BVR
MARCH 28, 2022
With the COVID-19 pandemic putting a stranglehold on the U.S. economy for most of 2020 and causing an unprecedented economic impact on small businesses, DealStats Value Index (DVI) captured the 12-month snapshot on how earnings before interest, taxes, depreciation, and amortization (EBITDA) multiples have trended.
Harvard Corporate Governance
MARCH 28, 2022
Posted by David M. Silk, Sabastian V. Niles, and Carmen X. W. Lu, Wachtell, Lipton, Rosen & Katz, on Monday, March 28, 2022 Editor's Note: David M. Silk and Sabastian V. Niles are partners and Carmen X. W. Lu is counsel at Wachtell, Lipton, Rosen & Katz. This post is based on their Wachtell memorandum. Related research from the Program on Corporate Governance includes The Illusory Promise of Stakeholder Governance (discussed on the Forum here ) and Will Corporations Deliver Value to
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BVR
MARCH 28, 2022
In today’s constantly changing and evolving economy, business valuators must have a firm grasp of the current state in order to successfully complete a business valuation engagement. The Economic Outlook Update (EOU), published by BVR, digests expansive research from leading authoritative sources into convenient monthly and quarterly reports. Get a sneak peek at the 4Q 2020 EOU with a few key economic performance components showing insights on gross domestic product (GDP), consumer spending, and
Harvard Corporate Governance
MARCH 28, 2022
Posted by Luca X. Lin (HEC Montreal), on Monday, March 28, 2022 Editor's Note: Luca X. Lin is Assistant Professor of Finance at HEC Montreal. This post is based on a recent paper authored by Mr. Lin; Miguel Anton , Associate Professor of Financial Management at IESE Business School; Jose Azar , Associate Professor of Economics at the University of Navarra; and Mireia Gine , Associate Professor of Financial Management at IESE Business School.
Speaker: Susan Spencer, Principal of Spencer Communications
Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.
BVR
MARCH 28, 2022
Business valuation experts can find a great deal of useful information in the Business Reference Guide (BRG) by Tom West, which has been updated for 2021. Now in its 31st year, the book contains the latest industry-related information including pricing tips, benchmarking information with comparison data, industry resources, and general industry data on over 600 types of businesses, including franchises.
Harvard Corporate Governance
MARCH 28, 2022
Posted by Breanne Dougherty, Victoria Gaytan, and Hilary Novik-Sandberg, BlackRock Investment Stewardship, on Monday, March 28, 2022 Editor's Note: Michelle Edkins is Managing Director of BlackRock Investment Stewardship. This post is based on a BlackRock Investment Stewardship memorandum by Ms. Edkins, Breanne Dougherty, Victoria Gaytan, and Hilary Novik-Sandberg.
Business Valuation Zone brings together the best content for business valuation professionals from the widest variety of industry thought leaders.
Rhythm Systems
MARCH 28, 2022
As the middle market strategy execution experts, we get asked a lot of questions about KPI scorecards for firms to manage the metrics that matter. In fact, we get hundreds of thousands of yearly views on our KPI blog posts alone! Our comprehensive KPI Guide is one of the most valuable free resources that we offer to the middle market community free of charge.
BVR
MARCH 28, 2022
Recent developments have put the spotlight squarely on projected financial information (PFI). The perception is that too many valuation experts simply accept projections and forecasts they’re given without applying enough scrutiny—or any scrutiny at all. Fortunately, there is some new guidance on how to examine and substantiate PFI you get from management or other third parties in BVR’s new Guide to Management Projections and Business Valuation: Analysis and Case Law.
ThomsonReuters
MARCH 28, 2022
You ’ ve found the ideal tax and accounting research solution for your firm. With features like interactive workflow tools, relevant analysis, and up-to-date guidance, you ’ re certain that this software will save you time while getting to trusted answers — and have a positive impact on you, your team and your clients. . 4 tips to help prepare your business case .
BVR
MARCH 28, 2022
In BVR’s recent webinar, Cryptocurrency Fraud and Forensics: What Valuation Professionals Need to Know, forensic and cryptocurrency experts Katerina Gaebel and Mark DiMichael, both of Citrin Cooperman, covered various hot topics on fraud and forensic accounting issues in digital assets and how they affect the business valuation profession. Here, we summarize five key areas where one would find proof of crypto asset fraud in a marital dispute, including interviews, tax returns, bank accounts, cre
Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker
The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l
Avanade
MARCH 28, 2022
At Avanade, we’re using digital transformation to help the water sector make data-driven investment and budgeting decisions, and ultimately make regulatory penalties a thing of the past.
BVR
MARCH 28, 2022
Business interruption insurance claims are on the rise, and analysts need to be on the lookout for misrepresentations. Michael Haugen, CPA, CFF, CFE (JS Held) conducted a session on this at the recent AICPA FVS Conference, and it’s an area where valuation experts would do well to bolster their knowledge and skills in financial forensics. During his session, Haugen gave some tips on how to “sniff out” misrepresentations in these claims.
Appraisers Blog
MARCH 28, 2022
The FLOOR PLAN has all the elements of a SKETCH… Appraisers, I was given some ‘inside info’ about DESKTOP assignment reports being submitted to the GSE’s – incorrectly. The FLOOR PLAN exhibit in these DESKTOP reports, in some cases, is not being done correctly. Let’s examine what is actually required as a diagram showing the dwelling: First, when the appraiser certified that they, or their trainee, have/has made an on-site personal visit to the property and has measured the dwelling, only a SKET
BVR
MARCH 28, 2022
The conference season is well underway, and Business Valuation Update has been on the virtual road, collecting the latest insights on a wide variety of topics. Here are some interesting takeaways from the New York State Society of CPAs (NYSSCPA) Business Valuation and Litigation Services Conference, held May 17. Topics included emerging issues (SPACs, cryptocurrency, Zoom as a practice-builder) and some new perspectives on evergreen topics (estate valuations, cannabis, distressed firms, and coll
Speaker: Joe Apfelbaum, CEO of Ajax Union
In this webinar, Joe Apfelbaum, CEO of Ajax Union and business strategist, will take you through the ABCs of intent data. You'll learn how to effectively use it to drive business results, with practical tips on how to leverage both company and contact intent data to maximize your marketing efforts. Whether you're a seasoned marketer or just getting started, this webinar is a must-attend for anyone looking to stay ahead in the ever-evolving world of digital marketing.
Rhythm Systems
MARCH 28, 2022
Job Scorecards (or employee scorecards ) have been a hot topic recently. Many companies are looking for a way to provide more constant and balanced feedback and coaching to employees while scaling up, instead of just an annual review. The scorecard approach allows company managers to achieve their strategic objectives. The truth is traditional annual performance reviews can be riddled with anxiety.
BVR
MARCH 28, 2022
One of the lessons learned from the COVID-19 crisis is that a coherent narrative is more important than ever in business valuation, says Dr. Aswath Damodaran, of New York University Stern School of Business, who gave the keynote address at the CBV Congress 2021. A valuation needs a marriage of narrative and numbers, Damodaran says. In a good valuation, the numbers are “bound together” by a coherent narrative, and storytelling is kept grounded with numbers.
Mckinsey and Company
MARCH 28, 2022
US construction projects are short-staffed today, and the problem is set to get worse. Here’s what the sector can do to close the gap.
BVR
MARCH 28, 2022
A number of issues have emerged that analysts will encounter when performing a valuation in a bankruptcy context. Valuation analysts who become involved in bankruptcy-related assignments should expect their work to come under a great deal of scrutiny because most of these engagements are done within a litigation or some other adversarial context, cautioned Robert Reilly, a managing director at Willamette Management Associates, during a BVR webinar back in 2017.
Benchmark Report
MARCH 28, 2022
Benchmark International's client JTAM Engineering, a Houston-based engineering firm, has successfully sold to a High-Net-Worth Individual.
BVR
MARCH 28, 2022
In BVR’s recent webinar, Power Panel: Live Expert Answers for Today’s Tough BV Questions, experts Jay E. Fishman, Michelle Gallagher, Ken Pia, and Jeffrey Tarbell covered various hot topics that affect the business valuation profession. These questions ranged from the basics, such as “What will 2021 look like?” to “What are your thoughts on the current state of the ESOP litigation environment particularly with the new administration coming in?
BV Specialists
MARCH 28, 2022
Our blogs primarily cover topics related to the appraisal of small businesses however, there are other options for owners who may be in the middle of a potential purchase, sale, investor buyout, or dispute where a recent valuation exists, and there is a need to obtain an independent opinion on the reasonableness of the conclusions in the report. This is considered a consulting or review engagement where a certified business appraiser will review relevant documents, and provide opinions as to the
BVR
MARCH 28, 2022
Measuring lost profits damages for new or early-stage businesses can be a daunting task. Traditional damage analyses that rely on historical results are often meaningless since, by definition, startup companies usually lack a track record of operating results. Without an historical operating history for measuring lost profits, the damages expert walks a thin line between speculation and a reasoned analysis.
Rhythm Systems
MARCH 28, 2022
If you have ever downloaded any tools or other resources on our site, you know that we usually ask you about your Biggest Business Challenge in our forms. In response to your feedback, we are featuring a blog series on your biggest business challenges! This post is a response to the challenge “ Finding and Developing 'A' Players.". Every month, whether or not you’ve made your numbers, you have to cut checks.
BVR
MARCH 28, 2022
The 2020 AICPA Forensic and Valuation Services (FVS) Conference held this past November was loaded with great speakers and interesting sessions—so much so that we can’t include everything. Here are some key takeaways from the early sessions we attended.
Auto Dealer Valuation Insights
MARCH 28, 2022
As we discussed in previous installments of this blog series, there are six primary publicly traded auto dealers that own approximately 923 new vehicle franchised dealerships as of year-end, or approximately 5.5% of the total number of dealerships in the U.S. The proportion of the total U.S. dealerships that these publics own demonstrates how fragmented the industry continues to be.
BVR
MARCH 28, 2022
For years, the valuation profession has debated the definition of a control premium, including its distinction from an acquisition premium. What began years ago as a relatively simple question—if there is a control premium, what should it be?—now includes analyzing such concepts as invested capital premiums and equity-based premiums, transaction synergies and strategic values, marketability, and levels of control.
Auto Dealer Valuation Insights
MARCH 28, 2022
Recently we had the opportunity to attend (virtually) the Johns Hopkins All Children’s Foundation 24th Annual Estate, Tax, Legal & Financial Planning Seminar. This year’s keynote speaker was Pamela Lucina, Chief Fiduciary Officer and head of the Trust & Advisory practice for Northern Trust Wealth Management, one of the country’s largest trust companies.
BVR
MARCH 28, 2022
Financial experts may be subject to standards of professional practice from a number of sources when they measure lost profits damages and give related expert testimony. The sources can include governmental regulators as well as professional membership organizations and societies. In addition, a technical community may establish professional standards of practice in other ways.
Reynolds Holding
MARCH 28, 2022
On January 14, 2022, the U.S. District Court in San Francisco denied a motion to dismiss charges filed by the Securities and Exchange Commission under an expansive new theory of insider trading liability. In a matter of first impression, the court ruled in SEC v. Panuwat [1] that a defendant with material nonpublic information (“MNPI”) about an issuer may incur insider trading liability by trading in the securities of a different and unrelated issuer that could possibly be affected by public ann
BVR
MARCH 28, 2022
BIZCOMPS, a comprehensive online database with financial details on small, Main Street private companies, has been recently updated with new transactions, and the current BIZCOMPS/BVR Deal Review (BDR), exclusively for subscribers, is now available. This special publication analyzes general trends, valuation multiples, and operating ratios for transactions in the database.
National Law Review M&A
MARCH 28, 2022
Brian D. Koosed Whitney J. Smith Kodey M. Haddox Ashley Song Jurisdiction: 10th Circuit (incl.
BVR
MARCH 28, 2022
BVR’s recent survey on methodology and practice for estimating a discount for lack of marketability (DLOM) garnered over 200 responses. After analyzing the results, we identified several red flags that were worthy of further exploration. Read on to learn more!
Mckinsey and Company
MARCH 28, 2022
Employees left the workforce in record numbers last year, and many are staying away. Companies need to rethink how to win them back.
BVR
MARCH 28, 2022
In Valuing Fractional Interests in Real Estate 2.0, with a wealth of practical knowledge, Dennis Webb has created a complete resource for anyone looking to apply the income approach better in their next valuation. The following excerpt comes from the book’s first chapter, "Fractional Interests and Valuation.".
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