| VALUATIONS: UNDERSTANDING AND CHALLENGING THE EXPERTS
Critical Business Valuation Issues for Practitioners
Co-sponsored with Massachusetts Chapter of the American Academy of Matrimonial Lawyers
Please Note: This course has already
Date: Thursday, May 12, 2005
Location: Suffolk University Law School, 120 Tremont St., Boston, MA
Time: 04:00 PM - 07:30 PM
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An attorney who engages a valuation expert either on a regular basis or only occasionally needs to be aware of the process, problems and issues which arise in almost every engagement. It is the intention of the five attorneys experienced in this discipline and ten valuation experts to share their knowledge, thoughts and ideas. The information obtained from the sessions will benefit attorneys who practice in the areas of family law, estate planning and commercial law, as well as judges.
The format used in this program will permit the opportunity for both the faculty and attendees to participate in discussing the issues raised and their resolution. The program has been divided into four sessions, each with its own special issues but, at the same time, all related. Each member of the program faculty has chosen a topic, which on the basis of their experience, they judge to be most useful for discussion, and which reflects their particular expertise. Each session will have one or more attorneys on the panel who will assist with the interaction of the valuation experts and the attendees.
The sessions will cover the valuation process, an analysis of the issues and problems created by different accounting methods and business entities, the different types of value and what the courts’ positions are, and what you can do when experts for each party differ substantially in their valuation opinion.
Who Should Attend:
This program has been designed for attorneys with family law, estate planning and commercial law experience.
Moderator, All Sessions:
Walter S. Goldstein, CPA, JD, Chair
Edelstein & Company, LLP
Certified Public Accountants & Consultants, Boston, MA
Back to Basics
Thursday, April 21, 4:00-7:30 p.m.
- Financial statements-accrual, cash, and other comprehensive basis of accounting when each is used and why
- Valuation approaches-market, income and cost when each is used and why
- Cash v. accrual accounting
- Normalization of financial statements
- Non-cash compensation-perks, stock, etc.
- Site visits
- Income v. cash flow
- Purpose of valuation-commercial, marital, estate, family limited partnerships Should different approaches or standards of value be used?
- Capitalization and discount rates
- Discounts and premiums
- What attorneys should be looking for when engaging an expert
Gail Kleven Gelb, Esq., Gelb & Gelb LLP, Boston, MA
Walter S. Goldstein, CPA. JD, Edelstein & Company LLP, Boston, MA
Joel R. Horvitz, CPA, Georgetown, MA
The Marketplace and Levels of Value
April 28, 4:00-7:30 p.m.
- Market Approach Methodologies:
Comparison to Public Companies
Adjustments for Risk and Growth
Comparison to Merger and Acquisition Transactions
Nature and Sources of Data
Industry Benchmarks and Sanity Tests
- Levels of Value and the World of Premiums and Discounts
The Meaning and Implications of the Levels of Value Paradigm
Discount for Lack of Control for Minority Interests
Discount for Lack of Marketability for Minority Interests
Restricted Stock and IPO Studies
Application of Comparable Transaction Information
Key Person Discounts
Personal versus Business Goodwill
- Entity Differences and Special Applications
S Corporations Compared to C Corporations and Tax Affecting
Undivided Interests in Real Estate
Valuation of Intangibles: Similarities and Differences
“Cash Cash” Companies and Forensic Accounting
Peri Ann Aptaker, Esq., CPA/PFS, CFP, CBA
Principal & Director of Tax Services
Kahn, Litwin, Renza & Co. Ltd., Providence, RI
Marc D. Bello, CPA, MST
Edelstein & Company LLP
Certified Public Acocuntants & Consultants, Boston, MA
Mark Leicester, CPA, ABV, JD, LLM, CFE
Director of Business Valuaton and Litgiation Services
RSM McGladrey, Inc.
McGladrey & Pullen LLP, Burlington, MA
Paul P. Perocchi, Esq.
Brown Rudnick Berlack Israels LLP, Boston, MA
Strategic Value v. Fair Market Value
May 5, 4:00-7:30 p.m.
- Stand alone
- Special buyers
- Reasons for valuation
- Commercial damages-breach of contract
- Marital-property settlements
- Subsequent events
- Buy sell agreements
- What valuation date should be used and what issues are raised by different dates
Mark O. Dietrich, CPA, ABV
Dietrich &Wilson PC, Framingham, MA
Norman I. Jacobs, Esq.
Esdaile Barrett & Esdaile, Boston, MA
Laurie Tunick, CPA, ABV
Tunick Financial Services, Danvers, MA
What Two Experts May Have Different Values and What To Do About That
May 12, 4:00-7:30 p.m.
- Independent expert v. hired gun
- Adjustments of financials to arrive at economic numbers
Capitalization v. expense
Bad debt allowances
- Wrong cost of capital assumptions
- Capitalization rates
- Key person
- Marketability discount rates
- Tax rates
- Non-financial items
Products or services
- Should experts meet and discuss differences
Amy Lynn Blake, Esq.
Casner & Edwards, LLP, Boston, MA
Steve J. Bravo, ASA, CPA/ABV/PFS CBA CFP MST
Apogee Business Valuations, Inc., Framingham, MA
Raymond Faulkner, CPA
Chris M. Mellen, ASA, MCBA, CM & A, MBA
President Delphi Valuations Advisors, Inc., Sharon, MA
Thursday, May 12, 2005
Tuition is $295; $249 for members of the Mass. Chapter of the American Matrimonial Academy, attorneys admitted to the Bar after 2002 and Suffolk alumni. Course book and refreshments included in the tuition charge. Tuition for an individual session is $99 per session.
Space is limited. Registrations at the door are welcome, but please register in advance to reserve a seat and your written course materials or call to confirm space availability.
Written requests for cancellations received via fax or email 24 hours prior to the program will be granted a refund, minus a $15 charge. If you cannot attend, you can send a substitute, otherwise you will receive the written course materials.
Suffolk University Law School, 120 Tremont St., Boston, MA
Approved for CLE Credit in RI, NH, VT & ME.
If you have special needs addressed by the Americans with Disabilities Act, please notify us as soon as possible.
Directions to the Law School.
|Unable to attend but are interested in the course materials? |