27
/ September
2023
Standards of Value
Regulatory pressures on business valuation continue to intensify and valuation professionals need to keep up with developments and requirements. BVR has everything you need to stay ahead of the changing environment.
Guides & Books
Business Valuation Case Law Yearbook, 2024 Edition
January 2024
The legal coverage and in-depth analysis from the BVR legal team including an Introduction by Jim Alerding, BVR Legal Editor delivers lessons learned to help appraisers reach better and more defensible valuation conclusions. The 2024 Yearbook illustrates how financial experts helped their side win (and lose) in the courtroom and includes 70 new cases that were added to BVLaw in 2023.
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Business Valuation Update Yearbook, 2024 Edition
January 2024
Another year has come and gone and it's time again for one of BVR's “greatest hits” publications! The Business Valuation Update Yearbook 2024 covers the previous year’s most groundbreaking and thought-provoking advancements in valuation. It captures changes in regulations and professional standards, key takeaways from professional conferences, and tactical practice-building ideas. This critical desktop reference puts you ahead of the competition with on-the-ground reporting by the BVR editorial team including an Introduction by Andy Dzamba, BVR Executive Editor and insights from notable BV experts.
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Business Valuation Update Yearbook, 2023 Edition
January 2023
It's that time of year again, BVR's “greatest hits” publication is here! The Business Valuation Update Yearbook 2023 covers the previous year’s most groundbreaking and thought-provoking advancements in valuation. It captures changes in regulations and professional standards, key takeaways from professional conferences, and tactical practice-building ideas. This critical desktop reference puts you ahead of the competition with on-the-ground reporting by the BVR editorial team including an Introduction by Andy Dzamba, BVR Executive Editor and insights from notable BV experts.
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Understanding Business Valuation - 6th Edition
February 2022
In this exciting new edition of Understanding Business Valuation, Gary Trugman takes his characteristic talent for simplifying the technical and complex to even greater heights. In his easy-to-read and understand style he covers all the bases with valuation approaches, methods, and techniques. Trugman identifies critical points in his callout notes throughout the publication.
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Business Valuation Update Yearbook, 2022 Edition
January 2022
A new year means another annual “greatest hits” publication! The Business Valuation Update Yearbook 2022 covers the previous year’s most groundbreaking and thought-provoking advancements in valuation. It captures changes in regulations and professional standards, key takeaways from professional conferences, and tactical practice-building ideas. This critical desktop reference puts you ahead of the competition with on-the-ground reporting by the BVR editorial team including an Introduction by Andy Dzamba, BVR Executive Editor and insights from notable BV experts.
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Business Valuation Update Yearbook, 2021 Edition
January 2021
Always a highly-anticipated annual publication, the Business Valuation Update Yearbook 2021 covers the year’s most groundbreaking and thought-provoking advancements on valuation methodologies in the face of a global pandemic. It also captures, changes in regulations and professional standards, key takeaways from the best virtual conferences, and tactical practice-building ideas. This critical desktop reference puts you ahead of the competition with on-the-ground reporting from valuation experts, thought-leaders, and BVR’s expert editorial and legal teams.
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Business Valuation Update - Special Issue (September 2020)
September 2020
The Business Valuation Update (BVU) has been the voice of the valuation profession since its inception in 1995. The September 2020 issue features articles and other information to support valuation experts in addressing the coronavirus in valuations they are currently working on.
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Business Valuation Update Yearbook, 2020 Edition
January 2020
BVR has you covered with the Business Valuation Update Yearbook 2020. This newest edition from the publishers of Business Valuation Update covers the year’s most groundbreaking and thought-provoking advancements in business valuation, and more. This critical desktop reference keeps you ahead of your peers with on-the-ground reporting from valuation experts, thought-leaders, and BVR’s editorial team.
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Business Valuation Update Yearbook, 2019 Edition
February 2019
BVR has you covered with the Business Valuation Update Yearbook 2019. This newest edition from the publishers of Business Valuation Update covers the year’s most groundbreaking and thought-provoking advancements in business valuation, and more. This critical desktop reference keeps you ahead of your peers with on-the-ground reporting from valuation experts, thought-leaders, and BVR’s editorial team.
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Business Valuation Update Yearbook, 2018 Edition
February 2018
BVR has you covered with the Business Valuation Update Yearbook 2018. This newest edition from the publishers of Business Valuation Update covers the year’s most groundbreaking and thought-provoking advancements in business valuation, and more. This critical desktop reference keeps you ahead of your peers with on-the-ground reporting from valuation experts, thought-leaders, and BVR’s editorial team.
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BVR/AHLA Guide to Valuing Physician Compensation and Healthcare Service Arrangements, Second Edition
October 2017
This new guide challenges and deconstructs the industry’s current standard for the fair market value (FMV) of physician clinical compensation based on the exclusive use of survey data and certain percentile-based valuation methods. Itdebunks the current “survey says” paradigm and provides the foundation for a completely new standard for the FMV of physician clinical compensation.
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Business Valuation Update Yearbook, 2017 Edition
February 2017
BVR has you covered with the Business Valuation Update Yearbook 2017. This newest edition from the publishers of Business Valuation Update covers the year’s most groundbreaking and thought-provoking advancements in business valuation including IRC Sec. 2704, DLOM, cost of capital, and more. This critical desktop reference keeps you ahead of your peers with on-the-ground reporting from valuation experts, thought-leaders, and BVR’s editorial team.
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What It's Worth: Value and Business Challenges in the Budding Cannabis Industry (PDF)
August 2016
What It's Worth: Value and Business Challenges in the Budding Cannabis Industry helps you navigate the swirl of issues that surround providing services to cannabis businesses. The authors, experts who know this industry inside and out, walk readers through the unique aspects of a cannabis business’s financial records, key valuation challenges, benchmarking data, and more.
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How to Write Bulletproof Valuation Reports: Tips From the Experts (PDF)
June 2015
Refresh your perspective on business valuation report writing with answers to today’s critical questions. This special report compiles the wisdom of top experts and their experience with business valuation report writing in one place.
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Update on Control Premiums: What the Experts Say (PDF)
May 2015
BVR’s data-rich special report "Update on Control Premiums: What the Experts Say," presents both qualitative commentaries and case studies from numerous experts who address these issues. It is includes all the necessary quantitative considerations along with coverage of the controversies about the concepts and data, presenting all sides of the argument.
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Business Valuation Update Yearbook 2015
February 2015
BVR has you covered with the latest news in the business valuation profession! Get your Business Valuation Update Yearbook 2015 now to stay up to date with the most innovative approaches and techniques, leading conferences, new court decisions and changes in regulations and standards in the profession with on-the-ground reporting from valuation experts, thought-leaders and the BVR editorial team.
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BVR Legal and Court Case Yearbook 2015
February 2015
The BVR Legal and Court Case Yearbook 2015 is essential for business valuation professionals and attorneys to stay current on the most important legal issues confronting the profession. The Yearbook covers marital disputes, breach of contract actions, damages, dissenting shareholder disputes, estate and gift tax cases, federal taxation, intellectual property cases, bankruptcy litigation, and more.
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Guide to Intangible Asset Valuation
November 2014
This 700-page book, published by the AICPA, explores the disciplines of intangible asset valuation, economic damages, and transfer price analysis. Guide to Intangible Asset Valuation examines the economic attributes and the economic influences that create, monetize, and transfer the value of intangible assets.
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Valuation Cases From the Delaware Court of Chancery Show How to Excel (PDF)
October 2014
Valuation Cases From the Delaware Court of Chancery Show How to Excel is an important and one of a kind reference tool for your library. The court case digests and articles presented in this special report provide rigorous analysis of and insight into the court’s view of business valuation methodologies and valuation techniques.
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Valuing Companies with Real Estate: Appraisal Experts Untangle the Issues (PDF)
September 2014
BVR’s special report,Valuing Companies with Real Estate: Appraisal Experts Untangle the Issues addresses the unique concerns and challenges of valuing a company with real estate. This report, with perspective from both real estate and business appraisers will help steer the profession toward a more sensible consensus.
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Daubert Challenges: The Courts Raise the Bar (PDF)
July 2014
This special report equips practitioners with case law, expert insights, practice tips, and check lists. In the report's nearly 350 pages, financial experts and lawyers share their unique insights into what it means to face a Daubert challenge and what it takes to survive one. No expert hoping to excel in the litigation arena can afford to be without this unique practice tool.
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The Market Approach Then and Now: What Appraisers Need to Know (PDF)
June 2013
The Market Approach Then and Now: What Appraisers Need to Know, A BVR Special Report provides practical guidance and articles from top valuation experts, new techniques to apply, and what to take into account when valuing businesses in varying economic climates. Plus, gain insight on the latest court views. This is a must-have for your business valuation library.
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Physician Practices: Key Value Drivers in a Changing Environment (PDF)
December 2012
With health reform initiatives driving the frantic pace of physician practice acquisitions, both hospital systems and physician practices are positioning their organizations for success in a new environment. Physician Practices: Key Value Drivers in a Changing Environment discusses the drivers of physician practice value, poses critical questions to ask and analyses to undertake for a successful acquisition, and shares lessons learned from industry peers.
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BVR's Guide to Personal v. Enterprise Goodwill, Fifth Edition
August 2012
BVR's Guide to Personal v. Enterprise Goodwill delivers first-hand knowledge and the most important issues in goodwill with expertise from Mark Dietrich, Ron Seigneur, Kevin Yeanoplos, Jay Fishman, Shannon Pratt, David Wood, Noah Gordon, and more. Save valuable research time with the one resource that every BV professional needs to have in their business valuation library.
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BVR's Guide to Intellectual Property Valuation, Second Edition
March 2012
Author and leading IP expert Michael Pellegrino analyzes real-world examples of IP valuation and discusses each of the primary IP categories including patents, trademarks, copyrights and trade secrets. The new edition includes chapters on valuation approaches and guidance, due diligence, discount rate development, royalty rates and much more.
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BVR's Guide to Valuing Wholesalers
November 2011
Like few other economic sectors, small and medium-sized distribution companies, wholesalers are under extreme margin pressure because of price discovery enabled by the internet. Shrinking margins mean that savvy wholesalers must fight technological fire with technology investments in purchasing, selling, and warehouse operations.
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BVR's Guide to Valuing Dental Practices
October 2011
BVR's Guide to Valuing Dental Practices details the mature, multi-method process of dental practice valuation and the qualitative factors that go into the appraisal. With exclusive articles by top experts in the profession and actual valuation reports to aid the practitioner in understanding the critical elements, this Guide is an important resource every appraiser should have in their business valuation library.
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Lost Profits Damages in Construction Claims (PDF)
September 2011
The nature of economic damages in the construction industry is unique mainly due to the numerous events that can impact timing, performance or the sequence of a project. BVR’s Special Report on Lost Profits Damages in Construction Claims covers the examination of typical claim types and pricing methodologies as well as the calculation of lost profits and the appropriate methods and procedures used to determine net economic damages.
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Valuing Goodwill in Divorce (PDF)
July 2011
BVR's Special Report on Valuing Goodwill in Divorce addresses the difference between personal and enterprise goodwill, and discusses treatment of goodwill in the context of a divorce dispute. This special report also includes BVR's Goodwill Hunting guide, a state-by-state summary of the precedent-setting court cases affecting the handling of goodwill in marital dissolution.
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BVR's Guide to Fair Value in Shareholder Dissent, Oppression, and Marital Dissolution
July 2011
The best-selling Fair Value in Shareholder Dissent, Oppression, and Marital Dissolution guide includes relevant articles and webinar transcripts by top business valuation professionals such as Shannon Pratt, Jay Fishman, Gilbert Matthews, and Michelle Patterson. In addition, it includes a wealth of court case digests and full text court opinions, a reference chart listing the statutes in all 50 states, and much more.
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Reasonable Compensation: Application and Analysis for Appraisal, Tax and Management Purposes
October 2010
For many closely held businesses, no single operating expense impacts the profitability as much as compensation does. This Guide helps practitioners whenever employee-owner compensation is subject to review and adjustment. It is also an invaluable resource when valuing non-compete agreements or calculating personal vs. enterprise goodwill.
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BVR's Guide to Business Valuation Issues in Estate and Gift Tax
July 2010
While estate and gift tax issues is still one of the top revenue producers for business appraisers, this area of the valuation industry continues to face new challenges. Issues such as tax-affecting S corporations, non-signing tax preparer penalties, and legal challenges from the IRS continue to complicate the estate and gift arena.
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BVR's Guide to Valuations for IRC 409A Compliance
December 2009
This Guide, authored by expert Neil J. Beaton, focuses on the nuts and bolts of performing valuation and allocation analyses specifically related to Internal Revenue Code 409A. In these types of valuations, metrics and methodologies differ by the stage of investment and the availability of quantitative and qualitative data.
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Training
No upcoming events found.
Black Scholes Option Model: Global Education by iiBV (eLearning Course)
The Black Scholes Option Model was first published in 1973, but the applicability in valuation is strong to this day. Join iiBV expert Andrew Strickland as he dissects and explains the various components of the models, and how they can be utilized in your valuation.
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Excel for Valuation: Beginner to Advanced (eLearning course)
Whether you're new to the field or a veteran business valuation practitioner, there is no tool more critical than Excel. BVR's new eLearning course, "Excel for Valuation: Beginner to Advanced," will catapult your Excel knowledge and skills so you can work as efficiently as possible with spreadsheets, formulas and functions. You can customize the course to match your skill level; start with the very basics or jump right into more complex areas. The eLearning combination of video, notes, take-away templates, quizzes, and exercises ensure you will remain thoroughly engaged for the duration of the course.
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International Business Valuation Standards and Ethics (eLearning course)
Valuation is a global profession, and for many that means complying with the new 2020 International Valuation Standards and Code of Ethical Principles. This comprehensive eLearning course delivers what you need to know to demonstrate global valuation competency and understand the significant changes to the standards. See practical and relevant examples by working through an actual case study that follows all of the logical steps of a valuation engagement. Hold yourself to a higher global standard and be prepared to venture wherever your next valuation assignment takes you.
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International Cost of Capital: Global Education by iiBV (eLearning course)
The income approach is the most relied upon approach for most valuations, and determining the cost of capital for your engagement for a non-U.S. company is often difficult due to lack of local data. Utilizing commonly applied models in developing international cost of capital, such as relative volatility models or country yield spread models, is critical for success. Learn the shortcomings of each model in terms of their ability to capture the systematic and unsystematic risk in a subject company.
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Masterclass in the Valuation of Family Limited Partnerships and LLCs (eLearning course)
As professional appraisal methodology has advanced, so has the valuation of family limited partnerships (FLPs) and limited liability companies (LLCs). Adopting an analytical method for valuing FLPs and LLCs using the income and market approaches allows appraisers to more accurately and objectively determine a value that can withstand the scrutiny of IRS challenges. Experts Bruce Johnson, Jim Park, and Spencer Jefferies conduct case studies to teach the best practices for valuing noncontrolling, nonmarketable FLP and LLC interests.
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Monte Carlo: Applications, Examples and Best Practices for Valuation (eLearning course)
As complexity and uncertainty continue to increase, business valuation experts must up their game to master the challenges that accompany today's engagements. Rise to – and soar beyond – the occasion using Monte Carlo simulations, an indispensable method for advanced valuation scenarios. This eLearning course, "Monte Carlo: Applications, Examples and Best Practices for Valuation" distills the best instruction and content on the topic.
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Valuing Early Stage Companies: Global Education by iiBV (eLearning course)
Early stage companies are challenging to value. Often with undeveloped or even no revenue these companies require a unique set of tools for a business valuer. Learn the common models used to deploy valuations in this area such as the Current Value Method, Option Pricing Model, and the Probability Weighted Expected Return Method (PWERM), along with their shortcomings.
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Valuing Intangible Assets: Global Education by iiBV (eLearning course)
Every valuation professional needs to be able to identify the differences between intangible and tangible assets. The first step is to define the major categories of intangible assets and understand the common models used to determine value. Often the purpose of intangible valuation is for financial reporting contexts, including purchase price allocation. Join Jon Barton in this fundamental eLearning course that builds on core valuation concepts with in depth lectures and Excel-based case studies.
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Valuing Minority Interests: Global Education by iiBV (eLearning course)
Valuing a partial interest in a business is difficult, and when that interest is a minority ownership stake the impact to value can be significant. In this eLearning course, led by John Barton, you’ll learn methods to adjust for and quantify minority discounts. Control is a key issue, and understanding the multiple methods an appraiser can utilize is critical to a defensible valuation.
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19
/ December
2019
Valuation for Small Business Administration Loans
06
/ September
2018
Calculation Engagements: Risks, Rewards and New Guidance
23
/ October
2014
A Lively Debate on Global Business Valuation Education
10
/ September
2014
Price and Value: Discerning the Difference, an Advanced Workshop
06
/ August
2013
Reports & Reporting Standards in Litigation
Deal & Market Data
No products currently available.
News & Research
Business Valuation Update
The Business Valuation Update (BVU), a monthly newsletter with searchable online access, includes new thinking from leading professionals, detailed reports from valuation conferences, analysis of new business valuation approaches, thorough analysis of “landmark” legal cases in key business valuation issues, regulatory and standards updates, and much more.
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Blog Posts
05
/ April
2022
AICPA Issues a Bridging Document to the International Valuation Standards
The AICPA has issued a bridging document to move a VS100 valuation engagement to an IVS-compliant valuation engagement. Learn more about what this might mean for the BVLS field. Read more >>
31
/ August
2021
Get a Sneak Peek at Trends, Valuation Multiples, and Operation Ratios for Small, Main Street Private Companies
BIZCOMPS, a comprehensive online database with financial details on small, Main Street private companies, has been recently updated with new transactions, and the current BIZCOMPS/BVR Deal Review (BDR), exclusively for subscribers, is now available. This special publication analyzes general trends, valuation multiples, and operating ratios for transactions in the database. Get a sneak peek at the Summer 2021 issue with highlights including harmonic mean and median sale price, median SDE/rent, and more. Read more >>
24
/ August
2021
The Story Behind Your Valuation: Damodaran’s Five-Step Framework
One of the lessons learned from the COVID-19 crisis is that a coherent narrative is more important than ever in business valuation, says Dr. Aswath Damodaran, of New York University Stern School of Business, who gave the keynote address at the CBV Congress 2021. A valuation needs a marriage of narrative and numbers, Damodaran says. In a good valuation, the numbers are “bound together” by a coherent narrative, and storytelling is kept grounded with numbers. Too much emphasis on numbers can make valuations mere “plug-and-point exercises” that may be perceived to be sales pitches or a confirmation of preconceived values. Read more >>
21
/ July
2021
A Practical, Step-by-Step Process for Applying Invested Capital Premiums
For years, the valuation profession has debated the definition of a control premium, including its distinction from an acquisition premium. What began years ago as a relatively simple question—if there is a control premium, what should it be?—now includes analyzing such concepts as invested capital premiums and equity-based premiums, transaction synergies and strategic values, marketability, and levels of control. All are “key points” to keep in mind throughout the quantification of a control premium, say Tim Meinhart and Nate Novak (both of Willamette Management Associates), who led a webinar on this topic titled Evaluating and Applying Control Premiums earlier this year. Read more >>
25
/ June
2021
Business Valuation’s ‘Dirty Little Secret’
Recent developments have put the spotlight squarely on projected financial information (PFI). The perception is that too many valuation experts simply accept projections and forecasts they’re given without applying enough scrutiny—or any scrutiny at all. Fortunately, there is some new guidance on how to examine and substantiate PFI you get from management or other third parties in BVR’s new Guide to Management Projections and Business Valuation: Analysis and Case Law. The following is an excerpt from that chapter. Read more >>
10
/ May
2021
Professional Standards for Certified Public Accountants, Economists, and Other Financial Experts
Financial experts may be subject to standards of professional practice from a number of sources when they measure lost profits damages and give related expert testimony. The sources can include governmental regulators as well as professional membership organizations and societies. In addition, a technical community may establish professional standards of practice in other ways. Read more >>
27
/ April
2021
Six Tips for Handling Key Issues in Tricky Bankruptcy Valuations
A number of issues have emerged that analysts will encounter when performing a valuation in a bankruptcy context. Valuation analysts who become involved in bankruptcy-related assignments should expect their work to come under a great deal of scrutiny because most of these engagements are done within a litigation or some other adversarial context, cautioned Robert Reilly, a managing director at Willamette Management Associates, during a BVR webinar back in 2017. While his remarks were made a few years ago, they continue to resonate, and a chapter from Business Valuation and Bankruptcy: Case Law Compendium, 3rd edition, contains more of his timeless advice on how to handle the challenges valuation experts will face. Read more >>
16
/ April
2021
Tips and Techniques for Detecting Misrepresentations in Business Interruption Claims
Business interruption insurance claims are on the rise, and analysts need to be on the lookout for misrepresentations. Michael Haugen, CPA, CFF, CFE (JS Held) conducted a session on this at the recent AICPA FVS Conference, and it’s an area where valuation experts would do well to bolster their knowledge and skills in financial forensics. During his session, Haugen gave some tips on how to “sniff out” misrepresentations in these claims. In the recent Business Valuation Update (BVU) article, “14 Ways to Detect Misrepresentations in Business Interruption Claims,” Haugen classifies specific techniques to detect misrepresentations in business interruption claims. Read more >>
22
/ March
2021
Seven Techniques to Consider When Calculating Damages for Early-Stage Companies
Measuring lost profits damages for new or early-stage businesses can be a daunting task. Traditional damage analyses that rely on historical results are often meaningless since, by definition, startup companies usually lack a track record of operating results. Without an historical operating history for measuring lost profits, the damages expert walks a thin line between speculation and a reasoned analysis. Under most circumstances, to be admissible evidence, damage analyses require relevant and reliable factual bases. These legal and evidentiary requirements are often heightened when measuring damages for new businesses. Read more >>