CTI Training Program Dates and Locations | Contact Us | NACVA Member Login


 

Consultants' Training Institute

Benchmark training and certification in the accounting and financial consulting profession’s hottest growth niches.

Advanced Business Valuation Symposium

Until now, a truly advanced conference has been challenging for the valuation profession to pull off. The art and science of business valuation is constantly evolving. Keeping up-to-date on the latest models, methodologies, approaches to value, academic research, and data sources are critical for advanced and seasoned valuation practitioners who are juggling numerous engagements and are also tasked with staff development. The 2014 Advanced Business Valuation Symposium will not rehash the “same old” discussion of the “same old” topics or continue the “same old” debates that are so often presented. This Symposium is specifically designed for valuators who want to advance to more nuanced topics rather than those professionals who need fundamental or intermediate training.

Symposium Agenda
  Advanced Valuation Theory Alternative Services Special Purposes
TIME Tuesday,
 December 9, 2014
Wednesday,
 December 10, 2014
Thursday,
 December 11, 2014
8:30–10:15 a.m. The Implied Private Company Pricing Model Grounding Retrospective Solvency Analyses in Contemporaneous Information Considerations in the Valuation of Alternative Asset Management Firms and Carried Interests
(2 Hrs. CPE) Bob Dohmeyer, Pete Butler Michael Vitti Vladimir Korobov
10:15–10:30 a.m. Break    
10:30 a.m.–12:15 p.m. The Implied Private Company Pricing Model (Continued) Grounding Retrospective Solvency Analyses in Contemporaneous Information (Continued) Using Monte Carlo Modeling to Value Embedded Features in Warrants and Convertibles
(2 Hrs. CPE)     Vincent Covrig, Dan McConaughy
12:15–1:30 p.m. Lunch    
1:30–3:15 p.m. Public vs. Private Buyers: Market Participants, Implications for Discounts for Lack of Marketability, and New Data on S-Corp. vs. C-Corp. Valuations Valuing a Dream—Lost Profits Damages for a Development Stage Start-Up Cost of Capital and Forecasting Issues in Healthcare Valuation
(2 Hrs. CPE) Dan McConaughy, Vincent Covrig Tony Wayne Mark O. Dietrich, Laura Pfeiffenberger
3:15–3:30 p.m. Break    
3:30–5:15 p.m. Why DLOM/DLOC are Often Four-Letter Words Exploring the Connection Between Transfer Pricing and Valuation Cost of Capital and Forecasting Issues in Healthcare Valuation (Continued)
(2 Hrs. CPE) Carl Sheeler Lee Upton, III  

Symposium Chairs

Peter Butler, CFA, ASA, MBA
Valtrend, LLC
Nancy Fannon, CPA, ASA, ABV, MCBA, MAFF
Meyers, Harrison & Pia, LLC
The Implied Private Company Pricing Model

SESSION DESCRIPTION
This session will discuss why appraisers should consider using the Implied Private Company Pricing Model (IPCPM) by commenting on the flaws of the Build-Up Method (BUM) and the Modified Capital Asset Pricing Model (MCAPM). The presenters will then discuss the IPCPM, including how it was created and how it eliminates problems pertaining to specific issues such as the small stock premium, the tax rate, liquidity adjustment, and the company specific risk adjustment.

LEARNING OBJECTIVES
After completing this session, attendees will be able to:

  • List the flaws of the BUM and MCAPM
  • Recognize the flaw of the "small" stock premium
  • Estimate the weighted average cost of capital for the determination of fair market value of small, privately held companies using the discounted cash flow method
  • Identify how IPCPM eliminates the following problems pertaining to:
    o The small stock premium
    o Tax rate
    o Liquidity adjustment
    o Company specific risk adjustment

PRESENTER BIO(S)
Robert Dohmeyer, ASA
Bob Dohmeyer is the founder of Dohmeyer Valuation Corporation, a business valuation and M&A consulting firm. Bob provides professional valuation advice and appraisals primarily for bankruptcy and family law matters. He also specializes in complex valuation issues and provides consulting work for other appraisers in this regard. Bob has lectured and published several papers on various valuation topics and is on the editorial review board of the Journal of Business Valuation & Economic Loss Analysis.

Prior to forming Dohmeyer Valuation Corp., Bob was employed by a Fortune 100 conglomerate where he held numerous management positions and was responsible for estimating the firm’s cost of capital, analyzing and evaluating merger and acquisition candidates, and hedging/trading crude oil. Bob is the co-developer of the Implied Private Company Pricing Line (IPCPL) and the Implied Private Company Pricing Model (IPCPM). He received a bachelor’s degree in finance from California State University, Fullerton, and is an ASA.

Peter Butler, CFA, ASA, MBA
Peter Butler, principal at Valtrend, LLC, in Eagle, Idaho, has more than 19 years of diverse financial and business valuation experience. Peter has valued both privately held companies and publicly traded securities for a variety of purposes.

He invented and co-developed the Butler Pinkerton Calculator (BPC), a reference source (using publicly traded data) to help in the development of a private company’s cost of capital. He also co-developed the Implied Private Company Pricing Line (IPCPL) and the Implied Private Company Pricing Model (IPCPM) as complementary tools to aid in the development of a private company’s cost of capital.

Peter has published numerous articles in all of the major U.S. business valuation journals as well as in a Romanian journal. He has been invited to speak at numerous national and regional conferences as well as one international business valuation conference.

He holds a BS in mechanical engineering from the U.S. Naval Academy and has earned an MBA in finance from San Diego State University. Peter also served as a four-term president of the CFA Society of Idaho and taught as an adjunct faculty professor of finance in the MBA Program at George Fox University.

WHO SHOULD ATTEND
Appraisers of the control interests of private companies

FIELDS OF STUDY

4 Hrs Finance (FN)

Public vs. Private Buyers: Market Participants, Implications for Discount for Lack of Marketability and New Data on S-Corp vs. C-Corp Valuations

SESSION DESCRIPTION
This presentation will discuss the concept of the market participant as it relates to business valuation. It will demonstrate, using a large sample of transactions and several multiple regression models, that the market participant is related to the amount paid. It will show that, other things equal, public companies pay more than do private buyers. This session will provide detailed information regarding the premium paid by public companies and relate this information to the private company discount and the discount for lack of marketability as well as how these results relate to the business valuation literature. This presentation also shows the importance of understanding the transactions data. In addition, it sheds additional light on whether S-corporations are priced differently than C-corporations.

LEARNING OBJECTIVES
After completing this session, attendees will be able to:

  • Interpret the "market participant"
  • Calculate private company discounts
  • Recognize the importance of identifying the market participant
  • Differentiate the tax implications in valuing S-corporations and C-corporations
  • Identify the data sources used by valuation practitioners

PRESENTER BIO(S)
Dan McConaughy, ASA, PhD
Dr. Dan McConaughy is editor of Business Valuation Review, professor of finance at the David Nazarian College of Business and Economics at California State University Northridge, and is a director in valuation services at Crowe Horwath, LLP. He has published extensively in academic finance and practitioner valuation journals. He has presented at NACVA and ASA conferences as well as in webinars related to valuation.

 

 

 

Vincent Covrig, CFA, PhD
Dr. Vincent Covrig is a senior consultant in Crowe Horwath’s valuation services practice. His expertise is in modeling of fixed income securities, financial derivatives, compensation awards, enterprise valuation and allocation models, and contingent considerations. He is also a finance professor at California State University, Northridge, and has published more than a dozen papers in top academic and practitioner journals. He has presented at ASA and NACVA conferences.

 

 

WHO SHOULD ATTEND
Valuation practitioners, CPAs, attorneys

FIELDS OF STUDY
1 Hr Economics (EC), 1 Hr Finance (FN)

Why DLOM/DLOC are Often Four-Letter Words

SESSION DESCRIPTION
Most studies overlook much about equity-level risks and investor-expected concessions, ubiquitously referred to as discounts, as well as how new knowledge almost assures more accurate and empirically supported levels, whether the intended audience is the court or a regulatory body like the IRS.

LEARNING OBJECTIVES
After completing this session, attendees will be able to:

  • Distinguish various legal, finance, tax, and operating issues uncommonly discussed when opining on impairments and strengths associated with equity interests
  • Measure, manage, and mitigate risks associated with entity and equity ownership
  • Determine the composition and likely pool of investors associated with the fair, fair market, and intrinsic values as well as likely holding periods

PRESENTER BIO(S)
Carl Sheeler, PhD, ASA, CBA, CVA
Carl Sheeler has 25 years of experience as an IRS/court-qualified business valuation expert. He has completed over 1,000, eight- to ten-figure entity/equity level engagements and has testified more than 165 times. He is a nationally recognized presenter on legal, M&A, tax, and valuation matters. In addition, Carl Sheeler serves on the Ambassadors’ Editorial Board of NACVA and the Board of Governors for the Institute of Business Appraisers (IBA) and has been recognized by NACVA as an Instructor of Great Distinction. He is an author on valuation and discounting topics for John Wiley & Sons, Valuation Strategies, the California and New York state bar associations, and the AICPA.

 

 

 

WHO SHOULD ATTEND
CPAs, valuators, attorneys/jurists, economists, investment and commercial bankers

FIELDS OF STUDY
1 Hr Accounting (AC), 1 Hr Business Law (BL)

Grounding Retrospective Solvency Analyses in Contemporaneous Information

SESSION DESCRIPTION
The credit crisis created a financial tsunami that left many bankrupt debtors in its wake. Many of these debtors entered into pre-petition transactions that were subsequently challenged because the debtor was alleged to be insolvent at the time. This presentation addresses the three key components of retrospective solvency analyses (security prices, contemporaneous actions of interested parties, and the three financial tests) and key issues that permeate all components (e.g., standard of value and relevance of hindsight).

LEARNING OBJECTIVES
After completing this session, attendees will be able to:

  • Specify the three key components of retrospective solvency analyses
  • Identify when solvency or valuation-related determinations can effectively be made by the fact record and without the need for incremental expert testimony
  • Differentiate between "good" and "bad" hindsight, i.e., identifying when hindsight is used to arrive at result-driven ("bad") or informed ("good") determinations
  • Calculate and assess a debtor's capital adequacy and ability to repay its debts

PRESENTER BIO(S)
Michael Vitti, CFA
Michael R. Vitti, CFA, is a managing director at Duff & Phelps, LLC, who focuses primarily on solvency analyses. Notable solvency-related matters include VFB v. Campbell Soup Company and serving as a financial advisor to the court-appointed examiner in the Lehman Brothers bankruptcy case. Michael authored a three-part paper ("Grounding Retrospective Solvency Analyses in Contemporaneous Information”) in Business Valuation Review and co-authored an article ("A Cartoon and Other Takeaways from the Tronox Case") in ABI Journal. Michael also contributed the bankruptcy-related chapter in The Lawyer's Guide to Cost of Capital, which is condensed in Cost of Capital: Applications and Examples, 5th Ed.

 



WHO SHOULD ATTEND
CEOs, CFOs, treasurers, business appraisers, attorneys, cpas, practitioners

FIELDS OF STUDY
1 Hr Business Law (BL), 1 Hr Economics (EC), 2 Hrs Finance (FN) 

Valuing a Dream—Lost Profits Damages for a Development Stage Start-Up

SESSION DESCRIPTION
This session will walk participants through a very fascinating, highly complex lost profits litigation case for a firm in the alternative energy sphere that suffered a total loss from a fire before the company was able to sell one unit of product. The presenter represented the defendant, the insurance carrier, as opposing experts. This session will review and discuss the pertinent facts, issues, underlying assumptions as well as the challenges of completing a lost profits analysis for a start-up company lacking an operating history.

LEARNING OBJECTIVES
After completing this session, attendees will be able to:

  • List the unique, highly unusual challenges of a valuation/expert witness engagement involving a lost profits damage claim for a development-stage firm with no operating history
  • Identify the enhanced risk factors involved, the critical assumptions and essential foundational support for these assumptions, the common approaches used in valuing start-ups and development stage enterprises, and the increased care required in opinion development and support and presentation

PRESENTER BIO(S)
Tony Wayne, CVA, CPA, CIRA, CFF, FCPA
Tony Wayne founded IronHorse, a special situation consulting firm with practice specialties in valuation, litigation support, forensic accounting, due diligence, CFO services, and complex restructuring/turnaround, in 1998. Tony has extensive M&A, business turnaround, and expert witness experience. Tony’s clientele includes companies in the energy, manufacturing, construction and specialty contracting, specialty wholesale, OEM industrial equipment, automotive after-market, and contractor supply industries.

 



WHO SHOULD ATTEND
Attorneys, practitioners, and CPAs

FIELDS OF STUDY
2 Hrs Specialized Knowledge & Applications (SK&A)

Exploring the Connection between Transfer Pricing and Valuation

SESSION DESCRIPTION
The connection between transfer pricing and valuation gets closer and closer as time passes. This presentation will focus on valuation issues that arise in the context of transfer pricing related to intangible property and will use specific examples to highlight key issues and analysis. The presentation will also include an overview of transfer pricing and valuation methods as well as key concerns regarding reliability, comparability, and quality of data and assumptions.

LEARNING OBJECTIVES
After completing this session, attendees will be able to:

  • List the differences in valuation concepts as they are applied in the transfer pricing context as opposed to more traditional valuation contexts
  • Identify the primary types of intangibles assets that are typically subject to transfer pricing disputes
  • Identify and apply the generally accepted methods as prescribed in the transfer pricing regulations to the valuation of intangibles for transfer pricing purposes
  • Evaluate the valuation approaches used by other valuation experts in the context of transfer pricing of intangibles

PRESENTER BIO(S)
Lee Upton, III, CVA
Lee O. Upton, III, MBA, CVA, is the president of Premier Quantitative Consulting, Inc., and specializes in providing asset and equity valuations for closely held businesses. Mr. Upton also performs economic and statistical analyses pertaining to market conditions, regulatory issues, pricing issues, and trading behavior; compliance with tax regulations and royalty and profit sharing agreements; and the identification of market trends, such as forecasting future prices, profits, and market shares. Mr. Upton obtained his BS from Wake Forest University, his MS from Emory University, and his MBA from the Crummer Graduate School of Business at Rollins College.

 


WHO SHOULD ATTEND
The target audience is CFOs/tax directors, CPAs, attorneys, and practitioners that deal in tax valuation or specialize in complex IP valuation

FIELDS OF STUDY
1 Hr Economic (EC), 1 Hr Tax (TX)

Considerations in the Valuation of Alternative Asset Management Firms and Carried Interests

SESSION DESCRIPTION
The presentation will be an advanced-level discussion of technical issues that arise in valuations of alternative asset management firms, such as hedge fund and private equity/venture capital fund managers, and carried interests in the investment funds. The discussion will cover topics such as typical investment fund entity structures; valuation methodologies, such as discrete discounted cash flow (DCF), option-pricing models, Monte Carlo simulation, and their respective pros and cons; frequently encountered specific valuation challenges, such as investment return expectations; reasonable compensation issues; important discount rate(s) considerations; and suggestions on how to tackle these challenges.

LEARNING OBJECTIVES
After completing this session, attendees will be able to:

  • Specify typical investment fund entity structures and the impact of the structures on the valuation analysis
  • List valuation methodologies and articulate their application
  • Identify the main pros and cons of each valuation methodology
  • List the specific issues that present challenges in the valuation of alternative asset management firms and carried interests
  • Establish approaches for dealing with valuation challenges specific to alternative asset management firms and carried interests

PRESENTER BIO(S)
Vladimir Korobov, ASA, CPA, ABV
Vladimir Korobov is a managing director in the business valuation and litigation support group at Meyers, Harrison & Pia, LLC, a firm specializing in business valuation, economic damages, and litigation support services.

Mr. Korobov has performed valuations of business interests for a variety of purposes including, but not limited to, family law matters, estate and gift tax, fairness opinions, transactions, solvency determination, employee stock ownership plan formation and updates, financial reporting, and litigation.

The subjects of his valuation assignments have included entire enterprises and partial business interests, preferred and debt securities, portfolios of assets, derivative instruments, and intangible assets. He has conducted SAS 73/SAS 101 reviews of investment valuations for hedge funds and private equity firms and examinations of third-party valuation specialist reports in the context of financial statement audits.

WHO SHOULD ATTEND
Attorneys, valuation practitioners

FIELDS OF STUDY
2 Hrs Specialized Knowledge & Applications (SK&A)

Using Monte Carlo Modeling to Value Embedded Features in Warrants and Convertibles

SESSION DESCRIPTION
Companies may issue options, warrants, convertible debt, and convertible preferred securities with exotic derivatives features such as a resetting of the strike price or a change in the number of equivalent shares based on market conditions. This session will discuss some of the most common embedded features encountered in valuation for financial reporting. It will provide illustrative excerpts from SEC filings describing such features. The presenters will show how to value securities with embedded features using Monte Carlo simulation, a flexible methodology well suited to valuing such contractual features.

LEARNING OBJECTIVES
After completing this session, attendees will be able to:

  • Identify the embedded derivatives in securities purchase agreements
  • Detect how embedded features add to or subtract from a simple Black-Scholes option valuation
  • Compare the Black-Scholes Model with the Monte Carlo simulation model
  • Implement options/warrants/convertibles with the embedded features using Monte Carlo

PRESENTER BIO(S)
Dan McConaughy, ASA, PhD
Dr. Dan McConaughy is editor of Business Valuation Review, professor of finance at the David Nazarian College of Business and Economics at California State University Northridge, and is a director in valuation services at Crowe Horwath, LLP. He has published extensively in academic finance and practitioner valuation journals. He has presented at NACVA and ASA conferences as well as in webinars related to valuation.

 

 

 

Vincent Covrig, CFA, PhD
Dr. Vincent Covrig is a senior consultant in Crowe Horwath’s valuation services practice. His expertise is in modeling of fixed income securities, financial derivatives, compensation awards, enterprise valuation and allocation models, and contingent considerations. He is also a finance professor at California State University, Northridge, and has published more than a dozen papers in top academic and practitioner journals. He has presented at ASA and NACVA conferences. The subjects of his valuation assignments have included entire enterprises and partial business interests, preferred and debt securities, portfolios of assets, derivative instruments, and intangible assets. He has conducted SAS 73/SAS 101 reviews of investment valuations for hedge funds and private equity firms and examinations of third-party valuation specialist reports in the context of financial statement audits.


WHO SHOULD ATTEND
Attorneys, valuation practitioners, CPAs

FIELDS OF STUDY
1 Hr Economics (EC), 1 Hr Finance (FN) 

Cost of Capital and Forecasting Issues in Healthcare Valuation

SESSION DESCRIPTION
This session will provide an in-depth discussion of the sources of risk to consider in the cost of capital and forecasting in healthcare valuations. An industry risk overview will provide a chance to assess the relevant issues of healthcare reform in order to build an understanding of company-specific issues. Issues related to developing a discount rate will cover the assessment and derivation of costs of equity and debt and the weighted average cost of capital. This session will also discuss the corresponding risk quantified in cash flow projections. Specific practice examples that will be used in this session include internal medicine, cardiology, and dermatology.

LEARNING OBJECTIVES
After completing this session, attendees will be able to:

  • Identify and assess the risks of current reform trends
  • Recognize and specify the nature of current reimbursement trends and payor relationships and their impact on healthcare entities
  • Specify how risk is quantified in the discount rate and cash flow projections
  • Calculate an appropriate cost of capital for a subject entity

PRESENTER BIO(S)
Mark O. Dietrich, CPA, ABV
Mark O. Dietrich is editor and contributing author to the American Health Lawyers' Association/Business Valuation Resources Guide to Healthcare Valuation, 3rd Edition, and the Guide to Healthcare Industry Compensation and Valuation. He is principal author of Business Valuation Resources’ Guide to Physician Practice Valuation, 2nd Edition, and co-author with Gregory Anderson, CPA/ABV of The Financial Professional's Guide to Healthcare Reform. Mark is also co-author of PPC's Guide to Healthcare Consulting as well as dozens of articles on valuation, taxation, and the healthcare regulatory environment. Mark's career experience includes serving as partner-in-charge of the annual audit of an 80-physician, tax-exempt faculty group practice and the negotiation of Medicare Advantage contracts. He has completed more than 350 valuation engagements in the healthcare industry and has served as an expert witness in regulatory matters. Mark is a regular speaker at national and international conferences on healthcare reform, valuation, and other topics. He has presented at NACVA and ASA conferences as well as webinars related to valuation.

Laura Pfeiffenberger, MBA, MSA
Laura Pfeiffenberger is a director in the business valuation and litigation support group at Meyers, Harrison & Pia, LLC. Ms. Pfeiffenberger has significant experience in matters involving economic damages, including the determination of damages related to contracts, torts, infringement of intellectual property, personal injury/wrongful termination, post-acquisition disputes, and shareholder disputes. As one of the firm’s healthcare valuation practice leaders, Laura’s industry focus on healthcare services provides clients valuation, transaction, and business arrangement guidance in the complex world of today’s post-reform marketplace.

In addition to contributing to multiple publications, Ms. Pfeiffenberger has spoken at the AICPA Forensic & Valuation Services Conference and the NACVA/CTI Matrimonial Litigation Support Workshops. She has also presented for Business Valuation Resources’ 2012 webinar symposium on economic damages.

WHO SHOULD ATTEND
CPAs and practitioners

FIELDS OF STUDY
4 Hrs Specialized Knowledge and Applications (SK&A) 

Where and When



Dates



Location

Early Registration
Discounts and Deadlines
10% 5%
December 9–11, 2014 San Diego, CA 10/31/14 11/30/14

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

Pricing 
Pricing (Before Early Registration Discount) Non-Member Member
Three-day Symposium $1,950 $1,755
Individual Days $650 $585
 
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.
 


Related Training

Case Analysis in Person
 

Current Update in Valuations
 

Advanced Valuation: Applications and Models Workshop
 

FAQs Send to a Friend Have a question ?
Report Broken Links | Techincal Partners | Privacy Policy
Contact Us Toll Free: (800) 677-2009