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Monte Carlo 101: How to Set Up Your First Simulation

Join Oksana Westerbeke and Keith Konen to learn the basics of the Monte Carlo simulation. Review the pros and cons of different software used for Monte Carlo simulations. Then dive into the steps to set up your first Monte Carlo simulation with a detailed discussion of the “assumptions” and “forecast” of the Monte Carlo simulation, the analytics and output, and troubleshooting. Learn through the hands-on visual presentation of designing and implementing a Monte Carlo simulation ...

Embracing the Hockey Stick: Alternative Approaches to Formulating and Assessing Projections

The question of projections may be one of the most challenging elements of a business or intellectual property appraisal. Most business appraisers will be placed in a position of assessing projections, including projections another appraiser provided. Join Michael Blake for an exploration of the quantitative and empirical methodologies for creating and/or validating projections. As a result of this class, you will gain exposure to potentially new tools to help make your projections more robust and ...

Comparing Growth Rates Used in Discounted Cash Flow Valuations

Estimating growth in net cash flows is one of the key components in applying the discounted cash flow (DCF) method in valuing any company, reporting unit, or other business unit. This paper explains the underlying assumptions of the DCF method and demonstrates how to compare the most commonly used basis for estimating net cash flows (sometimes referred to as free cash flows), expected organic growth, to historic estimates of growth of the subject company and ...

Bitcoin & Digital Assets: The Industry, Valuation, and Forensics

Every day, bitcoin and digital assets seem to become more mainstream for both businesses and investors. Over time, valuation and forensic professionals are bound to encounter clients with digital asset holdings, and they will need to face the unique challenges they create. Experts Mark DiMichael and Jennifer Cohen will provide valuation and forensic accounting professionals with the information they need to help their clients deal with this complex asset class.

Evaluating and Applying Control Premiums

In recent years, a greater amount of scrutiny has been placed on valuation analysts’ selection and use of control premiums. As a result, there has been a renewed interest in distinguishing acquisition premiums from control premiums and equity premiums from invested capital premiums. Join Timothy Meinhart for a comprehensive discussion of the proper quantification and application of acquisition premiums and control premiums and also learn about the benefits of using market-based invested capital premiums rather ...

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.

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.

Navigation Through the Maze in Complex Debt Instruments Valuation

Global convertible security issuance has surged in the wake of the COVID-19 outbreak as companies rush to raise cash to see them through the economic impact. This has resulted in an increase in demand for fair valuation requirement for convertible instruments. However, determination of fair value of convertible instruments can be a challenging task. Multiple provisions and attributes of the underlying security need to be considered and modeled. Join Mark Zyla, Rajesh C. Khairajani, and ...

Power Panel: Live Expert Answers for Today’s Tough BV Questions

What is in store for 2021? While we don’t have a crystal ball, we do have the next best thing. Thought leaders Jay Fishman, Jeff Tarbell, Michelle Gallagher, and Ken Pia are 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 ...

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.

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