Date: Tuesday, June 13, 2017
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

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Featuring  (click image for bio)

Christine L. Baker
Charter Capital Partners
Charles M. Sheridan
Huron Capital

About This Program

Minority interest holders have been looking for easier ways to sell interests for decades. Beginning with the real estate secondary limited partnership market in the 1980s, several initiatives have been undertaken to create opportunities for both sellers and buyers. Join Christine Baker and Charlie Sheridan for a discussion on alternatives available today for a minority investor and consider whether today’s market might impact appraisers’ and valuators’ traditional views of non-marketable, minority interests. Get a front row seat as traditional thought on minority interests collides with the changing reality of the marketplace.


  • Introduction
  • Review traditional appraiser perspectives regarding adjustments from pro-rata equity value for minority interests.
    • Fair Market Value (e.g. Mandelbaum factors)
    • Fair Value (state laws and appraisal rights)
  • Discuss recent attempts to create a more liquid market
    • Real estate limited partnership secondary market in the 1980s-90s
    • Restricted Stock Partners, Inc./SecondMarket Solutions/NASDAQ Private Market founded in 2004
    • SharesPost founded in 2009
  • Emerging interest in minority interest investments from private equity
    • “Entrepreneurial” private equity vs. “Investment-Grade” private equity
    • Evolution of private equity environment 2000s through present
    • Investment criteria
    • Rights demanded by investor
    • Valuation perspective e.g. discounts from “control” value, redemption terms, etc.
    • Exits (timeframe, redemption terms, anything relevant)
  • Discuss: do attempts to create a more liquid market impact the value of a typical minority interest in a privately held company?
  • Questions

Learning Objectives

  • Review traditional thought regarding minority interest valuation adjustments
  • Reference initiatives to create a more liquid market
  • Understand real-life investment criteria of acquirers
  • Reiterate  liquidity options becoming available in today’s capital market
  • Evaluate factors that could indicate a subject interest may be more marketable than traditional theory assumes

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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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