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27
Date: Thursday, February 27, 2014
Time:
10:00am-2:00pm PT / 1:00pm-5:00pm ET
Format: An Interactive Web Workshop

Earn 4.5 CPE credits
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Registration for this program is not available.

Featuring:
(click image for more information):


R. James Alerding
CPA/ABV, ASA
Alerding Consulting, LLC

James D. Ewart
CPA/ABV/CFF, CVA
Dixon Hughes Goodman

About This Program

Adjustments for controlling and non-controlling interests are a knotty tangle of subjective considerations behind a seemingly simple objective analysis. Including considerations of cash flows, goodwill, marketability, and other classic valuation gray areas, control decisions can make or break the defensibility of a conclusion of value.

In the Advanced Workshop on Control Premiums & Discounts, expert appraisers James Alerding and James Ewart provide an exhaustive four-hour look at the many pieces of information that affect, and are affected by the determination of a control premium or discount. Through case studies and live examples, this workshop will provide the most complete picture of this issue ever presented, including a consideration of professional guidelines, judicial decisions, and best practices.

Agenda

  • The purpose of a control discount or premium
    • Control vs. Normalization Adjustments
    • Prerogatives of Control
    • Types & Levels of Control
  • Entity level control:
    • Discounts for trapped-in capital gains (more appropriate as a $ amount)
    • Key person
    • Environmental
    • Pending litigation
    • Portfolio, conglomerate, or non-homogenous assets
    • Concentration of customer or supplier base
  • How the valuation approaches used affect the level of value
  • Control premiums and minority discounts are not equal
  • Sources for Control Premium Data
    • Linking the data – factors that impact premiums/discounts
    • Strengths & Weaknesses of the Data
  • Traditional Normalization Practices for Non-Controlling Interests
  • Other Control Issues
  • Blockage Discounts
  • Recent Cases
    • Holman v. Commissioner
    • Estate of Jelke v. Commissioner
    • Astleford v. Commissioner
  • Case Studies
    • FLPs or closely-held LLCS
    • Operating Company Case Study

Learning Objectives

  • Learn how to accurately and reliably identify and quantify control premiums and discounts
  • Learn how standard of value, valuation approach, and other simple and common changes to the valuation can affect control premiums and discounts
  • Learn the different types and levels of control, how each differs, and how each must be treated in the valuation process
  • Learn how to best find and utilize data available for control premiums and discounts
  • Learn which emerging trends and recent judicial decisions are reshaping the practice of assessing control premiums and discounts

BVR's Webinar Usage Policy
Purchase of admission to any of BVR's webinars grants ONE phone connection and ONE computer connection per physical location per registration. Additional unregistered phone or computer connections are a violation of BVR's Webinar Usage Policy, and BVR reserves the right to withhold CPE credits from both registered and unregistered users in violation of this policy.

Please Note: Effective September 1, 2014 BVR is updating our CPE Policies regarding additional listeners. Read more.

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CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 4.5 Credit Hours (Specialized Knowledge & Applications)

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 submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

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www.exit-planning-institute.org

Training Packs: Conference Recordings & Transcripts
Now delivered as an electronic download.

BVR's Training Packs are an indispensable addition to any valuation reference library. Use them as training tools as many times as you'd like, wherever you are: play them at your computer at work or home, in your car, or on your personal audio device.

Delivered as an electronic download approximately two weeks after the program has aired, each Training Packs includes:

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  • All ancillary reading materials suggested by our presenters

For a complete list of available Training Packs from past webinars, click here.

Subscriber Information

Subscribers to BVR's Training Passport Pro are automatically registered for this event. For more information contact BVR or login to your account.

Registration for this program is not available.

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