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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.
Program Agenda
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.
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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