This includes sessions from the conference: Forensic & Valuation Services Conference 2019
Estate planning is an important process for valuation professionals to understand. This session will focus on the estate planning process, when clients should start, key considerations, differences by state, basic estate planning documents, popular estate planning techniques, how valuations play into estate planning, and key court cases relating to valuations for estate planning.Speaker(s):
This session will focus on the integration and partnership of the Computer Forensics and the Forensic Accounting team in Forensic investigations. We will be focusing on the increasing involvement and benefit that Computer Forensic Specialists add to an investigation. The session will also highlight successful case examples that involved both services, pitfalls of not securing electronic information correctly and common Computer Forensic Tools in 2019.Speaker(s):
How can appraisers determine the appropriate marketability discount for each valuation situation? This is a critical question since the discount for lack of marketability is the single largest valuation adjustment factor in most minority interest appraisals. The marketability discount is normally expressed as a percentage to reflect the difference between two prices, the freely marketable price, which for closely held businesses is a hypothetical construct since by definition there is no market for their shares, and a nonmarketable price.
In the event a company has both voting and non-voting classes of stock, there may be an observed (or inferred) price difference between the two – the generally understood concept of “greater value for greater rights” would lead us to assume such would usually be in favor of the voting stock. However, when substantial numbers of both voting and non-voting shares are outstanding, one vote owned by a marginal investor outside the control group is likely not enough to impact corporate decisions. Further, commonly-used methods to measure empirical price differences among listed securities and/or transactions may not adequately express the relevant differential. This panel will discuss our recent research and findings on this topic as regards the relative values of voting, non-voting, and super-voting shares.
Session covers Houlihan Lokey’s recent research and filings regarding the potential premia/discounts based on historical studies and more detailed and nuanced analyses.
Specific areas of discussion include:
For the most part, our traditional client service model is 1-to-1, 1-and-done. That means last year’s clients must be replaced this year to maintain the “old” revenue status quo. And to grow, we must add more new clients than the number that dropped off. Then that many more clients need to be replaced the following year to maintain the “new” revenue status quo. But it is more than just finding new clients. Because even if we are good at attracting leads and converting them into new clients, we ultimately must deliver the work … each year … every year … into perpetuity. And since there are only so many hours in a day, we can only serve so many clients in a year. This model does not scale. We are pushing the boulder up a hill; we are the mythical Sisyphus. There is an alternative – a 1-to-many business model that can augment our 1-to-1 client service model and give us more time, money, and freedom in our practices.Speaker(s):
This session is intended for those who have little or no experience in testifying before a trier of fact in a courtroom, arbitration hearing or other venue. Presenters will report the results of a survey of new testifiers in an attempt to identify and address areas of concern. Attendees will receive tips on testifying from the perspectives of both a new and an experienced testifier.Speaker(s):
The cost of capital is one the most important considerations in estimating value using the income approach. In this session, participants will learn the theory underlying the cost of capital, as well as practical applications using the three major sources for empirical cost of capital data:
Deposition itself is not a trial, nor is it an opportunity to convince anyone, especially the other lawyer, about how right you are. Nothing you say will "win" the case, however something you say may "lose" the case.Speaker(s):
This session will discuss trends in mergers and acquisitions for 2019, provide an overview of merger and acquisition transactions and disputes and discuss how to measure damages. This session will also walk through a recent court decision related to merger and acquisition disputes and discuss the role of the CPA in purchase price disputes.Speaker(s):
Do you know the difference between and option and a warrant? Is the Black-Scholes model really the one-size-fits-all tool we often make it out to be? This session will explore the advanced aspects of private company warrant valuation—giving you the tools to move beyond the simple and straight-forward to the complex and nuanced analysis that savvy clients demand.Speaker(s):