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Advancing the Business Valuation & Financial Forensics Disciplines

Business Valuation Certification and Training Center
Co-Sponsored by the National Association of Certified Valuators and Analysts (NACVA) and the Institute of Business Appraisers (IBA)

Certified Valuation Analyst® (CVA®) Certified Business Appraiser (CBA)

The Consultants’ Training Institute’s (CTI) five-day Business Valuation Certification and Training Center (BVTC)—co-sponsored by the National Association of Certified Valuators and Analysts™ (NACVA®) and the Institute of Business Appraisers (IBA)—is world renowned for being the most comprehensive and complete foundational training program teaching to the body of knowledge on how to value private business enterprises.
Now taught in 10 countries, the BVTC will prepare candidates to pass any business valuation (BV) certification exam offered in the industry as well as those designations offered by NACVA—the Certified Valuation Analyst® (CVA®)—and IBA—the Certified Business Appraiser (CBA).

The CVA is the country’s most distinguished and widely recognized BV credential, known for the superb training and challenging examination process that leads to earning this prestigious credential. Requirements for this credential include holding an active, valid, and unrevoked CPA license or holding a business degree (i.e., in management, economics, finance, marketing, accounting, or other business field) and/or an MBA (master of business administration) or higher business degree from an accredited college or university and two years or more of full-time or equivalent experience in business valuation and related disciplines for non-CPAs. In addition to these requirements, CVA applicants must complete and pass specified training courses and exams and complete a case study or submit an actual and sanitized fair market value report, prepared during the last 12 months, for peer review. For further clarification, contact NACVA at (800) 677-2009. More information on NACVA and its credentials is located in The Association brochure.

Accreditation as a CBA is available to those members of the Institute of Business Appraisers who are able to demonstrate that they have attained a high level of professional competence and conduct. The CBA accreditation designates the appraiser as a true professional in his or her field, worthy of the admiration of fellow appraisers and deserving the fullest confidence of clients and potential clients. Requirements for this credential include
possessing a four-year college degree or equivalent, completing and passing specified training courses and exams, and submitting two demonstration reports for a peer review process. For further clarification, contact IBA at (800) 299-4130.

Program Description

The Business Valuation Certification and Training Center’s (BVTC) compact five-day curriculum is comprehensive and substantive, providing value from beginning to end. The BVTC’s primary goal is to provide attendees with information that will serve as a solid foundation for their professional valuation endeavors, whether or not they plan to pursue a designation. Attendees will also find that a sound mastery of the course contents will be
of great assistance to them in their pursuit of an accreditation—be it the Certified Valuation Analyst (CVA) or the Certified Business Appraiser (CBA). The Business Valuation Certification and Training Center is the ultimate comprehensive training experience, offering attendees expanded knowledge, networking opportunities with instructors and fellow attendees, and resources and insights that will provide a foundation for future success.

Days 1 and 2: Business Valuations—Fundamentals, Techniques & Theory (FT&T)

The cornerstone of the CTI’s training, FT&T is a rigorous course on business valuation that provides the basis and framework for subsequent courses. It provides insights into every facet of valuation theory with hands-on training, taking attendees from the fundamentals of the valuation process through the advanced techniques in current use. Primary focus of the sessions will be to provide the basis and framework of business valuation theory and practice. Discussion will center upon the elements of valuation from financial and operational analysis through the methods found in the three approaches to valuation: Asset, Income, and Market. Highlights include the development of discount/capitalization rates and the application of appropriate adjustments (i.e., premiums and discounts) to the calculated value.

Learning Objectives:
After completing this course, attendees will be able to:

  • Formulate a financial analysis of a company as it relates to a valuation
    engagement
  • Identify an appropriate valuation approach and method for a given
    valuation purpose
  • Match a discount or capitalization rate to the appropriate benefit stream
    under the Income Approach
  • Identify the differences in standards of value and their application in a
    valuation engagement
  • Outline the fundamental steps to valuing a business, from
    beginning to end
  • List the cornerstones of the business analysis process or the drivers of
    company value
  • Differentiate between the various forms of financial information
Delivery Method Group-Live
Program Level Intermediate
Advanced Preparation There will be some advanced preparation work with this course.
Prerequisites Attendees should possess a good understanding of accounting, taxes, economics, finance, and a basic understanding of business valuation fundamentals.
Fields of Study Accounting 3
  Business Management and Organization 1
  Specialized Knowledge and Applications 13
  Taxes 1
Total CPE Hours   18

Day 3: Business Valuations—Applications and Calculations of the Income and Asset Approaches

This fast-paced course is the perfect follow-up to FT&T. It builds on the applications of the Income and Asset Approaches and provides attendees the opportunity to perform numerous calculations using various methodologies for both approaches. The primary focus is to build on the fundamental aspects of the Income and Asset Approaches found in the Fundamentals, Techniques & Theory (FT&T) course. The course uses multiple, hands-on exercises that will give the attendee practical experience in the application of the methods
found in the Income and Asset Approaches in valuation engagements.

Learning Objectives:
After completing this course, attendees will be able to:

  • Calculate a value using the Adjusted Net Asset Method under the Asset
    Approach
  • Determine when it is appropriate to use a capitalization of Single-Period
    Earnings Method vs. Discounted Future Earnings Method under the
    Income Approach
  • Identify appropriate normalizing adjustments and calculate a normalized
    benefit stream
  • Identify appropriate methods and data sources for developing discount
    rates
  • Distinguish between normalizing and control adjustments
  • Identify line-item problems in income statements and balance sheets
    using ratio analysis
Delivery Method Group-Live
Program Level Intermediate
Advanced Preparation There will be some advanced preparation work with this course.
Prerequisites Attendees should possess a good understanding of accounting, taxes, economics, finance, and a basic understanding of business valuation fundamentals.
Fields of Study Accounting 2
  Administrative Practice (Consulting) 1
  Business Management and Organization 1
  Specialized Knowledge and Applications 4
  Taxes 1
Total CPE Hours   9

Day 4: Business Valuations—Case Analysis: Completed Transaction and Guideline Public Comparable Methods

The Market Approach is one of the three commonly accepted ways to value a private company. Within this approach there are two primary methodologies: the Completed Transaction Method and the Guideline Public Comparable Method. While similar, these methods vary on the empirical data that is used to generate supportable results.

Learning Objectives:
After completing this course, attendees will be able to:

  • Properly estimate value using the Completed Transaction Method from
    the Market Approach
  • Properly estimate value using the Guideline Public Comparable
    Method from the Market Approach
  • Determine when the Completed Transaction Method and/or Guideline
    Public Comparable Method is appropriate under the Market Approach
  • Identify the proper measure or adjustment for multiples when using
    the Market Approach
  • Identify when the Market Approach should be used as a primary or
    secondary approach in reaching a determination of value for a business
Delivery Method Group-Live
Program Level Intermediate
Advanced Preparation There will be some advanced preparation work with this course.
Prerequisites Attendees should possess a good understanding of accounting, taxes, economics, finance, and a basic understanding of business valuation fundamentals.
Fields of Study Accounting 1
  Specialized Knowledge and Applications 7
  Taxes 1
Total CPE Hours   9

Day 5: Special Purpose Valuations and Case Studies—Facts to Conclusion

Part 1: Valuation for Financial Reporting
Valuation specialists are seeing growing demand for these services, but equally close scrutiny and review of their fair value valuation work by auditing firms, the Securities and Exchange Commission (SEC), and the Public Company Accounting Oversight Board (PCAOB). This course is designed to distinguish valuations for financial reporting from other purposes. The definition the Financial Accounting Standards Board (FASB) came up with, “Fair Value,” (FV) differs from Fair Market Value. There are three types of work for valuation specialists: 1) Allocation of purchase price for a business combination; 2) Testing amortizable intangibles and property, plant, and equipment (PP&E) for impairment; 3) Testing goodwill for impairment. Another aspect which will be covered is the need to work closely with the client’s auditing firm. All values used in financial reports are reviewed by
auditors and their review may differ from that of the IRS or the courts.

Learning Objectives:
After completing this course, attendees will be able to:

  • Classify the FASB requirements for purchase price allocation, including
    valuation of intangibles
  • Identify a plan to work with auditors and clients in performing Step 1
    of the goodwill testing requirements and understand what is involved if
    they have to go to Step 2

Part 2: Mergers and Acquisitions
With M&A on a dramatic rise, all business advisors need a fundamental understanding of the issues characteristic to lucrative M&A advisory services. This course will focus on advising attendees when and where M&A is a viable strategic alternative and counseling clients through the process. Attendees will learn that although the valuation methodologies used in these situations are similar to traditional valuation techniques, they do differ in many ways. In this introductory course, practitioners will learn about the foundations crucial to
M&A activity as found in the middle market ($1-$250 million).

Learning Objectives:
After completing this course, attendees will be able to:

  • Identify preliminary target due diligence and funding sources/venture
    capital in M&A
  • Identify typical deal structures and financing mechanisms

Part 3: Litigation Consulting
In today’s turbulent business environment, valuation experts, CPAs, and other financial professionals are called upon regularly to serve as experts and consultants in a broad range of matters including fraud, economic damages, marital dissolution, professional standard of care, valuation, and others. This course is designed to provide an introduction to litigation consulting and financial forensics. It will provide an overview of the types of engagements in which financial experts are called upon to render financial, analytic, investigative, and expert testimony. It will also focus upon the skills required, the legal environment, the dynamics of
litigation, professional standards, report writing, and expert testimony.

Learning Objectives:
After completing this course, attendees will be able to:

  • Identify the role of the financial expert as either a consulting or testifying
    expert and list the differences between the roles
  • Differentiate between business and economic damages, fraud and
    forensics, marital dissolution, and other practice areas for financial experts
  • Outline the main steps to writing effective reports and reporting
    requirements in litigation engagements

Part 4: Case Studies—Facts to Conclusion

This course provides learning that brings the business of business valuation full circle and is given from the perspective of actual valuation practitioners. The theory covered throughout the five-day BVTC is staggering, and often it is easy to lose sight of the ultimate goal of the program: to learn to be a valuation professional. Through this course, attendees will learn and practice the most important elements of written communication skills and how to apply these concepts to and present information required in written business valuation reports. The Facts to Conclusion course will include:

  • A review of the appropriate valuation methodologies
  • A case study discussion to allow the attendee to work with actual
    valuation projects
  • Practice management tips

Attendees in this course will leave with a better, clearer understanding of the process associated with completing a business valuation (start to finish). Additionally, attendees will also gain valuable knowledge pertaining to growing and managing a valuation practice. It is the goal of this course to address any questions about this business that attendees may have.

Learning Objectives:
After completing this course, attendees will be able to:

  • Identify the necessary steps to complete a business valuation
  • Select the necessary data, models, and studies
  • List the critical steps in building a successful valuation practice
Delivery Method Group-Live
Program Level Intermediate
Advanced Preparation There will be some advanced preparation work with this course.
Prerequisites Attendees should possess a good understanding of accounting, taxes, economics, finance, and a basic understanding of business valuation fundamentals.
Fields of Study Accounting 4
  Specialized Knowledge and Applications 5
Total CPE Hours   9

 
Who Should Attend
Tax, audit, and accounting services practitioners who wish to specialize in a lucrative, non-seasonal consulting niche; merger and acquisition consultants; investment and financial analysts; investment bankers; financial officers; business advisors; accounting and finance professionals; anyone who deals with business value in the course of his or her work.
Faculty
The live Business Valuation Certification and Training Center faculty consists of 11 experienced practitioners. The team is comprised of Mel Abraham, CPA, CVA, ABV, ASA, CSP; Lorenzo Carver, MBA, MS, CPA, CVA, ABV; Brian Davidson, MBA, CVA; Rick Gray, CPA, ABV, CVA, ASA; Chris Hamilton, CPA, CVA, CFE, DABFA; Mark Kucik, CPA, CVA, CM&AA, CFF, CPVA; Derald Lyons, CPA, CVA; Lari Masten, MSA, CPA, ABV, CFF, CVA, ABAR, MAFF; Rob Stutz, CVA, ASA, CM&AA, CMAP; Garth Tebay, CPA, CVA, CM&AA, MAFF; and Frank Wisehart, MBA, CPA, ABV, CVA, CFE.
Where and When
NACVA’s CTI Business Valuation and Certification Training Center Schedule
 



Dates*



Location

Early Registration
Discounts and Deadlines
10% 5%
May 5–10, 2014 Chicago, IL Expired Expired
June 16–21, 2014 Las Vegas, NV Expired 4/30/14
July 14–19, 2014 Washington, DC 4/30/14 5/31/14
July 28–August 2, 2014 Orlando, FL 5/31/14 6/30/14
August 11–16, 2014 New York City, NY 5/31/14 6/30/14
August 18–23, 2014 Minneapolis, MN 6/30/14 7/31/14
September 8–13, 2014 Atlanta, GA 6/30/14 7/31/14
September 15–20, 2014 Philadelphia, PA 7/31/14 8/31/14
October 6–11, 2014 Denver, CO 7/31/14 8/31/14
October 20–25, 2014 New Orleans, LA 8/31/14 9/30/14
November 3–8, 2014 Boston, MA 8/31/14 9/30/14
November 10–15, 2014 Chicago, IL 9/30/14 10/31/14
November 17–22, 2014 Ft. Lauderdale, FL 9/30/14 10/31/14
December 8–13, 2014 San Diego, CA 10/31/14 11/30/14
January 26–31, 2015 Las Vegas, NV 11/30/14 12/31/14
May 4–9, 2015 Chicago, IL 2/28/15 3/31/15
       
The five-hour CVA/CBA proctored exam is given at all locations on the Saturday morning following the weeklong training unless prior alternative arrangements have been made by an attendee. This exam requires a laptop.
*Dates and locations subject to change.

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

What They're Saying
“This course is fantastic!”
—Jacqueline B. Wolpert, CPA, CVA
Skarlatos & Zonarich LLP

“The instructor’s knowledge and insight were particularly valuable.”
—Donald Hilker, CPA, CVA
Mironov, Sloan & Parziale LLP

“Outstanding instructor—this was excellent.”
—William E. Williams, Jr., CPA, CVA
Stegman & Company

“The description of the covered material was only a small indication as to the potential value of the instruction. I was refreshed to witness all the instructors focus on teaching the underlying principals that contribute to development into a professional in the field as opposed to just teaching to pass the test.”
—Darren Mitchell, CPA, Chief Financial Officer, Medical
Management Solutions, LLC

Pricing 
 
Non-Member Package Pricing
(Before Early Registration Discount)
Effective 4/1/14
Days 1 and 2:  
Business Valuations: Fundamentals, Techniques & Theory $1,100
Day 3:  
BV—Applications and Calculations of the Income and Asset Approaches $550
Day 4:  
BV—Case Analysis: Completed Transaction and Guideline Public Comparable Methods $550
Day 5:  
Special Purpose Valuations and Case Studies in BV—Facts to Conclusion $550
One-Year NACVA Membership (Practitioner) $495
Certification Exam, Grading, and Proctoring Fee $595
Total Retail Cost for Five-Day BVTC $3,840
Package Price before Discounts $3,295
Self-Study Pricing
BVTC Self-Study
Course Individually Priced CPE Exam for Self Study
Business Valuations: Fundamentals, Techniques & Theory $345 $85
BV: Applications and Calculations of the Income and Asset Approaches $195 $85
BV: Case Analysis—Completed Transaction and Guideline Public Comparable Methods and Case Studies—Facts to Conclusion $295 $85
Special Purpose Valuations $195 $85
Total if purchased individually $1,030 $340

 

CVA Certification Exam $595
   
Package Price for All Five Courses:  
Course Materials Only $895
Materials plus CPE $1,145
Materials with CPE and CVA Exam $1,645
Shipping fee for materials $40
Materials with CPE, CVA Exam, and First-Year NACVA Practitioner Membership ($455 off retail price), plus shipping $1,995


BVTC On-Demand Video Series
In addition to the BVTC’s availability in a self-study format, the Consultants’ Training Institute also provides instructor-led training through an on-demand video series. This video series is designed to complement the self-study material and consists of a full, video-recorded BVTC led by our esteemed faculty of valuation practitioners. The video series includes recordings of all five days of actual BVTC course lectures, including class interaction, questions, and discussions that ensue. This is a perfect way to enhance one’s
understanding of the self-study materials by “watching” an actual BVTC at your own convenience.
BVTC On-Demand Video Series . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . $600

BVTC Live Q&A Webinar Sessions
Purchasers of the video series or self-study materials can interact with BVTC instructors during live Q&A two-hour sessions (11:00 a.m. to 1:00 p.m. MT). During the sessions, you can discuss course curriculum and get answers to your toughest questions. The instructors will provide answers, clarification, and mentoring from your study of the self-study materials and the video series. Sixteen (16) sessions are available during March, June, September, and December from which you can choose to attend ANY FOUR (8 hours of CPE). The live Q&A sessions will be held on the dates shown and begin at 11:00 a.m. MT.
 
March 2014 June 2014 September 2014 December 2014
March 18 June 3 September 9 December 2
March 20 June 5 September 11 December 4
March 25 June 10 September 16 December 9
March 27 June 12 September 18 December 11

BVTC Live Q&A Webinar Sessions . . . . . . . . . $300
Purchase Webinar Sessions

Also available: CVA Exam Q&A Study Guide

Online CVA Case Study Report Writing Clinic
Free with Live or Self-Study Training!

An integral part of receiving the Certified Valuation Analyst (CVA) certification is successfully demonstrating that a CVA candidate meets NACVA’s “Experience Threshold” by completing a sample Case Study Report. This report is due within 60 days of completing the proctored examination.

The Online CVA Case Study Report Writing Clinic is designed to assist CVA candidates to complete the Case Study Report through a series of six consecutive, one-hour webinars—one webinar each week for six weeks following each Training Center. The webinars will be led and moderated by a Business Valuation Certification and Training Center instructor and/or a case study report grader. Throughout the series, CVA candidates will receive step-by-step guidance on writing their Case Study Report from gathering the necessary information to finalizing the report. Each webinar will also
provide a forum for the CVA candidates to ask questions related to any issues they may be facing in the completion of their report.

After completing this online course, attendees will be able to:

  • Organize the information needed to produce a Case Study Report
  • Select the most appropriate valuation approach and/or method based on the facts and circumstances of the engagement
  • Express their analyses and conclusions in a well-written Case Study Report
 

2014 Training Date

  Scottsdale Chicago Las Vegas
Module One:
What's in Your Toolbox?
February 4 May 13 June 24
Module Two:
Financial Analysis–By the Numbers
February 11 May 20 July 1
Module Three:
Economic and Industry Information
February 18 May 27 July 8
Module Four:
Valuation Approaches and Methods
February 25 June 3 July 15
Module Five:
Author! Author!–Organizing and Writing Your Report
March 4 June 10 July 22
Module Six:
Reviewing Your Work: Sanity Checks and Leaps of Faith
March 11 June 17 July 29

  Washington, DC and Orlando New York City and Minneapolis Atlanta and Philadelphia
Module One:
What's in Your Toolbox?
August 5 August 26 September 23
Module Two:
Financial Analysis–By the Numbers
August 12 September 9 September 30
Module Three:
Economic and Industry Information
August 19 September 16 October 7
Module Four:
Valuation Approaches and Methods
August 26 September 23 October 14
Module Five:
Author! Author!–Organizing and Writing Your Report
September 9 September 30 October 21
Module Six:
Reviewing Your Work: Sanity Checks and Leaps of Faith
September 16 October 7 October 28

  Denver New Orleans Boston and Chicago
Module One:
What's in Your Toolbox?
October 14 October 28 November 18
Module Two:
Financial Analysis–By the Numbers
October 21 November 4 December 2
Module Three:
Economic and Industry Information
October 28 November 11 December 9
Module Four:
Valuation Approaches and Methods
November 4 November 18 December 16
Module Five:
Author! Author!–Organizing and Writing Your Report
November 11 December 2 January 6
Module Six:
Reviewing Your Work: Sanity Checks and Leaps of Faith
November 18 December 9 January 13, 2015

  Fort Lauderdale San Diego Las Vegas 2015
Module One:
What's in Your Toolbox?
December 2 December 16 February 3, 2015
Module Two:
Financial Analysis–By the Numbers
December 9 January 6, 2015 February 10, 2015
Module Three:
Economic and Industry Information
December 16 January 13, 2015 February 17, 2015
Module Four:
Valuation Approaches and Methods
January 6, 2015 January 20, 2015 February 24, 2015
Module Five:
Author! Author!–Organizing and Writing Your Report
January 13, 2015 January 27, 2015 March 3, 2015
Module Six:
Reviewing Your Work: Sanity Checks and Leaps of Faith
January 20, 2015 February 3, 2015 March 10, 2015
       
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 complete the Registration Form and e-mail to info@theCTI.com; or call Member Services: (800) 677-2009. Click here for the Registration Form.
Cancellation Policy
There is no charge to reschedule your training. Cancellations received in writing two weeks prior to the first day of the seminar will be eligible for a prompt refund. A $100 administration fee will be charged for three or more days’ registration at a Consultants’ Training Institute and $50 for all other seminar registrations. If requesting a “refund,” any credit vouchers and or Pacesetter Points® applied to the original purchase will be forfeited. Cancellations received less than two weeks prior to the first day of the scheduled event (and no-shows) will be issued, upon request, a credit which may be used toward a Consultants’ Training Institute seminar, conference, self-study course, or product sold by NACVA. If requesting a “credit,” any credit vouchers and/or Pacesetter Points applied to the original purchase will be added back to the purchaser’s account for future use. There are no exceptions to this policy.
 
 For information regarding administrative policies such as complaints and refunds, call our director of Member Services: (801) 486-0600.

Refund Policy for Airfare
NASBA Sponsorship
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. 
 




NACVA’s CVA Designation is the only valuation credential accredited by the National Commission for Certifying Agencies® (NCCA®).

What NCCA-CVA Accredited Means for You

NACVA Administrative Information

CVA Candidate Handbook (PDF)

Related Training and Products

CVA Exam Q&A Study Guide

Advanced Valuation: Applications and Models

Software and Databases
 

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