This course is designed as an intense refresher of valuation fundamentals, including the applications of professional standards, exposure to effective industry and economic research, identifying and calculating normalizing adjustment, a review of underlying principles in calculating the cost of capital, and how to calculate discounts. It will also introduce the latest case law developments and updates to fundamental techniques, and it will assist the participants in improving report writing techniques. This is an option to fulfill NACVA’s CVA/AVA recertification requirement, Knowledge of Current Developments (KCD) for 25 points and eight hours of CPE.

Understanding the financial statements is a critical step in determining the valuation of a privately held business. Generally, valuation analysts should adjust the financial statements or income tax returns of a business to more closely reflect its true economic financial position and results of operations on a historical and current basis. In this intermediate course, participants will analyze historical financial statements and learn to identify normalizing and control adjustments. The course will also demonstrate how to assess non-recurring or non-operating adjustments and show valuators how to calculate a normalized set of financial statements. Upon understanding how to determine an adjusted set of historical financial statements, participants will develop various models to project earnings.

After completing this course, participants will be able to:

• Identify specific assets, liabilities, income and/or expenses to which valuation
  adjustments may be required
• Explain a valuation report or in the work papers reasons for making valuation
  adjustments and how they can be supported
• Calculate appropriate valuation adjustments
• Determine and apply appropriate methodologies for projecting earnings

Because every business valuation is unique, there are virtually hundreds of ways to estimate the value of a business. This is an intermediate course covering decisions and alternatives a valuator will encounter throughout the valuation process. The course will provide an understanding of standards of value and premise of value and how to appropriately apply these standards. Participants will learn how to draw conclusions from industry and economic information. This session focuses on the ways to identify the appropriate method for every curve ball situation the practitioner may encounter. Within each valuation method, this course will improve confidence and illustrate techniques to develop capitalization rates and market multiples. The course will contrast the pros and cons of the common valuation methods. Other topics addressed will include how to determine secondary discounts. Participants will walk away with the tools to help them make the best decisions to effectively value a business correctly.

After completing this course, participants will be able to:

• Implement professional standards, industry research, and economic
  conditions into every business valuation performed
• Identify factors which affect valuation decisions
• Select an appropriate valuation approach
• Develop a toolbox to increase efficiencies throughout the
  valuation process

This is an intermediate course designed to build on a basic understanding of capitalization and discount rates. The course is designed to develop practitioners’ understanding of risk to the point where they can explain and defend the methodologies of developing rates as well as the finance and economic theories behind the data. Attendees will learn to assess the appropriateness of risk rates used in the valuation reports of other experts.

After completing this course, participants will be able to:

• Identify appropriate methods of developing capitalization and
  discount rates
• Explain and defend the elements of a capitalization/discount rate
• Analyze and assess the relevance and accuracy of reports and testimony of
  other experts
• Adjust market multiples to reflect risk factors such as size, growth, and
  other factors

The eight-hour program is intended to build upon the foundation of technical guidance provided in the Business Valuations: Fundamentals, Techniques and Theory course, or a commensurate offering and the participants’ field experience. The program will focus primarily on the guideline publicly traded company method, as well as the guideline completed transactions method. Rules of thumb, as well as past transactions
in an entity’s own equity, will be addressed as well. Emphasis will be on current theory within the business valuation profession and understanding all commonly accepted sources of information utilized in the search for guideline indicators of value, as well as current challenges facing the valuator in interpreting available information and extrapolating meaningful points of comparability. Various approaches to identifying guideline indicators will provide practical alternative ways for the valuator to pull useful information for consideration and correctly apply it in his or her report. Finally, presentation formats will be discussed to allow the participants to enhance the quality and defensibility of their use of the market approach.

After completing this course, participants will be able to:

• Differentiate among various methodologies under the market approach
  and determine the propriety of utilizing one method over another
• Discern the strengths and weaknesses under each method under the market
  approach and determine the most useful method in a given assignment
• Research, analyze, and correctly interpret third-party information set
  forth in the various transaction databases
• Conduct a thorough and complete search of publicly traded guideline
  company information
• Interpret and extrapolate indictors of value from the publicly traded and
  completed guideline company searches
• Discern differences between the subject company and the guideline indicators
  so all necessary adjustments can be made to the value indicators
• Present the information generated under the application of the market
  approach in a clear and meaningful manner in the valuator’s report

This eight-hour program is intended to build upon the foundation of technical guidance provided in the Business Valuations: Fundamentals, Techniques and Theory course, or a commensurate offering and the participants’ field experience. The program will focus primarily on premiums and discounts related to issues of control and marketability, although discussion of other less common premiums and/or discounts will be included. Emphasis will be on current theory within the business valuation profession, understanding all commonly accepted sources of information utilized in the determination of premiums and discounts, and proper identification of the appropriateness of any premium and/or discount and how they should be calculated and applied. The course will address current technical and judicial challenges involving premiums and discounts and how best to present them in the report.

After completing this course, participants will be able to:

• Determine the pre-discount level of value produced by alternative business
  valuation approaches and methodologies
• Research, analyze, and correctly interpret third-party information set
  forth in the various studies
• Properly assess elements of the subject company’s characteristics that
  influence the need to apply a premium or discount
• Properly determine the premium or discount for the subject company
• Present the information correctly and completely in his or her business
  valuation report to maximize the chance of success against challenge

The Intermediate Business Valuation Training Center team is comprised of Marc Bello, CPA/ABV, MST, CVA, CFFA, G. Dennis Bingham, CBA, CFM, CMA, Kim (KC) Conrad, CBA, ASA, Robert Grossman, CPA/ABV, CVA, ASA, MST, CBA, and Chris L. Hamilton, CPA, CVA, CFE, DABFA.

Those who have attended NACVA’s Business Valuation and Certification Training Center and wish to move their knowledge beyond the valuation beginner level to an intermediate level. The workshop is also ideal for those who produce fewer than five valuation reports a year or do not feel their skill set is ready for an advanced workout. Day one of the BVW, Business Valuation: Intermediate Fundamentals, Techniques and Theory, is a new option for NACVA members who need to comply with recertification for the “Knowledge of Current Developments” requirement for 25 points.

October 1–5	San Diego, CA
October 29–November 2	Chicago, IL
December 3–7	Ft. Lauderdale, FL

Click here for a list of hotel locations, room rates and reservation information.
 

Five-Day Workshop................Non-Member: $2,500...............Member: $2,250
Individual Days........................Non-Member: $500..................Member: $450

REGISTER NOW! To register, print, complete, and mail or fax (801-486-7500) the Registration Form to the Consultants’ Training Institute (c/o NACVA). Or print and complete the Registration Form, scan, and e-mail to nacva1@nacva.com or call Member Services: (800) 677-2009. Click here for the Registration Form to print and fax (PDF).

For more information regarding refund, complaint, and/or program cancellation policies, please call our director of Member Services: (801) 486-0600.

The Consultants’ Training Institute (CTI) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.