Program: Business Valuation and Certification Training Center
Sponsor: by the National Assoication of Certifed Valuation Analysts®
Focus: Business Valuation and Certification Training Center
Details:
The Business Valuation Certification and 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 Valuation Analyst (CVA) or an Accredited Valuation Analyst (AVA). The Business Valuation Certification and 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.
What You Will Learn
The CTI’s commitment is to offer you the best possible valuation training in the industry, training that will qualify you to pass NACVA’s and any other valuation organization’s credentialing exam. Following is a course description of each day of the curriculum.
Daily Schedule Day 1 and 2
Days 1 and 2—Business Valuations:
Fundamentals, Techniques & Theory (FT&T)
(Available in both live presentation and self-study.)
CPE—Group-Live Hours: 18
The cornerstone of NACVA’s training, FT&T is a rigorous two-day seminar on business valuation that provides the basis and framework for subsequent courses. Taken by over 15,000 valuators, FT&T offers insights into every facet of valuation theory, with hands-on training taking you from the fundamentals of the valuation process through the advanced techniques in current use. This course covers it all. Many participants say it is better—as a stand-alone course—than all their previous business valuation training combined. Here are some topics you’ll cover:
• Constructing and analyzing economic/normalized financial statements
• Performing a comparative analysis
• Selecting proper income
• Estimating future earnings
• Selecting and developing proper capitalization rates
• Distinguishing and converting pre-tax and after-tax rates
• Applicable revenue rulings
• Allocating components of value
• Selecting and applying the proper valuation method
• How and when to select marketability and minority discounts
• Preparing a business valuation
• Drafting a report
A key component of the FT&T course is its extensive coverage of two of the most difficult and challenging aspects of the valuation discipline—capitalization and discount rates, and lack of marketability and minority interest discounts. This part of the course will teach you how to maneuver through the maze in two areas generally considered the most challenging aspect of business valuations.
Though many consider capitalization/discount rates an art, it is rapidly evolving into a science. This intensive coverage in the course is excellent training for valuators of all levels of experience. This one- of-a-kind presentation will show you the range of options when approaching capitalization/discount rates determination, including how and when each method should be applied. You will gain a full comprehension of the complexities surrounding capitalization/discount rates, understand the issues related to empirical evidence (the existence of, or lack of, in determining the rate), and you will understand the strengths and weaknesses of the various approaches.
Discounts and Premiums are one of the valuator’s great challenges. That’s because discounts apply in virtually every valuation and range anywhere from zero percent to 100 percent, having a dramatic impact on the value calculated! This topic, like capitalization/discount rates, requires mastery. No longer can a valuator just pull a discount/premium out of the air. You need to build a case (a defense) for the rate used. To do this you need to understand the entire playing field: know where rates come from, what the judicial precedents are, and how to apply them when minority interest and marketability are both factors.
Daily Schedule Day 3
Day 3—BV: Applications and Calculations of the Income and Asset Approaches
(Available in both live presentation and self-study.)
CPE—Group-Live Hours: 9
This fast-paced one-day seminar is the perfect follow-up to FT&T because 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 assets approaches. You will come away from this seminar with an understanding of how and when to apply the income and asset approaches and how to perform the various calculations. Effective training comes from real life experience, the exchange of ideas, applying processes, and learning where to go for answers. The more an educator can employ these applications and calculations, the greater the impact you’ll get from the training and the more you’ll retain. Applications and Calculations of the Income and Asset Approaches “hits the mark” by using group interaction and practical application to sharpen your skills, expand your field of knowledge and provide you with a substantial foundation in business valuation practice.
Daily Schedule Day 4
Day 4—BV: Case Analysis—Completed Transaction and Guideline Public Comparable Methods
(Available in both live presentation and self-study.)
CPE—Group-Live Hours: 9
To properly perform a business valuation you should consider the three approaches to determining value—the income, asset, and market approach. If you don’t, you could fall short in your value determination and find yourself in violation of established industry standards. This training is imperative for a well-rounded education. Within the market approach two methodologies apply—the Completed Transaction Method and Guideline Public Comparable Method. In this seminar you will not only learn how to use market data to value your subject company using each methodology, but you will also learn how to locate and identify the best market comparables, calculate the appropriate adjustments to assure the best market fit, and determine which indicators of value make the most sense. Utilizing all the known sources for market data, this thorough study of the market approach to valuing companies will give you a solid foundation in valuation/appraisal theory, and provide the perfect complement to everything else you will learn during the week. Every valuator should have this training which will prepare you to take on any valuation challenge.
It is important that the student is familiar with the Adler-Cottino case and report, handed out earlier in the week, because it will serve as the basis for the discussion. All attendees to this course will receive the book entitled, The Market Approach to Valuing a Business, by Shannon P. Pratt (retail: $115), because the course content centers upon this book.
Daily Schedule 5
Day 5—Two Parts
Part I: Special Purpose Valuations
(Available in both live presentation and self-study.)
CPE—Group-Live Hours: 9
Day 5 starts out with an introduction to Fair Value 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. While the industry does not yet have full-fledged Fair Value accounting requirements, recent standards issued by FASB go a long way in this direction. Valuators must be familiar with the ground rules (FASB Standards) and how those ground rules are interpreted by clients, auditors, and others. In this opening session, we will review SFAS 141, 142, 142(R), and 157, which lay out the FASB’s requirements for Fair Value. Put simply, the accounting ground rules for Fair Value differ markedly from the more familiar Fair Market Value that valuators have used for many years and taught in Days 1 through 4. It is incumbent on every valuator to become thoroughly familiar with the new rules and how to apply them in practice.
After Fair Value, the session will turn its focus to valuation from the perspective of a deal maker/investment banker. The attendee will learn that although the valuation methodologies used in these situations are similar to traditional valuation techniques, they do differ in many ways. The goal of these types of engagements is to find a price that both parties (buyer and seller) to the transaction will agree upon to ultimately get the deal completed. Attendees will learn that everything from the client deliverable product to the standard of value differs in a valuation for transaction purposes.
To wrap up the Special Purpose Valuations program, we will explore just what it means to be an expert in litigation. Attendees will learn what the top ten mistakes are to avoid in a litigation engagement, and the fundamental elements one must know to endeavor to be a litigation consultant, now one of the hottest fields within the business valuation discipline. This overview will cover the basics of the litigation process, report writing for litigation, and how to avoid costly mistakes. You will learn what a 26(a)(2)(B) report is and its relevance in the courtroom. Live classroom demonstrations will teach you how easy it is to go wrong in your report, thus teaching you what you must do to get it right. Attorneys are trained in attacking you, your report, and your credibility; you will learn what many of them already know.
Part II: Case Studies in BV—
Facts to Conclusion
Much of the time in this session will be devoted to the valuation report by reviewing, analyzing, and critiquing multiple reports. The report is critical because it is the vehicle in which all information is communicated. The course will direct the students to the sources of information necessary in reporting. At the conclusion of this session, students should possess the skills to see the valuation pro- cess from the initial contact through to the collection of the bill. This session will reinforce all the concepts covered in Days 1–4 of the Business Valuation Training Center, and it will be valuable for valuation professionals at all levels because it pertains to the entire process of valuation engagements.
Case Studies in BV—Facts to Conclusion wraps up four days of intensive training by providing attendees with a comprehensive look at the valuation engagement from start to finish. This session will begin with the initial request for services directly from potential clients or from referral sources, and progress from the decision to accept or decline the engagement/project through the process of the entire engagement. This will entail a spectrum of processes, including engagement letters, fee quoting, document request, site visit, financial calculations, report writing, and billing. The class will emphasize the critical steps in seeing a valuation engagement through to completion.
Business Valuation Training Center Faculty
The Business Valuation Training Center faculty consists of 14 experienced practitioners. Noted for its diversity of backgrounds— yet grounded in the practice of business valuations—the practitioner/
instructor team brings hundreds of years of practical experience to the development and refinement of this seminal business valuation training program. Each year the program is evaluated and refined to incorporate the latest developments in business valuation theory and application to maintain its position at the forefront of this dynamic discipline.
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.
NACVA’s CTI 2009 Business Valuation and Certification Training Center Schedule
Dates and locations are subject to change. Note: The five-hour CVA/AVA proctored exam is given at all Locations on the Saturday morning following the weeklong training unless prior alternative arrangements have been made by a participant.
NASBA Sponsorship
NACVA and the IBA are 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. Web site: http://www.nasba.org.
Days 1 and 2
Business Valuations: Fundamentals,
Techniques & Theory....................................................$1,000
Day 3
BV: Applications and Calculations
of the Income and Asset Approaches...............................$500
Day 4
BV: Case Analysis—Completed Transaction and
Guideline Public Comparable Methods................................$500
Day 5—Two Parts
Part I: Special Purpose Valuations....................................$500
Part II: Case Studies in BV—Facts to Conclusion
One-Year NACVA Membership (Practitioner).......................$460
Certification Exam, Grading, and Proctoring Fees.................$595
Total Retail Cost for Five-Day BVTC.................................$3,555
Package Price before Discounts.......................................$2,995
BVTC Self-Study ( Call IBA to Purchase)
Course............................Individually ...................CPE Exam
Priced 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
CVA/AVA Certification Exam........$595
Package Price for All Five Courses:
1. Course Materials Only............$795
2. Materials plus CPE.................$995
3. Materials with CPE and CVA/AVA Exam.......................$1,495
4. Materials with CPE, CVA/AVA Exam, and First-Year NACVA Practitioner Membership
($350 off retail price)..............$1,825
