Business Valuation Resources, LLC

BVR's Advanced Series on Discounts for Lack of Marketability: Part 2
How to Quantify and Support Your DLOM using Rates of Return

Date: Thursday, January 17, 2013
Time:
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

Earn 2 CPE credits
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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

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.

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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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Training Packs

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

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  • Audio file (MP3
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  • 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.





BVR's Advanced Series on DLOMs
A Review of DLOM Volatility and Option Models
Part 4 of BVR's Advanced Series on Discounts for Lack of Marketability
Thursday, January 31, 2013, 10:00-11:40am PT / 1:00-2:40pm ET
Featuring: John J. Stockdale

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, cs@bvresources.com or mail to BVR, LLC, 1000 SW Broadway, Suite 1200, Portland, OR 97205.