8:00 AM - 4:30 PM Central
Blueprint for Success
Equip, Execute, Excel
Credits: 8 CPE
Prerequisite: None
Advanced Prep: None
Level: Update
SCHEDULE
| 8-9:45 a.m. | A1. Business Valuation MythBusters |
| 10-10:50 a.m. | B1. Valuation of Interests in Tiered Entities |
| 11:05-11:55 a.m. | C1. Using Regression Analysis in Business Valuation |
| 12:40-1:55 p.m. | D1. Elections Have Consequences: The U.S. Economy in 2025 |
| 2:10-3:25 p.m. | E1. What Happens in a Quality of Earnings Analysis? |
| 3:40-4:30 p.m. | F1. Court Case Update |
Wednesday, Nov. 6
8-9:45 a.m.
A1. Business Valuation MythBusters
James Hitchner, CPA/ABV/CFF, Financial Valuation Advisors, Inc.
Based on his popular “Hardball with Hitchner” series, national expert Jim Hitchner debunks 14 common myths in business valuation in this engaging session. Explore various myths such as the misconception that the IRS only accepts USPAP in tax-related valuations, the reliability of restricted stock studies for determining discounts for lack of marketability (DLOM), and the inclusion of synergies in fair market value. Learn valuable insights and clarify misconceptions that can impact your valuation practices.
FOS: Specialized Knowledge - Technical (2)
10-10:50 a.m.
B1. Valuation of Interests in Tiered Entities
William Harris, ASA, CFA, Trugman Valuation Associates, Inc.
Delve into the complexities of valuing minority interests in asset-holding entities, particularly focusing on the application of tiered discounts. Explore the challenges valuation analysts face when dealing with partnership structures that involve noncontrolling interests across multiple tiers. Find out whether discounts for lack of control and marketability are appropriate at each tier and how these discounts can affect overall valuations. Examine relevant case law and fundamental valuation principles to gain a comprehensive understanding of the strengths and weaknesses of various valuation approaches.
FOS: Specialized Knowledge - Technical (1)
11:05-11:55 a.m.
C1. Using Regression Analysis in Business Valuation
William Harris, ASA, CFA, Trugman Valuation Associates, Inc.
Valuation analysts often examine how one or more variables explain the behavior of another variable such as revenues or trends in market multiples. You’re also tasked with analyzing trends in data to forecast future results. Linear regression models can be useful tools in analyzing relationships between economic and financial variables over time. Learn to apply these models to support assumptions in business valuation, while understanding their limitations.
FOS: Specialized Knowledge - Technical (1)
12:40-1:55 p.m.
D1. Elections Have Consequences: The U.S. Economy in 2025
King Banaian, St. Cloud State University
The American economy grew moderately in 2024, avoiding the expected 2023 recession. Concerns like commercial real estate had minimal impact on consumption and investment. The November 2024 elections will change the business landscape and clarify select business uncertainties. Dr. Banaian will analyze what has become clearer and what remains uncertain.
FOS: Economics - Technical (1.5)
2:10-3:25 p.m.
E1. What Happens in a Quality of Earnings Analysis?
Clayton Brownlee, CPA, Boulay
Ryan Turbes, CPA, Boulay
In today’s increasingly efficient marketplace, buyers and sellers aim to avoid deal valuation “retrading”, minimize diligence surprises and close chosen deals quickly. Financial due diligence, which is synonymous with Quality of Earnings, provides users with a consistent, thorough and independent analysis of historical performance, and business and financial risks. Walk away with an understanding of company background, economics, accounting policy, and potential effects of technical GAAP accounting matters.
FOS: Specialized Knowledge - Technical (1.5)
3:40-4:30 p.m.
F1. Court Case Update
Richard Berning, CPA/ABV, CBA, CVA, ABAR, CFF, CMA, ValuationUSA
With the end of 2024, it’s time for an annual review of court cases that have impacted the business valuation and litigation support professions. Dig into cases on a wide range of topics, including shareholder disputes, family law, trust disputes, lost profits and tax issues. Gain insight into what the courts look for and discuss recent significant court decisions.
FOS: Business Law - Technical (1)
SPEAKERS
Banaian, King
King Banaian is a professor in the Department of Economics and directs the Center for Policy Research and Community Engagement at St. Cloud State University. He has served as dean of the former School of Public Affairs and interim dean of the College of Education and Learning Design. King is a Ph.D. in economics from the Claremont Graduate School. He has authored two books and over 50 articles discussing monetary policy and political economy. A former state representative from St. Cloud, he is co-author of the St. Cloud Quarterly Business Report and president of the St. Cloud Economic Development Authority.
Berning, Rick
Richard C. Berning, CPA/ABV, CBA, CVA, CFF, CFP, CMA, is a shareholder of ValuationUSA, a firm dedicated exclusively to providing business valuation and litigation support services. ValuationUSA has been involved in thousands of business valuations involving companies from start-ups to those with revenues over $1 billion. Rick is a frequent speaker locally and nationally on business valuation and litigation-related topics. He has acted as a court-appointed neutral expert and has provided expert witness testimony on more than 150 occasions.
Brownlee, Clay
Clay Brownlee joined Boulay in 2016 and was promoted to Partner in 2023. Throughout his time in public accounting, he’s gained a broad exposure to a number of industries including retail and distribution, manufacturing, healthcare, professional services, and software and technology. After beginning his career in audit, Clay now specializes in providing financial due diligence and valuation consulting services to search fund, private equity, family investment offices and corporate partners. With his primary focus on financial due diligence, Clay provides critical transaction insights and data analysis to support investment decisions and business operations analysis.
Harris, Will
William Harris is a Chartered Financial Analyst and an Accredited Senior Appraiser with the American Society of Appraisers. He has a master’s degree in finance from Florida International University. He has also authored or co-authored several articles and presented webinars on business valuation topics. William is also a member of the Valuations Committee of the Trust and Estates Editorial Advisory Board for Wealth Management Magazine. William’s appraisal education also includes various courses offered by the American Society of Appraisers, the Association of International Certified Professional Accountants and the National Association of Certified Valuators and Analysts.
Hitchner, Jim
Jim Hitchner is managing director of Financial Valuation Advisors and president of The Financial Consulting Group. He is also CEO of Valuation Products and Services (VPS). Hitchner has spent over 44 years in valuation services, including as a shareholder with Phillips Hitchner Group, partner-in-charge of valuation services for the Southern Region of Coopers & Lybrand (currently PricewaterhouseCoopers), and senior appraiser with American Appraisal Associates. In the valuation area he has coauthored over 20 courses, taught over 60 courses, published over 150 articles, and has made over 400 conference and webinar presentations.
Turbes, Ryan
Ryan joined Boulay in 2011, became a partner in 2019, and has more than 10 years of experience providing transaction advisory services for private equity, family investment offices, corporate and individual clients (collectively, Private Capital). He has prior experience providing tax, attest and accounting services to Private Capital clients in a variety of industries. Ryan works with his clients to provide critical transaction insights to make informed investment decisions and analyzes business operations to make recommendations for enhancing overall business performance. Prior to joining Boulay, he worked in the audit practice of a regional CPA firm.
| 11/6/2024 |    |
