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Total Beta—Where Does It Fit in Valuation Theory

The valuation of any company by the discounted cash flow method is divided into two different tasks: forecasting cash flows and discounting these same cash flows using the appropriate discount rate. The latter requires a good understanding of the risks faced by the subject company's cash flows to be able to determine the appropriate risk premia to compensate a typical willing buyer and satisfy a typical willing seller. There is a high level of ambiguity ...

Restaurant Valuation: Serving Your Clients During the Covid-19 Crisis

Few industries have been as harshly impacted by COVID-19 as the restaurant industry. Join Lynton Kotzin for an overview of the state of the restaurant industry and what the future looks like for different restaurant types. Learn the reasonableness test, value drivers, and proper application of the approaches during these volatile times. Be ready to advise and value your restaurant clients.

Family Matters: Standard of Value, DLOM/DLOC Discounts and Drama in BV

A buried body, sex surrogates, and family-owned business create a dramatic background for a recent court case impacting valuation. With complex minority discounts, this case kicks off a compelling discussion of key issues in family law. Experts Stacey Udell, Neil Beaton, and Ron Seigneur tackle these thorny issues with clarity and comedy. Get treated to the tricks and tips you’ll want when your next family-owned business engagement rings your doorbell.

Control Discounts and Premiums - What is Old and What is New

Where do they come from? Do they even exist? Should I fear using them? No, this October event doesn’t delve into the supernatural but rather attempts to demystify the methods and resources available to quantify control discounts and/or premiums. Join Jim Ewart and Jim Alerding to learn what is new, what is old, and what matters. Learn the sources, context, and usefulness of control premiums and discounts, and the best practices for determining what they ...

Valuing Micro and Small Businesses in the Shadows of COVID-19

Valuing micro and small businesses in the shadow of COVID-19 is daunting. COVID-19’s effects on the economy has magnified risk and uncertainty for small business, making the job of valuators more difficult. Join small business broker, attorney, valuation professional, and author Gregory Caruso for a deep dive into problematic areas of actual small-business valuation cases. With a review of how the theory ties into the actual application of methods using best practices and professional judgment ...

Excelling in Litigation and Dispute-Related Valuations: How to Not Get Caught Bringing a Knife to a Gunfight

Preparing a valuation analysis can be difficult enough, let alone defending it against an opposing party questioning your every move. It is important for valuation experts to know how their valuations may be challenged by other experts and work to effectively address these issues pre-emptively. Presenters Sean Saari and Bob Ranallo discuss how to prepare yourself, and your valuation report, when you know your work will be subject to review and critique in a litigation ...

BVLaw Case Update

Join Jim Alerding, a veteran valuator, and Sylvia Golden, BVR’s legal editor, for a discussion of some of the most consequential recent valuation decisions. This selection of state and federal cases includes two key state court rulings on the use of discounts in valuing minority interests in buyback situations, a state court decision on the admissibility of calculations of value in divorce proceedings, an expansive statutory appraisal ruling involving a public company from a North ...

Class-Action Litigation Involving ERISA/ESOP Valuation Issues

Join James F. Joyner and attorney Richard Pearl for unique insight into ESOPs and valuation principles. The general trend in ESOP transactions and valuation has been to acquiesce to fundamental changes because of the threat of litigation, even though ERISA or valuation principles do not require changes. Many defendants have been unable to adequately educate courts on some key issues. Get both the valuation and attorney perspective on how to address these issues.

Valuing Residential and Commercial Construction Companies

Cash flow seasonality, bid requirements, license particulars, economic forces, and ubiquitous litigation are all hallmarks of the residential and commercial construction industries and all unique factors when appraising a construction company. Join What it’s Worth guide author and expert Pasquale Rafanelli for a full inspection of residential and commercial construction company valuation issues from accounting methods to value drivers. Avoid the common valuation mistakes that appraisers make and learn to answer the one question on ...

Sultan v. Malik

Appeals court upholds trial court’s valuation of accounting firm based on asset approach where prevailing expert added goodwill value as intangible; court says intrinsic standard of value does not mandate use of income approach for service-based entity.

Court Approves of Adding Goodwill as Intangible in Asset-Based Valuation of Accounting Practice

Appeals court upholds trial court’s valuation of accounting firm based on asset approach where prevailing expert added goodwill value as intangible; court says intrinsic standard of value does not mandate use of income approach for service-based entity.

Court Says ‘Fair Value’ Under State Shareholder Oppression Law Precludes Discounts

In shareholder oppression suit, court clarifies meaning of “fair value” under applicable statutory framework; court cautions not to conflate “fair value” with “fair market value”; in drafting statute, state legislature explicitly and implicitly conveys its rejection of discounting, court says.

Kolwe v. Civil and Structural Engineers, Inc.

In shareholder oppression suit, court clarifies meaning of “fair value” under applicable statutory framework; court cautions not to conflate “fair value” with “fair market value”; in drafting statute, state legislature explicitly and implicitly conveys its rejection of discounting, court says.

Virginia court nixes challenge to appraisal done according to valuation agreement

In the category of buyout disputes notwithstanding a valuation agreement, a recent Virginia case stands out for showing the evidentiary hurdle a challenger must overcome to defeat a third-party appraisal done in accordance with a controlling agreement.

BVLaw case update: buyout disputes

Even when the members of a business entity plan ahead for a potential buyout, a lot can still go wrong, often because the language in a controlling shareholder agreement leaves too much room for interpretation or a necessary corporate document is missing.

In Share Redemption Case, Bylaws Militate Against Book-Value Valuation

In share redemption dispute pivoting on missing shareholder agreement, high court finds corporate bylaws show trial court’s use of book value to value separating member’s stock was error but plaintiff failed to show right to fair value determination as a matter of law; court remands.

Lynd v. Marshall County Pediatrics, P.C.

In share redemption dispute pivoting on missing shareholder agreement, high court finds corporate bylaws show trial court’s use of book value to value separating member’s stock was error but plaintiff failed to show right to fair value determination as a matter of law; court remands.

In Wrongful Dissolution, New York’s High Court Approves FMV Valuation

In wrongful partnership dissolution, New York high court finds, under applicable statute, exiting partner’s interest may be valued under FMV standard of value; where exiting partner’s interest is minority interest, DLOM and minority discount may apply.

Congel v Malfitano (II)

In wrongful partnership dissolution, New York high court finds, under applicable statute, exiting partner’s interest may be valued under FMV standard of value; where exiting partner’s interest is minority interest, DLOM and minority discount may apply.

Absence of Noncompete Drives Goodwill Valuation in Liquidation Sale

In case of voluntary corporate dissolution under judicial supervision, appeals court finds receiver’s minimum bid value was based on correct standard of value (liquidation value) and calculated auction sales price reflected all elements of a going concern ...

Absence of Noncompete Drives Goodwill Valuation in Liquidation Sale

In case of voluntary corporate dissolution under judicial supervision, appeals court finds receiver’s minimum bid value was based on correct standard of value (liquidation value) and calculated auction sales price reflected all elements of a going concern ...

Perry v. Sackett

In case of voluntary corporate dissolution under judicial supervision, appeals court finds receiver’s minimum bid value was based on correct standard of value (liquidation value) and calculated auction sales price reflected all elements of a going concern ...

Unilateral Partnership Dissolution Exacts Steep Price From Wrongdoer

New York appellate court says trial court erred when it declined to apply minority discount in determining “value” of minority shareholder’s interest in partnership where shareholder wrongfully dissolved partnership and buyout was not a fair value proceed ...

Why Divorce Valuation Does Not Accord With Chapter 7 Liquidation Analysis

Bankruptcy Court says differing standard of value in divorce and bankruptcy proceedings precludes use of divorce valuation of husband’s interest in dental practice; but valuation based on shareholder agreement accords with Chapter 7 liquidation analysis.

Demand for Executive Compensation Data Lacks ‘Proper Purpose’

Appeals court finds no error in trial court’s rejection of plaintiff’s demand for inspection of corporate records on executive compensation, where expert testimony showed information was not necessary to value plaintiff’s minority interest in company.

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