Business Valuation: Before, During and After COVID-19

James R. Hitchner, CPA, ABV, ASA, CFF, Financial Valuation Advisors

It has been a long year+ with many challenges in business valuation. We tried a lot of things; some worked, and some did not. This presentation will show you how business valuation changed during 2020 and give you better tools and data NOW to help you prepare a valuation. This includes the right tools for computing discount, growth, and capitalization rates; economic and industry data; discounts and premiums; supportable income, market, and asset approach methods; and BV standards.

The participant will learn about the following:

• A new look at valuation dates and “known or knowable”
• How to apply probabilistic scenario analysis in the CCF
• Alternatives to using probabilistic/scenario analyses in the DCF
• Examples on discount rates and why you must look beyond the data inputs
• Company specific risk – Is it the great equalizer in this pandemic?
• New support for growth rates
• A fresh look at the guideline company transactions method
• How to use public market data – it’s still not so easy
• Why going concern values can be less than the net asset value
• Discounts for lack of marketability and control
• BV standards – more important than ever

It's time to stretch and get a coffee refill.

Best Practices in the Income Approach

James R. Hitchner, CPA, ABV, ASA, CFF, Financial Valuation Advisors

Hitchner will address best practices in the capitalized cash flow method, the discounted cash flow method, and the cost of capital including:

• Blended long-term growth rates
• CCF vs. DCF
• Weighting historical cash flows
• Normalizing debt in the direct to equity method
• The mid-year convention in a CCF method
• Perpetuity may not be as long as you think
• Implied growth rates when using exit multiples in the terminal year
• Proper due diligence with projections
• Why MCAPM and the BUM are still valid
• Why the size premium is still valid
• Company specific risk
• Capital structure weights

It's time to stretch.

The State of the U.S. Economy and Where to Invest

Stephanie Link, Hightower Advisors

The discussion will surround:

• The most current economic data points in the US for the rest of 2021 and what to expect in 2022
• The Fed/monetary policy, fiscal policy and the implications for interest rates and inflation
• The implications for earnings and equity markets
• Which sectors to invest in within the equity markets
• Is the 60%-40% allocation dead?

Indiana Valuation Case: Stories From the Ones Who Lived It

Penny Lutocka, CPA, ABV, ASA, CFE, Houlihan Valuation Advisors

Rob Schlegel, FASA, MCBA, Houlihan Valuation Advisors

Drew Soshnick, Faegre Drinker Biddle & Reath, LLP

Paul Wonch, CPA, ABV, CVA, MBA, MAFF, Wonch Valuation Advisors

In this session you will hear from the local business valuation experts on two Indiana cases. Paul Wonch will review the Hartman vs. Big Inch Fabricators case and Penny Lutocka and Rob Schlegel will review the appellate case for Bringle vs. Bringle. Each will speak on their experience on these specific cases and what they may have done differently as a result of the decision. You will also get to hear from attorney Drew Soshnick who was one of the attorneys of the Bringle vs. Bringle case. Drew will give his review from the attorney’s perspective, in addition give a quick Indiana Family Law Case update on relevant cases and issues.

It's time to stretch.

Estate Tax Law Changes

Brad Minor, CPA, ABV, ASA, CFF, CMEA, CM&AA, CVA, Blue & Co., LLC

Thomas Wagner, CPA, ABV, CVA, Blue & Co., LLC

Join Brad Minor and Thomas Wagner for a discussion of important recent court case valuation decisions. They will present and discuss several cases along with analysis that will provide insight into current issues in business valuation focused on estate and gift taxes and how to apply them in your practice.

It's time to stretch.

Panel Discussion Q&A: Ask the BV Experts

Gregory Clark, CPA, CVA, MAFF, GMC & Company, LLC;

Brad Minor, CPA, ABV, ASA, CFF, CMEA, CM&AA, CVA, Blue & Co., LLC

Jason Thompson, CPA, ABV, ASA, CFE, CFF, Sponsel CPA Group

Moderator: Bret Brewer, CPA, ABV, ASA, CBA, CFF, CVA, 59-60, Inc.;

It’s time to ask the experts. In this panel discussion you will hear from three local business valuation experts. They will answer your burning business valuation questions. Come prepared with all your questions and they will provide insight from their personal experience and perspective.