ASA 2017 Advanced Business Valuation Conference - Day 3

The American Society of Appraisers' Advanced Business Valuation Conference is the premier event for valuation professionals. This 2.5 day live web streaming event delivers the best of the Advanced BV Conference featuring industry leaders speaking on key topics that are important to the valuation professional. Register for 1, 2 or 2.5 days.

Tuesday, October 10

8:00 – 9:30am - Valuing Companies Owning Real Property

Alan Kaplan, MAI, MRICS - Director - Grant Thornton

This session will provide insights into valuing companies owning real property (for example, hotel companies, casinos, convenience stores, nursing homes, REITs, etc.) and the issues surrounding cost of capital. You will learn more about how to reconcile the approaches of real estate appraisers and BV appraisers, including discounts for lack of marketability.

9:35am - 10:35am - Market Participant Acquisition Premiums (MPAP): The Final Word

Andrew S. Fargason, CFA - Managing Director

Led by one of the members of The Appraisal Foundation's working group on best practices for control premiums, the session will provide an overview of the new monograph on the MPAP.  Topics will include the general MPAP framework, some of the exposure draft comments received, and the group's primary considerations in reaching the final draft.  

10:50am -12:20pm - Applications of the Market Approach Relief from Royalty (RFR) Method to Value Intellectual Property

Robert F. Reilly, CPA - Managing Director

This session provides a deep dive into the market approach, including how to: distinguish the four categories of intellectual property (IP); identify the generally accepted market, income and cost approach IP valuation methods; explain the selection of the RFR method for a particular IP valuation analysis; explain the conceptual basis for and practical application of the RFR method; distinguish available IP license transaction databases; their relative strengths and weaknesses along with criteria for searching and selection of comparable uncontrolled transaction (CUT) IP licenses; and much more… leading to value synthesis and conclusion procedures in workpaper files and reports.

Basic Course Information

*Analyze ways in which cash can be treated in the discounted cash flow method

*Interpret the marginal cost of capital

*Determine methodologies for normalizing owner compensation

*Apply REIT data to effectively employ the Income and Market Approaches

*Recognize methods of forecasting balance sheets and cash flow statements

*Identify common errors in an opposing expert's valuation report

*Compare business models for banks and other financial institutions and how the model differs from that of non-financial institutions

*Asses when forensic accounting is needed to determine or support normalization adjustments differentiating between normalization adjustments and non-recurring expenses and how to use practice aids to save your testimony in front of the judge

*Business Valuation

*Taxation