Fairness Opinions in Today's Economy

In 2006 BVR hosted expert appraiser Craig Jacobson in an in-depth review of fairness opinions. Since that presentation unprecedented changes have occurred through regulation, court case law, and – of course – the economy. On July 15 Jacobson rejoined BVR with attorney Jeffrey Rothschild to cover how these changes affect fairness opinions. From changes to the processes of determining value to operating in the current regulatory and market environment, Jacobson and Rothschild will discuss how classic considerations and emerging trends affect you in this must-attend presentation.

This program is eligible for self-study CPE credit

Click here for more information on self-study CPE and program eligibility by state.

Program Agenda:

  • Fairness opinion basics
    • Why fairness opinions are of interest to valuation professionals
    • Difference between valuation and a fairness opinions
    • Opportunities and needs for fairness opinion
    • Who requests a fairness opinion
    • Valuation analyses as performed for a fairness opinion
    • The work product related to a fairness opinion
  • Legal/regulatory issues
    • Fairness opinion engagement letters
    • Fiduciary duty
    • Case law update
    • Regulatory environment update
    • FINRA Rule 5150
    • Entire fairness standard
  • Valuation considerations
    • Importance of the standard of value
    • Consideration of synergies
    • Consideration of lower asset prices
    • Consideration of volatile securities markets
    • Consideration of precedent transactions
    • Required rate of return

Learning Objectives:

  • Define the purpose of a fairness opinion
  • Identify when and why a fairness opinion is required
  • Define the process by which fairness opinions are created and consumed
  • Associate discounts for lack of marketability and control with the level of ownership when creating an opinion of fairness
  • Identify the financial regulations that govern fairness opinion requirements

CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: QAS Self-Study
Recommended CPE: 2 (Specialized Knowledge & Applications)

Business Valuation Resources, LLC 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.learningmarket.org.

NASBA Sponsor

IMPORTANT: Each Training Pack includes an MP4 video file, MP3 audio file, complete transcript, slide presentation in PDF format, and additional reading materials when available. Please note that Training Packs can take up to 4 weeks after the webinar to complete. Once available you will receive an email with a special link to download your Training Pack. If you are ordering a Training Pack after the 4 week window, the download link will be sent to you immediately via email. Please check your spam folder and add customerservice@bvresources.com to your "safe list" to ensure you receive your Training Pack.


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