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Put ESG impact in numerator, not denominator

Currently, there is no empirical evidence to support including the impact of environment, social, and governance (ESG) factors in the cost of capital, so it should be reflected in the cash flows.

How Judges Compare Competing DCF Analyses

Two valuation experts are far apart in their opinion of value using the income approach. What does the judge focus on when comparing the two analyses?

Feedback wanted on ‘social value’

The Social Value Working Group at the International Valuation Standards Council has released its second paper in a series that examines whether “social value” can be a basis of value, the difference between social value and the social component of ESG, and whether the existing valuation principle of highest and best use can apply to social assets and social value.

Reconciling the Results of Various Valuation Methodologies

This is an excerpt from the author’s new sixth edition of Understanding Business Valuation. It illustrates the clear, simple way he explains key concepts and provides real-world examples.

Hester v. Hester

In this Virginia divorce case, the court, among other things, did not accept the valuation of either valuator and instead determined its own value crafted from the two valuations that were submitted. The result, by chance or otherwise, resulted in “splitting the baby.”

Divorce Matter Results in the Court ‘Splitting the Baby’ to Value a 20% Interest in an S Corp. Medical Practice

In this Virginia divorce case, the court, among other things, did not accept the valuation of either valuator and instead determined its own value crafted from the two valuations that were submitted. The result, by chance or otherwise, resulted in “splitting the baby.”

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 ...

Shining a Spotlight on Nightclub Valuation

Get ready to jump the line with this lesson on valuing bars and nightclubs with Jason Pierce and Lynton Kotzin. The entertainment venue industry is nuanced, and the pandemic changed the approach for these valuations. Hear specific examples of specialized issues, including deconstructing the revenue streams, matching the risk to the business model, properly applying transaction multiples and other benchmarks, and utilizing lessons learned from court cases. Valuation experts, financial analysts, legal counsel, industry practitioners ...

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

There is nothing wrong with using exit multiples on the terminal year of a DCF, but the devil is in the details.

Adewopo v. Jaja

In this divorce matter, the Indiana appellate court included enterprise goodwill of the wife’s business in the marital estate. The court-appointed, at the husband’s request, expert testified as to his conclusion of value using an income approach and calculating the amount of enterprise goodwill while excluding personal goodwill. The wife objected to the expert’s value but provided no evidence of her own determination of value.

Indiana Appellate Court Includes Enterprise Goodwill of Wife’s Businesses in Marital Estate

In this divorce matter, the Indiana appellate court included enterprise goodwill of the wife’s business in the marital estate. The court-appointed, at the husband’s request, expert testified as to his conclusion of value using an income approach and calculating the amount of enterprise goodwill while excluding personal goodwill. The wife objected to the expert’s value but provided no evidence of her own determination of value.

Business Valuation Case Law Yearbook, 2022 Edition

January 2022 PDF, Softcover (177 pages)

BVR (editor)

Business Valuation Resources, LLC

The legal coverage and in-depth analysis from the BVR legal team deliver lessons learned to help appraisers reach better and more defensible valuation conclusions. All the cases featured in this book impart important lessons about applicable legal principles, approved and discredited valuation methodology, and the act (and art) of presenting expert opinions. This must-have collection benefits both the generalist as well as the specialist.

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 ...

Letter to the Editor: A New Development in Personal Goodwil

Remarks and comments from BVR’s legal editor on a previous article that discussed Florida’s proposed legislation to clarify the value of goodwill in the marital interest of closely held businesses.

How to Explain Personal Goodwill to a Trier of Fact for a Divorce Valuation

This is an excerpt from the author’s upcoming sixth edition of Understanding Business Valuation, which will be available from BVR in early 2022.

BV News and Trends December 2021

A monthly roundup of key developments of interest to business valuation experts.

Incompetent valuation KOs jury verdict

The jury’s verdict in an eminent domain trial could not stand because the jury relied solely on the valuation the expert for the Pennsylvania Department of Transportation (PennDOT) did, “which was incompetent.”

BV News and Trends November 2021

A monthly roundup of key developments of interest to business valuation experts.

Reminder: Preorder Trugman’s sixth edition

Understanding Business Valuation by Gary Trugman (Trugman Valuation) has been the go-to book for real-world examples on how to apply valuation theory and complex topics.

ASA conference hits the jackpot in Vegas

About 600 attendees converged—both on-site and virtually—for the American Society of Appraisers’ International Conference in Las Vegas October 24-26.

Florida’s Proposed Change to Goodwill Could Set a Precedent

The Family Law Section of the Florida Bar is proposing legislation to clarify the value of goodwill in the marital interest of closely held businesses. The authors envision that this proposed legislation could set a precedent for future family law matters throughout the United States.

Warning to Business Valuers Looking to Use New ESG Ratings

A hot topic today is environmental, social, and governance (ESG) factors and how to reflect the impact of these factors in business valuations and financial reporting. Data are starting to emerge to help quantify the impact of ESG—but analysts need to be careful in using these data.

Trugman talks about his new book at the ASA confab

If you visited the BVR booth at the American Society of Appraisers International Conference in Las Vegas, you would have had the chance to chat with Gary Trugman (Trugman Valuation), who was taking a break from working on the new, sixth edition of his book Understanding Business Valuation.

Trugman’s sixth edition now available for preorder

The new, sixth edition of Gary Trugman’s Understanding Business Valuation is now available for preorder for an early 2022 release.

Book Review: Business Valuation: An Integrated Theory (BVIT)

Today, there are many fine business valuation textbooks available to the professional business appraiser for guidance and support. The purpose of these publications is to equip the readers with the methodology, techniques and models necessary to produce a credible valuation opinion and report.

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