Business Valuation Certification & Training Center

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Co-Sponsored by the National Association of Certified Valuators and Analysts (NACVA) and the Institute of Business Appraisers (IBA)

Program Content
The Business Valuation and Certification Training Center’s compact five-day intermediate level curriculum is comprehensive and substantive, providing value from beginning to end*. A good understanding of accounting, taxes, economics, finance, and a basic understanding of business valuation fundamentals are prerequisites. The BVTC’s primary goal is to provide you with information that will serve as a solid foundation for your professional valuation endeavors, whether or not you plan to pursue a designation. You will also find that a sound mastery of the course contents will be of great assistance to you in your pursuit of an accreditation—be it a Certified Business Appraiser (CBA), Certified Valuation Analyst (CVA), or an Accredited Valuation Analyst (AVA). The Business Valuation and Certification Training Center (BVTC) is the ultimate comprehensive training experience: you will expand your knowledge, stretch your limits, test your skills, share your experiences, and go back to your office with a wealth of contacts, resources, and insights that will strengthen the foundation for your future success.

Learning Objectives
The CTI’s commitment is to offer you the best possible valuation training in the industry, training that will qualify you to pass the CTI’s and any other valuation organization’s credentialing examination. Following is a course description of each day of the curriculum.

Days 1 and 2—Business Valuations: Fundamentals, Techniques & Theory
Program Content, Learning Objectives and CPE Hours
(Available in both live presentation and self-study.)

Program Content
The cornerstone of CTI’s training, FT&T is a rigorous course on business valuation that provides the basis and framework for subsequent courses. It provides insights into every facet of valuation theory, with hands-on training taking participants from the fundamentals of the valuation process through the advanced techniques in current use.

Primary focus of the sessions will be to provide the basis and framework of business valuation theory and practice. Discussion will center on the valuation elements from financial and operational analysis through the methods found in the three approaches to valuation: asset, income, and market. Highlights include the development of discount/capitalization rates and the application of appropriate adjustments (i.e., premiums and discounts) to the calculated value.

Learning Objectives
After completing this course participants will be able to:

Perform a financial analysis of a company as it relates to a valuation engagement
Identify an appropriate valuation approach and method for a given valuation purpose
Match a discount or capitalization rate to the appropriate benefit stream under the income approach
Identify and explain the differences in standards of value and their application in a valuation engagement

Delivery Method: Group-Live
Program Level: Intermediate
Advanced Preparation: There will be some advanced preparation work with this course.
Prerequisites: Participants should possess a good understanding of accounting, taxes, economics, finance, and a basic understanding of business valuation fundamentals.
Fields of Study: Accounting-3, Business Management and Organization-1, Specialized Knowledge and Applications-13, Taxes-1
Total CPE Hours: 18

Day 3—Business Valuation: Applications and Calculations of the Income and Asset Approaches
Program Content, Learning Objectives and CPE Hours
(Available in both live presentation and self-study.)

Program Content
This fast-paced course is the perfect follow-up to FT&T. It builds on the applications of the income and the asset approaches and provides you the opportunity to perform numerous calculations using various methodologies for the income and asset approaches.
Primary focus is to build on the fundamental aspects of the income and asset approaches found in the Fundamentals, Techniques & Theory (FT&T) course. The course uses multiple hands-on exercises that will give the participant practical experience in the application of the methods found in the income and asset approaches in valuation engagements.

Learning Objectives
After completing this course participants will be able to:

Calculate a value using the adjusted net asset method under the asset approach
Determine when it is appropriate to use a capitalization of single-period earnings method vs. discounted future earnings method under the
income approach
Identify appropriate normalizing adjustments and calculate a normalized benefit stream

Delivery Method: Group-Live
Program Level: Intermediate
Advanced Preparation: Overview
Prerequisites: Participants should possess a good understanding of accounting, taxes, economics, finance, and a basic understanding of business valuation fundamentals.
Fields of Study: Accounting-2, Administrative Practice-1, Business Management and Organization-1, Specialized Knowledge and Applications-4, Taxes-1
Total CPE Hours: 9

Day 4—Business Valuation: Case Analysis—Completed Transaction and Guideline Public Comparable Methods
Program Content, Learning Objectives and CPE Hours
(Available in both live presentation and self-study.)

Program Content
The market approach is one of the three commonly accepted ways to value a private company. Within this approach there are two primary methodologies: the completed transaction method and the guideline public company method. While similar, these methods vary on the empirical data that is used to generate supportable results.

Learning Objectives
After completing this course participants will be able to:

Perform the market approach using the completed transaction method
Perform the market approach using the guideline public company method
Explain their work in a written narrative
Utilize these results with other studies to determine the value of a private company

Total CPE Hours: 9

Day 5—Two Parts: Part I—Special Purpose Valuations and Part II—Case Studies in Business Valuation—Facts to Conclusion
Program Content, Learning Objectives and CPE Hours
(Available in both live presentation and self-study.)

Part I(A): Valuation for Financial Reporting
Valuation specialists are seeing growing demand for these services, but equally close scrutiny and review of their fair value valuation work by auditing firms, the SEC, and the PCAOB. This section is designed to distinguish valuations for financial reporting from other purposes. The definition the FASB came up with, “Fair Value,” differs from Fair Market Value. There are three types of work for valuation specialists: 1) Allocation of purchase price for a business combination, 2) Testing Amortizable Intangibles and PP&E for Impairment, 3) Testing Goodwill for Impairment. Another aspect which will be covered is the need to work closely with the client’s auditing firm. All values used in financial reports are reviewed by auditors and their review may differ from that of the IRS or the courts.

Learning Objectives
After completing this section participants will be able to:

Explain the FASB requirements for Purchase Price allocation, including valuation of intangibles
Prepare a supportable impairment study for PP&E and amortizable intangibles using undiscounted cash flow and a FV determination if the asset(s) don’t pass
Prepare a plan to work with auditors and clients in performing Step 1 of the Goodwill testing requirements and understand what is involved if they have to go to Step 2

Part I(B): Mergers and Acquisitions
With M&A on a dramatic rise, all business advisors need a fundamental understanding of the issues characteristic to lucrative M&A advisory services. This section will focus on Mergers and Acquisitions from the perspective of a deal maker/investment banker. Participants will learn that although the valuation methodologies used in these situations are similar to traditional valuation techniques, they do differ in many ways. In this introductory
session, practitioners will learn about the foundations crucial to M&A activity as found in the middle market ($1mm–$250mm).

Learning Objectives
After completing this section participants will be able to:

Determine the common valuation approaches in M&A real deal world Identify preliminary target due diligence and funding sources/venture capital in M&A
Determine negotiation strategies and the M&A auction marketplace, buyer and seller motivations, types, and perspectives
Explain typical deal structures and financing and mechanisms
Advise clients when and where M&A is a viable strategic alternative and be in a position to council clients through the process

Part I(C): Litigation Consulting
In today’s turbulent business environment, valuation experts, CPAs, and other financial professionals are called upon regularly to serve as experts and consultants in a broad range of matters including fraud, economic damages, marital dissolution, professional standard of care, valuation, and others. This section is designed to provide an introduction to litigation consulting and financial forensics. It will provide an overview of the types of engagements in which financial experts are called upon to render financial, analytic, investigative, and expert testimony. It will also focus upon the skills required, the legal environment, the dynamics of litigation, professional standards, report writing, and expert testimony.

Learning Objectives
After completing this section participants will be able to:

Provide an overview of the litigation environment and the anatomy of the legal process
Identify the role of the financial expert as either a consulting or testifying expert and list the differences between the roles
Identify the complexities related to providing forensic accounting, valuation forensics, and expert witness services in a litigation context
Explain the dynamics of working with legal counsel
Define business and economic damages, fraud and forensics, marital dissolution, and other practice areas for financial experts
Outline the main steps to writing effective reports and reporting requirements in litigation engagements
Summarize the key ingredients for effective expert testimony
List the ways to avoid common pitfalls

Delivery Method: Group-Live
Program Level: Intermediate
Advanced Preparation: Overview
Prerequisites: Participants should possess a good understanding of accounting, taxes, economics, finance, and a basic understanding of business valuation fundamentals.
Fields of Study: Accounting-4, Specialized Knowledge and Applications-2,
Total CPE Hours: 6

Part II: Case Studies in Business Valuation—Facts to Conclusion
Program Content
This course provides learning that brings the business of business valuation full circle and is given from the eyes of actual valuation practitioners. The theory covered throughout the five-day BVTC is staggering, and often it is easy to lose sight of the ultimate goal of the program: to learn to be a valuation professional. The Facts to Conclusions course will include:

A review of the appropriate valuation methodologies
A case study discussion to allow the attendee to work with actual valuation projects
Practice management tips

Participants in this course will leave with a better, clearer understanding of the process associated with completing a business valuation (start to finish). Additionally, participants will also gain valuable knowledge pertaining to growing and managing a valuation practice. It is the goal of this course to address any questions about this business that participants may have.

Learning Objectives

After completing this course participants will be able to:

Identify the necessary steps to complete a business valuation
Locate the necessary data, models, and studies
Explain the valuation through a business valuation report
List the critical steps in building a successful valuation practice
Review and check valuation work against other reports.

Who Should Attend
Tax, audit, and accounting services practitioners who wish to specialize in a lucrative, non-seasonal consulting niche; merger and acquisition consultants, investment and financial analysts, investment bankers, financial officers, business advisors, accounting and finance professors; in short, anyone who deals with business value in the course of his or her work.

One-Year IBA Membership
$495
Certification Exam, Grading, and Proctoring Fee
$595
Total Retail Cost for Five-Day BVTC
$3,555
Package Price before Discounts
$2,995

Self-Study 2011 Pricing
BVTC Self-Study

Course
Individually Priced
CPE Exam for Self Study
Business Valuations: Fundamentals, Techniques & Theory
$245
$65
BV: Applications and Calculations of the Income and Asset Approaches
$195
$65
BV: Case Analysis—Completed Transaction and Guideline Public Comparable Methods
$245
$65
Special Purpose Valuations
$195
$65
Total if purchased individually
$880
$260

Package Price for All Five Courses:

Course Materials Only
$795
Materials plus CPE
$995
Materials with CPE and CBA/CVA/AVA Exam
$1,495
Shipping fee for materials
$40
Materials with CPE, CBA/CVA/AVA Exam, and First-Year IBA Membership ($350 off retail price) plus shipping
$1,865

In addition to the Business Valuation Training Center’s availability in a Self-Study format, Consultants’ Training Institute now offers the BVTC Online in a series consisting of ten webinars. The two-hour webinars are held on consecutive Tuesdays and Thursdays from 1:00–3:00pm eastern time over a five-week period. Purchase the Self-Study materials and attend the entire ten-part webinar series for an additional $600. For additional details, please call Member Services: (800) 299-4130 or (954) 584-1144.

* Purchase the Self-Study materials and attend the entire ten-part webinar series for an additional $600.

Register Now
REGISTER NOW! To register call (800) 299-4130.

Cancellation Policy
For more information regarding refund, complaint, and/or program cancellation policies, please call our director of Member Services: (800) 299-4130.

The Consultants’ Training Institute (CTI) 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 submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.