Business Valuation Update Yearbook, 2023 Edition

January 2023 PDF, Softcover (426 pages)

BVR (editor)

Business Valuation Resources, LLC

NOTE: Print copies of this title will ship in early February. 

It's that time of year again, BVR's “greatest hits” publication is here!  The Business Valuation Update Yearbook 2023 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:  How to take inflation into account in company valuations is the subject of several articles. Also, new research and ideas should prompt valuers to take a fresh look at some existing methodologies and approaches

Section II. Cost Of Capital: Inputs to the cost of capital were the subject of some spirited debate and new research, including the size premium and company-specific risk.

Section III. Business Valuation Conference Coverage: Key takeaways from eight important conferences reveal many practical tips and pieces of advice that valuation experts can put to work right away. 

Section IV.  Legal, Regulatory, Standards: 2022 was a busy year on the legal and regulatory front as well as with planned updates to some valuation standards and guidance.

Section V. Business Valuation Profession and Practice Management: This section includes some important articles on key issues such as the state of the profession, staffing, management, and attracting more valuation work. Also, a landmark study of the views of young practitioners was covered.

Section VI. Reviews of Data Sources and New Books: 2022 was a big year in this area—new editions of two seminal business valuation texts were released and are reviewed. Also, some insights into existing databases and resources.

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.

Introduction

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

Avoid This Mistake When Using an Exit Multiple in the Terminal Year

Typical Way to Estimate Long-Term Growth Is ‘Flat Wrong,’ Says Grabowski

New Version of the NICE DLOM Method Now Freely Available

Valuation Lessons Learned From the Gaming Industry

Reader Question: How Much Is a Discount for Lack of Voting Rights?

Veteran Valuers Warn of This Fallout From COVID-19

Unique Pitfalls in Valuing a Diagnostic Imaging Center

A ‘Radical’ Market Data Approach to Startup Valuations

Reconciling the Results of Various Valuation Methodologies

A Lesson in Healthcare Supply and Demand—and Market Power (Part 1)

By Mark O. Dietrich, CPA/ABV

A Lesson in Healthcare Supply and Demand—and Market Power (Part 2)

By Mark O. Dietrich, CPA/ABV

How Direct Loan Market Participants Are Handling the Handoff From LIBOR to SOFR

By John Czapla, Valuation Research Corp. (New York, NY)

New Toolkit for Passive Appreciation Takes Shape

Coronavirus Updates for 24 U.S. Industries

An Actual Brand Valuation Report a Court Rejected as ‘Speculative’

Misusing the Market Prices of High-Vote Shares When Estimating a Discount for Lack of Voting Rights

By Gilbert E. Matthews, Sutter Securities, Inc. (San Francisco, Calif., USA)

Why Analysts Should Consider the Asset Approach for Going Concerns

Damodaran on How Inflation Plays Out in Company Valuations

The 2022 Cannabis Reset: A Redux of 2019?

By Ron Seigneur and Ryan Cram, Seigneur Gustafson LLP (Lakewood, Colorado)

Key Lesson to Be Learned From Valuing a Strip Club

Valuation Considerations in High Inflationary Environments

By William Harris, Trugman Valuation (Parkland, Fla., USA)

Accounting for Inflation in the Income Statement Forecast

By William Harris, Trugman Valuation (Parkland, Fla., USA)

Key Industry Updates for Various Types of Stores and Retailers

The Two Most Prevalent Methods for Solving the Goodwill Conundrum

Pratt’s Document Request Checklist Stands the Test of Time

Section II. Cost of Capital

Appraiser Uses Direct Way to Estimate Private-Company Cost of Equity

Trugman’s Approach to Assessing Company-Specific Risk

Hitchner v. Damodaran on Inputs to the Cost of Capital

New Pepperdine Report Creates Buzz at the NACVA Conference

Ang Offers SSBV Members More Evidence of the Lack of a Size Effect

Estimating the Extra Risk of Customer Concentration

Section III. Business Valuation Conference Coverage

Additional Takeaways From the 2021 ASA International Conference

Highlights From the 2022 NYSSCPA BVLS Conference

Conference Recap: ESOP Valuations at a Crossroads

Recap of the ASA New York Fair Value Conference

Recap of NACVA’s Summer 2022 ‘Super Conference’

Recap of the AAML/BVR National Divorce Conference

Hot Topics at the 2022 VSCPA Forensic and Valuation Conference

Recap of the New Jersey CPA Society FVS Conference

Section IV.  Legal, Regulatory, Standards

BVLaw Review: The Top Valuation Cases of 2021

Questions a Trier of Fact Will Ask About Your Valuation

Proposed Rule 702 Change Targets Unqualified Experts

Cellular Telephone: An Interesting Decision for Valuation Practitioners

By Gilbert E. Matthews, Sutter Securities, Inc. (San Francisco, Calif., USA)

Delaware Chancery Case on Shareholder Dissent Likely to Raise Eyebrows

By R. James Alerding, Alerding Consulting LLC (Noblesville, Indiana, USA)

How Judges Compare Competing DCF Analyses

Appraisers Have the Highest Exclusion Rate Under Daubert, Per PwC Study

Appraisers Continue to Be Excluded Most Under Daubert, Per PwC Study

Probing Questions Valuers Will Face About Their Guideline Transaction Analysis

Roundup of Recent and Planned Updates to Valuation Standards and Guidance

Stark Law FMV: Precluded Reliance on Market Data From Business-Related Parties

By Timothy Smith, TS Healthcare Consulting (Dallas/Ft. Worth, Texas)

Section V. Business Valuation Profession and Practice Management

BV Year in Review 2021: End of an Era

Colleagues Pay Tribute to Shannon Pratt

A Closer Look at the ‘Perfect Storm’ in BVFLS Staffing

By R. James Alerding, CPA/ABV, Alerding Consulting LLC (Noblesville, Indiana, USA)

Final Version of Global Business Valuation Glossary Released

New Case Points Up Opportunity for Buy-Sell Valuations

Business Valuation Needs to Be a Recognized Career Path

By David Foster, CEO, Business Valuation Resources (Portland, Ore., USA)

Two BV Firms Collaborate to Serve Clients Better—and Boost Business

Comments on an Article on Attracting More Practitioners to BV

Breaking Into Bankruptcy Valuations With Little—or No—Experience

Using the Valuation Report as a Selling Tool

ASA Ramps Up Efforts to Attract and Retain Young BV Pros

Young BV Practitioners Speak Out About the Profession

Mercer Examines the State of the BV Profession

Good News in New BVR Survey of Young ASA BV Experts

New Case Points Up Practice Opportunity in Reasonable Compensation

Section VI. Reviews of Data Sources and New Books

Vertical IQ Enhances Its Industry Research Platform

Understanding Business Valuation, 6th Edition

By R. James Alerding, Alerding Consulting LLC (Noblesville, Indiana, USA)

Valuing a Business—The Analysis and Appraisal of Closely Held Companies, 6th Edition

By Harold G. Martin Jr., Keiter (Richmond, Va., USA)

A Bird’s-Eye View of Major Intangible Asset Benchmarks

By Christof Binder, Ph.D., MBA, Trademark Comparables AG (Switzerland)

DealStats Yields Insights on How Crises Impact Exit Values for Small Firms

Latest Inside Look at the ktMINE Royalty Rate Database

Using Rule of Thumb Benchmark Data to Verify Financials

BVR Responds to Hitchner Article on DealStats

[by Adam Manson, BVR director of valuation data](published June 2022)

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

January 2022 U.S. and Global News and Trends

February 2022 U.S. and Global News and Trends

March 2022 U.S. and Global News and Trends

April 2022 U.S. and Global News and Trends

May 2022 U.S. and Global News and Trends

June 2022 U.S. and Global News and Trends

July 2022 U.S. and Global News and Trends

August 2022 U.S. and Global News and Trends

September 2022 U.S. and Global News and Trends

October 2022 U.S. and Global News and Trends

November 2022 U.S. and Global News and Trends

December 2022 U.S. and Global News and Trends

Section VIII. Data

Monthly Cost of Capital Data