. and Global News and Trends

June 2021 U.S. and Global News and Trends

July 2021 U.S. and Global News and Trends

August 2021 U.S. and Global News and Trends

September 2021 U.S. and Global News and Trends

October 2021 U.S. and Global News and Trends

November 2021 U.S. and Global News and Trends

December 2021 U.S. and Global News and Trends

Section VIII. Data

Monthly Cost of Capital Data

 

Look Inside the Guide

Business Valuation Yearbook 2022