Business Valuation Yearbook 2016
February 2016 PDF (371 pages)
BVR (editor)
Business Valuation Resources, LLC
Keep up with business valuation’s most innovative approaches and techniques, new court decisions, and regulatory and professional standards updates. BVR has you covered with the Business Valuation Update Yearbook 2016. This newest edition from the publishers of Business Valuation Update covers the year’s most groundbreaking and thought-provoking advancements in business valuation including a new model for S corporation valuation as well as challenges to conventional thinking on the size premium and double-dipping, and more. This book is a critical desktop reference that 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 five easy to maneuver sections:
- Section I: Business Valuation Approaches, Methods, and Entity-Specific Issues. Get tips that you can put into action in your practice now. Learn a new approach to determining reasonable compensation and get the latest information you need to know about your role with ESOPs. Find out how bid premium data is being misused to determine minority discounts and, much more
- Section II: Industry-Specific Valuation. Learn why the cost approach may be the best approach for construction firm valuation. Get new tips that address the nuances of valuing law firms (checklist included!). Is the cost approach reliable in valuing intangible assets in the healthcare industry? Do the results of using this approach meet the commercial reasonableness standard?
- Section III: From the Courtroom. Litigation is a growing area for many valuation practices. Get vital tips that will help you get business as an expert witness and how to survive the stand once you’re in the courtroom
- Section IV: BV Profession and Practice Management. Find out how the valuation profession has evolved over the past 20 years with key insights from leading BV practitioners. Learn why Pablo Fernandez thinks that CAPM is an absurd model. Find out if valuation standards really do conflict each other?
- Section V: Reviews of Data Sources and New Books. Get in-depth guidance on how to use theValuation Handbook—Industry Cost of Capital, which provides country-level cost of capital analyses. Find out more about Nancy Fannon and Keith Seller’s new Taxes and Value book and if it provides a more direct approach to pass-through entity valuation
Introduction
Section I. Business Valuation Approaches, Methods, and Entity-Specific Issues
- Expert Shares His Approach for Determining Reasonable Compensation
- Mean, Median, Harmonic Mean: Which Is Best?
By Bob Dohmeyer, ASA, Dr. Herbert Kierulff, and Janae Castell, CVA - Scrutiny Heats Up on Valuations and Fairness Opinions in M&A Deals
- Data About the Size Premium Challenge Conventional Wisdom
- Recent Developments Bolster Case for Peer Reviews of ESOP Valuations
By Patrice L. Riela, CBA, CPA, CVA, ABAR - Think Like a Potential Investor to Do an Exit Plan Valuation
By Z. Christopher Mercer, ASA, CFA, ABAR - Employee Stock Options: What Valuation Analysts Should Know
By Keith Sellers, Ph.D., CPA/ABV, Brett King, Ph.D., and Yingping Huang, Ph.D. - Rules of Thumb and Prior Transactions of Company Stock
By Heidi P. Walker, CPA, ASA, ABV - Alternative Methods of Purchase Price Determination in Buy-Sell Agreements
By Brian D. Burns, CPA/ABV/CFF, ASA, and Chris Mitchell, CPA/ABV/CFF - Indefinite Is Not Infinite—Solving a Dichotomy in Trademark Valuation
By Christof Binder, Ph.D., MBA, and Robert B. Morrison, MBA, ASA BV/IA - Misapplication of Gordon Growth Model Can Lead to Undervaluing
By Drew E. Voth, CVA, CPA/CFF, CIRA/CDBV, CFE - Avoiding Complications and Disparate Opinions of Value in Buy-Sell Agreements
By Brian D. Burns, CPA/ABV/CFF, ASA, and Chris Mitchell, CPA/ABV/CFF - How to Use the Income Approach on an FLP With No Income
- 20 Questions to Ask When Doing Due Diligence for an IP Valuation
- The Double-Dip Concept Is Often a Misconception
By Robert W. Levis, CPA/ABV, ASA - Fine-Tuned Data Help Tailor the Size Premium to a Subject Company
- A New Approach to Figuring Damages for IP Misuse Over the Internet
- Personal Goodwill and Noncompete Agreements: Folklore vs. Common Sense
By Robert Dohmeyer, ASA, and Peter Butler, CFA, ASA - Pros and Cons of Models for Estimating the Cost of Equity in a Global Setting
- IPCPL and Margin Reversion: Implications for the Valuation of Small Privately Held Companies
By Igor Gorshunov, MBA, CFA - The Misuse of Bid Premium Data to Determine Minority Discounts
By Andrew Strickland and Robert Dohmeyer, ASA - Valuation Concepts Have Undergone Massive Changes in Thinking
- Compensation Normalization and the Double-Dip: The Discussion Continues
By Bryan P. Robertson JD, MPA, CPA, CVA - Levis Responds to Double-Dip Misconception
By Robert W. Levis, CPA/ABV, ASA, CFE - The Black-Scholes Model Can Overvalue ESOs and Other Options
By Martin Greene, CPA/ABV, ASA - Study Reveals DCF Usage by Top M&A Practitioners
- Monte Carlo in BV: A Valuable Tool … in the Right Circumstances
Section II. Industry-Specific Valuation
- The Cost Approach May Be the Best for Construction Firms—Here’s Why
By Matthew Crane, ASA, CPA/ABV - BVU Profiles: When a Law Firm Gets Caught Up in Divorce: An Attorney and an Appraiser Compare Notes
- Checklist of Special Information to Request for the Valuation of a Law Firm
- Key Issues in Debate Over the Cost Approach for Healthcare Intangibles
By Mark O. Dietrich, CPA/ABV, and Timothy R. Smith, CPA/ABV
Section III. From the Courtroom
- Top 10 Noteworthy BV Cases of 2014
- Takeaways From Six Recent Business Valuation Cases
- Court Case Points Up Pitfalls to Avoid When Using Transactional Databases
- Public Shareholders, Fair Value, and the ‘Market-Out Exception’ in Appraisal Statutes
By Gilbert E. Matthews, CFA, and Michelle Patterson, J.D., Ph.D. - BVU Profiles: Survival Tips for BV Experts Put on the Witness Stand Interview with Keith Meyers, CPA/ABV/CFF
- Insiders Reveal How to Get Into the Expert Witness Game—and Stay There
- Surviving the Ever-Changing World of Valuation in the Courts
Section IV. BV Profession and Practice Management
- BVU Profiles: Interview With Nancy Czaplinski, CPA/ABV/CGMA, CFA, ASA (American Appraisal)
- Different BV Standards Have More in Common Than You Might Think
- Understanding the Importance of Buy-Sell Agreements to Business Valuation Services
By Brian D. Burns, CPA/ABV/CFF, ASA, and Chris Mitchell, CPA/ABV/CFF - 20 Ideas to Help Make Your IRS Dealings Go Smoother
By Michael Gregory, CVA, ASA - BVU Profiles: Business Valuation From the Perspective of an Appraiser in Italy
- Snapshots of the Business Valuation Profession Around the World
- S Corporation Valuation, DLOM Rulings Highlight NYSSCPA BV Conference
- BVU Profile: More Common Sense—Less Theory and Fewer Models—Needed in Business Valuation
- Tax Affecting, Web Damages, Practice Building Highlight Annual NACVA Conference
- BVU Profile: On the Road to Building a Career in Business Valuation
- BVU Profile: A Perspective on Business Valuation From South of the Border
- Valuators Are Now Entering the M&A Picture Sooner
By Raymond Weisner - Why Valuation Experts Should Not Use the Term ‘Nonmarketable’
By Ronald D. Rudich, CPA/ABV/CFF, MS, MCBA, CVA/ABAR/MAFF, CM&AA, CMEA, BCA - How to Deal With the Ongoing Hiring Crunch Bubble in BV
- BVU’s Editorial Board Reflects on the Valuation Profession
- Three Generations of Valuation Experts Share Their Views
- BVU Profile: Insights Into the Business Valuation Profession and Practice in Australia
- Are International Standards for Intangible Assets Adapted to Most Companies?
By Charles Markowicz, CPA (Belgium) - BVU Profile: Two-Year IRS Nightmare Caps Off Long Valuation Career Interview with Alfred M. King (King Valuation Services LLP)
- IVSC Meeting in Paris Reveals a Global Perspective on BV
- Highlights From the 2015 ASA Advanced BV Conference
- Recap of The Appraisal Foundation’s Business Valuation Roundtable III
By David S. Bunton - Interview With Soltan Aljorais From TAQEEM, the Saudi Authority of Accredited Valuers
Section V. Reviews of Data Sources and New Books
- Research Into Private Company Multiples in the U.K.
- Book Review: The 2014 Valuation Handbook – Industry Cost of Capital
By R. James Alerding, CPA/ABV, ASA - An In-Depth Review of the Duff & Phelps Risk Premium Calculator
By Jessica Landay, CVA, and Brenda Clarke, CPA/ABV/CFF, CVA - Overly Cautious Healthcare Appraisals Violate Valuation Theory
By William B. Hamilton, MBA, CVA - New Book Is Major Advance in Thinking About S Corp Taxes and Value
- Ongoing Research Related to the S Corp Valuation Puzzle
- Insights Into Private Company Multiples in the United Kingdom
- Book Review: Intriguing Premise: Adjust Cost of Capital for a Supportable PTE Valuation
By R. James Alerding, CPA/ABV, ASA - Letter to the Editor: IRS S Corp Job Aid Makes Assumptions Not Backed Up by Academic Research
- Authors Respond to Comments on Their New S Corp Book
Section VI. Data
- Monthly Cost of Capital Data
