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

Earn 4.5 CPE credits
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R. James Alerding
Alerding Consulting, LLC

James D. Ewart
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.


  • 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

Single Connection Policy
Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.

Multi-User CPE Policy
Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must provide a $50 processing fee assessed at the completion of the online CE survey for this course.

CPE Processing Fees may be bypassed by entering a valid, unused CPE Authorization Code (for single event purchasers) or by logging into BVR's website (for subscribers to BVR's Training Series).

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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)

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