Table of Contents

Introduction, by Andy Dzamba, Executive Editor, Business Valuation Update

Section I. Business Valuation Approaches, Methods and Entity-Specific Issues

• The Implied Private Company Pricing Model (IPCPM) K0 = (FCFF1/P) + g.11, by Bob Dohmeyer, ASA; Pete Butler, CFA, ASA; and Rod Burkert, CPA/ABV, CVA
• IPCPL Developers Field Queries on the New Model’s Underlying Data
• It’s in there! So What Else is Included in Your Estimated Cost of Capital? by Ted Israel, CPA/ABV/CFF, CVA
• BV Community Reacts to New Cost of Capital Tool
• Does the Size Effect Still Exist? New Analysis from Pratt and Grabowski
• Alternative Model Uses Corporate Bond Yields to Measure a Size Premium, by Michael Dobner, CBV, ASA
• Damadoran Discusses Value Versus Price and His View of the BV World
• Damodaran’s Warning Signs That a Valuer’ is Becoming a ‘Pricer’
• In Divorce, Who Owns the Goodwill? A New Analysis and Approach, by Alan Zipp, CPA, ABV, CVA, CBA, CFE, JD
• In Divorce, Who Owns the Goodwill? A Response, by R. James Alerding, CPA/ABV, ASA
• A Forgotten Statistical Concept Tells Why Your Multiple May be Wrong, by Bob Dohmeyer, ASA, and Dr. Herbert Kierulff
• A Fresh Look at Using the Income Approach to Valuing FLPS, by Stuart Weiss, CPA/ABV
• Using Monte Carlo Simulation as a Supplement to the Single Period Capitalization Method, by Scott M. DeMarco, CBA, CVA, CDFA, CPVA
• Getting Your Head Out of the Model, by James T. Budyak CPA/ABV, CFA, ASA
• How Do You Value A Business That Also Owns Real Estate?
• Best Practices for Fund Valuations Amid Ongoing SEC Crackdown  
• Impact of Recent Developments on Employee Stock Ownerships Plans, by Scott D. Miller, CPA/ABV, CVA
• Determining a Distressed Debtor Company Discount Rates, Part 1, by Michael D. Pakter, CPA, CVA
• Determining a Distressed Debtor Company Discount Rates, Part 2, by Michael D. Pakter, CPA, CVA
• 10 Current—and Controversial—Issues in Bankruptcy Valuations, by Robert F. Reilly, CPA
• Three-Step Analysis to Manage the ‘Noise’ in IP Royalty Rate Data
• Help Clients Squeeze the Most Value Out of M&A Synergy  
• Inside Look at a Post-M&A Damage Valuation and Settlement
• Fannon and Dunitz Discuss Lost Profits and Other Commercial Damages
• Mining Valuation Data from Trust and Estate Returns in a Divorce Case
• BVU Profiles: The Challenges of Bringing a New BV Metholodogy Into Acceptance  
• BVU Profiles: Don’t Conclude Your Valuation Until You Must
• Can Regional Data be Used to Determine Reasonable Compensation Anywhere?, by Stuart Weiss, CPA/ABV
• Hot BV Topics From the AICPA FVS Conference

Section II. Discounts for Lack of Marketability and Lack of Control

• FMV’S Two-Year Equivalent Discounts for Lack of Marketability Methodology and Calculator, by Lance S. Hall, ASA, and David Bertucci
• How Probability Affects Discounts for Lack of Marketability, by Marc Vianello, CPA, ABV, CFF
• Using Closed-End Funds to Derive Discounts for Lack of Control, by Ray Bratcher, ASA
• Is the Lingering Criticism of Using Pre-IPO Studies for DLOM Justified?

Section III. Industry Specific

• Opportunities and Special Considerations in the Valuation of Hotels
• Update on Key Health Reform Measure that Impact Healthcare Valuations
• Unique Aspects of Wineries Make a Valuation a Challenge, by Keith Myers, CPA, ABV, CFF
• A ‘Rose.com’ is a ‘Rose.com’: What’s the Value of a Domain?
• Current Valuation Trends and Data for the A/E Industry
• Choice of Data is Critical in Valuing Franchises 
• Errors in Valuing Oil and Gas Properties in the Marcellus Shale, by Richard J. Miller, ASA

Section IV. From and In the Courtroom

• A Daubert  Defeat Does Not Always Ruin a Valuation Career
• Essential Advice for Expert Witnesses from ASA Conference
• Seven Cases to Read Before Writing Your Next Valuation Report  
• Top 10 Noteworthy BV Cases OF 2013
• Recent Case Points to Confusion over Calculation Reports Under the SSVS, by R. James Alerding, CPA/ABV, ASA
• U.S. Tax Court Judge Laro Discusses Valuation and Expert Testimony Issues
• 10 Time-Tested Ways to Build a Defensible Divorce Valuation
• Fingertip Guide to State-by-State Divorce Valuation Issues
• Seven Takeaways from Recent Valuation Business Cases

Section V. BV Profession and Practice Management

• Personal Injury Cases: Opportunity for Appraisers? by Stuart Weiss, CPA/ABV
• BVU Profiles: Gray Areas Make Valuation an Attractive Career
• We Can Do the Work. The Question IS; Can We Get the Work? by Rod P. Burkert, CPA/ABV, CVA
• Innovative Way for CPA Valuators to Crack the ESOP Market, by Brian D. Bornino, CFA, CPA/ABV, CBA
• Convergence in International Valuation Standards Continues to Gain Steam, by Sean R. Saari, CPA/ABV, CVA

Section VI. Reviews of Data Sources and New Books

• Trade Associations Can be Excellent Sources of Compensation Data
• Insights into Recent Data on Small Private Company Executive Comp, by Stuart Weiss, CPA/ABV
• A Preview of the New Benchmark Resource for Industry Cost of Capital
• An In-Depth Look at the New D&P Valuation Handbook, by Ronald L. Seigneur, CPA/ABV, CFF, ASA, CVA, CGMA, and Stacey Udell, CPA/ABV/CFF, CVA
• Book Review: Cost of Capital, Fifth Edition: A True Must-Have, by Ted Israel, CPA/ABV/CFF, CVA

Section VII. Data

• Monthly Cost of Capital Data
• BVR’S Economic Outlook for the Month (Excerpts from the Economic Outlook Update)