Track 1—Best Practices in Business Valuation

The Income Approach, including the Capitalized Cash Flow Method and the Discounted Cash Flow Method

Tuesday, December 8, 2020 10:45 a.m. - 12:25 p.m. ET

All Track One sessions are part of the three-day course Best Practices in Business Valuation—A Practical Approach to Advanced Issues and Applications which covers the latest developments in the valuation profession in a straightforward manner and with an emphasis on practical application. While other attendees may be participating in the course only—as a conference attendee, you can choose what sessions to attend from any track at any time.

  • Are you tired of esoteric concepts and applications that few use and even fewer understand?
  • Are you tired of answers like, “When you look at it this way the answer is this, but if you look at it that way the answer is that?”
  • Do you scream when a presenter says “It depends” when asked a question, even a basic one?

The bottom line is that, while the valuation profession has come a long way, we still can’t come together and agree on many-and we mean many-valuation issues. 

The sessions in Track One will make you feel more comfortable that you know how to understand and apply valuation techniques in the most supportable way. It takes you through advanced issues and applications that you can use right away. Key issues relating to the income approach, capitalized cash flow method and discounted cash flow method will be discussed.

After completing this session, attendees will be able to:

  • Differentiate between the various Income Approach methods and data inputs
  • Apply best practices and avoid mistakes in the income approach, including discount rates, growth rates, normalization adjustments, Capitalized Cash Flow Method, and Discounted Cash Flow Method
  • Assess how to apply and support probabilistic scenario analyses

Total CPE: 2
Fields of Study: Accounting: 1, Finance: 1
Program Level: Intermediate - Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Who Should Attend:

This session is for everyone, whether a first-year analyst or a seasoned BV veteran.

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

Jim Hitchner

Jim  Hitchner

ABV ,ASA, CFF, CPA

Read Biography

Cost of Capital

Tuesday, December 8, 2020 12:40 p.m. - 2:20 p.m. ET

All Track One sessions are part of the three-day course Best Practices in Business Valuation—A Practical Approach to Advanced Issues and Applications which covers the latest developments in the valuation profession in a straightforward manner and with an emphasis on practical application. While other attendees may be participating in the course only—as a conference attendee, you can choose what sessions to attend from any track at any time.

  • Are you tired of esoteric concepts and applications that few use and even fewer understand?
  • Are you tired of answers like, “When you look at it this way the answer is this, but if you look at it that way the answer is that?”
  • Do you scream when a presenter says “It depends” when asked a question, even a basic one?

The bottom line is that, while the valuation profession has come a long way, we still can’t come together and agree on many-and we mean many-valuation issues. 

The sessions in Track One will make you feel more comfortable that you know how to understand and apply valuation techniques in the most supportable way. It takes you through advanced issues and applications that you can use right away. Key issues relating to the income approach, capitalized cash flow method and discounted cash flow method will be discussed.

After completing this session, attendees will be able to:

  • Differentiate between the various Income Approach methods and data inputs
  • Apply best practices and avoid mistakes in the income approach, including discount rates, growth rates, normalization adjustments, Capitalized Cash Flow Method, and Discounted Cash Flow Method
  • Assess how to apply and support probabilistic scenario analyses

Total CPE: 2
Fields of Study: Accounting: 1, Finance: 1
Program Level: Intermediate - Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Who Should Attend:

This session is for everyone, whether a first-year analyst or a seasoned BV veteran.

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

Jim Hitchner

Jim  Hitchner

ABV ,ASA, CFF, CPA

Read Biography

Growth Rates

Tuesday, December 8, 2020 3:00 p.m. - 4:40 p.m. ET

All Track One sessions are part of the three-day course Best Practices in Business Valuation—A Practical Approach to Advanced Issues and Applications which covers the latest developments in the valuation profession in a straightforward manner and with an emphasis on practical application. While other attendees may be participating in the course only—as a conference attendee, you can choose what sessions to attend from any track at any time.

  • Are you tired of esoteric concepts and applications that few use and even fewer understand?
  • Are you tired of answers like, “When you look at it this way the answer is this, but if you look at it that way the answer is that?”
  • Do you scream when a presenter says “It depends” when asked a question, even a basic one?

The bottom line is that, while the valuation profession has come a long way, we still can’t come together and agree on many-and we mean many-valuation issues. 

The sessions in Track One will make you feel more comfortable that you know how to understand and apply valuation techniques in the most supportable way. It takes you through advanced issues and applications that you can use right away. Key issues relating to the income approach, capitalized cash flow method and discounted cash flow method will be discussed.

After completing this session, attendees will be able to:

  • Apply processes to support long-term growth rates
  • Develop an understanding inflation and GDP
  • Explore supporting interim growth rates

Total CPE: 2
Fields of Study: Accounting: 1, Finance: 1
Program Level: Intermediate - Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Who Should Attend:

This session is for everyone, whether a first-year analyst or a seasoned BV veteran.

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

Jim Hitchner

Jim  Hitchner

ABV ,ASA, CFF, CPA

Read Biography

Case Study and Sample Report

Tuesday, December 8, 2020 4:55 p.m. - 6:35 p.m. ET

All Track One sessions are part of the three-day course Best Practices in Business Valuation—A Practical Approach to Advanced Issues and Applications which covers the latest developments in the valuation profession in a straightforward manner and with an emphasis on practical application. While other attendees may be participating in the course only—as a conference attendee, you can choose what sessions to attend from any track at any time.

  • Are you tired of esoteric concepts and applications that few use and even fewer understand?
  • Are you tired of answers like, “When you look at it this way the answer is this, but if you look at it that way the answer is that?”
  • Do you scream when a presenter says “It depends” when asked a question, even a basic one?

The bottom line is that, while the valuation profession has come a long way, we still can’t come together and agree on many-and we mean many-valuation issues. 

The sessions in Track One will make you feel more comfortable that you know how to understand and apply valuation techniques in the most supportable way. It takes you through advanced issues and applications that you can use right away. Key issues relating to the income approach, capitalized cash flow method and discounted cash flow method will be discussed.

After completing this session, attendees will be able to:

  • Implement case studies and sample reports to best practices
  • Implement report writing tips
  • Differentiate the valuation methods and reconciliation

Total CPE: 2
Fields of Study: Accounting: 1, Finance: 1
Program Level: Intermediate - Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Who Should Attend:

This session is for everyone, whether a first-year analyst or a seasoned BV veteran.

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

Jim Hitchner

Jim  Hitchner

ABV ,ASA, CFF, CPA

Read Biography

The Market Approach, including the Guideline Company Transactions Method and the Guideline Public Company Method

Wednesday, December 9, 2020 10:45 a.m. - 12:25 p.m. ET

All Track One sessions are part of the three-day course Best Practices in Business Valuation—A Practical Approach to Advanced Issues and Applications which covers the latest developments in the valuation profession in a straightforward manner and with an emphasis on practical application. While other attendees may be participating in the course only—as a conference attendee, you can choose what sessions to attend from any track at any time.

  • Are you tired of esoteric concepts and applications that few use and even fewer understand?
  • Are you tired of answers like, “When you look at it this way the answer is this, but if you look at it that way the answer is that?”
  • Do you scream when a presenter says “It depends” when asked a question, even a basic one?

The bottom line is that, while the valuation profession has come a long way, we still can’t come together and agree on many-and we mean many-valuation issues. 

The sessions in Track One will make you feel more comfortable that you know how to understand and apply valuation techniques in the most supportable way. It takes you through advanced issues and applications that you can use right away. Key issues relating to the income approach, capitalized cash flow method and discounted cash flow method will be discussed.

After completing this session, attendees will be able to:

  • Calculate, select, and adjust valuation market multiples
  • Identify best practices in applying the Guideline Company Transactions Method, including the level of reliability
  • Research and select appropriate databases for guideline companies and completed transactions
  • Identify best practices and the intricacies in selecting guideline public companies and calculating multiples

Total CPE: 2
Fields of Study: Accounting: 1, Finance: 1
Program Level: Intermediate - Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Who Should Attend:

This session is for everyone, whether a first-year analyst or a seasoned BV veteran.

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

Jim Hitchner

Jim  Hitchner

ABV ,ASA, CFF, CPA

Read Biography

Pass-Through Entities, including Tax Affecting and Pass-Through Entities Premium Models

Wednesday, December 9, 2020 12:40 p.m. - 2:20 p.m. ET

All Track One sessions are part of the three-day course Best Practices in Business Valuation—A Practical Approach to Advanced Issues and Applications which covers the latest developments in the valuation profession in a straightforward manner and with an emphasis on practical application. While other attendees may be participating in the course only—as a conference attendee, you can choose what sessions to attend from any track at any time.

  • Are you tired of esoteric concepts and applications that few use and even fewer understand?
  • Are you tired of answers like, “When you look at it this way the answer is this, but if you look at it that way the answer is that?”
  • Do you scream when a presenter says “It depends” when asked a question, even a basic one?

The bottom line is that, while the valuation profession has come a long way, we still can’t come together and agree on many-and we mean many-valuation issues. 

The sessions in Track One will make you feel more comfortable that you know how to understand and apply valuation techniques in the most supportable way. It takes you through advanced issues and applications that you can use right away. Key issues relating to the income approach, capitalized cash flow method and discounted cash flow method will be discussed.

After completing this session, attendees will be able to:

  • Demonstrate the best way to present tax-affecting
  • Review the use of S corp models and the so-called S corp premium
  • Summarize the nuances of the IRS S Corp Job Aid
  • Assess the latest S corp court cases and how to use them
  • Carry out reconciling different values

Total CPE: 2
Fields of Study: Accounting: 1, Finance: 1
Program Level: Intermediate - Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Who Should Attend:

This session is for everyone, whether a first-year analyst or a seasoned BV veteran.

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

Jim Hitchner

Jim  Hitchner

ABV ,ASA, CFF, CPA

Read Biography

Business Valuation and COVID-19

Wednesday, December 9, 2020 3:00 p.m. - 4:40 p.m. ET

All Track One sessions are part of the three-day course Best Practices in Business Valuation—A Practical Approach to Advanced Issues and Applications which covers the latest developments in the valuation profession in a straightforward manner and with an emphasis on practical application. While other attendees may be participating in the course only—as a conference attendee, you can choose what sessions to attend from any track at any time.

  • Are you tired of esoteric concepts and applications that few use and even fewer understand?
  • Are you tired of answers like, “When you look at it this way the answer is this, but if you look at it that way the answer is that?”
  • Do you scream when a presenter says “It depends” when asked a question, even a basic one?

The bottom line is that, while the valuation profession has come a long way, we still can’t come together and agree on many-and we mean many-valuation issues. 

The sessions in Track One will make you feel more comfortable that you know how to understand and apply valuation techniques in the most supportable way. It takes you through advanced issues and applications that you can use right away. Key issues relating to the income approach, capitalized cash flow method and discounted cash flow method will be discussed.

After completing this session, attendees will be able to:

  • Articulate what is “Known or Knowable” and valuation dates
  • Identify Subsequent events
  • Discount rates
  • Determine appropriate adjustments (i.e., premiums and discounts) to be applied to an indicated value
  • Assess the effect on S corps
  • Assess how to apply and support probabilistic scenario analyses
  • Determine the use of government and other economic projections

Total CPE: 2
Fields of Study: Accounting: 1, Finance: 1
Program Level: Intermediate - Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Who Should Attend:

This session is for everyone, whether a first-year analyst or a seasoned BV veteran.

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

Jim Hitchner

Jim  Hitchner

ABV ,ASA, CFF, CPA

Read Biography

Case Study and Sample Report

Wednesday, December 9, 2020 4:55 p.m. - 6:35 p.m. ET

All Track One sessions are part of the three-day course Best Practices in Business Valuation—A Practical Approach to Advanced Issues and Applications which covers the latest developments in the valuation profession in a straightforward manner and with an emphasis on practical application. While other attendees may be participating in the course only—as a conference attendee, you can choose what sessions to attend from any track at any time.

  • Are you tired of esoteric concepts and applications that few use and even fewer understand?
  • Are you tired of answers like, “When you look at it this way the answer is this, but if you look at it that way the answer is that?”
  • Do you scream when a presenter says “It depends” when asked a question, even a basic one?

The bottom line is that, while the valuation profession has come a long way, we still can’t come together and agree on many-and we mean many-valuation issues. 

The sessions in Track One will make you feel more comfortable that you know how to understand and apply valuation techniques in the most supportable way. It takes you through advanced issues and applications that you can use right away. Key issues relating to the income approach, capitalized cash flow method and discounted cash flow method will be discussed.

After completing this session, attendees will be able to:

  • Implement case studies and sample reports to best practices
  • Implement report writing tips
  • Differentiate the valuation methods and reconciliation

Total CPE: 2
Fields of Study: Accounting: 1, Finance: 1
Program Level: Intermediate - Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Who Should Attend:

This session is for everyone, whether a first-year analyst or a seasoned BV veteran.

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

Jim Hitchner

Jim  Hitchner

ABV ,ASA, CFF, CPA

Read Biography

Discounts and Premiums, including Discounts for Lack of Marketability

Thursday, December 10, 2020 10:45 a.m. - 12:25 p.m. ET

All Track One sessions are part of the three-day course Best Practices in Business Valuation—A Practical Approach to Advanced Issues and Applications which covers the latest developments in the valuation profession in a straightforward manner and with an emphasis on practical application. While other attendees may be participating in the course only—as a conference attendee, you can choose what sessions to attend from any track at any time.

  • Are you tired of esoteric concepts and applications that few use and even fewer understand?
  • Are you tired of answers like, “When you look at it this way the answer is this, but if you look at it that way the answer is that?”
  • Do you scream when a presenter says “It depends” when asked a question, even a basic one?

The bottom line is that, while the valuation profession has come a long way, we still can’t come together and agree on many-and we mean many-valuation issues. 

The sessions in Track One will make you feel more comfortable that you know how to understand and apply valuation techniques in the most supportable way. It takes you through advanced issues and applications that you can use right away. Key issues relating to the income approach, capitalized cash flow method and discounted cash flow method will be discussed.

After completing this session, attendees will be able to:

  • Apply the various Valuation Products and Services (VPS) DLOM option calculators and other models and templates, including: VPS Restricted Stock Study Quintile Calculator, Black Scholes/Chaffe Calculator, Finnerty Calculator, Ghaidarov Calculators, Longstaff Calculator, QMDM Template, Quantitative Methods Comparison Template, Illiquidity Premium Calculator, and C Corporation Equivalent Dividend Yield Calculator
  • Differentiate among the most well-known restricted stock and pre-IPO databases, including: FMV Opinions, Pluris, and Valuation Advisors
  • Analyze the various option pricing models, including: Black-Scholes/Chaffe, Longstaff, Finnerty, and Ghairdarov
  • Evaluate various analytical methods, including: Wruck; Hertzel and Smith; Bajaj; Abbott; Ghairdarov; Katsanis; LEAPS; NERA CAPM and Mandelbaum-type analyses
  • Assess the IRS DLOM Job Aid

Total CPE: 2
Fields of Study: Accounting: 1, Finance: 1
Program Level: Intermediate - Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Who Should Attend:

This session is for everyone, whether a first-year analyst or a seasoned BV veteran.

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

Jim Hitchner

Jim  Hitchner

ABV ,ASA, CFF, CPA

Read Biography

Discounts and Premiums, including Lack of Control and Control Premiums

Thursday, December 10, 2020 12:40 p.m. - 2:20 p.m. ET

All Track One sessions are part of the three-day course Best Practices in Business Valuation—A Practical Approach to Advanced Issues and Applications which covers the latest developments in the valuation profession in a straightforward manner and with an emphasis on practical application. While other attendees may be participating in the course only—as a conference attendee, you can choose what sessions to attend from any track at any time.

  • Are you tired of esoteric concepts and applications that few use and even fewer understand?
  • Are you tired of answers like, “When you look at it this way the answer is this, but if you look at it that way the answer is that?”
  • Do you scream when a presenter says “It depends” when asked a question, even a basic one?

The bottom line is that, while the valuation profession has come a long way, we still can’t come together and agree on many-and we mean many-valuation issues. 

The sessions in Track One will make you feel more comfortable that you know how to understand and apply valuation techniques in the most supportable way. It takes you through advanced issues and applications that you can use right away. Key issues relating to the income approach, capitalized cash flow method and discounted cash flow method will be discussed.

After completing this session, attendees will be able to:

  • Determine the use of control premiums and minority discounts
  • Explain the math and concepts behind control premium/minority discount data

Total CPE: 2
Fields of Study: Accounting: 1, Finance: 1
Program Level: Intermediate - Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Who Should Attend:

This session is for everyone, whether a first-year analyst or a seasoned BV veteran.

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

Jim Hitchner

Jim  Hitchner

ABV ,ASA, CFF, CPA

Read Biography

Business Valuation Standards

Thursday, December 10, 2020 3:00 p.m. - 4:40 p.m. ET

All Track One sessions are part of the three-day course Best Practices in Business Valuation—A Practical Approach to Advanced Issues and Applications which covers the latest developments in the valuation profession in a straightforward manner and with an emphasis on practical application. While other attendees may be participating in the course only—as a conference attendee, you can choose what sessions to attend from any track at any time.

  • Are you tired of esoteric concepts and applications that few use and even fewer understand?
  • Are you tired of answers like, “When you look at it this way the answer is this, but if you look at it that way the answer is that?”
  • Do you scream when a presenter says “It depends” when asked a question, even a basic one?

The bottom line is that, while the valuation profession has come a long way, we still can’t come together and agree on many-and we mean many-valuation issues. 

The sessions in Track One will make you feel more comfortable that you know how to understand and apply valuation techniques in the most supportable way. It takes you through advanced issues and applications that you can use right away. Key issues relating to the income approach, capitalized cash flow method and discounted cash flow method will be discussed.

After completing this course, attendees will be able to:

  • Apply business valuation standards, along with the use of calculations, which includes two up-to-date sample calculation reports

Total CPE: 2
Fields of Study: Regulatory Ethics: 2
Program Level: Intermediate - Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Who Should Attend:

This session is for everyone, whether a first-year analyst or a seasoned BV veteran.

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

Jim Hitchner

Jim  Hitchner

ABV ,ASA, CFF, CPA

Read Biography

Case Study and Sample Report

Thursday, December 10, 2020 4:55 p.m. - 6:35 p.m. ET

All Track One sessions are part of the three-day course Best Practices in Business Valuation—A Practical Approach to Advanced Issues and Applications which covers the latest developments in the valuation profession in a straightforward manner and with an emphasis on practical application. While other attendees may be participating in the course only—as a conference attendee, you can choose what sessions to attend from any track at any time.

  • Are you tired of esoteric concepts and applications that few use and even fewer understand?
  • Are you tired of answers like, “When you look at it this way the answer is this, but if you look at it that way the answer is that?”
  • Do you scream when a presenter says “It depends” when asked a question, even a basic one?

The bottom line is that, while the valuation profession has come a long way, we still can’t come together and agree on many-and we mean many-valuation issues. 

The sessions in Track One will make you feel more comfortable that you know how to understand and apply valuation techniques in the most supportable way. It takes you through advanced issues and applications that you can use right away. Key issues relating to the income approach, capitalized cash flow method and discounted cash flow method will be discussed.

After completing this session, attendees will be able to:

  • Implement case studies and sample reports to best practices
  • Implement report writing tips
  • Differentiate the valuation methods and reconciliation

Total CPE: 2
Fields of Study: Accounting: 1, Finance: 1
Program Level: Intermediate - Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Who Should Attend:

This session is for everyone, whether a first-year analyst or a seasoned BV veteran.

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

Jim Hitchner

Jim  Hitchner

ABV ,ASA, CFF, CPA

Read Biography