Featuring (click image for more information):

Bruce Johnson ASA Munroe, Park & Johnson, Inc.

Why You Should Attend

Identifying, quantifying, and defending discounts for lack of marketability (DLOMs) has, is, and will remain a ubiquitous challenge in the business appraisal process. In this webinar, part 2 of BVR's Advanced Webinar Series on Discounts for Lack of Marketability, expert appraiser Bruce Johnson explains how evidence gathered from rates of return can be utilized to arrive at a sound and defensible DLOM. Through an examination of relevant case law, available resources, and case studies Johnson will how this method may be preferable to others available to appraisers.

Agenda

• Overview
• What is a Discount for Lack of Marketability?
• The Basics
• What causes DLOMs in third party transactions
• Court Cases and Quotes
• Examination of Historical Studies
• Restricted Stock Studies
• IPO Studies
• Methodology to Use Rates of Return to Determine the DLOM
• Studies Supporting Incremental Increase
• Public vs. Private Equity Returns
• Restricted Stock Returns
• Long Term vs. Short Term Bonds
• Case Study
• Conclusion

Learning Objectives

• Learn how to harness empirical evidence to quantify a discount for lack of marketability
• Understand how courts have viewed the techniques used in this webinar and how appraisers can best prepare their DLOM determinations
• Understand the quantitative and qualitative strengths of historical studies
• Understand where professional thinking currently stands on marketability discounts and what larger trends this may highlight

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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.

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CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 2 Credit Hours (Specialized Knowledge & Applications)

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