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Business Valuation Year in Review 2020

What a year! This is a recap of developments in the business valuation profession under the shroud of COVID-19 including the latest thinking in methodologies, changes in regulations, new and updated resources, and practice-building ideas.

The Top Valuation and Damages Cases of 2020

Our pick of valuation-related court cases includes state and federal court decisions covering many areas of law that dealt with novel issues of law or, in some way, enhanced our understanding of valuation and damages issues as they arose in a litigation setting.

Stark Differences from the Inside Out: Two Key Responders Discuss The Final Stark Regulations for FMV and Commercial Reasonableness

The Stark regulations have been updated. What has changed and how does it impact value? Mark Dietrich and Tim Smith were two major contributors of public comments to the Centers for Medicare & Medicaid (CMS) for the updated Stark regulations with over 100 pages of newly written material that was influential in the development of the final regulatory definitions for FMV and commercial reasonableness. In addition, they included over a dozen chapters from the BVR/AHLA ...

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.

ESOPs: good for employees but facing an uncertain future

A recent article in the New York Times extols the virtues of employee ownership through employee stock ownership plans (ESOPs). And trade groups for employee-owned businesses have noted bipartisan Congressional support for ESOPs. But ESOP experts (trustees and appraisers) worry that the Department of Labor’s antagonistic attitude toward ESOP transactions, validated by key victories in court, has stymied ESOP formation.

Key Issues in Valuing Owner Operated Small Businesses

Owner-operated business must be considered in a different framework than many other types of business. Everything from hypothetical transaction (asset sale versus equity interest) to financial objectives (minimize taxable income versus maximize shareholder value) must be considered from a different perspective. Join David Coffman as he discusses rate of return and personal goodwill through this unique lens.

Valuation Challenges and Best Practices in Joint Ventures and Strategic Affiliations

Today, corporate investments into joint ventures and other non-controlled entities now exceed $5 trillion per year, according to Ankura/Water Street Partners' analysis of U.S. Government data. Companies utilize joint ventures for a variety of reasons, including to access capabilities, share risk, pool capital, secure added scale and scope, and satisfy regulatory requirements of local ownership. Join Jerry Chang, Molly Faber, and Tim Lubbe of Ankura to learn more about the increasing prevalence of joint ventures ...

Case Studies in Contingent Consideration

A significant component of the transaction price in an M&A or buyout transaction often consists of proceeds that are “contingent” upon the target company’s achievement of certain performance targets after the closing has taken place. From the perspective of the seller, “contingent consideration” represents the right to receive additional assets or equity interests from the buyer (earnout), or the obligation to return part of the proceeds from the transactions (clawback) if specified future events occur ...

Valuation of Inventory: Taking Stock of the Guidance

Given divergences in both practice and guidance, inventory valuation can seem challenging. In this webinar, Anthony Pumphrey will illustrate simple, straightforward modifications to the valuation of inventory that you can incorporate into your valuation process. Review what comprises the book value of inventory and valuation guidance from the FASB, the IRS, and the AICPA. Next, walk through an example valuation of raw materials, work-in-progress, and finished goods in accordance with this guidance. The example provided ...

Financial Triage: Five One-Page Tools for Appraisers That Add Value During Transition Or Crisis

There are five simple, but powerful tools, financial experts can use to help their clients manage precious cash, increase diminished revenues, and concentrate people resources during business crises. The tools, i.e. RCF, DRC, CCO, BPM, and SMM and have been deployed for nearly two decades in businesses throughout North America ranging from sole proprietorships to Fortune 500 companies. They are ideally suited to businesses needing immediate cash and revenue enhancement supplemented by sustainable actions. Join ...

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 ...

Early Stage Valuation: A Fair Value Perspective

June 2020 978-1-119-61363-3 Hardcover

Antonella Puca

John Wiley & Sons, Inc.

Early Stage Valuation: A Fair Value Perspective provides a comprehensive review of the current methodologies used to value Early Stage Enterprises (ESEs) at fair value for financial reporting, investment, and mergers and acquisitions. Author Antonella Puca, Senior Director with Alvarez & Marsal Valuation Services in New York, provides accurate, up-to-date information on recent guidelines and new approaches for valuation assessments. Learn more >>

Alternate Valuation Methods in the Era of COVID-19

COVID-19 has substantially affected the financial and economic characteristics of privately held and publicly traded businesses throughout the U.S. In this presentation, the presenters will address the valuation impact of COVID-19 and the potential distortions that can occur when traditional valuation approaches and methods are mechanically applied. In the current environment, it is important for analysts to think “outside-the-box” when performing business valuations with valuation dates occurring during the first and second quarter of 2020.

Volatility Adjustments for Industry, Size and Leverage

How well do you understand the theory and application of industry, size, and leverage adjustments for estimating equity volatility? Do you feel confident explaining it to a new analyst? A client? A judge? It may be time to get more confident. Join James Herr for a discussion of the basic concepts around applying volatility estimates in valuation, covering common pitfalls when calculating the basic volatility measure. Learn the differences between equity and asset volatilities, and ...

BVResearch Pro: A Complete and Cost-Effective BV Library

BVR has amassed 25 years of the collective knowledge of the business valuation profession’s top thought leaders and packed it all into a single new cost-effective platform called BVResearch Pro. This program will show you the platform, what it includes, and how it can help you. You will see how the platform’s powerful search engine puts a complete library of insights, news, legal analysis, and commentary right at your fingertips.

Global BVU News and Trends March 2020

Business valuation news from a global perspective.

Tales From the Trenches: How Recent Challenges with the IRS Impact Your Valuation

With a special focus on the recent Aaron U. Jones (USTC TCM 2019-101) case regarding tax affecting an S corp and a partnership, this workshop is the best way to get IRS insights short of going into litigation. Get real insights on how to avoid and what to do if working with the IRS on business valuation issues at all levels. Join Mike Gregory as he dives into conflict resolution (with assistance from the Collaboration ...

Valuing Customer Relationships: The Do's and Don'ts of the Distributor Method

While the relief from royalty method and multiperiod excess earnings method are effective tools for valuing intangible assets such as customer relationships, they rely on market data that can be both highly subjective and of poor comparable value to the subject company. As an alternative, the distributor method provides appraisers with a market-based proxy for use in valuing customer relationships. Join experts Edward Hamilton and Sean Woodward to explore the strengths and weaknesses of customer ...

Journal of Business Valuation 2018 Edition

From the CBV Institute ...

Journal of Business Valuation 2015 Edition

From the CBV Institute ...

2019 Key Valuation and Damages Cases

A discussion of the court cases that have dominated the conversation in 2019 among financial experts by making law or influencing attitudes on key valuation issues.

Business Valuation Year in Review 2019

A look back at some of the developments in the BV profession in 2019, including important court rulings on tax affecting pass-through entities, a possible upending to the goodwill model, a new cost of capital platform gaining traction, and advances in fair value for financial reporting.

Business Valuation OIV Journal Fall 2019

Business Valuation OIV Journal has been created by Organismo Italiano di Valutazione (OIV), the Italian Valuation Standard Setter, to provide a forum for discussion and to foster cultural progress in the field of business valuation. In this issue, articles include "Roundtable: 10 Big Issues in Business Valuation"; "The Limits of Accounting Rates of Return and the Calibration Trap in Applying Accounting-Based Models in Modern Business Valuation Practice"; and "Connecting Economic Value to Company Strategy: Critical Issues and New Perspectives."

HM Treasury releases major EY study of UK financial tech sector

Business valuers concerned about fintech can get a great view of this critical sector from ‘UK FinTech: On the Cutting Edge,’ a just-released study HM Treasury commissioned back in 2014 as part of the Chancellor of the Exchequer’s goal of making the UK the ‘global capital of FinTech.’

Smarter Spreadsheets: Improving the Efficiency and Accuracy of a Valuation in Excel

This Isn’t Your Father’s Microsoft Excel. Spreadsheets are a very useful tool for completing any analysis, not just for business appraisal, but for all kinds of projects. Unfortunately, many users never realize just how powerful Microsoft Excel actually is. Valuation expert and Excel enthusiast Shawn Hyde is here to share all of the functions and tools that have been added over the years that have really make an impact on valuation’s most utilized software. Experience ...

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