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.

After completing this course, attendees will be able to:

• Perform 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 and explain the differences in standards of value and their application in a valuation engagement

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

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 the Income and Asset 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.

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 v. Discounted Future Earnings Method under the Income Approach
• Identify appropriate normalizing adjustments and calculate a normalized benefit stream

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

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.

After completing this course, attendees will be able to:

• Perform the Market Approach using the Completed Transaction Method
• Perform the Market Approach using the Guideline Public Comparable Method
• Explain their work in a written narrative
• Utilize these results with other studies to determine the value of a private company

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

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.

After completing this course, attendees will be able to:

• Explain the FASB requirements for purchase price allocation, including valuation of intangibles
• Prepare a supportable impairment study for PP&E and amortizable intangibles using undiscounted cash flow and a FV determination if the assets don’t pass
• Prepare 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 mergers and acquisitions from the perspective of a deal maker/investment banker.  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).

After completing this course, attendees will be able to:

• Determine the common valuation approaches in the M&A real deal world
• Identify preliminary target due diligence and funding sources/venture capital in M&A
• Determine negotiation strategies and the M&A auction marketplace, buyer and seller motivations, types, and perspectives
• Explain typical deal structures and financing mechanisms
• Advise clients when and where M&A is a viable strategic alternative and be in a position to counsel clients through the process

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.

After completing this course, attendees will be able to:

• Provide an overview of the litigation environment and the anatomy of the legal process
• Identify the role of the financial expert as either a consulting or testifying expert and list the differences between the roles
• Identify the complexities related to providing forensic accounting, valuation forensics, and expert witness services in a litigation context
• Explain the dynamics of working with legal counsel
• Define 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
• Summarize the key ingredients for effective expert testimony
• List the ways to avoid common pitfalls

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 eyes 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.  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.

After completing this course, attendees will be able to:

• Identify the necessary steps to complete a business valuation
• Locate the necessary data, models, and studies
• Explain the valuation through a business valuation report
• List the critical steps in building a successful valuation practice
• Review and check valuation work against other reports

 

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

 

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.

The Business Valuation Certification and Training Center faculty consists of 11 experienced practitioners. Noted for its diversity of backgrounds—yet grounded in the practice of business valuations—the practitioner/instructor team brings hundreds of years of practical experience to the development and refinement of this seminal business valuation training program. The curriculum is continually evaluated and refined to incorporate the latest developments in business valuation theory and application to maintain its position at the forefront of this dynamic discipline.

NACVA’s CTI Business Valuation and Certification Training Center Schedule
 

2013 Dates	Location	Early Registration Discounts and Deadlines
		10%	5%
June 3–8	Washington, DC	Expired	Expired
July 15–20	Orlando, FL	Expired	5/31
July 29–August 3	Columbus, OH	5/31	6/30
July 29–August 3	Philadelphia, PA	5/31	6/30
August 19–24	Denver, CO	6/30	7/31
September 16–21	Atlanta, GA	6/30	7/31
September 23–28	Boston, MA	7/31	8/31
September 30–October 5	San Juan, PR*	7/31	8/31
October 7–12	Chicago, IL	7/31	8/31
October 21–26	San Diego, CA	8/31	9/30
October 28–November 2	Washington, DC	8/31	9/30
November 4–9	Houston, TX	8/31	9/30
November 18–23	Ft. Lauderdale, FL	9/30	10/31
December 9–14	Las Vegas, NV	10/31	11/30
January 27–February 1, 2014	Scottsdale, AZ	11/31	12/31
The five-hour CVA/AVA/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.
*In partnership with the Puerto Rico Society of CPAs

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

“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

 

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)	$485
Certification Exam, Grading, and Proctoring Fee	$595
Total Retail Cost for Five-Day BVTC	$3,830
Package Price before Discounts	$3,195

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	$295	$85
Special Purpose Valuations	$195	$85
Total if purchased individually	$1,030	$340

 

CVA/AVA Certification Exam	$595
Package Price for All Five Courses:
Course Materials Only	$895
Materials plus CPE	$1,145
Materials with CPE and NACVA Practitioner Membership	$1,645
Shipping fee for materials	$40
Materials with CPE, CVA/AVA Exam, and First-Year NACVA Practitioner Membership ($350 off retail price) plus shipping	$1,995

BVTC On-Demand Video Series Enhancement (Available Summer 2013)
In addition to the Business Valuation Certification and Training Center’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 Business Valuation Certification and Training Center, 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.

In addition to the on-demand recordings, purchasers of the video series will be able to interact with 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 August, September, October, and December from which you can choose to attend ANY FOUR. The live Q&A sessions will be held on the following dates and begin at 11:00 a.m. MT:
 

August	September	October	December
Aug 6	Sep 17	Oct 1	Dec 3
Aug 8	Sep 19	Oct 3	Dec 5
Aug 13	Sep 24	Oct 8	Dec 10
Aug 15	Sep 26	Oct 10	Dec 12

BVTC On-Demand Video Series Enhancement Price…….............…$900

Also available: CVA/AVA Exam Q&A Study Guide

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.

There is no charge to re-schedule 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 day’s registration at a Consultants’ Training Institute and $50 for all other seminar registrations.
 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, software, or product sold by NACVA. 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

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.