March 20, 2008 Conference

Getting the Most from the Mergerstat®/BVR Control Premium Study™

Presented by BVR and NACVA
Webinar Presentation - Earn two interactive CPE credits

Featuring Shannon Pratt, Alina Niculita, Robert Stutz, and Adam Manson
Thursday, March 20, 2008

10:00am-11:40am PDT / 11:00am-12:40pm MDT / 12:00pm-1:40pm CDT / 1:00pm-2:40pm EDT

Register for Webinar for $249.00
Please note, CPE only registrations are not available for this event as NASBA's CPE requirements for online courses require individuals to answer polling questions throughout the program.

BONUS OFFER:
Attendees will have free access to the database for 5 days following the conference.
With your registration you'll receive a FREE conference pack that includes an audio recording, PDF transcript of the conference, presentation slides, and all accompanying ancillary reading materials.
Call (888) 287-8258 ext. 2 to learn more about this special offer!

Subscribers to the Mergerstat/BVR Control Premium Study
Call (503) 291-7963 today to receive a special discount for attending!


Program Level: Basic
Prerequisites: None
Advance Preparation: None
Instructional Method: Internet-Based Group Program

Learning Objectives:

  • Maximize your knowledge of the uses and applications of the database
  • Understand how to use the transaction multiples for valuation purposes, a lesser known purpose for this database
  • Gain empirical support for your control premiums and minority discounts -- alleviate the need for subjectivity!
  • Hear how practitioners use the database and apply the data in practice to gain an edge in their valuation reports

Program Outline

  • Laying the Foundation: Control Premiums and Minority Interest Discounts
    • Levels of value, control premiums and minority discounts
    • How to use a control premium to calculate an implied minority discount
    • When to apply or not apply a control premium or minority discount
  • Understanding the Mergerstat®/BVR Control Premium Study™
    • What data points are presented by the database?
    • How does the database calculate control premiums?
    • How do I conduct efficient searches in the database to maximize my time?
    • What valuation multiples are included in the database?
  • Learn the applications of the transaction multiples for valuation purposes
    • How many transactions should you look at when conducting your study?
    • What criteria should I search by when looking for comparables?
  • Learn the Flexible Advantages of Using BVR’s Control Premium Study Vs. Mergerstat Review
    • Searching by sale date, revenue size, asset size, SIC Codes
    • Provides details on individual transactions as well as aggregate summary data
    • Ability to download the data into an excel file
    • All current and historical data provided
    • Contains only closed transactions, not announcements
  • See Live Examples On How To Search the Database
    • How to select criteria when conducting a search
    • How to modify search results
    • Understanding the summary page and getting your search results
  • Become Familiar With the Data Contained In Each Individual Transaction Report
    • Review a sample transaction report
    • Learn which of the five control premiums reported by the database Mergerstat recommends using
    • Show supporting documentation and resources for the database
  • Ask the experts Q & A (Note: BVR's analysts will be on standby to answer any technical questions regarding searching the database. Additional practitioners joining the panel will be available to answer questions regarding application of the data and related BV issues)

Panel Includes:

Shannon P. Pratt, CFA, FASA, MCBA, CM&AA

Dr. Shannon Pratt is the Chairman and CEO of Shannon Pratt Valuations, Inc. and is the founder and Editor Emeritus of Business Valuation Resources, LLC.

He has performed valuation assignments for the following purposes: transaction (acquisition, divestiture, reorganization, public offerings, public companies going private), taxation (federal income, gift, and estate and local ad valorem), financing (securitization, recapitalization, restructuring), litigation support and dispute resolution (including dissenting stockholder suits, damage cases, and corporate and marital dissolution cases), and management information and planning. He has also managed a variety of fairness opinion and solvency opinion engagements.

Dr. Pratt has testified on hundreds of occasions in such litigated matters as dissenting stockholder suits, various types of damage cases (including breach of contract, antitrust, and breach of fiduciary duty), divorces, and estate and gift tax cases.

Dr. Pratt taught was a professor of business administration at Portland State University’s Business School of Management from 1963-1969. During this time, he directed a research center known as the Investment Analysis Center, which worked closely with the University of Chicago’s Center for Research in Securities Prices. In 1969 Dr. Pratt went into the business valuation profession.

Dr. Pratt holds a Doctor of Business Administration, Finance from Indiana University and a Bachelor of Arts, Business Administration from University of Washington. He is an accredited senior appraiser and fellow (FASA), certified in business valuation, of the American Society of Appraisers (their highest designation). He is also a chartered financial analyst (CFA) of the Institute of Chartered Financial Analysts, a master certified business appraiser (MCBA) of the Institute of Business Appraisers, a certified business counselor (CBC), and is certified in mergers and acquisitions with The Alliance of Merger and Acquisition Advisors (CM&AA).

Dr. Pratt is a lifetime member emeritus of the Business Valuation Committee of the American Society of Appraisers. He is also a lifetime member emeritus of the Valuation Advisory Committee of The ESOP Association. He is a recipient of the magna cum laude award of the National Association of Certified Valuation Analysts for service to the business valuation profession. He is also the first life member of the Institute of Business Appraisers. He is a member and a past president of the Portland Society of Financial Analysts, the recipient of the 2002 Distinguished Achievement Award, and a member of the Association for Corporate Growth. Dr. Pratt is a past trustee of The Appraisal Foundation and is currently an outside director of Paulson Capital Corp., an investment banking firm.

Alina Niculita, CFA

Alina V. Niculita, MBA, CFA is president and COO of Shannon Pratt Valuations. She is a chartered financial analyst and a candidate for the ASA designation in business valuation.  She is a member of the CFA Institute, the American Society of Appraisers, and the Licensing Executives Society.  Ms. Niculita is a coauthor of Business Valuation Body of Knowledge Workbook, 2nd Edition and the Cost of Capital Workbook; and a contributing author to Valuing a Business, 5th Edition. Ms. Niculita was a financial editor of publications and resources for valuation professionals for Business Valuation Resources including being the managing editor of Shannon Pratt’s Business Valuation Update©, BVLibrary™, and the Economic Outlook Update™.

Robert M. Stutz II, AVA, ASA, CM&AA

Robert M. Stutz II graduated from Butler University in 1997 with a Business Finance major. Upon graduation, Rob spent four years as a Financial Analyst and Assistant Vice President for a private investment banking and business valuation firm in Indianapolis. He returned to Upper Arlington to manage the Columbus valuation department of a regional CPA firm. In 2000 he joined GBQ Partners as the Director of Valuation Services.
Rob is now the Director of Consulting Services at GBQ Consulting LLC having been named a Partner in January, 2006.

Rob’s career has been dedicated to the valuation of private and public businesses. He has been involved in numerous valuation projects for purposes including estate and gift tax, ESOP. Goodwill impairment, purchase price allocation and fairness opinions. Rob’s experience includes business appraisals of entities in the following industries; manufacturing, wholesale/distribution, retail, construction, advertising/marketing, food service, industrial dry cleaning, real estate, and holding company/estate planning vehicles. The majority of his appraisal experience has been in the Mid-West states, including Ohio, Illinois, Indiana, Pennsylvania, Kentucky, and Michigan.

Presently, Rob is spending the majority of his time on merger and acquisition buy-side and sell-side transaction
engagements around the Midwest as well as heading GBQ Consulting LLC which also offers consulting practices in business valuations and litigation support services.

Rob is a frequent speaker on valuation topics and is responsible for Day 4 instructor selection for the National Association of Certified Valuation Analysts, teaching The Market Approach, Discounts and Premiums, Facts to Conclusion, and CVTA nationally several times a year. Rob was elected to NACVA’s Valuation Credentialing Board of Directors in June, 2005, and was named NACVA’s Outstanding Member for the 1st Quarter of 2006. He received NACVA’s highest honor, the Circle of Light Award, for the current year. Rob presently serves as a member of NACVA’s Ideas & Technology Committee and Practice Development Committee. In addition, he actively participates in the grading process for many NACVA exams.

Rob earned his AVA, ASA and CM&AA certification. He is active with the National ESOP Association and heads the BDO Mini-Regional Valuation Team. In 2005, Rob won the title of “40 and 40” an honor conveyed by Columbus Business First publication in identifying 40 individuals under the age of 40 who are working to improve and shape the Columbus, Ohio, vicinity.

Adam Manson

Adam Manson works as an analyst with Business Valuation Resources, LLC. He works on the databases in the BVMarketData department, co-writes the Economic Outlook Update™, and is the managing editor of several of Business Valuation Resources’ valuation Guides.  He holds a Bachelor of Arts in Business Administration, with an emphasis in Finance, from Seattle Pacific University and an MBA, with an emphasis in Finance, from Portland State University in Portland, Oregon.




CPE Credit Information

Earn 2 Interactive CPE Credits (Consulting Services)
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 addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. www.nasba.org NASBA Sponsor

Complaint Resolution Policy:
Business Valuation Resources offers a 100% money-back guarantee. If you are not completely satisfied with your telephone conference experience, or have any concerns or complaints, you may contact Business Valuation Resources at (503) 291-7963 for a satisfactory resolution of your concern or you may submit a written request for a full refund within 30 days of the date of this program to Stephanie Crader at: stephaniec@bvresources.com and directly at 503-291-7963 ext. 102.