Date: Tuesday, May 5, 2020
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)

Chip Brown
Kyle Wishing
Willamette Management Associates
Chelsea Mikula
Tucker Ellis LLP

About This Program

Revenue growth rate, profit margins, and long-term growth rate can all meaningfully impact projections. Add in inconsistency with historical results, industry/economy impacts, and lack of adjustment for critical things such as compensation or capital expenditures, and it is easy to see how litigation can arise. Chip Brown, Chelsea Mikula, and Kyle Wishing help identify common issues raised in ESOP litigation cases (either by the Department of Labor or private plaintiffs) with respect to financial projections, so you know what pitfalls to avoid in your next ESOP engagement.


  • Overview of the current ESOP regulatory environment
  • Importance of projections
  • Commentary from the Department of Labor on projections
  • Fiduciary process agreements
  • Projection issues raised in ESOP litigation
  • Discussion of recurring issues using case examples (revenue growth rate; profit margins; inconsistent with historical results, industry, the economy, and/or prior projections; failure to adjust for compensation and/or capital expenditures; cyclicality; customer concentration; long-term growth rate; and lack of projections)
  • “Best Practices” for reviewing projections

Learning Objectives

  • Restate the background of DOL “guidance” via fiduciary process agreements and commentary from members of the DOL related to projections
  • List the issues raised in litigation with respect to projections
  • Describe a framework for reviewing projections

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)

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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.

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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