17
Date: Wednesday, February 17, 2021
Time:
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

Earn 2 CPE credits
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Featuring  (click image for bio)

Z. Christopher Mercer
ASA, CFA,
Mercer Capital
Travis W. Harms
CFA, CPA/ABV
Mercer Capital

About This Program

The integrated theory of business valuation provides a conceptual framework for disciplined analysis of valuation questions. Too often, valuation analysts are tempted to view individual components of a valuation assignment on a piecemeal basis. Adhering to the integrated theory helps valuation analysts develop base valuation conclusions, discounts, and premiums that are rooted in a shared perspective of the subject company and the subject ownership interest. This first webinar in the three-part series sets the stage by focusing on the conceptual overview of the integrated theory. In this session, we will explore the fundamental principles that undergird the integrated theory. We will then describe the integrated theory on an equity basis, giving particular attention to the conceptual scaffolding that the integrated theory provides to discussions of the levels of value and the associated valuation discounts and premiums. We’ll finish by extending the conceptual basis for the integrated theory to the enterprise value perspective.

Agenda

  • The organizing principles of the integrated theory
    • Principle of expectations;
    • Principle of growth;
    • Principle of risk and reward;
    • Present value principle;
    • Principle of alternative investments; and
    • Principle of rationality.
  • The integrated theory on an equity basis
    • The fundamental valuation model;
    • The conceptual levels of value;
    • The marketable minority interest level of value;
    • The control levels of value
      • Financial control; and
      • Strategic control.
    • Firmwide levels vs. the shareholder level of value;
    • The nonmarketable minority level of value; and
    • The marketability discount.
  • The integrated theory on an enterprise basis
    • Comparing the levels of value: equity and enterprise bases

Learning Objectives

  • Understand the fundamental principles that are the foundation for the integrated theory including the principles of expectations, growth, risk and reward, present value, alternative investments, and rationality
  • View the levels of value not just as a chart but understand that the discounts and premiums included on the chart are not inputs but rather the result of the underlying economic
  • Learn how the integrated theory of business valuation applies to the enterprise value

Single Connection Policy

Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.

Multi-User CPE Policy

Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must pay a processing fee assessed at the completion of the online CE survey for this course.

CPE Processing Fees may be bypassed by entering a valid, unused CPE Authorization Code (for single event purchasers) or by logging into BVR's website (for subscribers to BVR's Training Series).

CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 2 Credit Hours (Accounting Technical)

Closed Captioning:

BVR now has closed captioning on all 2019 past programs. To try out this enhancement, subscribers can login to the Desktop Learning Center, select a program, and click play video. The captions will start to play automatically, and can be disabled from the player per your preference.


Business Valuation Resources 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.nasbaregistry.org.
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