State Chapter Event | Minnesota
Host: Chris Van Schooneveld, State Chapter President
Tuesday, September 10, 2024, 8:00 AM–5:30 PM
Location:
Crowne Plaza Minneapolis West
3131 Campus Drive
Plymouth, MN 55441
Time zone shown above is Central.
Session 1: Understanding the Emerging and Evolving Landscape in Marijuana Appraisal: A Focus on the Unique Attributes within a Unique Industry
Presenters: Ron Seigneur, MBA, CPA/ABV, ASA, CVA (Seigneur Gustafson LLP) and Stacey Udell, CPA/ABC/CFF, CVA (HBK)
Program Description: This course will focus on the unique industry challenges within the state legal, licensed cannabis operators with an emphasis on the information relevant to business and intellectual appraisal engagements. Information will be provided to assist in risk assessment and in understanding the often-extreme differences from licensing jurisdictions at both the state and municipal level. Sources of information will be provided, and a few sample demonstratives will be used to show some of the unique appraisal nuances in cannabis.
Learning Objectives: After completing this course, attendees will be able to:
- Summarize an understanding of the rapidly evolving landscape within the industry due to state by state differences in license rights and numbers
- Identify where to look for market data on transactions involving licenses and licensed entities
- Cite where to find industry resources that are helpful within the appraisal of cannabis assets and rights
Program Level: Intermediate: Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.
Prerequisites: Previous training or research on subject matter being taught. Such persons are often at a mid-level within the organization, with operational and/or supervisory responsibilities.
Advanced Preparation: None
Who Should Attend: CPAs, attorneys, and practitioners
Field(s) of Study: Finance
Course CPE: 1 hour
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Seminar Cancelations, Complaints, and Refunds
Session 2: Intellectual Property Valuation - A Deeper Dive
Presenter: Graham Rogers, ASA, MRICS CVS, CLP (EisnerAmper)
Program Description: During this course, we will identify and define types of intangible assets (specifically intellectual property) and describe why the recognition and valuation of intangible assets is important. In addition, we will define the three methodologies for valuing intangible assets (Cost Approach, Market Approach, and Income Approach). We will also spend a significant amount of time on the hybrid approach commonly referred to as the Reasonable Royalties methodology. We will provide a walkthrough for how to utilize royalty databases (i.e., ktMINE, RoyaltyStat, Royalty Source) which are an invaluable tools for identifying potential comparable agreements and therefore royalty rates in the market. Finally, we will provide a walkthrough on how to determine the discount rate that one should use in valuing intangible assets.
Learning Objectives: After completing this course, attendees will be able to:
- Identify intangible assets owned by clients and understand the impact and importance intellectual property has on the value and operation of a business
- Understand the difference between each of the three valuation methodologies commonly utilized in valuing intangible assets
- Understand how royalty databases (i.e., ktMINE) are a useful tool for identifying potential comparable agreements and how to calculate a reasonable royalty rate based on comparables in the market
- Understand the components of risk in developing an appropriate discount rate to apply.
Program Level: Advanced: Learning activity level most useful for individuals with mastery of the particular topic. This level focuses on the development of in-depth knowledge, a variety of skills, or a broader range of applications.
Prerequisites: Good knowledge of topic and experience in the field. Advanced level programs are often appropriate for seasoned professionals within organizations; however, they may also be beneficial for other professionals with specialized knowledge in a subject area.
Advanced Preparation: None
Who Should Attend: CPAs, attorneys, and practitioners
Field(s) of Study: Finance
Course CPE: 2 hours
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Seminar Cancelations, Complaints, and Refunds
Session 3: An Attorney’s Perspective on Selecting the Right Expert and Preparing Them for Deposition and Trial
Presenter: Hubert Klein, CPA/ABV/CFF/CGMA, CVA, CFE (Eisneramper) and Janel Dressen. J.D. (Anthony Ostlund Louwagie Dressen & Boylan)
Program Description: In this course, find out what lawyers look for in working with experts. This will be a discussion with a seasoned trial attorney and a seasoned expert witness who can share their insights, guidance, and expertise about best practices and tactics for working with experts. This course will also discuss current issues related to Daubert and discuss how attorneys and experts can work together to prepare for any situation, working to reports and then from deposition to trial.
- Describe how to prepare for expert witness testimony
- Identify the range of matters on which accountants are asked to provide expert witness testimony
- Recognize other issues that expert witnesses should consider
Program Level: Intermediate: Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.
Prerequisites: Previous training or research on subject matter being taught. Such persons are often at a mid-level within the organization, with operational and/or supervisory responsibilities.
Advanced Preparation: None
Who Should Attend: CPAs, attorneys, and practitioners
Field(s) of Study: Personal Development
Course CPE: 2 hours
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Seminar Cancelations, Complaints, and Refunds
Session 4: Demystifying Monte Carlo Simulation and its Application
Presenter: David Kaye, CFA, CPA/ABV, CA (Excelsior Business Advisors)
Program Description: In this course, you will learn how the Monte Carlo simulation offers a tremendous tool to valuation analysts when valuing securities, assets, liabilities, and businesses with non-linear, path dependent payoff structures such as carried interests in investment vehicles, performance incentive units, earnouts, and more. In this course we will cover the practical application of Monte Carlo simulation, including case study examples. We will provide guidance on how to identify situations where this model can provide the valuation analyst with a tool to accurately model the payoff structure of assets with a non-linear, path dependent structure. This course aims to demystify Monte Carlo simulations for valuation analysts with a general understanding of the Monte Carlo Simulations and provide guidance in its practical application.
Learning Objectives: After completing this course, participants will be able to:
- Identify situations where Monte Carlo simulation is needed to accurately model the payoff structure of the subject asset or liability
- Understand the limitations of Monte Carlo simulation relative to other valuation methods and option pricing models
- Understand the basic application of Monte Carlo simulation
Program Level: Advanced: Learning activity level most useful for individuals with mastery of the particular topic. This level focuses on the development of in-depth knowledge, a variety of skills, or a broader range of applications.
Prerequisites: Good knowledge of topic and experience in the field. Advanced level programs are often appropriate for seasoned professionals within organizations; however, they may also be beneficial for other professionals with specialized knowledge in a subject area.
Advanced Preparation: None
Who Should Attend: CPAs, attorneys, and practitioners
Field(s) of Study: Finance
Course CPE: 2 hours
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Seminar Cancelations, Complaints, and Refunds
Session 5: An Update on The Impact of $80 Billion and 87,000 Additional IRS Employees on BV
Presenter: Michael Gregory, MBA, ASA, CVA, Qualified Mediator with the MN Supreme Court
Program Description: In this course, you will learn how the Inflation Reduction Act was supposed to provide the IRS with $80 billion additional dollars and add 87,000 employees over the next ten years, but Congress has reduced it. During this session, Mike looks at the IRS strategic plan and public information from the Treasury Department and the IRS. He shares his insights of what this may mean overall related to business valuation with the IRS Engineering Program and business valuation. Short- and longer-term implications are presented to give appraisers an idea of what may be expected in the future given IRS objectives. Insights on recent court cases are offered as a bonus item.
Learning Objectives: After completing this course, participants will be able to:
- Define key elements of the IRS Strategic Plan
- Evaluate the impacts of hiring at the IRS in valuation
- Determine appropriate actions to avoid and address an IRS audit
- Analyze pertinent court cases update
Program Level: Update: Learning activity level that provides a general review of new developments.
Prerequisites: Participants need a background in the subject area and desire to keep current.
Advanced Preparation: None
Who Should Attend: CPAs, attorneys, and practitioners
Field(s) of Study: Finance
Course CPE: 1 hour
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Seminar Cancelations, Complaints, and Refunds
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