Standards of Value, Theory, and Applications

Featuring: Ron Seigneur of Seigneur Gustafson Knight LLP (Moderator), Jay Fishman of Financial Research Associates, Shannon Pratt of Shannon Pratt Valuations, and William Morrison of Morrison & Company

Telephone Dial-In Audio Conference
Tuesday, October 24, 2006
10:00am-11:40am PDT/11:00am-12:40pm MDT/12:00pm-1:40pm CDT/1:00pm-2:40pm EDT

Presented by Business Valuation Resources, LLC
Earn TWO INTERACTIVE CPE credits for participating in this conference

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Every appraisal is based on certain premises and standards.

Don't miss this lively and highly informative discussion of what these premises and standards are and how they are applied. Ron Seigneur, moderator, and panelists Jay Fishman, Shannon Pratt, and William Morrison will analyze the effects of these standards and premises on business valuations and their individual components. 

The esteemed panel will present the approaches and methodologies used so listeners can walk away with a clear understanding of how one standard – fair market value as used in estate and gift tax valuations – builds the basis for knowing other standards of value that may be used in cases of shareholder dissent, shareholder oppression, financial reporting, and divorce.

Listeners will benefit from the panelists comparing and contrasting the premises and standards of value as applied in a number of the 50 states and will have the chance to hear panelists' views on the most controversial issues that have shaped the current understanding of the standards of value.

Learning Objectives:

  • Understand a comprehensive range of Standards of Value topics from basic to complex
  • Acquire an industry specific Standards of Value “education” comprised of the fundamental components of its multiple niche applications
  • Increase your awareness of the interconnected nature of Standards of Value to other valuation topics and issues
Program Outline:

Presentation format for the moderator and panelists is a 60-70 minute roundtable discussion including the following topics:

  • Introduction: Standards of Value
    • Every appraisal is unique
    • Fair Value versus Fair Market Value
    • How Standard of Value can effect the Ultimate Conclusion of Value
    • Introduction to background, approaches, and methods of valuation
  • Common Standards and Premises of Value
    • What is Value?
    • Premises of Value
    • Common Standards of Value
    • Common Premises Underlying the Standard of Value
    • Other Issues
  • Fair Market Value in Estate and Gift Tax
    • Common definitions and history of Fair Market Value
    • Elements of Fair Market Value
  • Fair Value in Shareholder Dissent and Oppression
    • Early References to Fair Value
    • Fair Value as defined by various authorities and statutes
    • Dissenter's rights
    • Oppression remedy
    • Standards of Value in 50 states
    • Breaking down the components of value
    • Discounts and Premiums
    • Equitable Adjustments
  • Standards of Value in Divorce
    • Views of property in divorce
    • Premises and Standards of Value in Divorce
    • Standards of Value in Divorce among the 50 states
    • Value in Exchange
    • Value to the Holder
  • Fair Value for Financial Reporting
    • Fair Value for financial reporting: What is it?
    • History of Fair Value in accounting literature
    • Application of the Fair Value standard to business combinations
    • Interpretation of the Fair Value compared to other standards of value
  • Audience Q & A Session (30-40 minutes)

Featured Panel:

Ron Seigneur, MBA, CVA, CPA/ABV, Moderator

Ron Seigneur holds a B.A. in Hotel, Restaurant and Institutional Management from Michigan State University and an M.B.A. in Corporate Policy and Finance from the University of Michigan.  Ron is the chair of the American Institute of Certified Public Accountants (AICPA) ABV Credential Committee and a former member of the AICPA Business Valuation Subcommittee where was the chair of the Fundamentals of Business Valuation ("FBV") curriculum task force.  He is the incoming chair of the National Association of Certified Valuation Analysts (NACVA) Professional Standards Committee and chair of the Colorado CPA Society Professional Development Board. 

Ron is a Certified Valuation Analyst from NACVA and also holds the Accredited in Business Valuation designation from the AICPA.  He has been involved for over 20 years in business valuation and litigation matters and has been qualified and provided testimony as an expert witness in several jurisdictions on a wide range of issues ranging from complex business valuations, forensic accounting investigations, accounting malpractice claims, and various forms of economic damages.  Ron has served appointments as trustee, mediator, arbitrator, and special master of the court.  He is co-author of a new book on advanced business valuation topics titled Financial Valuation: Applications and Models published by John Wiley & Sons. 

Ron has worked as a radio disk jockey, played guitar in a rock and roll band and has prepared meals for Elvis Presley, Muhammad Ali and the Rolling Stones in prior careers.  He has been an adjunct professor at the University of Denver, College of Law for over 14 years, where he teaches finance, leadership and management classes and is an author and lead instructor for the Association of Legal Administration's highly acclaimed Essential Competencies training program.  Ron is recognized nationally as a consultant to law firms on valuation and practice management issues; and as an instructor and author on business valuation science, leadership and professional firm management topics.  He has been a featured speaker at several national NACVA and AICPA conferences, as well as state bar associations, 18 state CPA societies and the Environmental Protection Agency.  He is the author and lead instructor for NACVA's Advanced Cost of Capital course for the Career Development Institute and serves on an advisory panel for Ibbotson Associates on Cost of Capital resources.

Jay Fishman, FASA, CBA, Speaker

Jay E. Fishman, FASA, CBA, is a Managing Director of Financial Research Associates and has been actively engaged in the appraisal profession since 1974.  He specializes in the valuations of business enterprises and their intangible assets including: patents, trademarks, customer lists, goodwill, and going concern.  Mr. Fishman has co-authored several books including Guide to Business Valuations (with Shannon Pratt), and written numerous articles on business valuations as well as qualifying as an expert witness and providing testimony in twelve states.  He has taught courses on business valuation to numerous groups throughout the world, including groups in Russia and The Peoples’ Republic of China. 

He holds a bachelor’s and master’s degree from Temple University as well as an M.B.A. from LaSalle University.  Mr. Fishman is a Fellow of the American Society of Appraisers, a former Chairman of the Business Valuation Committee of the American Society of Appraisers, Accredited Senior Member of the Institute of Business Appraisers, Inc. and formerly a Trustee of the Appraisal Foundation.

Shannon Pratt, CFA, FASA, MCBA, CM&AA, Speaker

Dr. Shannon Pratt is a chairman of Shannon Pratt Valuations, LLC and is the founder of Business Valuation Resources, LLC. He was one of the founders of Willamette Management Associates and was a managing director of Willamette for almost 35 years. He is also on the Board of Directors for Paulson Capital Corporation

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 performed business and stock appraisals in the following industries: accounting and consulting, advertising, aluminum, apparel, appraisal, architecture and engineering, automobile distributors and dealerships, automobile parts manufacturing, automobile repair and servicing, aviation, banking, bottling, breweries, brokerage, concrete, chemical, computer services, construction and contracting, consumer finance, distribution, education, entertainment, fast food, food service, forest products, funeral homes, health care, hotel and hospitality, insurance, leasing, manufacturing, medical and dental practice, mining and mineral extraction, petrochemical, printing, publishing, radio broadcasting, railroads, real estate development, recreational services, restaurant, retailing, ship repair, shipping, steel, telecommunications, television broadcasting, textile manufacturing, transportation and trucking, utilities, wholesaling, and wineries.

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.

William Morrison, CPA/ABV, Speaker

William J. Morrison, CPA/ABV, is the president of Morrison & Company, a forensic accounting firm located in Paramus, New Jersey.  He is a CPA licensed in New Jersey and Florida with over 30 years experience as an investigator, forensic accountant, and business valuator.  He is accredited in Business Valuation (ABV) by the American Institute Certified Public Accountants.  Mr. Morrison has been appointed as an expert for the federal and state courts in New Jersey in over one thousand matters as a forensic accountant, valuation expert, and mediator.  He has provided expert witness services in complex civil and criminal matters involving stockholder oppression, high net worth divorces, and economic damage claims, among others.

Mr. Morrison and Morrison & Company specialize in the investigation and valuation of closely held businesses.  In this regard, he has investigated hundreds of businesses to determine unreported cash income as an expert for the New Jersey Chancery Courts.  He has served as an expert for the Supreme Court of New Jersey to investigate Attorney Trust Account misappropriation.  He has been appointed as the monitor and accountant to the monitor in federal and state court.  He was appointed by the Honorable Joseph Rodriguez as the Court’s monitor in The United States v. Walsh. He has conducted investigations on behalf of the State of New Jersey and New Hampshire and four counties in New Jersey.  He has served as an economic damage expert for The Record and the Star Ledger.

Mr. Morrison has investigated fraud and misappropriation at hospitals and utilities.  Entities he has investigated include Orange and Rockland Electric and the University of Medicine and Dentistry.

Mr. Morrison served on Governor Florio’s Health Care Fraud Task Force and as Treasurer for Governor Whitman’s two campaigns for Governor.  He currently serves as the financial advisor to the audit committee of Pascack Community Bank.

Mr. Morrison has lectured frequently to organizations such as the New Jersey Institute of Continuing Legal Education and the New Jersey State Society of Certified Public Accountants on topics such as the maintenance of attorney trust accounts and forensic accounting.  He has published numerous articles on business valuation and forensic accounting in publications such as Valuing Professional Practices and Licenses published by Aspen.  He is the co-author of Standards of Value, Theory and Application being published by Wiley in October 2006.

Prior to founding Morrison & Company, he served as a Special Agent for the Federal Bureau of Investigation, as an internal auditor, and as a Certified Public Accountant.  He holds a bachelor’s degree in history from Boston College and an MBA in accounting from Farleigh Dickinson University.  He is a former adjunct professor at Seton Hall University where he taught a course in internal auditing.

CPE Credit Information:
Earn 2 Interactive CPE Credits (Consulting Services)
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