Thursday–June 9, 2011
Industry General Sessions
Robert Slee
Slee is the recipient of the Institute of Business Appraiser's 2011 Dr. Thomas Stanton Memorial Award.
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Private Cost of Capital
About this session
Mr. Slee, who authored the ground-breaking textbook Private Capital Markets, will show that capital markets for public companies are not substitutes for private capital markets, and he will provide data gathered in the Pepperdine Private Cost of Capital (PCOC) survey. He will then demonstrate how the PCOC model may be used to estimate cost of capital for private businesses. After completing this session, participants will be able to estimate cost of capital for a wide variety of private companies, based on real-world data gathered from private capital markets.
About Mr. Slee
Mr. Slee, CBA, is the managing director of Robertson & Foley, a middle market investment banking firm in Charlotte, NC. His book Private Capital Markets (John Wiley & Sons, 2004) is now considered the seminal work in finance for private companies. Mr. Slee also wrote Midas Managers™ and Midas Marketing™ to show how private business owners create wealth in a global economy, and he founded MidasNation™, an online community of private business owners. He has authored more than 200 articles on private finance topics.
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Mark Nigrini
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Benford's Law: The Facts, the Fun, the Future
About this session
Benford’s Law gives the expected patterns of the digits in tabulated data. Nigrini will explain Benford’s Law and summarize his work showing its potential to identify fraud. He will include some interesting applications such as his analysis of the Clinton tax returns and Enron’s reported numbers, as well as his current work which covers earth science data and a new theorem making Benford’s Law applicable to any set of data. The informative and entertaining session will end with a link to the Da Vinci Code. The format will not be similar to a lecture. The objectives will be to have attendees understand Benford’s Law and to be able to appreciate how this technique and other data interrogation techniques could be useful to uncover errors, biases, occurrences of fraud, and other data anomalies.
About Mr. Nigrini
Mark Nigrini, PhD, is an Associate Professor at The School of Business of The College of New Jersey where he teaches financial accounting, managerial accounting, and forensic accounting courses. His current line of research addresses continuous monitoring technologies and advanced theoretical work on Benford’s Law. He has presented many academic and professional seminars for accountants in North America with the audiences primarily comprising internal auditors in the public and private sectors. He has also presented seminars in Europe and in Asia. Nigrini is regularly scheduled for seminars in the U.S. and recently presented seminars in Singapore, Malaysia, and New Zealand.
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Friday–June 10, 2011
Industry General Sessions
Robert Comment
Comment is the recipient of the National Association of Certified Valuators and Analysts' 2011 Dr. Rosemarie "RO" Smith Academic Research Grant.
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Business Valuation, DLOM and Daubert: The Issue of Redundancy
About this session
Business valuations are a common subject of dispute in tax and divorce litigation, with the valuation consequences of private\company status of a closely held (often family) business being especially contentious. It is not well known that core valuation methodologies such as DCF analysis have the effect of discounting the future cash flows of small businesses substantially, generally by 40% to 60%, dollar-for-dollar, for lack of size alone. Because there is a strong empirical relation between size and liquidity, there is a great likelihood that any supplemental discounting for illiquidity will be redundant and entail double discounting. Accordingly, the large liquidity discounts or DLOMs that are accepted practice in business valuation and that have been embraced by many judges presumptively violate the Daubert requirement for reliability.
About Mr. Comment
Robert Comment, MBA, PhD, AVA has taught Finance in the MBA programs at NYU, the University of Rochester, and Johns Hopkins University. He has served as Deputy Chief Economist at the Securities & Exchange Commission. His expert analysis has been submitted to arbitration panels, state and provincial courts, U.S. District Courts, and U.S. Courts of Appeals. |
Warren Miller
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Value Maps/Value Enhancement
About this session
Practitioners in the valuation space are in a unique position to use a conventional engagement as a springboard to help client companies in other ways. They can do that either as part of the valuation process or in a separate consulting arrangement. In this session Warren Miller, who wrote Value Maps: Valuation Tools That Unlock Business Wealth (Wiley, 2010), showcases the use of the Value Maps Excel template to uncover those value added opportunities to serve clients.
About Mr. Miller
Dorothy Beckert and Warren Miller, MBA, CPA, CFA, ASA co-founded their firm in Tulsa in 1991. BECKMILL RESEARCH, LLC, originated the SPARC Framework and the Value MapSM, a proprietary tool that guides the use of firm-specific capabilities and resources to extend durability of competitive advantage and increase enterprise value. Now based in the Virginia countryside near Lexington, Va., the firm limits its work to value maps, litigation support, valuation, M&A, strategy (building new capabilities; related diversification; executive screening/recruiting/testing), exit planning (including succession and transitions, planned or not), and statistics-driven research (e.g., customer-loyalty surveys; stand-alone public comps analysis; employee-satisfaction surveys). Affiliate firms, BECKMILL EDUCATION, LLC, and BECKMILL CAPITAL, LLC, design/market webinars/‘live discussion’ classes and provide M&A services, respectively. |
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