Recent Trends in the Valuation of Early-Stage Companies
This webinar provides an overview of recent trends in the valuation of early-stage companies. We will review the guidance that the International Valuation Standards Council (including the most recent IVS 500), the Luxembourg Valuation Professionals Association, IPEV, and AICPA provide, and we will then provide practical, step-by-step examples of how to handle some current challenges in early-stage valuation, such as the valuation of SAFEs, how to incorporate down rounds into the valuation, and how to ...
Power Panel: Trends and Issues in Business Valuation
The panel provides an overview of some of the hottest topics in the business valuation profession. Among the topics are: artificial intelligence; environmental, social, and governance (ESG); reasonable compensation resources; Department of Labor adequate compensation (ESOP) update; expert hot-tubbing; Daubert challenges; federal rules applicable to valuation/litigation experts; interesting case decisions/case law update; high-inflation environment and the cost of capital; company-specific risk premium in today’s environment; market multiples and trends in M discount for lack of ...
Data as a Commercial Asset: Valuation Techniques and Analytical Insights (A BVR Workshop)
The importance of data as a commercial asset means that the financial value of data is becoming difficult to ignore. Increasingly, credible methodologies for data valuation will have to be performed for commercial litigation, financial reporting, tax reporting, and even transaction support. Mike Blake will walk through data valuation methodologies as well as analytical points that help distinguish the relative values of different data sets. Attendees will gain a high level of knowledge of data ...
Confident Projections: Knowing & Implementing FP&A Methodology Into Projections
Financial experts use projections in business valuations, economic damages, and a multitude of other scenarios in practice. Understanding the source of data is one step, but assessing the quality of the data along with projections is critical for data quality as well as assessing the sufficiency and accuracy of management’s projections. Learn how to understand and assess the quality of projections and the quality of the professionals providing those inputs by joining Josh Shilts, who ...
Determining Working Capital Adjustments Using a Bardahl Analysis
During a recent conference, the issue of adjusting for working capital came up and the audience seemed unfamiliar with the Bardahl analysis. Here is an excerpt from Gary Trugman’s Understanding Business Valuation, 6th edition, which gives some very practical advice on how to use this analysis.
Advanced Topics and Case Studies When Valuing Family Limited Partnerships and LLCs
As professional methodology has advanced and tax court cases have confirmed, employing analytical techniques to value family limited partnerships/LLCs using the income and market approaches allow appraisers to determine an accurate value objectively. Certain types of partnerships may be considered complicated. This webinar will focus on valuing more complex FLPs using case studies. Mr. Johnson will present empirical data that support the use of these objective appraisal methods and share his opinion on current issues ...
Multidisciplinary Blind Spots #5—Time
The single most important thing about valuing an interest in an asset holding company is time: How long will the interest-holder be stuck in its position? Of course, this is also a consideration for a nonmarketable position in any business. But with real estate holding companies in particular, the timing of an exit event is the single most important variable affecting value. It’s just not an easy story to write. This webinar will provide keys ...
Advanced Class on Monte Carlo Simulations
Participants will learn next-level skills in Monte Carlo simulations, such as: constructing confidence intervals, two or more random variables that are correlated, and using non-Excel software platforms (i.e., Python, Octave). Participants will also learn some VBA coding for running Monte Carlo simulations. The webinar will also present multiple Monte Carlo simulation examples, such as: contingent consideration with correlated variables, dealing with future dilutive financing rounds in an option pricing model/equity allocation framework, and option pricing ...
Embracing Subjectivity: The Illusion of Precision in BV
Nothing keeps a valuator up at night more than “squishy numbers.” Everyday someone comes up with another “objective quantitative method” that eliminates subjectivity. But guess what? Many of the methods are actually increasing the subjectivity exponentially and creating the illusion of precision. In this rip roaring session, we will shine a light on all of the subjective areas of the valuation process and learn to embrace it.
Leases Pieces—Digesting the New Accounting Standards and Business Valuation Impacts
The mandatory adoption of ASC 842 (Leases) poses several unique challenges for business valuation experts and other financial service providers alike. Listen in as experts from Adamy Valuation and BDO review the new standard, break down its accounting implications and presentation in GAAP financial statements, and identify methods that ensure these changes are properly addressed in a valuation context.
Best Practices In Developing Intangible Asset Valuations and Asset-based Approach Business Valuations (A BVR Workshop)
Most analysts are familiar with applying the income approach and the market approach to going-concern business valuation. While most valuation professionals may be familiar with applying the asset-based approach to valuing investment holding companies, many are generally not familiar with applying the asset-based approach to valuing going-concern businesses. One reason for this is most analysts are not familiar with the principles of tangible property and intangible property valuation. While some analysts are familiar with applying ...
Carried Interest—What's it Worth?
Join Vladimir Korobov and Kyle Garcia for an overview of private equity funds and other alternative investment vehicles with similar characteristics in general and discuss situations that require business valuation. With discussion of the valuation of carried interests including the general approaches used for valuation, you’ll get helpful tips when undertaking engagements for these unique assets. Learn to address issues of the fund life cycle and the valuation methods applicable in different stages. Practical examples ...
Valuing Small Owner-Operated Business
Small owner-operated businesses have unique characteristics that are fundamentally different from other businesses. These differences should be taken into consideration when performing valuations. Join David Coffman for a dive into those characteristics and a detailed description on how they impact valuation procedures and conclusions. Learn about the market for small owner-operated business valuations.
Valuing Fractional Interests in Real Estate 2.0
January 2022 Hardcover (485 pages)
Dennis A Webb
Milonguero Press
This book is the first complete, multidisciplinary work that fully integrates business valuation and real property appraisal. Webb addresses the long-standing struggle with fractional interests in real property, specifically because the practice lies squarely between business valuation and real property appraisal and draws from both professions and bodies of knowledge, which creates formidable challenges for all stakeholders. Webb has pulled off a feat that rarely occurs in practice: complete integration with the two fields. His book offers two practical, eye-opening case studies that represent a significant advance in valuation methodology and professional cooperation.
Learn more >>
Non-Marketable Investment Company Evaluation: Free Resource for Your Next Valuation
When it comes to valuing minority interests in family investment entities such as family limited partnerships, it is apparent that the income approach should now be used alongside the traditional asset/market approach. Join creator William Frazier for a live “nuts and bolts” example of exactly how the nonmarketable investment company evaluation (NICE) method is used. With examples of FLPs with different asset makeups and financial characteristics, this event will arm you with a new tool ...
Power Panel: Festivus Edition
In the final Power Panel of 2021, join experts Jay Fishman, Roger Grabowski, and Chris Mercer for this “Festivus”-themed conversation. What is Festivus? It is a light-hearted reference to the “airing of grievances” with a valuation twist. Our all-star lineup will discuss practices and thought processes within valuation that need a reexamining along with suggestions of how the profession can move forward. As usual, bring your questions and comments, and we welcome you to submit ...
Relying on Guideline Public-Company Data in Appraisals of Closely Held Interests
What are the guidelines for using the guideline public-company data in appraisals of closely held interests? Join Rob Schlegel to learn the background and logic for appraisers relying on public-company transaction data, including the advantages and disadvantages. There are a variety of sources for these data, and several examples will be provided as to how these data are used. Winnowing the initial data group and concluding on the best fit given the client conditions imply ...
Illiquidity Discounts for Restricted Equity Securities with Random or Indefinite Liquidity Horizons
Illiquidity discounts depend on the length of the trading restriction period. Existing theoretical restricted stock discount models are adapted to situations in which the trading restriction period has a well-defined fixed length. In many scenarios, the private equity investor faces a liquidity horizon that may be random or indefinite rather than of known fixed length. Stillian Ghaidarov will review a simple and robust methodology that allows us to extend the use of restricted stock discount ...
Valuing Shareholder Cash Flows
The integrated theory of business valuation provides a conceptual framework for disciplined analysis of valuation questions. Too often, valuation analysts are tempted to view individual components of a valuation assignment on a piecemeal basis. Adhering to the integrated theory helps valuation analysts develop base valuation conclusions, discounts, and premiums that are rooted in a shared perspective of the subject company and the subject ownership interest. In the first webinar of the three-part series, Chris Mercer ...
Power Panel: Live Expert Answers for Today's Tough BV Questions
What is going on next in BV? While we don’t have a crystal ball, we do have the next best thing. Thought leaders Jay Fishman, Neil Beaton, Ray Rath, and Stacy Collins on hand to answer your questions on what is changing, trends within the profession, and thought processes behind tackling tough problems. What’s more, if you send in a video of yourself asking the question, you will get free admission to the session. Use ...
Valuing Enterprise Cash Flows
The integrated theory of business valuation provides a conceptual framework for disciplined analysis of valuation questions. Too often, valuation analysts are tempted to view individual components of a valuation assignment on a piecemeal basis. Adhering to the integrated theory helps valuation analysts develop base valuation conclusions, discounts, and premiums that are rooted in a shared perspective of the subject company and the subject ownership interest. In Part 1 of the series, Chris Mercer and Travis ...
Valuing Small and Micro Businesses Using the Income Method
Focus in on valuing micro and small businesses using the income methods of business valuation. Learn to distinguish differing risk factors between large companies and micro and very small companies. Join Gregory Caruso for a deep dive into problematic areas of actual small-business valuation cases to review theory and tie it into the actual application of methods using best practices and professional judgment. Audience questions and succinct opinions welcomed in this hands-on event.
Conceptual Overview of the Integrated Theory
The integrated theory of business valuation provides a conceptual framework for disciplined analysis of valuation questions. Too often, valuation analysts are tempted to view individual components of a valuation assignment on a piecemeal basis. Adhering to the integrated theory helps valuation analysts develop base valuation conclusions, discounts, and premiums that are rooted in a shared perspective of the subject company and the subject ownership interest. This first webinar in the three-part series sets the stage ...
NICE Value! How to Deploy the Non-Marketable Investment Company Evaluation Method
When it comes to valuing minority interests in family investment entities such as family limited partnerships, business valuation professionals have not often used the income approach. However, in three recent Tax Court cases, the income approach was prominently featured, and, in one case, it was clearly the deciding factor in the court’s decision. Join William Frazier to learn about the nonmarketable investment company evaluation (NICE) method. Learn its origins, what it doesn’t replace, and how ...
School of Probability: The Use of Monte Carlo in Valuation
The one thing we know about valuations is that the future is unpredictable. How we deal with that uncertainty is critical to developing credible valuations. Join Oksana Westerbeke and Keith Konen to learn how Monte Carlo simulations can be used to deal with the uncertainty, allowing you to generate insights for your client and build credible valuations.