Business Valuation Seminar: April 2010

The Philadelphia Chapter of the American Society of Appraisers (ASA) will hold its annual Business Valuation Seminar at the Doubletree Guest Suites Hotel in Plymouth Meeting, PA on Friday, April 30, 2010. The program includes how-to sessions conducted by leading thinkers on such topics as IRC 409A and SFAS 123R, intellectual property valuation, reasonable compensation, and lack of marketability discounting.

Mark L. Zyla, ASA, a Managing Director of the Atlanta Georgia firm of Acuitas, Inc. will present A Case Study in 409a and 123R Valuations from 8:30-10:30 am. Mr. Zyla is the author of Fair Value Measurements: Practical Guidance and Implementation (Wiley, 2009) and co-author of AICPA courses Fair Value Accounting: A Critical New Skill for All CPAs and Accounting for Goodwill and Intangible Assets. His presentation will explore current valuation methods, option pricing models and probability return models, discounting for lack of control and lack of marketability, and compare IRS 409A vs. auditor's SFAS 123R expectations.

P.J. Pankaj Patel, ASA, a Senior Vice President, and Edward P. Hamilton, a Vice President, at the Princeton, NJ Valuation Research Corp. will discuss Valuing Intellectual Property And Other Intangible Assets For Financial Reporting Purposes In A Business Combination from 10:15-11:30 am. Mr. Patel who took his B.S. at the University of Toronto and M.B.A. at Canisius College specializes in the valuation of intangible assets including in-process R & D, software, trademarks, patents and copyrights. Mr. Hamilton, whose baccalaureate is from Rowan University in physics, holds an M.B.A. from Temple University. He focuses on the valuation of intellectual property and intangible assets such as trademarks, technology, software, customer relationships and in-process R&D. Using valuation case studies in consumer products, software, technology, and defense companies, Messrs. Patel and Hamilton will discuss valuing brands, customer relationships and technology, including use of the relief from royalty and excess earnings methods and the 25%/33% rule in valuing intellectual property.

Jim Bowers, a Vice President, and Jeff Bacher, a Senior Consultant, at the Philadelphia office of the Hay Group, will present a program on Reasonable Compensation from 11:30 am to 12:15 pm. Mr. Bowers, who took his B.S. at Pennsylvania State University and holds a M.I.L.R. from Cornell, specializes in executive compensation, global job evaluation and general rewards, with a focus on the chemical, pharmaceutical, and energy industries. Mr. Bacher is a Senior Executive Compensation Consultant for Hay and has over twenty years consulting and executive experience. Their presentation will focus on the nuts and bolts of reasonable compensation, including tools to determine reasonableness, and factors that would undermine the presumption of reasonableness.

John J. Barton, ASA, President of Brandywine Valuation Consultants, LLC in Lyndell, PA will discuss Techniques for Estimating the Discount for Lack of Marketability from 1:15-4:40 pm. Mr. Barton holds a B.A. from LaSalle University, an M.A. in literature from Fordham University and an M.B.A. from LaSalle in Finance and Accounting. A specialist in the analysis of closely-held stock, preferred stock, intangible assets, and debt securities, he has taught business valuation courses for ASA, the Big Four accounting firms, the IRS, and at Villanova University. Mr. Barton's discussion of the discount for lack of marketability will use a case study approach focused on these analytical processes:

• FMV Opinions Restricted Stock Study
• Valuation Advisors IPO Study
• Quantitative Marketability Discount Model
• Option Models

 

Program Schedule
Registration, Buffet Breakfast	8:00 am-8:30 am
Morning Session*	8:30 am-12:15 pm
Lunch	12:15 pm-1:15 pm
Afternoon Session*	1:15 pm-4:40 pm

*Morning and Afternoon Sessions include Refreshment Break

 

Seminar Fees. Seminar fees include breakfast, snacks and lunch.

Early Registration	Register by March 31
ASA Members	$225
All others	$245
Regular Registration	Register after March 31
ASA Members	$250
All others	$270

 

Additional Information. The program qualifies for eight hours of Continuing Education Credit (CEC) for ASA members and for members of other professional organizations which recognize NASBA credit. A seminar brochure, including additional information, biographies of the presenters, a registration form, refund and cancellation policies is available in PDF format [262 KB]. For all other questions, including CEC eligibility for your organization, please contact the seminar organizer, Bob Haas at rhaasjr@rmha.com or (215) 887-6500, or Joanne Paciello at asaphiladelphia@verizon.net.

Business Valuation Seminar: April 2009

The Philadelphia Chapter of the American Society of Appraisers (ASA) is sponsoring a two-day Business Valuation Seminar on Thursday, April 23 and Friday, April 24, 2009 at the Doubletree Guest Suites Hotel in Plymouth Meeting, PA. The first day will cover the theory and practice of Monte Carlo Simulation. The second, programmatically independent, day will cover Real Options Valuations. Participants may register for one or both days. The instructors will be David Ewert, Ph.D and Kevin P. Couillard, ASA, who teach similar workshops in ASA's CAVS series.

Overview. As business valuation appraisals become more complex -- and third-party scrutiny escalates -- appraisers need models and tools that accurately portray the impact of uncertainty. The workshops will use hands-on exercises and case studies to examine the effect of uncertainty on value. Each day's program will qualify for eight hours of ASA Continuing Education Credit.

Monte Carlo Simulation. Monte Carlo methods, which rely on repeated random sampling, are often used to calculate the value of companies, corporate projects, and securities investments. Compared to so-called "what if" scenarious, which manually assign a few discrete values covering a wide range (such as best case, worst case, and most likely case), Monte Carlo simulation produces thousands of narrowly clustered outcomes, yielding more accurate, less uncertain valuation predictions.

Real Options Valuation. In real options valuation (ROV), the general ideas from financial options pricing theory -- the valuation of puts, calls and complex derivatives -- are applied along with some of the mathematics, such as Monte Carlo simulation, to the valuation of investments such as R&D projects, new drugs, mineral rights, or patents. The benefit of ROV as a technigue for evaluating investments under conditions of uncertainty, is that it provides a way of capturing value that otherwise goes unrecognized in traditional NPV analysis.

David Ewert, Ph.D is President of Atwood Conger & Ewert, LLC, an Atlanta, GA firm that provides financial and project management training and consulting services. An engineering graduate of Iowa State University, he earned an MS at the University of Minnesota, and a PhD in finance at Stanford University. Dr. Ewert is Professor Emeritus of Finance and Director Emeritus of the Executive MBA program at Georgia State University. A co-author of "Obtaining Unsecured Loans" for the Dow Jones Irwin Treasurer's Handbook, he has presented financial management seminars on six continents.

Kevin P. Couillard, ASA is Executive Director of FairValue Advisors, LLC, an Alpharetta, GA professional services firm specializing in business valuation, litigation support and management advisory services. A chemical engineering graduate of the Georgia Institute of Technology, Mr. Couillard earned an MBA in finance from Georgia State University, and is a Chartered Financial Analyst (CFA). He specializes in the valuation of businesses, limited-market business interests, and intangible assets and providing expert testimony regarding valuation matters.

Daily Timetable
Registration, Buffet Breakfast	7:30 am-8:00 am
Morning Session*	8:00 am-12:15 pm
Lunch	12:15 pm-1:15 pm
Afternoon Session*	1:15 pm-5:30 pm
*Morning and Afternoon Sessions include Refreshment Break

Seminar Fees. The seminar registration fee is $325 per day. The fee includes breakfast, snacks and lunch.

Additional Information. A seminar brochure, including additional information, a registration form, refund and cancellation policies is available in PDF format [18 KB]. Brief biographies of the instructors are also available [PDF: 22 KB]. For all other questions, including continuing education credits for your organization, please contact the seminar organizer, Bob Haas at rhaasjr@rmha.com or (215) 887-6500.