Business Valuation Resources, LLC

Advanced Workshop on Normalization Adjustments

Date: Thursday, December 6, 2012
10:00am-2:00pm PT / 1:00pm-5:00pm ET
Format: An Interactive BVR Web Workshop

Earn 4.5 CPE credits
Add this event to your calendar

Register for this program:

Workshop - $499
Training Pack* - $499
Workshop & Training Pack* - $649
Workshop & Current Trends in Normalization Adjustments - $599
Workshop, Training Pack* & Current Trends in Normalization Adjustments - $749

     Priority Code:

*Training Packs include: a complete recording and transcript with all presentation and reading materials delivered via an electronic download
Please note: CPE credit is not available through Training Packs
More information is available below


Garth M. Tebay
Value Defined

Brandi Ruffalo
Valuation & Forensic Partners, LLC

Why You Should Attend

It's been said that the business appraisal process is part art, part science. The same could be said of normalization adjustments. In making adjustments to the earnings, compensation, and other aspects of the balance sheet appraisers must make reasoned, defensible, and subjective judgments based on objective observation and evidence.

In the Advanced Workshop on Normalization Adjustments experts Garth Tebay and Brandi Ruffalo join BVR for an intensive, interactive workshop examining all aspects of normalization adjustments. From the processes through which normalization adjustments can be determined to effectively implementing those adjustments, Tebay and Ruffalo will cover what every appraiser needs to know in this exclusive event. Join them to learn which methods are available to determine normalization adjustments, how to put that analysis to use, and what the courts are saying about normalization adjustments today.


  • Defining Normalized Adjustments
  • Matching the Normalized Adjustments to the Appropriate Benefit Stream
  • Normalized Adjustment Categories
  • Normalizing Control Compensation is Required When Valuing a Non-controlling Interest
  • Normalized Officers' Compensation
  • Normalizing Risk Free Rate When Market Yields are Abnormally Low
  • Normalized Adjustments in Fair Value Cases of Shareholder Oppression
  • Court Cases – Normalized Adjustments
  • Q&A

Learning Objectives

  • Solidify one's understanding of the proper methodology by which to implement adjustments for normalization
  • Learn the best practices and new applications for normalization adjustments
  • Understand where, when, and why to use normalization adjustments
  • Learn what courts, regulators, and practice guidelines are now saying about normalization adjustments and how this affects the appraisal process and conclusions of value

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).

Get Unlimited Access to BVR's Webinar Calendar
Get unlimited access to BVR's webinars all year long with the Training Passport/Training Passport Pro. These easy training solutions provide 12 months of unparalleled access to BVR's webinars, past and future: hear from the top minds in the profession, develop your professional abilities, and earn CPE credits with ease and convenience.

Training Passport/Training Passport Pro subscribers receive:

  • Automatic registration to all qualified webinars and training events on BVR'straining calendar(up to 50 per year). For each event BVR will send login instructions automatically. All you have to do is show up.
  • Monthly emails highlighting what's ahead on our training calendar so you can better plan your professional development.
  • Access to theDesktop Learning Center, our multimedia library of all past BVR webinars and live events. This comprehensive database includes hundreds of titles dating back to 2002 from some of the best minds in the profession.

For more information on the Training Passport/Training Passport Pro or group discounts to single events for 5 or more people, contact BVR at

CPE Credits for Unlimited Listeners
Have as many eyes and ears take advantage of your registered connection as possible: CE credit is available for an unlimited number of listeners to any registered line. To add listeners for CE credit, please complete the Additional Listener form included on your webinar dial-in instruction email. We'll send dial-in instructions one to two days before our program, and will provide information directly to those listeners you identify approximately one hour before our program.

CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 4.5 Credit Hours (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:
NASBA Sponsor

All BVR training events are eligible for continuing education credits from the Exit Planning Institute's Certified Exit Planning Advisor (CEPA) program. Credits are based on a 50-minute hour. Final acceptance is at the discretion of the Exit Planning Institute.

Training Packs

BVR's Training Packs are an indispensable addition to any valuation reference library, or the perfect alternative when you cannot attend the session live.

Each Training Pack is delivered approximately 2-4 weeks after the program has aired, and includes:

  • Video file (MP4)
  • Audio file (MP3
  • Transcript of the presentation
  • A copy of the presentation slides
  • A copy of the reading materials, visual aids, and handouts

Please note, CPE is not available with Training Packs.

Current Trends in Normalization Adjustments: A BVR Special Report

Adjustments to the income stream seem to be part of every business valuation using the income approach — straightforward and free of controversy. Yet, observations on normalization adjustments from the real world indicate there is room for extra guidance and debate.

Current Trends in Normalization Adjustments: A BVR Special Report is a compilation of articles from business valuation leaders that confirm there are no "automatic" adjustments and careful consideration must be given to each one. Facts, circumstances, and context are important. The authors emphasize the significance of classifying and grouping adjustments to provide clarity to valuation report users and your own analysis. It also includes recent court cases in which normalization was an issue.

BVR's Satisfaction Guarantee:
Business Valuation Resources offers a 100% money-back guarantee. If you are not completely satisfied with your conference experience, or have any concerns or complaints, you may contact Business Valuation Resources at (503) 291-7963, or mail to BVR, LLC, 1000 SW Broadway, Suite 1200, Portland, OR 97205.