Date: Tuesday, October 6, 2015
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

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Featuring  (click image for bio)

Glen Birnbaum
Heinold Banwart Ltd.
Kevin R. Yeanoplos
Brueggeman and Johnson Yeanoplos, P.C.

About This Program

Why is working capital given so much attention in the context of a private business sale, yet given so little attention in the typical business valuation report? Do you wonder how others consider working capital levels and changes in their reports, given the relative lack of resources available on the topic? This session, led by Glen Birnbaum of Heinold Banwart, Ltd and Kevin Yeanoplos of Brueggeman and Johnson Yeanoplos, P.C., will provide a common framework that all appraisers can use to ensure that working capital is not forgotten.


  • Private vs. public perspective of working capital and its importance in the sale of a business
  • Working capital definition and components including understanding the underlying transactions
  • Methodology to determine excess or deficient working capital including the calculation of target working capital in typical private sale
  • Forecasting working capital changes using the discounted cash flow approach
  • Working capital management, how to increase value in years leading up to a sale
  • Working capital and purchase price allocation valuations

Learning Objectives

  • Understand the importance of and be able to define working capital in the context valuing a private business
  • Identify different methods for determining excess or deficient working capital
  • Learn how to properly consider working capital needs when utilizing the discounted cash flow approach
  • Identify ways to assist seller’s with working capital management to allow them to extract more value from their business in the years leading up to sale
  • Understand working capital’s importance as a contributory asset in purchase price allocations

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 (Specialized Knowledge & Applications)

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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.

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