20
Date: Wednesday, February 20, 2019
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)

Mark O. Dietrich
CPA, ABV
Mark O. Dietrich CPA, PC

About This Program

Valuation is part art and part science, but there is always a risk that some of the art may be lost or not understood. One of the more routine engagements an appraiser or valuation analyst may encounter is to value a practice for a buyout, whether it be due to an expected retirement, death or disability, or a buy-in. Such an engagement can be significantly more complex than appears on the surface. Join Mark Dietrich to learn some of the nuances of assessing local market rates of compensation, evaluating market data, and reconciling working capital.

Agenda

  • Definition of “fair market value” and whether any lack of control or marketability discounts are to be considered
  • Determining replacement compensation versus “profits” to be included in the valuation model
  • Assessing local market rates of compensation relevant to a practice located in that market
  • Evaluating whether and to what extent “market” data is relevant, including private equity and public company buyers
  • Dealing with the presence of life or disability insurance when either of those events is the reason for the engagement
  • Reconciling actual working capital to normal working capital
  • Dealing with the terms of any non-compete agreement

Learning Objectives

  • Describe how the terms of a shareholders’ agreement or operating agreement impact the level of value
  • Restate how the local market of the practice determines the appropriate normalization adjustments – just because it plays in Peoria does not mean it will play in Manhattan
  • Explain why “Market” transactions reflect specific terms from the buyer that are rarely applicable a given valuation engagement, but may influence perceived risk and the discount rate
  • List what elements to consider in reconciling actual and normal working capital – and what is “normal” anyway?

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)


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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