Online Conference—Best of 2017 Conference

Online Conference

Join our Online Conference repeat and watch the most popular, cutting-edge topics from our 2017 Annual Consultants' Conference!

You will pick one webinar in each time period to attend, three (3) per day providing five (5) hours of CPE per day. Non-Member price per day: $390 Member discounts apply.

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Click on the session title below to view more information.

Wednesday, July 26, 2017
10:00 a.m.–11:40 a.m. | 2 Hrs CPE

Peter will discuss the need for, and appropriate next (and final) steps, in the development of the cost of capital for a privately held company to include empirical data from the public stock market for idiosyncratic risk and the use of the Implied Private Company Pricing Model. “Without such data, you are just another person with an opinion.”

Learning Objectives:

After completing the session, attendees will be able to:

• Recognize that without total beta, data from publicly traded stock returns fails to capture idiosyncratic risk
• Differentiate between company-specific risk and idiosyncratic risk
• Recognize the huge leaps of faith one must take from the alleged size premium to estimate an appropriate cost of equity for a privately held company
• Use total beta to help calculate guidelines’ total cost of equity, which includes idiosyncratic risk, to use in their business appraisal practice
• Use the IPCPL to help estimate their subject company’s cost of capital


Many valuators have trouble getting paid rates that reflect the true value of their specialized knowledge and skills. This session includes specific tips on how valuators can ask for and receive higher rates for their services. Practical pointers cover all aspects of the engagement, including the initial conversation with a prospect, the engagement letter, on-going discussions with the client, and drafting of invoices.

Learning Objectives:

After completing this session, attendees will be able to:

• Express the value of their own services while carefully explaining the value of a client's business 
• Describe their value in conversations, engagement letters, and invoices 
• Identify mistakes often made by those who try to compete by having the lowest fees 
• Quote and receive rates (compensation) that reflects the true value of their expertise and services 



12:30 p.m.–1:20 p.m. | 1 Hr CPE

This session will discuss the benefits and difficulties of locating, preserving, and using electronically stored information (ESI) in a fraud case. This session will also discuss where ESI may be stored, the types of legal battles that arise over discovery of ESI, and how best to handle ESI-related issues to keep costs at a minimum. The issues that may be discovered during the discovery process will be approached from the perspective of a fraud investigation and how to best gather and preserve evidence to assist in the administration of a case or throughout the litigation process. The provisions that should be included in cooperation agreements to coordinate issues of cost, scope, and form of production of ESI will be discussed.

Learning Objectives:

After completing this session, attendees will be able to:

• Assess what types of things constitute ESI
• Identify where ESI is located
• Recognize how to cooperate with federal regulators over ESI
• Determine how to best obtain ESI records through the discovery process
• Identify how to define the scope of ESI to be produced
• Evaluate factors to consider in sharing the costs of ESI production
• Recognize how to obtain records from financial institutions
• Recognize attorney-client privilege issues in ESI production
• Determine how to preserve ESI for use as evidence in a later trial
• Compose a thorough cooperation and coordination agreement to canvas issues relating to ESI
• Define how ESI can help in a commercial fraud case


A methodology to validate 100% marketable interest value using 14 tests to obtain and repay financing using current market leverage multiples/ratios along with testing the reasonableness of both goodwill value and the conclusion of value against market benchmarks. The presentation will take the participant through the methodology step by step including edits that may occur in the conclusion of value to achieve one or more of the test criteria. Vetted in the United States District Court NW District of Ohio Western Division. This methodology is not used to validate DLOC, DLOM, or value of minority interests. Excel spreadsheets and report section provided to participants.

Learning Objectives:

After completing this session, attendees will be able to:

• Utilize the Sanity Check, a hypothetical willing buyer and willing seller test to validate the analyst’s conclusion of value of a 100% controlling interest on a marketable, controlling interest basis
• Test conclusion of value using current market data and capital access criteria
• Formulate, if necessary, discount rates, benefit streams, weights, and other valuation factors that require professional judgment or ranges to synthesize the conclusion of value
• Express the conclusion of value in court using understandable capital market criteria
• Apply an aspect of independent capital market reality check to a theoretical process


The first step of an exit plan is to ascertain a value for the business. The second step is to look at the current value and devise a plan to increase the value and sell it when it has achieved that higher value. This session goes thru value enhancer items, how they work, and case studies showing their application. A goals and objective worksheet, including a project timeline for each of the components, goals, and objectives will be provided for review.

Learning Objectives:

After completing this session, attendees will be able to:

• Identify the major and minor components that are part of value enhancement
• Differentiate between these components to construct a plan of action
• Utilize a goals and objective worksheet, including a project timeline for each of the components, goals, and objectives



1:45 p.m.–3:25 p.m. | 2 Hrs CPE

The attendee will learn about the current state of DLOMs (discount for lack of marketability) in valuation, including the various methodologies and approaches and how to apply them, which ones to use and how to use them, and tips on how to support your DLOM conclusion.

Learning Objectives:

After completing this session, attendees will be able to:

• List the various methods and approaches for determining a DLOM
• Identify the plusses and minuses of the various approaches and methods
• List the types and uses of DLOM methods and approaches
• Differentiate between the pros and cons of each of the methods and approaches
• Define the DLOM problem and solution


Can the value of marital property be greater than the value of property legally owned by a spouse? Can a spouse have a marital property interest in personal goodwill in which the shareholder has no legal interest? Some states treat personal goodwill as a non-marital asset while other states treat both personal and enterprise goodwill as marital property. Under Federal tax law, corporations do not own the personal goodwill of its shareholders. In a divorce valuation of a corporation which involves personal goodwill, what is the appraiser to do? How should personal goodwill be treated in a business valuation for divorce purposes? This session will discuss these issues and provide guidance for the valuation analyst.

Learning Objectives:

After completing the session, attendees will be able to:

• Describe that personal goodwill is not an asset belonging to a corporation under Federal tax law
• List the differences among states in the treatment of personal goodwill as marital property
• State the importance of applying local law in business valuations for divorce
• Analyze personal goodwill in a divorce valuation context
• Illustrate a cogent analysis of personal goodwill in a valuation report


The authority of governmental enforcement agencies is growing, along with the move towards "transparency" requiring public disclosure of, and easy access to, adverse administrative actions. This session will discuss the nature of the regulatory environment, the effect on the valuation of a business, and the effect of such an action in valuing damages. Examples will be given from real–world cases. A public announcement by the FDA, for example, can severely damage the prospects of the subject food or pharmaceutical company. There will be discussion of effective research techniques to establish the facts and to find effective means of communicating the impact.

Learning Objectives:

After completing this session, attendees will be able to:

• Create awareness of the publicly available information on adverse administrative actions against businesses
• Utilize research tools to uncover such information
• Recognize the impact of publicity on the valuation of a business
• Describe the effect of adverse information on the calculation of lost income damages



Thursday, July 27, 2017
10:00 a.m.–11:40 a.m. | 2 Hrs CPE

With recent healthcare reform initiatives, a major paradigm shift is taking place in the healthcare delivery system. The passage and implementation of MACRA, as well as legislative discussion regarding the viability and sustainability of current fraud and abuse laws, may significantly change the requisite analysis required to determine whether a physician compensation arrangement does not exceed FMV and is a commercially reasonable (CR) transaction. This session will focus on the potential impact of MACRA and other reform initiatives on related changes in the methodology and analytical thresholds for the CR of physician compensation arrangements, and valuation professionals with the tools to understand and thrive in this paradigm shift.

Learning Objectives:

After completing this session, attendees will be able to:

• Articulate the various definitions of Commercial Reasonableness as promulgated by federal statutes, regulations, and case law
• Identify and describe the most recent federal fraud and abuse cases related to Commercial Reasonableness and physician compensation
• Describe the potential challenges surrounding the development of a Commercial Reasonableness analysis in the current volatile healthcare reimbursement environment, which is shifting payment from a volume-based to a value-based structure


Using an analytical method for valuing FLPs, including the Income and Market Approaches, allows appraisers to more accurately and objectively determine value. As professional methodology has advanced, there are certain types of partnerships that may be considered complicated. This session will focus on valuing complex FLPs, including: high debt real estate FLPs, multiple asset FLPs, oil and gas FLPs, and non-income producing FLPs using case studies. In addition, issues such as how to handle the FLPs that own privately held stock, multiple (stacked) partnership interests, venture capital funds, general partnership interests, and promissory notes.

Learning Objectives:

After completing this session, attendees will be able to:

• Determine the pitfalls of using average discounts from studies when valuing FLP interests
• Explain how the Tax Court responded to FLP appraisals that are not objectively supported with empirical data
• Utilize the proper data to support the determination of discount rates
• Summarize the criteria necessary for the selection of guideline entities
• Prepare a bullet proof appraisal that will accurately determine the correct value and be supportable
• Use case studies to illustrate the step by step procedures on how to apply practical methods to value complex FLP interests
• Recognize common problems; analyze and select the proper data to support their conclusions
• Prepare an appraisal that will withstand the scrutiny of the IRS and the Tax Court



12:30 p.m.–1:20 p.m. | 1 Hr CPE

Provides an unbiased look at the most common types of public fraud and corruption, digs into the human behaviors driving them, and offers a detailed standard of best practices to keep organizations on track. 
This focused guide tackles the fraud, waste, and the abuses of power that threaten to devalue the functions of our public service agencies. By disseminating tools and methods that promote greater transparency in operation practices and also by providing the reader with objective standards that they can use to easily spot irregular patterns and wrongdoing, this text can serve as a reference for the dedicated fraud fighter.

Learning Objectives:

After completing this session, attendees will be able to:

• Describe the nuts and bolts of the financial workings of government entities
• Differentiate how your agency performs in relation to an established set of financial practices
• Recognize a wide variety of in-depth case studies where malfeasance happened—even at the highest levels of government


Hinge’s Second Annual High Growth Study polled over 1000 professional services firms—including over 250 accounting industry firms. The results, which will be released in early 2017, will uncover the secrets behind what makes some professional service firms grow faster and realize more profitability than others. Lee Frederiksen will walk NACVA members through key findings that they can apply to their own business development and marketing efforts. The findings will address the professional services industry as a whole, as well as specific insights gleaned from the accounting industry, including:
• Which strategies work best
• How high-growth firms differentiate themselves
• What marketing techniques high-growth firms use

Learning Objectives:

After completing this session, attendees will be able to:

• Identify trends in professional services marketing to develop an understanding of how their firms’ marketing efforts should evolve
• List effective techniques that their firms can implement as part of a goal to achieve growth
• Apply proven marketing strategies to their overall business development plan


Business appraisers, when serving as experts, are precluded from acting as an advocate for the client. There is another high profile role for the appraiser as a client advocate. All association standards permit this activity, but little has been written or said about it. This unique session illustrates how the business appraiser functions as an advocate/consultant for a client, including: the pros and cons, practice opportunities, and case study examples.

Learning Objectives:

After completing this session, attendees will be able to:

• Identify situations where business appraisers may act as advocates for a client
• Cite professional standards and responsibilities in this area of appraisal practice
• Apply lessons learned from real world case studies



1:45 p.m.–3:25 p.m. | 2 Hrs CPE

Non-traditional affiliation strategies are becoming more prevalent among hospitals, health systems, and provider groups. This session will explore the valuation nuances and pitfalls associated with establishing the Fair Market Value of service line joint ventures, joint operating agreements, and other non-equity affiliations.

Learning Objectives:

After completing the session, attendees will be able to:

• Describe the valuation methods and appropriate model development considerations for service line joint ventures


This session provides a step learning approach to regression analysis, error measurements, and interpretation. The fundamental components are presented graphically and numerically to assist in transitioning between raw and plotted data. Financial data will be introduced progressively and discussed with final interpretation presented at the conclusion of the presentation..

Learning Objectives:

After completing this session, attendees will be able to:

• Identify the anatomy of a regression line
• Predict the effect of sampling error of the regression line
• Identify the progressive mathematical components of regression analysis
• Define precision and error measures
• Define the construction of a regression analysis and statistical measures
• Calculate error measurements
• Determine optimal "fit" of the regression line
• Apply regression analysis to forecast and projections


The big issue in business litigation—the one the huge verdicts turn on—is whether the plaintiff's lost profits have been proven with reasonable certainty. Every U.S. jurisdiction has adopted the rule that lost profits must be proven with reasonable certainty. What are the factors courts actually take into account when they decide whether the plaintiff has proven its lost profits with reasonable certainty? These factors will be discussed in connection with an actual case study.

Learning Objectives:

After completing the session, attendees will be able to:

• Identify the supporting evidence required for proving damages from lost profits
• Explain the necessary factors that courts consider: is the estimate accurate, is the court certain the injured party suffered some damage, the degree of moral fault on the part of the defendant, the extent to which the plaintiff produced the best possible evidence of lost profits, the amount at stake, and whether there is an alternative method of compensating the injured party