Part 1: Planning and Pre-Engagements

Program Content
The focus of the webinar will be to guide the participant through the requirements of NACVA standards, compare with other industry standards, and illustrate practical issues that affect compliance with the standards. Topics covered will include professional standards, IRS issues (6695 Penalties), purpose and objective for valuing businesses and intangible assets, standards of value, premises of value and subsequent events.

Learning Objectives
After completing this webinar, participants will be able to: manage their valuations to comply with NACVA/IBA Standards; identify fact issues that affect value and engagement administration; anticipate challenges to their valuation and process and provide tools to defend their assumptions.

Part 2: Initial Analysis of the Valuation Engagement and the Benefit Streams

Program Content
This webinar will focus the initial analysis of a business valuation engagement and the benefit stream.  The initial analysis will include the latest tools available for research, report writing techniques and personal v. enterprise goodwill.  Our discussion on the benefit stream will cover normalizing and control adjustments and look at various benefit stream calculations, including ongoing working capital and capital expenditures.  Current Updates in Valuation is designed to present the latest business valuation theories, exposure to recent court case decisions and their applications to specific fundamental valuation principles.   These developments have also been “wrapped” into an actual detailed and complete valuation report prepared under the fair market value standard of value. 

Learning Objectives
After attending this webinar, participants will be able to: identify resources to conduct economic research and industry research; implement techniques correlating to research performed to your subject company; implement techniques to identify and quantify personal v. enterprise goodwill; reinforce fundamental theory on the benefit stream applied in a business valuation; utilize the most recent resources available to assist you in determining reasonable officer compensation; demonstrate report writing techniques to comply with reporting standards; explain the latest developments pertaining to the tax effecting of pass-through entities; explain latest court decisions relating to built in capital gains tax.

Part 3: Valuation Methods

Program Content
The focus of the webinar will be an update on changes made by third party cost of capital sources and how to incorporate the changes into valuation reports.  We will discuss the advantages and disadvantage of the multiple approaches in estimating the cost of capital, from the risk free rate to the specific company risk.

Learning Objectives
After attending this session, participants will be able to incorporate the changes in Ibbotson size premiums; implement the Duff & Phelps high risk portfolio; explain the weighted average cost of capital iteration process; estimate specific company risk; identify sources for estimating long term growth; and present the cost of capital in valuation reports.

Part 4: Discounts and Premiums, Fair Value Engagements, Risky Managements and Reviewing Valuator Reports

Program Content
The focus of this webinar will be on the recent developments and theory in secondary adjustments, including the developments and application of control premiums and discounts for lack of control as well as lack of marketability. The latter will include a discussion of option pricing models and other recent commentary related to discounts for lack of marketability. The program will conclude with a discussion of recent developments in fair value accounting-based engagements and considerations in reviewing other valuator's reports.

Learning Objectives
After completing this webinar, participants will be able to: determine the propriety of utilizing a premium for control and/or a discount for lack of control; determine the propriety of utilizing a discount for lack of marketability; determine a secondary adjustment for control or marketability in consideration of recent studies and developments within the valuation profession; identify the nuances in fair value accounting-based valuations and how these nuances affect the conduct of a fair value engagement; competently review business valuation reports prepared by other valuators