Determining the fair value of a non-controlling interest (NCI) can be as difficult as determining whether discounts are necessary. And, quantifying discounts, if applicable, requires many complex considerations and involves significant judgment. To properly evaluate the cash flow, risk, and marketability of a NCI, both qualitative and quantitative analyses must be performed to determine the unique characteristics of the equity interest being valued. Join Lindsay Hill, Chad Bruntz and Arlene Towarnicke for a walk through of the considerations from the perspective of financial and strategic buyers. Learn the circumstances in which this guidance applies and other considerations such as synergies and complex capital structures that complicate the analysis.
Program Agenda
Introduction and background to non-controlling interests, equity consideration and other minority positions in fair value
DLOC quantification and support for financial and strategic buyers
DLOM quantification and support for financial and strategic buyers
Other considerations for minority positions
Real world examples
Learning Objectives
Apply this guidance in valuing minority positions for fair value
List factors to consider and documentation required to support selected discounts
Describe how and why discounts vary between financial and strategic buyers
The participant will be better equipped to address fair value review questions related to discounts
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