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Business Valuation Update Yearbook 2018

Business Valuation Update Yearbook 2018

The Business Valuation Case Law Yearbook, 2018 Edition is essential for business appraisers and attorneys who want to stay ahead of their peers on the most important legal issues brought up in business valuation-related cases. With in-depth analysis from BVR’s legal team, the lessons learned in this book help appraisers reach better and more defensible valuation conclusions. And, attorneys who retain appraisers as financial experts learn how their experts can help them win (or lose) in court.

The Yearbook analyzes the year’s most meaningful valuation-related issues in the major courts including marital disputes, breach of contract actions, damages, dissenting shareholder disputes, estate and gift tax cases, federal taxation, intellectual property cases, bankruptcy litigation, and more. All the cases featured in this book impart important lessons about applicable legal principles, approved and discredited valuation methodology, and the act (art) of presenting expert opinions. This must-have collection benefits both the generalist as well as the specialist.

Highlights of the Yearbook include:

Save hours of research time with current and comprehensive court case analysis - access to nearly 70 of the most important business valuation-related cases that took place in 2017, with expert legal analysis to guide you through how each case played out

Stay ahead of your peers on the most important legal issues - learn how experts handle valuation challenges with examples from a variety of industries including healthcare, manufacturing, natural resources, grocery stores, automobile dealerships, and more

Get important tips on what financial experts did (and did not do) well in court to help you become a better financial expert

Easily navigate the court cases with a comprehensive reference table that lists case-by-case type, state/jurisdiction, date, and more


INTRODUCTION
SECTION I. BUSINESS VALUATION APPROACHES, METHODS, AND ENTITY-SPECIFIC ISSUES
How to Better Validate the Reasons for Private-Company Discounts
By Anthony Carlton, Macquarie Applied Finance Centre (Sydney, Australia)
The Use of Historical Information to Project But-For Profits
By Stacey Udell, Gold Gerstein Group LLC (Moorestown, NJ, U.S.A.)
How ESOP Trustees Size Up a Potential Valuation Analyst
The Residual Contribution Method for Valuation a Corporate Brand
By René Hlousek, Beacon Valuation Group LLC (San Francisco, Calif., USA)
Do Your Valuations Weigh Up?
By Chris Thorne (Bristol, U.K.)
Using Monte Carlo to Value Warrants With Down-Round Protection
By Oksana Westerbeke and Jared Hannon, Grant Thornton, LLP (Boston, Mass., USA)
Revisiting the Meaning of Fair Market Value
By Mark O. Dietrich (Framingham, Mass., USA)
Five Action Steps to Verify the Financials of a Cash Business
By Pasquale Rafanelli, Grassi & Co. (Jericho, N.Y., USA)
Do You Share Business Valuation’s Dirty Little Secret?
Attorney’s Slant on Three Methods to Estimate Personal Goodwill
Recent Developments Trigger a Fresh Look at DLOM
Probing the Values of Professional Service Firm Brands
By Christof Binder, Capstone Branding GmbH (Germany) and Stefan Rüssli, Assessa GmbH (Switzerland)
Looking to Private Markets for Private Firm Cost of Capital
Tips on Handling 10 Key Issues in Bankruptcy Valuations
Dual Valuation/Forensic Experience Is Best for Litigation Engagements
By Pasquale Rafanelli, Grassi & Co. (Jericho, N.Y., USA)
Economic Obsolescence: Determining Loss of Value Caused by External Factors
By Charles Sapnas and Joseph Mickle, Valuation Research Corp. (Princeton, N.J., USA)
Lessons Learned in Amazon v. IRS on Valuing Marketing Intangibles
By John Wiora, ktMINE (Chicago, Ill., USA)
How to Estimate WACC for a Cross-Border Valuation
Valuation of Dual Class Shares
By Gilbert E. Matthews, CFA, Sutter Securities Inc. (San Francisco, Calif., USA)
Key Valuation Considerations for Fairness Opinions
Quantifying Personal Goodwill by Analyzing Customer Retention
By Claudia J. Stern and Carl S. Saba, Hemming Morse (San Francisco and San Mateo, Calif., USA)
Using a Restricted Stock Study Quintile Analysis for a DLOM
Tax Affecting S Corporations: It’s Not a Matter of Whether. It’s a Matter of When
By Alan Zipp (Rockville, Md., USA)
A Reflection on Low Risk-Free Interest Rates
By Matthew Crane, Marshall & Stevens Inc. (New York, N.Y.)
Inside Pratt’s Stats: Impact of Entity Form on Selling Price (Part 1)
By Eric J. Barr (Marks Paneth) and Peter L. Lohrey (Montclair State University)
Inside Pratt’s Stats: Impact of Entity Form on Selling Price (Part 2)
By Eric J. Barr (Marks Paneth) and Peter L. Lohrey (Montclair State University)
SECTION II. INDUSTRY-SPECIFIC VALUATION
An Investor’s View of the Valuation of Alternative Space Firms
NYSSCPA Symposium Highlights Valuation and Other Challenges of the Legal Marijuana Industry
A Case Study of Valuing Distressed Assets in the Energy Sector
By Doug Peterson, Valuation Research Corp. (Atlanta, Ga., U.S.A.)
Key Value Drivers and Valuation Issues for Solar Power Firms
Valuation Approaches and Special Considerations for Home Healthcare Businesses
By Alan B. Simons, Security Risk Advisors (Philadelphia, Pa.)
Challenges and Common Errors in Valuing Electrical Contractors
Latest Trends That Affect Auto Dealership Valuations
SECTION III. LEGAL, REGULATORY, STANDARDS
The 10 Most Important Valuation Cases of 2016
Main Lessons for Appraisers in the IPEV 2015 Valuation Guidelines
By Andrew Strickland, Scrutton Bland (Colchester, U.K.)
Strong Pushback of Sec. 2704 Regs at IRS Hearing
IACVA Readies Exposure Draft for Peer Review of Valuation Services
AICPA BV Chair Nathan DiNatale Discusses the New CEIV Credential
Fair Value Experts Offer Their Insights on ASC 805
Final IVS 2017 Seeks to Standardize Conduct and Approach to Global Valuation
ASA BV Chair Discusses Recent Changes to New FV Rules and CEIV
Feedback Wanted on Potential Refinements to International Valuation Standards
Work File Checklist for Discount Rates Under New Fair Value Regulations
What You Should Know About FASB Changes to Revenue Recognition and Lease Accounting
By Michael Mathieson, Valuation Research Corp. (Chicago, Ill., USA)
Tale of the Tape: Different BV Standards Do Not Conflict
Hong Kong Cracks Down on Valuations in Wake of Scandal
Key Differences Remain Between Certain Sections of GAAP and IRFS
Work File Checklist for Fair Value Overview Under New Regulations
AICPA Fields Questions About New CVFI Credential
SEC Settlement Over Fair Value Signals Shift of Focus
Work File Checklist for Growth Rate and Terminal Value
CICBV Launches Proactive Practice Inspection Program
Work File Checklist for Documenting Valuation Multiples
SECTION IV. BUSINESS VALUATION PROFESSION AND PRACTICE MANAGEMENT
30 Field –Tested Ideas to Bring in More BV Business
Business Valuation Year in Review
Business Valuation Industry in India Is Poised for Sustained Growth
By Bharat Kanodia, ASA, Veristrat Inc. (San Francisco, Calif., U.S.A. and New Delhi, India)
Seismic Shifts Underway in Business Valuation Practice in the U.K.
By Andrew Strickland, Scrutton Bland, (United Kingdom)
Tim to Update the Guiding Principles to a Valuation Report
By Robert E. Kleeman Jr., OnPointe Financial Valuation Group LLC, (Englewood, Colo., USA)
Look Before You Leap Into Offshoring Some Valuation Components
By Bharat Kanodia, ASA, Veristrat Inc. (San Francisco, Calif., USA, and New Delhi, India)
12 Ways to Build a Program That Ensures Quality Fair Value Measurements
Willingness to Invest in Valuation Is a Key to M&A Success in Africa
What Makes a Business Valuation Firm an Attractive Acquisition Target?
By Nancy Fannon, Marcum LLP (Portland, Maine, USA)
Update on DLOM, Fair Value, PTEs at NYSSCPA BV Confab
Redefining the BV Profession at NACVA’s Annual Conference
New Fair Value Regs and Credentials Highlight ASA Event
News You Can Use From the NACVA Annual Conference
Five Tips to Help BV Experts Succeed in Mediation
By Nancy Neal Yeend, The End Strategy (Portland, Ore., USA)
How Do Your BV Firm’s Billing Rates and Practices Stack Up?
Ongoing Survey Reveals Need to Improve Report Writing
By Rod P. Burkert, CPA/ABV, CVA Burkert Valuation Advisors, (USA and Canada)
ASA BV Committee Members Share Insights and Advice
Action Ideas From the ASA Advanced BV Confab
SECTION V. REVIEWS OF DATA SOURCES AND NEW BOOKS
Review: Discount for Lack of Marketability Guide and Toolkit
By Harold G. Martin Jr., Keiter (Richmond, Va., USA)
Damodaran’s New Book on the Power of Stories in Valuation
Book Review: Financial Valuation: Applications and Models, 4th Edition + Website
SECTION VI. DATA
Monthly Cost of Capital Data

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