FVC OQP Discussion 2

Nov 9, 2021 10:55am ‐ Nov 9, 2021 11:20am

Identification: FVC2160

Attorney's Perspectives: Good v. Great Expert Witness Testimony

Nov 9, 2021 11:20am ‐ Nov 9, 2021 12:10pm

Identification: FVC2125

This panel will draw on decades of experience from three trial attorneys that have put on and cross examined countless expert witnesses, especially accountants. This discussion will focus on the things that experts do while on the stand to build rapport with the trier of fact and deliver the best expert testimony possible.

Learning Objectives:
  • Understand how best to build rapport with the trier of fact
  • Learn how to demonstrate your objectivity and credibility
  • Learn what not to do on the stand, and some of the critical failures by experts
  • Gain an understanding of how a cross examiner struggles with a great witnesses

Use of Cash - Identification of Unreported Income

Nov 9, 2021 11:20am ‐ Nov 9, 2021 12:10pm

Identification: FVC2128

-Discussion on the places we most often see unreported income

-How we identify unreport income

-The different types of unreported income

Learning Objectives:
  • How to identify the amount of unreported income in a business
  • How we use this number for different type of assignments. ie., personal injury - damage quantification, business and income valuations for family law

Issues in Valuing Small Businesses

Nov 9, 2021 11:20am ‐ Nov 9, 2021 12:10pm

Identification: FVC2127

Hitchner will address the key issues and solutions in valuing, buying, and selling small businesses (less than $2 million in value, $2 million to $5 million in value, and $5 million to $10 million in value).

Learning Objectives:
  • A detailed look at valuation methods and reliability
  • Broker values vs. appraiser values
  • Is there really a buy-a-job value?

Prejudgment Interest

Nov 9, 2021 11:20am ‐ Nov 9, 2021 12:10pm

Identification: FVC2124

Prejudgment interest may be available to plaintiffs and claimants, depending on the type of claim, venue, and other factors. This session will describe factors commonly relevant to whether prejudgment interest is or may be available, what options are typically possible and what facts guide the expert's analysis, and how to perform and present prejudgment interest calculations.

Learning Objectives:
  • Understand when prejudgment interest is available or possibly available
  • Understand the role of the expert and how to investigate facts and present them, to assist in the evaluation of prejudgment interest and what calculation is appropriate
  • Understand how to make prejudgment interest calculations

Valuation implications related to Special Purpose Acquisition Companies (SPACs) - Non-traditional Public Offerings

Nov 9, 2021 11:20am ‐ Nov 9, 2021 12:10pm

Identification: FVC2126

This session will focus on unique challenges faced by practitioners in the valuation of equity securities, private warrants, forfeiture shares, earnout shares, forward purchase agreements, founders shares, and other financial instruments of privately held companies on a SPAC exit path.  We will discuss the salient features of these instruments and the appropriate methodologies to value these instruments.  We will also focus on the unique aspects of the common stock valuation preceding the SPAC exit.

Learning Objectives:
  • Recognize unique challenges of SPAC related valuations.
  • Recognize common financial instruments issued as part of the SPAC transaction.
  • Recognize appropriate methodologies to be used in the valuation of private warrants, forfeiture shares, earnout shares, forward purchase agreements, and founders shares.

Hot Seat - Intro to Testifying at Deposition & Trial

Nov 9, 2021 1:10pm ‐ Nov 9, 2021 2:25pm

Identification: FVC2130

This session will leverage the experience of a seasoned attorney and testifying expert with over 45 years of combined experience to explore what to expect in providing testimony, including the differences between deposition, trial and arbitration testimony, along with the differences between a bench versus jury trial setting. The session's first half will be instruction based and the second half will include live mock testimony with breaks to explain the good, the bad and the ugly!

Learning Objectives:
  • Understand the components, and differences between the attorney's vs. the expert's objectives during deposition
  • Learn about the court room environment, and the do's and don'ts of trial testimony
  • Analyze the differences between direct and cross examination
  • Learn to tailor your testimony to the audience (Judge vs. Jury vs. Arbitrator)

Interpreting and Using Market Multiples in a Valuation

Nov 9, 2021 1:10pm ‐ Nov 9, 2021 2:25pm

Identification: FVC2129

In this session we will explore how to properly use and interpret market multiples when performing valuations.  We will cover the sources of market multiples and what observed multiples tell you about how the market is assessing the cash flow, growth, and risk attributes of the corresponding businesses.  The session will conclude by illustrating how to adjust and apply observed market multiples in your valuations.

Learning Objectives:
  • Identify sources of market multiples.
  • Understand conceptual differences between different types of multiples.
  • Adjust observed market multiples for application to valuation subject.

Private Equity Secondaries and Co-Investment: Where Private Equity and Venture Capital is Moving and How Valuators Can Add-Value

Nov 9, 2021 1:10pm ‐ Nov 9, 2021 2:25pm

Identification: FVC2133

Secondaries investment has doubled to over $65 billion annually. The asset class is the hottest area of private equity capital in the last seven years. The surge since 2014-2015 has forced private equity sponsors, faced with record amounts of dry powder and arguable over-valuation in private markets, to seek later-stage LP interests ("traditional secondaries") or direct investments such as co-investments.

Fund valuation expert Justin Kuczmarski CPA/ABV/CEIV/CFF breaks down the market outlook and the opportunity for valuators to navigate secondary interest assignments and add-value to these fractional interest valuation engagements.

Learning Objectives:
  • Understand Private Equity Secondaries and the Opportunities and Challenges in the Asset Class
  • Analyze the Conceptual Fundamentals and Why Private Equity Secondaries Are Going

Costs Matter! - Deeper Dive

Nov 9, 2021 1:10pm ‐ Nov 9, 2021 2:25pm

Identification: FVC2131

Estimating Avoided Costs in Lost Profits Damage Claim Advanced Tools in Fixed v. Variable Cost Analysis - line item review - contracts affecting costs - regression - interviews - case law on this issue

Learning Objectives:
  • Learn what costs should be included in a lost profits study
  • Learn what methods can be used to estimate costs