BVR Logo October 13, 2021 | Issue #229-2

BVWire is your go-to source for the latest in the business valuation profession. Highlights for this week include:

Trugman’s sixth edition now available
for preorder

The new, sixth edition of Gary Trugman’s Understanding Business Valuation is now available for preorder for an early 2022 release. The entire book is being revised, but Trugman tells BVWire that some of the notable revisions include an expanded section on personal goodwill. Also, he will add much more material on report writing that will include tips on how to write good rebuttal reports. Trugman has conducted workshops on report writing and rebuttals, so this new material will be a very welcome addition. The new edition will also include a special access link to court cases from the BVLaw platform as well as a companion website with supplemental and bonus materials.

Calculation of value at center of Arizona
court battle

A court in Arizona rejected the use of a calculation report, but an appellate court ruled it was wrong to do that and sent the case back to the lower court. The trial court excluded the evidence of a business valuation expert because he had submitted a calculation of value report and was then asked to testify to it. The expert self-admitted that he would not testify to a calculation of value and had explained in his engagement letter that, if he had to testify, a valuation engagement would be required. Despite the exclusion by the trial court and the self-admission of the inadequacy of a calculation of value for testimony purposes, the appellate court nevertheless ruled that a calculation of value is not unacceptable per se. The case has been remanded in part to determine whether the calculation of value met the requirements of Arizona Rule 702 for allowable evidence.

The case is Larchick v. Pollock, 2021 Ariz. App. Unpub. LEXIS 895; 2021 WL 3929954. The full court opinion and a case analysis are available on the BVLaw platform.

Clint Eastwood awarded $6.1 million in right of publicity case

In a default judgment, actor Clint Eastwood has been awarded $6.1 million from a company that falsely claimed Eastwood had endorsed its CBD products. The lawsuit claimed that the defendants created fake news articles and manipulated search results to make it appear that Eastwood had endorsed their products. This case points up the intriguing valuation issue known as the “right of publicity.” This is a form of intellectual property that covers an individual’s likeness, including his or her name, image, signature, voice, and so on. As the Eastwood case shows, there could be a great deal of value when it comes to a celebrity.

How to do it: A veritable road map on how to value the right of publicity can be found in the recent case of the Michael Jackson estate. Experts for the estate presented a fascinating look at how the name-likeness valuation was done during a BVR webinar. The webinar panel consisted of Jay E. Fishman (Financial Research Associates) and celebrity licensing expert Mark Roesler (CMG Worldwide), whom the estate engaged to value the name and likeness. Also on the panel was music industry financial advisor David Dunn (Shot Tower Capital), who advised on other valuation issues.

Feedback wanted on Abbott model for active/passive appreciation

For several years, Professor Ashok Abbott (West Virginia University) has been developing a methodology for separating active from passive appreciation of business assets in a divorce context (see our first coverage here). During a recent BVR webinar, Dr. Abbott brought us up-to-date on his methodology, which is an analytical framework based upon econometric modeling.

Dr. Abbott also has a recent peer-reviewed paper out that explains his methodology (including a detailed example), which is available if you click here. During the BVR webinar, he encouraged the audience to read the paper and provide feedback to him (his contact information is in the paper).

Expert predicts continued PE push
into accounting

Recently, EisnerAmper became the first top 20 accounting firm involved in a private equity deal. “I would make a bold prediction here that in the next month, there will be a second top 20 firm to go the way of private equity,” says Allan D. Koltin, in an interview in the Journal of Accountancy. Koltin is CEO of Koltin Consulting Group and has served as an adviser and broker on many of the biggest M&A deals in the accounting space. “But I wouldn’t stop there,” he continues. “I think we could wake up a year from today and there could be no less than three, maybe even as many as four, of the top 20 CPA firms owned by private equity.” Koltin also remarked that, once PE firms acquire a large accounting firm as an “anchor tenant,” they will seek out smaller firms with between $15 million and $100 million in revenue for potential M&A deals.

Gearing up for the ASA conference October 24-26 in Las Vegas

BVR will be attending—in person—the 2021 ASA International Conference at Planet Hollywood in Las Vegas, October 24-26. You can find us at our booth in the exhibit hall (unless we are attending some of the great presentations), so please stop by and say hello. This will be a hybrid event featuring live in-person sessions combined with a simultaneous virtual online option for remote attendees. The conference brings together appraisers of all disciplines, and the agenda features the latest trends presented by top thought leaders in the profession. To see the at-a-glance schedule, click here.

Expand your practice with value growth
advisory services

A natural extension for a valuation practice is advising business owners on ways to maximize firm value. A training and credentialing program is available for valuation professionals who want to offer this service. The Certified Value Growth Advisor (CVGA) program is a five-day course that focuses on the fundamental best practices that drive value of any business. You will also learn how to build on those drivers to develop a short-term tactical plan and long-term strategic plan for the client’s business. This course is designed to help your clients increase company value by two to three times over a two-to-five-year period. The next CVGA program is scheduled for November 8-12 and will be in a virtual environment. For more details, click here.

Full agenda for IVSC Virtual AGM October 21-28

This year’s annual general meeting (AGM) of the International Valuation Standards Council (IVSC) will be held as a virtual program from October 21 to October 28. There will be panel sessions, public board meetings, meetings of the Advisory Forum, and the formal AGM. The full agenda is now available, and you can see it if you click here. Some parts of the overall program are restricted to IVSC sponsor/member organizations or their representatives, but other aspects are open to anyone with an interest in valuation and the work of the IVSC.

BV movers . . .

People: Jordan Rodgers, CPA, ABV, has been admitted as a shareholder at Brady Martz; he works primarily in business valuation and consulting by assisting with ownership transfers, merger and acquisition transactions, conflict and litigation resolution, lifetime strategic planning, value maximization, and other business value-related needs … Asif Charania, CPA/ABV/CFF, ASA, has been promoted to partner at Keiter (Glen Allen, Va.); he specializes in valuation and forensic accounting, including financial investigations and litigation consulting services.

Firms: Fort Worth, Texas-based Whitley Penn’s Forensic Litigation Valuation Group has been named to the “Texas Lawyer Best of 2021” list … Reading, Pa.-based Herbein + Co. is adding Tubiello-Harr & Associates LLC of Coopersburg, Pa., a firm that focuses on advisory, consulting, tax, and compliance services to a wide variety of clients, primarily in Pennsylvania’s Greater Lehigh Valley … San Ramon, Calif.-based Armanino LLP is adding Holtzman Partners of Austin, Texas, a firm that specializes in audit, assurance, business tax, consulting, and personal tax services; the deal will become effective on Jan. 1, 2022 … Williamsville, N.Y.-based Tronconi Segarra & Associates LLP is adding Feeley Bonaventura & Hyzy CPAs PC of Williamsville, N.Y., which provides accounting, tax, business advisory, and pension plan administration services to a range of small- and medium-sized local, national, and international businesses … Milwaukee-based Reilly Penner & Benton LLP is adding Adler & Associates SC of Middleton, Wisc., a firm that provides accounting, tax, QuickBooks, payroll, and bookkeeping services to SMEs and individuals in the greater Madison, Wisc., market … Lexington, Ky.-based Dean Dorton Allen Ford PLLC has expanded its presence in Raleigh, N.C., by adding Penny Longobardo & Co. PA Indianapolis-based Katz Sapper & Miller (KSM) has acquired Noble Consulting Services Inc. of Indianapolis, an insurance regulatory consulting firm.

Please send your professional and firm news to us at

CPE events

This is a review of important 2021 gift and estate tax valuation cases and the latest transfer tax proposals making their way through Congress.

This is one of the hottest topics in business valuation today. This session will explore the theoretical basis for including a company-specific equity risk premium (CSRP) and also how to develop and defend it in a litigation context.

AICPA 2021 FVS Conference

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