Day 1—Advanced Income Approach & Cost of Capital
• Brief introduction and refresher
• Alternative/advanced company risk analysis models and applications: Porter, McKinsey 7-s, SWOT, DuPont, Macroeconomic
• Income approach: Capitalized cash flow (CCF) vs. discounted cash flow (DCF) methods; invested capital vs. direct equity methods including iterative models; common pitfalls in DCF calculations including growth rates, terminal value, working capital and capital expenditure needs; excess cash flow (earnings) method refresher; net tangible asset mini-WACC
• Advanced cost of capital techniques and data sources: CAPM vs. MCAPM vs. Build Up vs. WACC; Ibbotson vs. Duff & Phelps data including returns based on accounting measures of risk; supply side equity risk premiums; specific company risk techniques including the Butler Pinkerton total beta model: size premiums and industry risk premiums; P/E multiple adjustments and the earnings cap rate; forward looking/ex ante approach to returns; complex capital structures including debt, preferred stock, options, and invested capital allocation models “Hands on” exercises and examples

Day 2—Advanced Market Approach, Asset Approach, and Discounts and Premiums
• Market approach: Guideline public company method example including calculating and selecting multiples using statistics; qualitative and quantitative methods for adjusting multiples for size, growth, and risk; transaction databases and level of reliance—what you don’t know can hurt you; example applications of transaction data from the various databases
• Asset approach: Adjustments; capital gains and a review of relevant court cases
• Discounts and premiums: The new levels of value; restricted stock and Pre-IPO benchmark studies on discounts for lack of marketability; application of the FMV Detailed Restricted Stock study and data and the Valuation Advisors Detailed Pre-IPO study and data; application of quantitative DLOM models including the Longstaff Look Back Option model and the Quantitative Marketability Discount model; recent attacks and rebuttals on DLOMs including the Bajaj study; Ashok Abbott Liquidity Factor and study
• Hands-on exercises and examples

Day 3—Advanced Issues in S Corps, FLPs, Goodwill in Divorce, Intangible Asset Valuations, Testimony, and Risk Management
• S Corps: Court case review; major issues including tax-affecting, control vs. minority, S Corp premiums; review of models including Grabowski, Mercer, Treharne, Van Vleet, and Fannon; detailed example of Fannon model
• FLP valuation problems including a review of new court cases
• Personal (professional) vs. enterprise (practice) goodwill in divorce, small businesses, and professional practices including a review of relevant court cases
• Intangible asset valuations for financial reporting (Fair Value): SFAS 141(R), 142, and 157; allocation of purchase price case study; valuation examples of intangible assets including software, customer relationships, trade names, technology, and non-compete agreements; goodwill impairment
• Litigation and expert witness testimony examples
• Practice management tips for marketing, managing, and making money in valuation services, including risk management
• Hands-on exercises and examples

The development and instruction team brings extraordinary depth and experience to this challenging workshop. Team leader, James R. Hitchner, CPA/ABV, ASA, editor and co-author of the course-required Financial Valuation: Applications and Models, 2nd Edition, has assembled a virtual dream team that includes many of NACVA/CTI’s most highly rated practitioner/instructors: Mel H. Abraham, CPA, CVA, ABV, ASA, Richard Gray, CPA/ABV, CVA, Chris L. Hamilton, CPA, CVA, CFE, DABFA, Mark G. Kucik, CPA, CVA, CM&AA, Derald L. Lyons, CPA, CVA, Brandi Ruffalo, MBA, AVA, CMC, Stephen J. Scherf, CPA/ABV, CVA, CFE, CrFA, and Ronald L. Seigneur, CPA/ABV, MBA, CVA.

Those who have attended NACVA’s Business Valuation and Certification Training Center or aspiring valuation practitioners looking to take their skill set to a higher level and obtain their training at one venue.

June 7-9	Miami, FL
August 10-12	Newport Beach, CA
September 21-23	Dallas, TX
October 26-28	Washington, DC
December 7-9	Las Vegas, NV

2010 Pricing (Before early registration discounts.) Non-Member Member
Three-Day Workshop, including cost of book
and workbook ($170 retail value) $1,800 $1,620

NACVA 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 addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. Web site: http://www.nasba.org/