2014 NACVA and the CTI's Annual Consultants' Conference by National Association of Certified Valuators and Analysts

N AC VA a n d t h e C T I ’ s 2 0 14

Annual Consultants’ d r a H y a l Conference P d r Ha

Work Encore at Wynn Las Vegas Las Vegas, Nevada, USA

June 17–20, 2014

www.AnnualConsultantsConference.com

Early Registration and Multiple-Attendee Discounts Available! See Inside Back Cover for Details

. d r a H Work y Hard. Pla

ne of NACVA and the CTI’s greatest contributions to the business valuation and financial forensics profession (which also happens to be the one least taken advantage of ) is the Annual Consultants’ Conference. Though Conference attracts several hundred U.S. and international attendees each year, many analysts in our profession miss out on this dynamic four-day event where industry masters and emerging leaders foster an open dialogue pertaining to current issues in valuation, financial forensics, and the fastest-growing consulting specialties with the purpose of generating meaningful insights and “a-ha” moments. The demographics of our profession are changing: new and young analysts are entering the scene, and the pioneers of our profession are working toward retirement or succession planning. In addition, non-CPAs entering the marketplace are offering fresh perspectives and keen insights into the business of value and the intricacies of financial forensics. One of the best ways to meet the challenges of this changing marketplace and to prepare the next generation for success is through attendance to Conference’s information-packed sessions and networking events. These events allow attendees to expand their networks, meet industry leaders and mentors, and reignite their passion for the profession through feedback, dialogue, and one-on-one questions and answers with presenters and other attendees. Conference attendees hold dear the same important principles that your firm holds in high esteem, and with the relatively small size of our profession, you want to be highly selective about which conferences you attend. NACVA and the CTI’s Annual Consultants’ Conference will exceed your expectations for continuing professional development and networking. You will leave with a sense of satisfaction that your time and money was well spent. Themed Work Hard. Play Hard., the sessions and networking events will energize and rejuvenate your focus and determination. You will leave with several key ideas and take-aways that you can implement in your practice immediately while learning from some of the best and brightest in the field. You will get the opportunity to add to the learning process through feedback and dialogue with the presenters both during and after their presentations.

u in yo g in ee s to rd a rw fo ok lo We Las Vegas this Jun e.

Why should you mak e plans to attend the 2014 Ann ual Consultants’ Conference? Here ar e our Top 10 Reasons why this ye ar’s event is not to be missed.

10 9 8 7 6 5 4 3 2 1

If you have a unique nic he industry or service offering, attending Co nference is a great way to find prospective clients am ongst your peers. Conference is a great place to renew your exc itement about your work. It he lps has similar struggles, an you realize that everyone d systems that might wo you can learn new ideas or rk for you. Attending and learning from others can greatl y improve your producti vity. You meet the experts and good to connect throu mentors face to face. It is gh e-mail, it is better to connect on the phone, but the best way to connect is face to face. At Conference, the speakers are usuall y available to chat and answer yo ur toughest questions. You learn current strate gies that are working for others. At these types of events, people tend to loosen up and will often share their ideas, strategies, and war stories with you.

Being around like-mind ed people is inspiration refreshing. It gives you al and a chance to “rest and reflect.” I do not mean a “nap -type rest”; Conference is a refreshing break from the “common-grind” of the daily routine. It is oft en difficult to reflect on more technical issues or conc eptual approaches wh en you are “deep in the weed s” wi and staff—NACVA/CT th your workload, partners, I Conference sessions an networking events all ow you to pull over, slo d w down, stop…and reflect.

2014 Conference Co-Chairs

Lari Masten, MSA, CPA/ABV/CFF, CVA, ABAR, MAFF

Lorenzo Carver, MBA, MS, CPA, CVA, ABV

T.J. Liles-Tims, MBA, CVA, CFE

You learn new ideas and techniques. The creativity at these events is terrifi c and being around cre ative thinkers spurs your ow n breakthroughs. You meet and network wi in the same topics and th others who are interested hot issues you are. M eeting like-minded people no t only inspires you, bu t it creates an opportunit y to build partnership s and jointventure opportunities . The experience can be a great morale booster and helps you regain your focus. Conference is a great way to connect with old and new friends.

Courtney Sparks White, JD, CVA, ASA, LLM

NA C V A a n d t h e C TI

Parnell Black, MBA, CPA, CVA Chief Executive Officer

Brien Jones Executive Vice President, Business Development and Continuing Education

2014 Annual Consultants’ Conference Faculty AROUND THE VALUATION WORLD Gregory Caruso, JD, CPA, CVA Harvest Associates Lorenzo Carver, MBA, MS, CPA, CVA, ABV bpCentral, Inc. Janae Castell, CVA Woodrum, Tate & Associates, PLLC Roberto Castro, JD, MST, MBA, CVA Central Washington Economic, Forensic & Valuation Brian Davidson, CVA Covenant Consulting Group Melissa Gragg, CFE, CVA Bridge Valuation Partners, LLC Michael Gregory, CVA, ASA, Qualified Mediator, MN Supreme Court Michael Gregory Consulting, LLC

FINANCIAL FORENSICS CUTTING-EDGE TOPICS

SPECIAL PURPOSE VALUATIONS AND RELATED ISSUES

Peter Agrapides, MBA, CVA Western Valuation Advisors

Steven Egna, CBA, ABAR, CM&AA Teal Becker & Chiaramonte CPAs, PC

Tracy Coenen, CPA, CFF Sequence, Inc.

Scott Kush, MD, JD, MPH Life Expectancy Group

James Koerber, CPA/ABV/CFF, CVA, CFE The Koerber Company, PA

Kent Pummel, CPA/ABV, CVA Clark Schaefer Hackett & Co.

Michael Pakter, CGMA, CVA, MAFF, CFF, CDBV, CIRA, CFE, CPA, CA Gould & Pakter Associates, LLC

Jeremy Sharpe, MBA Lone Peak Valuation Group

Robert Vance, CPA, CVA, CFP, ABV, CFF Forensic & Valuation Services, PLC

VALUATION ACCELERATOR

Paul Zikmund, MAcc, MBA, CFE, MAFF Bunge

Marc Bello, CPA, ABV, MST, CVA, MAFF Edelstein & Company, LLP

HEALTHCARE CONSULTING

Kathy Knapp, MBA, CPA, CVA Knapp Valuation, Inc.

Curtis Bernstein, CPA/ABV, CVA, ASA, CHFP, MBA Altegra Health

Paul Zikmund, MAcc, MBA, CFE, MAFF Bunge

Cindy Collier, MHA, MSA, CPA, ABV, CFF, ASA, CVA, CMPE, CPHIT Healthcare Value

CURRENT UPDATE IN VALUATIONS PRE-CONFERENCE SYMPOSIUM

Alex Kajan, CFA Altegra Health

Mel Abraham, CPA, CVA, ABV, ASA

Timothy Smith, CPA, ABV American Appraisal

Peter Agrapides, MBA, CVA Western Valuation Advisors Marc Bello, CPA, ABV, MST, CVA, MAFF Edelstein & Company, LLP Robert Grossman, CPA, ABV, CVA, ASA, CBA Grossman Yanak & Ford, LLP Mark Hanson, CPA, ABV, CVA Schenck SC Mark Kucik, CPA, CVA, CM&AA, CFF, CPVA The Kucik Valuation Group, LLC Stephanie Loomis-Price, JD Winstead, PC Garth Tebay, CPA, CVA, CM&AA, MAFF Tebay & Associates, LLC Courtney Sparks White, JD, CVA, ASA, LLM Clarus Partners FINANCIAL FORENSICS ACCELERATOR Michael Kaplan, CPA, ABV, CVA, MAFF Kaplan Abraham Burkert & Co.

Mark Zyla, CPA/ABV, CFA, ASA Acuitas, Inc.

Rod Burkert, CPA, ABV, CVA, MBA Burkert Valuation Advisors, LLC Brian Davidson, CVA Covenant Consulting Group Richard Gray, CPA, ABV, CVA, ASA BDO Mark Kucik, CPA, CVA, CM&AA, CFF, CPVA The Kucik Valuation Group, LLC Lari Masten, MSA, CPA/ABV/CFF, CVA, ABAR, MAFF Masten Valuation

INDUSTRY KEYNOTES

VALUATION CUTTING-EDGE TOPICS

Roger J. Grabowski, FASA Duff & Phelps, LLC

Rod Burkert, CPA, ABV, CVA, MBA Burkert Valuation Advisors, LLC

John K. Paglia, PhD, CFA, CPA Pepperdine University Shannon Pratt, CFA, ARM, ABAR, FASA, CBA, MCBA Shannon Pratt Valuations, LLC

Peter Butler, CFA, ASA, MBA Valtrend, LLC Bob Dohmeyer, ASA Dohmeyer Valuation Corp. Michael Gregory, CVA, ASA, Qualified Mediator, MN Supreme Court Michael Gregory Consulting, LLC

PRACTICE MANAGEMENT James Frazier, CPCU Primus Assurance Group

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

Kevin Ottley, CPA 5 Star Specialty Programs

Stephen Kirkland, CPA, CFF, CMC, CFC Atlantic Executive Consulting Group

SKILLS DEVELOPMENT

Lari Masten, MSA, CPA/ABV/CFF, CVA, ABAR, MAFF Masten Valuation

David Ringstrom, CPA Accounting Advisors, Inc.

Carl Sheeler, PhD, ASA, CBA, CVA Business Valuations, Ltd.

Dermot O’Neill, CPA, ABV, CFF, CVA, MAFF, ABAR P. Dermot O’Neill, CPA, PC

VALUATION DATABASES AND SOFTWARE

Rebekah Smith, CPA, CVA, MAFF, CFF GBQ Consulting, LLC

Frank Wisehart, MBA, CPA/ABV, CVA, CFE Schneider Downs

Howard Zandman, CPA, CFF, MAFF Habif Arogeti & Wynne, LLP Presenter biographies may be found online at: www.AnnualConsultantsConference.com N AC VA / C T I — 5 2 1 7 S o u t h S t a t e S t r e e t , S u i t e 4 0 0 , S a l t L a k e C i t y, U t a h 8 4 1 0 7 - 4 8 1 2

(800) 677-2009

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n the 19th century, areas of the valley contained artesian wells that supported extensive green meadows (Vegas in Spanish) giving the area the name Las Vegas. The town of Las Vegas was established in 1905 and incorporated as a city in 1911.

Historically, Las Vegas started as a stopover on the pioneer trails to the west and became a popular railroad town in the early 20th century. With the proliferation of the railroads Las Vegas became less important, but the completion of the nearby Hoover Dam in 1935 resulted in growth in the number of residents and increased tourism. The dam formed Lake Mead, the largest man-made lake and reservoir in the United States.

Major development occurred in the 1940s, “due almost entirely” to the influx of scientists and staff from the Manhattan Project. Even then, Las Vegas had a wild side; the city threw Atomic detonation parties until testing was regulated to underground testing only.

The legalization of gambling in 1931 led to the advent of the casino hotels for which Las Vegas is famous, then and now. Organized crime figures such as Benjamin “Bugsy” Siegel and Meyer Lansky managed or funded most of the original large casinos. The rapid growth of Las Vegas as a gambling mecca is credited with dooming Galveston, Texas, Hot Springs, Arkansas, and other major gambling centers in the 1950s. Today, Las Vegas is the most populous city in the state of Nevada. The city is one of the top three leading destinations in the United States for conventions, business, and meetings, and one of the top tourist destinations in the world.

Photo Credits: Las Vegas News Bureau

Travel Services

Call Sue Ellen at (800) 355-3644 Relax! Let NACVA Travel Services remove the stress and handle your arrangements for Las Vegas. They’re good at it—they’ve been doing it for over 30 years. NACVA Travel Services is dedicated to finding the very best combination of service and convenience available at any given time. They’ll save you time and, because they know the ins and outs of the travel business, will often be able to save you money.

Spouses and Guests Invite your spouse/guest to attend the conference networking functions, including continental breakfasts, AM and PM breaks, luncheons, and receptions ($325 per person).

Hotel 3121 Las Vegas Bo ulevard South, Las Vegas, Nevada 89109 Located next door to flagship proper ty Wynn Las Vega distinct resort desti s, Encore is a nation with its ow n repertoire of acco culinary offerings, mmodations, and leisure activiti es, including luxu outlets, seven cozy ry retail bars and lounges, five restaurants, tw nightclubs, and an o ultra-chic opulent spa and sa lon.

Book your reservat Conference Rate : $179 (Single/Do uble + Tax) Expires: May 25, 2014

ions today!

Reservation Line : (866) 770-7555 Promotion Code : 6NACV061

Join NACVA and the CTI in Las Ve gas; the perfect place to work, relax, networ k, and play

“Excellent presentation. Insightful, informative. I’ve been testifying for 20 years and still found this presentation extremely useful.” – Bruce Brown, CPA/ABV, CVA, Brown Schultz Sheridan & Fritz—Camp Hill, PA N AC VA / C T I — 5 2 1 7 S o u t h S t a t e S t r e e t , S u i t e 4 0 0 , S a l t L a k e C i t y, U t a h 8 4 1 0 7 - 4 8 1 2

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Industry Keynotes

2014 Annual Consultants’ Conference

Cost of Capital Update (Roger J. Grabowski, Shannon Pratt) Wednesday, June 18 8:00–9:55 a.m. Drawing from the upcoming Cost of Capital:

Applications and Examples 5th ed., the session will update the attendees on recent research on the risk-free rate, equity risk premium, size premium, company-specific risk premium, and methods for directly estimating the cost of capital for closely held businesses.

Roger J. Grabowski, FASA Roger J. Grabowski, FASA, is a managing director at Duff & Phelps, LLC. He was formerly managing director of Standard & Poor’s corporate value consulting practice, a partner of PricewaterhouseCoopers, LLP, and one of its predecessor firms, Price Waterhouse (where he founded its U.S. valuation services practice and managed the real estate appraisal practice). He has directed valuations of businesses, interests in businesses, intellectual property, intangible assets, real property, and machinery and equipment. Roger has testified in court as an expert witness on matters of solvency, the value of closely held businesses and business interests, valuation and amortization of intangible assets, and other valuation issues. His testimony in U.S. District Court was referenced in the U.S. Supreme Court opinion decided in his client’s favor in the landmark Newark Morning Ledger case. Roger is co-author with Shannon Pratt of Cost of Capital: Applications and Examples, 5th ed., forthcoming (John Wiley & Sons, 2014); The Lawyer’s Guide to Cost of Capital, forthcoming (ABA, 2014); Cost of Capital: Applications and Examples, 4th ed., and Cost of Capital in Litigation: Applications and Examples; and author of the annual Duff & Phelps’ Risk Premium Report. Roger teaches courses for the American Society of Appraisers, including Cost of Capital, a course he developed. Shannon Pratt, CFA, ARM, ABAR, FASA, MCBA, MCBC, CM&AA Dr. Shannon Pratt has been cited as the most-published, most-quoted, best-known, and mostrespected business appraiser in the United States. For more than 40 years, he has performed valuation assignments for litigation support and dispute resolution (including dissenting stockholder suits, damage cases, and corporate and marital dissolution cases), transactions, taxation, financing, and management information and planning. He has testified on hundreds of occasions in such litigated matters as dissenting stockholder suits, damages cases, divorces, and estate and gift tax cases. He is the author or coauthor of 10 standard reference works for the valuation profession, including Cost of Capital, 5th Ed.

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Sponsored by NACVA and the C TI

Ivory Tower Irony: How Many Appraisers Can Dance on the Head of the Private Capital Markets? (John K. Paglia) Wednesday, June 18 10:15–11:55 a.m. John K. Paglia, founder and former director of the Pepperdine Private Capital Markets Project, and associate professor of finance at Pepperdine University, will discuss recent activities and trends in the private capital markets, their impacts on business owners, and influences on the business valuation profession. Dr. Paglia will also share results from a business appraisal survey to be administered just weeks before the Annual Consultants’ Conference and will provide an outlook on capital availability, business valuations, and transaction activity.

John K. Paglia, PhD, CFA, CPA Dr. Paglia, a former Julian Virtue and Denney Professorship recipient, is a finance professor at the Graziadio School of Business and Management at Pepperdine University where he founded and directed the Pepperdine Private Capital Markets Project. Since 2007, his work on the Pepperdine Private Capital Markets Project—the first simultaneous, comprehensive, and ongoing investigation of the major private capital market segments—which includes cost of capital studies, economic forecasts, and a new quarterly private capital access (PCA) index, has resulted in nearly 50,000 report downloads in more than 75 countries, and has earned him the 2011 George Award, which is given to the one faculty member who best leverages connections with the business community to make a difference in academia. He was also awarded the inaugural Tom Hopkins Award for Excellence in M&A in 2011 by the Association for Corporate Growth (ACG) and the Third Annual Middle Market Thought Leader Award in 2012 by Grant Thornton and The Alliance for Mergers & Acquisitions Advisors (AM&AA) for his groundbreaking research on the private capital markets. He is a frequent speaker at valuation and M&A conferences pertaining to small business and middle-market companies on the topics of privately held company cost of capital, valuation, demand for and access to capital as well as financing and deal trends. Dr. Paglia’s research has been covered in a variety of outlets including The Wall Street Journal, CNBC, The New York Times, and Businessweek. Dr. Paglia holds a PhD in finance and is a Certified Public Accountant (CPA) and Chartered Financial Analyst (CFA) Charterholder.

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2014 Annual Consultants’ Conference

Case Analysis in Person (CAP) Tuesday, June 17

Additional registration fee: $225 for Members and Non-Members. Early Registration or Multiple-Attendee Discounts do not apply.

6:30–8:15 a.m.

Knowledge is acquired in three ways: education, experience, and interaction. Attendees in this course are on pre-assigned round tables to review and discuss actual valuations. Through this process, you will learn from others’ experience and group interaction. Attendees are given a report before the course that must be reviewed prior.

Current Update in Valuations Pre-Conference Symposium Tuesday, June 17

Additional registration fee: Members: $495/Non-Members: $550. Early Registration or Multiple-Attendee Discounts do not apply.

8:30–10:15 a.m. Federal and State Case Law Update (Mel Abraham, Peter Agrapides, Stephanie Loomis-Price)

Federal tax valuation can be a complex process for professionals as well as their clients. Numerous court cases have furnished guidance on tax valuation issues and assistance with navigating the numerous minefields. This practical review of court cases and valuation issues deals with various types of clients and situations, providing guidance in resolving valuation issues and maintaining compliance with tax code, regulations, and court decisions. Valuators, CPAs, financial planners, tax planners, attorneys, etc., dealing with wealth-preservation strategies either personally or on behalf of others will benefit from attending this session. State-level valuation case law should be of interest to any practitioner in the litigation support arena.

10:30 a.m.–12:15 p.m. Unified Industry Standards Update (Mark Hanson, Mark Kucik)

Recent developments within the various professional organizations are moving toward the harmonization of industry standards. Senior representatives from the valuation industry will discuss the standards impacting the profession, including NACVA, IBA, ASA, AICPA, and USPAP.

1:30–3:15 p.m.

Calculation and Conclusion of Value and Other Roles Valuators Play (Marc Bello, Courtney Sparks White) Calculations of Value can be powerful tools in your valuation arsenal. This discussion will help you identify proper ways to set up and execute calculation engagements. We will discuss various deliverables pertaining to calculation engagements. Learn to develop strategies to protect your analysis and identify pitfalls and traps that accompany these engagements. You will also learn how to transform Calculations of Value into Conclusions of Value. We will discuss various roles valuators can play to enhance their practice and correlate these roles to specific types of engagements.

3:30–5:15 p.m.

Don’t Double Dip on Risk Adjustments (Robert Grossman, Garth Tebay)

One of the most discussed issues of late has been the need for business valuators to avoid duplicating risk considered in one aspect of the valuation process and replicated in another part of the process.

Among the issues to be addressed in this session will be whether the small stock “size premium” used in the discount rate build up encompasses certain risks that are generally considered in determining the specific company risk factor and whether the discount for lack of marketability (DLOM) duplicates risk already considered in the discount rate. We will also discuss the need to consider personal goodwill in your valuations.

N AC VA / C T I — 5 2 1 7 S o u t h S t a t e S t r e e t , S u i t e 4 0 0 , S a l t L a k e C i t y, U t a h 8 4 1 0 7 - 4 8 1 2 (800) 677-2009 w w w. N AC VA - C T I . c o m

Sponsored by NACVA and the C TI

Valuation Accelerator Wednesday, June 18 12:55–1:50 p.m. Managing the Engagement (Marc Bello, Rod Burkert, Mark Kucik) This session will introduce you to the key factors that experienced appraisers consider when they evaluate and start new business valuation projects. Why? Because evaluating engagement risk, obtaining the necessary information, and having the right tools are how your practice stays out of trouble and prospers.

2:05–3:45 p.m.

Normalizing and Control Adjustments (Marc Bello, Rod Burkert, Mark Kucik) Information gathered from the site visit, management interviews, and financial statement analysis form the basis for making normalization and control adjustments. The proper identification and classification of these adjustments are necessary to estimate the transferable asset base and benefit stream, given the size of the interest and the standard of value. And of course, no discussion on this topic would be complete without addressing officer compensation.

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2014 Annual Consultants’ Conference

Valuation Accelerator (Continued) Thursday, June 19 8:15–9:55 a.m.

Income and Asset Approaches (Rod Burkert, Mark Kucik, Lari Masten) We start “running the numbers” in this session. First, the Asset Approach. Does it apply? Should you get third-party appraisals for the tangible assets? Must you value the identifiable intangible assets? Then, the Income Approach. Ibbotson vs. Duff & Phelps vs. Damodaran. Capitalization vs. discounting…both require projections. And how reasonable is the perpetual life assumption for your subject company?

10:15–11:55 a.m. Market Approach (Rod Burkert, Mark Kucik, Lari Masten)

“I just wa nted to co ngratulate on a very you successful conventio from my n point of v iew. I was especially impressed with the Valuation Accelerat or t right on t arget with rack; it was my needs The instru . ctors did a great jo I found a b , and lot of valu e in atten the conve ding ntion. I lo ok forwar attending dt again in t he near fu o t ure.” – A. Mar shall Wells, Cole Northington, CPA , man & C o—Richm CVA ond, VA

This session covers both the Guideline Transaction Method and Guideline Company Method. And, yes, while there is some rehash of data sources and deal terms, it is only to the extent necessary for participants to understand how to identify and analyze the information and then properly adjust and apply guideline multiples to subject company metrics.

12:55–1:50 p.m. Discounts and Premiums (Rod Burkert, Mark Kucik, Lari Masten) Applying discounts and premiums…is it that hard, or do we just make it so? This session will focus primarily on the discount for lack of marketability (DLOM) and the roadmap provided by the IRS Job Aid for using different methods to triangulate on and support an appropriate discount.

2:05–3:45 p.m.

Synthesis of Conclusions (Rod Burkert, Mark Kucik, Lari Masten) You performed all the analyses and crunched all the numbers. Now it’s time to nail down your conclusion. What do you consider when determining a final estimate of value? What are the criteria for selecting alternative valuation methods? Can you weight multiple methods? How do you test the final result for reasonableness? Learn the answers in this informative session.

Friday, June 20 8:15–11:55 a.m. Business Valuation Report Writing Clinic (Brian Davidson, Richard Gray) Attendees will learn and practice the most important elements of written communication skills, how to apply these concepts, and how to present information required in written business valuation reports. The workshop will include the following segments: 1. A discussion of practical, actionable steps you can take to increase the readability, credibility, and persuasiveness of your valuation reports, based on recent research 2. Breakout sessions where your small team will identify quality improvement opportunities 3. Presentation and discussion of report-writing tips that will immediately improve your appraisal reports 4. Hands-on session with ValuSource software demonstrating how to automate and standardize your report-writing process

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(800) 677-2009

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Sponsored by NACVA and the C TI

Financial Forensics Accelerator Wednesday, June 18 12:55–1:50 p.m. Role of the Expert (Rebekah Smith, Howard Zandman)

The range of financial, accounting, and valuation issues surrounding legal disputes today requires financial and accounting analysts to be involved in all types of cases. This session will provide an introduction to the role of the financial expert and provide a basic understanding of the litigation process.

2:05–3:45 p.m.

Managing the Engagement (Rebekah Smith, Howard Zandman) The key factors that experienced litigation consultants consider when they evaluate and begin a new litigation project are different than other types of engagements. Evaluating conflicts and engagement risk, obtaining the necessary information, interacting with and understanding counsel’s expectations, and knowing how to deal with the unexpected will result in more successful engagements and a thriving practice.

Thursday, June 19 8:15–11:55 a.m. Lost Profits and Damages Calculations (Michael Kaplan, Rebekah Smith, Howard Zandman)

Financial experts are most commonly retained to perform a damages calculation. Different legal theories allow for different measures of damage. This session will include a brief discussion of different types of damages before focusing on lost profit calculations—what one is and the purpose of such a calculation. The course will then delve deeper into topics surrounding lost business value versus lost profits, accounting for risk in the projections versus the discount rate, and new updates in lost profits calculations.

12:55–1:50 p.m. Rebuttal Reports and the Defense Expert’s Role (Michael Kaplan, Rebekah Smith, Howard Zandman)

The financial expert is sometimes hired not to develop their own theory of damages, but to critique or refute the plaintiff’s expert. Sometimes this is a difficult role for the financial expert because the defense expert is perceived as someone hired to “pick apart” the other expert’s report or is expected to provide a zero dollar assessment.

2:05–3:45 p.m.

Deposition and Testimony (Michael Kaplan, Rebekah Smith, Howard Zandman) Ultimately, no matter how qualified a professional is or how fantastic his or her report is, if one cannot convey his or her opinions to the trier of fact in a concise, understandable, and entertaining manner, then an expert cannot be successful.

Friday, June 20 8:15–11:55 a.m. Litigation Report Writing Clinic (Dermot O’Neill, Howard Zandman)

In this program, attendees will learn effective approaches to writing an expert report for use in a litigation matter. The course will include a brief review of the reporting requirements set forth in the Federal Rules of Civil Procedure and a high-level discussion of how reporting requirements may differ between jurisdictions. The course will also focus on drafting reports with an emphasis on content, language, and supporting evidence and exhibits.

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(800) 677-2009

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2014 Annual Consultants’ Conference

Valuation Cutting-Edge Topics Wednesday, June 18 12:55–1:50 p.m. What’s that Mean? Five Principles to Avoid Overvaluing a Company (Lari Masten)

Seriously, it is time to embrace statistics to justify our assumptions. Don’t be put off by thinking, “Oh, another ‘statistics’ presentation.” This is not your ordinary discussion of the dry, dry, dry topic. Foul language (aka statistical jargon) will be kept to a minimum. We will explore common assumptions and pitfalls when using measures of central tendency in valuation or forensic accounting engagements. You will discover the key issues and limitations with the use of an arithmetic mean. Through illustrations, we will identify the context and the implications for practice in which the application of specialized statistical concepts (harmonic mean, geometric mean) are not only relevant, but also necessary.

2:05–3:45 p.m.

What Makes a Proper Calculation Report and What Development Standards Apply? (James Hitchner) One of the main highlights of this session will be the presentation and discussion of two sample calculation reports (one short and one long) that are in complete compliance with the valuation standards of the AICPA, IBA, and NACVA. We will also cover compliance issues for ASA and USPAP calculations. You will learn just about everything you ever wanted to know about calculations and calculation reports.

Thursday, June 19 8:15–9:55 a.m.

How to Prepare a Discount for Lack of Marketability for the IRS (Michael Gregory) In this presentation, Michael Gregory presents the major models and data sources for developing a discount for lack of marketability (DLOM). Mike critiques the IRS Job Aid that he championed while at the IRS and offers insights from the major modelers as well as his own insights on the major models based on his experiences in the private sector to assist you, the business valuer, in preparing a DLOM for a federal tax or other purpose.

10:15–11:55 a.m. Normalizing Owner Compensation in Business Valuations (Stephen Kirkland)

This presentation describes the accepted methodologies for normalizing owner compensation and includes tips and recommendations to improve efficiency, avoid costly errors, and improve disclosure.

12:55–1:50 p.m. Implied Private Company Pricing Line (Rod Burkert, Peter Butler, Bob Dohmeyer)

This informative session will discuss why appraisers should consider using the Implied Private Company Pricing Line (IPCPL) Model by carefully commenting on the major problems with the Build-Up Method/Modified Capital Asset Pricing Model (CAPM). We will then describe the IPCPL including how it was created and the fact that it solves all of the major problems with the Build-Up Method. Finally, we will introduce the Implied Private Company Pricing Model (IPCPM), a cost of capital computer “wizard.”

2:05–3:45 p.m.

Governance, Relationships, Risks, and Knowledge—The Cornerstones of Your Valuation Practice (Carl Sheeler) Moving from one-off valuation transactions to five- and six-figure value enhancement advisory services can be achieved by the practitioner who understands how to quantify “GRRK” and bring a benchmark perspective to their clients, fellow advisors, and to their practice.

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(800) 677-2009

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Sponsored by NACVA and the C TI

Financial Forensics Cutting Edge Topics Wednesday, June 18 12:55–1:50 p.m. Gift & Estate Tax—Grading the Report and Supporting the Attorney’s Objectives (Peter Agrapides)

This program is designed to introduce attorneys to the field of business valuation. The session’s primary objective is to provide an introduction to the field of business valuation as well as the various accrediting bodies. The goal of this presentation is to not only educate participants as to the various subjective elements of a business valuation, but also provide the tools necessary to properly screen a valuation report. Participants will receive a matrix that will assist in valuation report review.

2:05–3:45 p.m.

Conducting Successful Fraud Investigations—Navigating Risk and Avoiding Pitfalls (Paul Zikmund) This session covers the fundamentals of fraud examination. Attendees are expected to develop an understanding of the following concepts: elements of a comprehensive fraud investigation, evidence management, writing comprehensive fraud reports, and remediation of losses. Attendees will learn the art of investigation and how to manage risks associated with the investigation of fraud or misconduct as well as effective remediation solutions to recover loss of assets and avoid future risk.

Thursday, June 19 8:15–9:55 a.m.

Divorce—Financial Forensics Solutions for Complex Assets (Robert Vance) Forensic accountants are frequently called upon to navigate complex asset divorces and identify fascinating situations. Common issues include proposing an asset division and justifying long-term alimony, verifying separate property appreciation, and valuing pension interests. Unusual issues include identifying control spouse fraud, determining if a spouse actually owns a business interest after estate plan gifting, quantifying alimony from an escalation clause in a prenuptial agreement, and valuing a “wrongful birth” claim in a paternity fraud case.

10:15–11:55 a.m. Finding Hidden Income and Assets with a Lifestyle Analysis (Tracy Coenen)

A lifestyle analysis is not only a tool for calculating support in a divorce, it can also be used to find hidden income and assets. Find out how the disclosed paper trail can help uncover undisclosed assets and sources of income.

12:55–1:50 p.m. Establishing Lost Profits in the Context of Violating a Non-Compete Agreement (Michael Pakter)

This session will cover basic concepts regarding determining economic damages using non-compete litigation as an example. The session will be based on a case study involving Ms. Knowledge Worker, an employee who signed and allegedly breached a non-compete agreement with her current employer. The financial forensics analysis involves questions of measurement, timing, and causes of profits and losses on the part of her former and current employer.

2:05–3:45 p.m.

Personal Injury and Wrongful Death Economic Damages Calculations (James Koerber) This presentation will provide resources for calculating personal injury and wrongful death economic damages, preparing a defendable expert report, and the preparation involved for a Daubert challenge.

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(800) 677-2009

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2014 Annual Consultants’ Conference

Conversations with the Masters Panel Discussions and Q&A Whether you are just beginning to learn the necessary skills or are an experienced practitioner, each new bit of knowledge comes with questions, new ideas, or clarifications you wish to discuss. Attend the Conversations with the Masters Panel Discussions and Q&A sessions closing out the Wednesday and Thursday Conference agendas. Subject matter experts will lead discussions on new ideas, answer your questions, and assist in finding clarity with new concepts and ideas in a smaller group setting. Take advantage of this opportunity to improve your knowledge base and to elevate your skillsets to a higher level while networking with other Conference attendees.

Wednesday, June 18 4:00–5:40 p.m.

Valuation Accelerator Q&A Marc Bello, Rod Burkert, and Mark Kucik

4:00–5:40 p.m.

Valuation Panel Moderator: Lari Masten Panelists: Roger Grabowski, James Hitchner, John Paglia, and Shannon Pratt

4:00–5:40 p.m.

Financial Forensics Panel Moderator: Howard Zandman Panelists: Peter Agrapides, Rebekah Smith, and Paul Zikmund

“It was o ne of the best conf ever atte erences I nded! I have don’t say did not k t h is lightly now wha ; I t to expe pleasantly ct, and I overwhe was lmed by supportiv how help e the ins ful and truc were for a ‘first tim tors and attende es er.’ The very help sessions ful as I to w e re o k away t informat echnical ion and adv I made s ome very ice for my busine ss. good con number tacts wit of people h a , an I liked th e fact tha d I offered the sa me. t many of are eithe the atten r solo pr actitione dees they are rs like m in small y s e lf t o midsiz or not foun e firms. d this ch I h a a v r acteristic e related c at the ot onferenc her es I have the roun atten dtable dis cussions— ded. I liked interestin they wer g and va e very luable.” – L. Car l All Forensic en, III, CFE A Hillsboro ccounting Examin ugh, NC ers—

Thursday, June 19

4:00–5:40 p.m.

Valuation Accelerator Q&A Rod Burkert, Mark Kucik, and Lari Masten

4:00–5:40 p.m.

Valuation Panel Moderator: Richard Gray Panelists: Peter Butler, Bob Dohmeyer, Michael Gregory, Stephen Kirkland, and Carl Sheeler

4:00–5:40 p.m.

Financial Forensics Panel Moderator: Rebekah Smith Panelists: Tracy Coenen, Michael Kaplan, James Koerber, Michael Pakter, Robert Vance, and Howard Zandman

N AC VA / C T I — 5 2 1 7 S o u t h S t a t e S t r e e t , S u i t e 4 0 0 , S a l t L a k e C i t y, U t a h 8 4 1 0 7 - 4 8 1 2

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Sponsored by NACVA and the C TI

Around the Valuation World™ Have you enjoyed participating in the monthly Around the Valuation World™ in 90 Minutes webzines? Are you curious what they are all about? Learn more by attending the early morning Around the Valuation World sessions. These sessions will be conducted by subject matter experts who summarize the training tracks and sessions from the previous day to help keep you up to speed on all the Conference happenings. It’s impossible to be at every session, so Around the Valuation World is a great way to catch up on what you might have missed. Presented in a one-hour format, this session will be held each morning of Conference from Wednesday through Friday, and you will earn valuable CPE.

Wednesday, June 18 7:00–7:50 a.m.

Friday, June 20

Highlights from the 2014 Current Update in Valuations Symposium

7:00–7:50 a.m.

Thursday, June 19 7:00–7:50 a.m.

Highlights from Day Two (Thursday, June 19) of the 2014 Annual Consultants’ Conference

Around the Valuation World Correspondents: Gregory Caruso Melissa Gragg Lorenzo Carver Michael Gregory Janae Castell Kathy Knapp Roberto Castro Paul Zikmund Brian Davidson

Highlights from Day One (Wednesday, June 18) of the 2014 Annual Consultants’ Conference

Industry Specialty Round Tables If you find times in your practice when you’re asked to establish value for a specialized industry but you’re not sure what questions to ask, you’ll want to join these round tables for answers. Led by preeminent subject matter experts who will provide guidance for each specialty listed, the round tables will help you with answers to some key questions, including: • • • • •

Whom do you normally interview? What do you do as to the industry outlook? How many years of financial information do you gather? Do you obtain tax returns, internal data, outside CPA statements, etc.? Which key management employees do you interview in order to build an earnings projection?

• • •

What other types of studies should you consider? How do you analyze particular internal factors that can affect marketability, and how do you quantity those factors? Do you research court cases before making a final decision on the DLOM, and what resources do you have access to?

These and many more questions will be reviewed during the Round Tables held at the conclusion of the Wednesday and Thursday agendas.

WEDNESDAY, JUNE 18 4:00–5:40 p.m.

Commercial and Heavy Construction Contractors

Commercial Real Estate Brokerage and Management

Dental Practices

Physician Practices

Restaurants

THURSDAY, JUNE 19 4:00–5:40 p.m.

Accounting and CPA Services

Fast Food and Quick Service Restaurants

Legal Services

Residential Construction Contractors

Food Wholesalers

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(800) 677-2009

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2014 Annual Consultants’ Conference

Practice Management Tuesday, June 17 7:00–7:55 a.m.

Risky Business—How to Avoid It in Your Practice (James Frazier, Kevin Ottley)

Co-Sponsored by Primus Assurance Group

This presentation will cover the issues that most practitioners should be concerned with such as why going without professional liability insurance are no longer optional. This session will outline the current trends in practice risk, professional liability, and referral sources. The presentation will examine practice risks and techniques to mitigate those risks and the role of professional liability insurance, including key coverage features and limitations. It will also identify practice management and communication tips that will help practitioners control risk to their reputation, practice, and personal assets.

Skills Development Friday, June 20 8:15–11:55 a.m. Microsoft® Excel for Valuators (David Ringstrom)

These sessions are designed specifically to help valuators take their Excel skills to the next level so they can be much more efficient performing business valuations. Most valuators only use a tiny fraction of Excel’s capabilities, which both wastes time and hinders effectiveness. Even if you are an Excel “guru,” we promise you’ll be surprised at how much you will learn in this session.

Some of the techniques discussed include disabling annoying prompts, opening spreadsheets faster, repairing damaged workbooks as well as ways to automate repetitive formatting, which can make your spreadsheets look more professional. David will also provide helpful tweaks to use with the venerable VLOOKUP function and discuss alternatives like MATCH/INDEX, SUMIF, SUMIFS, SUMPRODUCT, OFFSET, plus an array of functions as well as wild-card lookups and multiple-criteria look-ups, among other tools. He will also expose the mysteries of pivot tables, one of the most overlooked, yet easiest to use features in Excel. David is fond of saying, “Either you work Excel, or it works you!” David’s presentation is designed to help you use Excel far more effectively.

Valuation Databases and Software Co-Sponsored by ValuSource

Friday, June 20 8:15–9:55 a.m.

Real World Valuation Data: Understanding the Top Databases (Frank Wisehart) This session will cover four important valuation databases including RMA Annual Statement Studies® Valuation Edition, IBA Market Data, Pluris DLOM Database™, and Duff & Phelps’ new valuation handbook–Guide to Cost of Capital. Each database will cover the critical things that you need to know about the database, real world application tips, and traps to avoid.

10:15–11:55 a.m. Real World BVM Pro: Getting the Most Out of Valuation Software (Frank Wisehart)

Business Valuation Manager™ Pro (BVM Pro) and the Business Valuation Report Writer™ (BVRW) software are both comprehensive and completely customizable. Learn how to use the software for real life engagements and how easy it is to modify and customize information to meet your precise needs. You will be guided through the step-by-step process of performing an engagement using the software as well as how to dig under the hood to customize the analysis (Excel) and the reports (Word) to meet your practice’s exact needs. You will learn why having access to a standards-based valuation product will save you time and assist you in delivering higher quality appraisals to your clients. N AC VA / C T I — 5 2 1 7 S o u t h S t a t e S t r e e t , S u i t e 4 0 0 , S a l t L a k e C i t y, U t a h 8 4 1 0 7 - 4 8 1 2

(800) 677-2009

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Sponsored by NACVA and the C TI

Healthcare Consulting Wednesday, June 18 12:55–1:50 p.m. How Valuation of Healthcare Services and Entities Have Changed under the Affordable Care Act (Curtis Bernstein, Alex Kajan)

The federal government is changing the way it pays for healthcare. As part of this new process, hospitals and physicians must work together and share compensation paid by Medicare, Medicaid, and other managed-care payers. This presentation will review how businesses are valued, especially now that providers are consolidating to develop clinically integrated networks (CIN). The presentation will also describe how to determine the fair market value of services provided under a CIN so that reimbursement is shared appropriately.

2:05–3:45 p.m.

Emerging Issues in Healthcare Valuation (Curtis Bernstein, Cindy Collier, Tim Smith) This session features a panel discussion of advanced topics and the emerging issues in healthcare valuation, compliance, and financial forensics. Recent cases will be discussed to illustrate specific current topics and issues.

Special Purpose Valuations and Related Issues Thursday, June 19 8:15–9:55 a.m.

Exit Planning—Transition Planning: The Good, The Bad, and The Ugly (Steven Egna) This presentation will focus on the importance of having flexible/realistic goals to ensure successful outcomes for business owners looking to exit their business. The significance of having such goals will be demonstrated through case studies. These “stories from the front” will enable the attendees to clearly see what works and what doesn’t in various scenarios and provide an opportunity to discuss strategies to avoid the pitfalls in taking business owners’ futures into one’s own hands.

10:15–11:55 a.m. Mergers & Acquisitions—Valuation Issues in M&A: Standards, Accounting, and Due Diligence (Kent Pummel)

This presentation will discuss the difference in valuations for mergers and acquisitions versus standard fair market value (FMV) engagements, the role of the valuation professional in the due diligence process for prospective buyers, and the common GAAP/purchase price accounting issues in mergers and acquisitions. Real-life examples will be discussed to demonstrate the importance of the valuation professional when companies are looking to buy or sell.

12:55–1:50 p.m. Personal Injury Inputs—Life and Worklife Expectancy Calculations in Valuations (Scott Kush, Jeremy Sharpe)

An overview of evidence-based calculations of life expectancy will be provided with an introduction to the life table, mortality rates, excess death rates, and survival. Then an overview of worklife expectancy concepts and methodologies will be provided along with instruction on how to integrate the evidence-based life expectancy tables into the calculation of worklife.

2:05–3:45 p.m.

Financial Reporting—Is Baby GAAP on the Horizon for Private Companies? (Mark Zyla) The Private Company Council (PCC), working with the Financial Accounting Standards Board (FASB), recently proposed changes in how private companies would report intangible assets in business combinations and subsequently test goodwill for impairment. The PCC, along with FASB, want to provide a simpler, less costly financial reporting approach. FASB has endorsed the changes for testing goodwill for impairment and are still considering the intangible asset proposals. These changes will likely impact fair value measurements for private companies in a variety of ways. Valuation specialists, auditors, and preparers should understand the impact of these changes on fair value measurements may have and whether the industry is heading toward “Baby GAAP.”

N AC VA / C T I — 5 2 1 7 S o u t h S t a t e S t r e e t , S u i t e 4 0 0 , S a l t L a k e C i t y, U t a h 8 4 1 0 7 - 4 8 1 2

(800) 677-2009

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2014 Annual Consultants’ Conference

Tuesday, June 17, 2014 6:15-8:30 a.m.

Registration and Continental Breakfast

6:30-8:15 a.m. 2 Hrs CPE

Case Analysis in Person Round Tables (Pre-Registration Required)

Fields of Study

1 Hr AC; 1 Hr SK&A

7:00-7:50 a.m. 1 Hr CPE

Risky Business—How to Avoid it in Your Practice James Frazier, Kevin Ottley Co-Sponsored by Primus Assurance Group

Fields of Study

1 Hr SK&A

Current Update in Valuations Pre-Conference Symposium

8:30-10:15 a.m. 2 Hrs CPE

Mel Abraham, Peter Agrapides, Stephanie Loomis-Price

Fields of Study

1 Hr BE; 1 Hr SK&A

10:15-10:30 a.m.

Morning Break, Registration, and Exhibits

10:30 a.m.12:15 p.m. 2 Hrs CPE

Unified Industry Standards Update

Fields of Study

2 Hrs SK&A

12:15-1:30 p.m.

Lunch on Own, Registration, and Exhibits

1:30-3:15 p.m. 2 Hrs CPE

Calculation and Conclusion of Value and Other Roles Valuators Play

Fields of Study

1 Hr AC; 1 Hr AP

3:15-3:30 p.m.

Afternoon Break, Registration, and Exhibits

3:30-5:15 p.m. 2 Hrs CPE

Don’t Double Dip On Risk Adjustments

Fields of Study

2 Hrs SK&A

6:30 p.m. departure

Evening Dine-Around

Federal and State Case Law Update

Mark Hanson, Mark Kucik

Marc Bello, Courtney Sparks White

Robert Grossman, Garth Tebay

NACVA and the CTI wish to thank the 2014 Annual Conference Committee for their support in organizing this year’s conference faculty and topics.

Participant Cancellations Cancellations received in writing two weeks prior to the first day of the conference will be eligible for a prompt refund less a $150 administration fee. Cancellations received less than two weeks prior to the first day of the conference (and no-shows) will be issued, upon request, a credit which may be used toward a CTI seminar, self-study course, software, or other product sold by NACVA/CTI. There are no exceptions to this policy.

NACVA Course Cancellation Policy NACVA reserves the right to cancel or replace topics and/or presenters if circumstances require.

“A unique ability to synthesize and humanize complicated stuff. [The presenter] does not disappoint. [And] also never has enough time.” – Cheryl Hyder, MT, CPA, CFE, CVA, CFF Hyder Consulting Group—Fairfax, VA

N AC VA / C T I — 5 2 1 7 S o u t h S t a t e S t r e e t , S u i t e 4 0 0 , S a l t L a k e C i t y, U t a h 8 4 1 0 7 - 4 8 1 2

(800) 677-2009

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Sponsored by NACVA and the C TI

Wednesday, June 18, 2014 6:30-8:00 a.m.

Registration, Continental Breakfast, and Exhibits

7:00-7:50 a.m. 1 Hr CPE

Around the Valuation World, Vegas 2014— Highlights from the 2014 Current Update in Valuations Symposium

Fields of Study

1 Hr SK&A

8:00-9:55 a.m. 2 Hrs CPE

Keynote Address—Cost of Capital Update

Fields of Study

2 Hrs FN

9:55-10:15am

Morning Break and Exhibits

10:15-11:55 a.m. 2 Hrs CPE

Keynote Address—Ivory Tower Irony: How Many Appraisers Can Dance on the Head of the Private Capital Markets?

Fields of Study

1 Hr BM&O; 1 Hr FN

11:55 a.m.12:55 p.m.

Networking Luncheon and Exhibits

SESSION TRACKS

Roger J. Grabowski, Shannon Pratt

John K. Paglia

Track One

Track Two

Valuation Accelerator

Valuation Cutting-Edge Topics

Faculty: Marc Bello, Rod Burkert, Mark Kucik

12:55-1:50 p.m. 1 Hr CPE

Managing the Engagement

Track Three

Track Four

Track Five

Financial Forensics Accelerator

Financial Forensics Cutting-Edge Topics

Healthcare Consulting

Gift & Estate Tax— Grading the Report and Supporting the Attorney’s Objectives

How Valuation of Healthcare Services and Entities Have Changed Under the Affordable Care Act

Faculty: Rebekah Smith, Howard Zandman

What’s that Mean? Five Principles to Avoid Overvaluing a Company

Role of the Expert

Lari Masten

Fields of Study

1 Hr SK&A

1 Hr ST

Normalizing and Control Adjustments 2 Hrs SK&A

Fields of Study

1 Hr FN

What Makes a Proper Calculation Report and What Development Standards Apply?

Conducting Successful Fraud Investigations— Navigating Risk and Avoiding Pitfalls

Emerging Issues in Healthcare Valuation

Managing the Engagement

Paul Zikmund

Curtis Bernstein, Cindy Collier, Tim Smith

2 Hrs SK&A

1 Hr AC; 1 Hr AD

2 Hrs SK&A

1 Hr BL; 1 Hr SK&A

Afternoon Break and Exhibits

3:45-4:00 p.m. 4:00-5:40 p.m. 2 Hrs CPE

1 Hr AP

Quick Break and Exhibits

James Hitchner

Fields of Study

Curtis Bernstein, Alex Kajan

1 Hr SK&A

1:50-2:05 p.m. 2:05-3:45 p.m. 2 Hrs CPE

Peter Agrapides

Industry Specialty Round Tables

Conversation with the Masters—Panel Discussions and Q&A Valuation Accelerator Q&A— Marc Bello, Rod Burkert, Mark Kucik

Valuation Panel— Roger Grabowski, James Hitchner, John Paglia, Shannon Pratt Moderator: Lari Masten

Financial Forensics Panel— Peter Agrapides, Rebekah Smith, Paul Zikmund Moderator: Howard Zandman

2 Hrs SK&A

Viva Las Vegas Opening Reception and Exhibits

7:00 p.m. departure

Evening Dine-Around

(800) 677-2009

Construction Contractors n Commercial Real Estate Brokerage and Management n Dental Practices n Physician Practices n Restaurants 2 Hrs SK&A

5:40-6:30 p.m.

N AC VA / C T I — 5 2 1 7 S o u t h S t a t e S t r e e t , S u i t e 4 0 0 , S a l t L a k e C i t y, U t a h 8 4 1 0 7 - 4 8 1 2

n Commercial and Heavy

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2014 Annual Consultants’ Conference

Thursday, June 19, 2014 6:30-8:00 a.m.

Registration, Continental Breakfast, and Exhibits

7:00-7:50 a.m. 1 Hr CPE

Around the Valuation World, Vegas 2014—Highlights from Day One (Wednesday, June 18) of the 2014 Annual Consultants’ Conference

Fields of Study

1 Hr SK&A

SESSION TRACKS

Track One

Track Two

Valuation Accelerator

Valuation Cutting-Edge Topics

Faculty: Rod Burkert, Mark Kucik, Lari Masten

8:15-9:55 a.m. 2 Hrs CPE

Income and Asset Approaches

Track Three Financial Forensics Accelerator

Faculty: Michael Kaplan, Rebekah Smith, Howard Zandman

How to Prepare a Discount for Lack of Marketability for the IRS

Lost Profits and Damages Calculations

Michael Gregory

Fields of Study

1 Hr AC; 1 Hr SK&A

2 Hrs TX

Financial Forensics Cutting-Edge Topics

Special Purpose Valuations and Related Issues

Divorce— Financial Forensics Solutions for Complex Assets Robert Vance

Exit Planning— Transition Planning: The Good, The Bad, and The Ugly

2 Hrs SK&A

Finding Hidden Income and Assets with a Lifestyle Analysis Tracy Coenen

Mergers & Acquisitions— Valuation Issues in M&A: Standards, Accounting and Due Diligence

2 Hrs SK&A

1 Hr AD; 1 Hr SK&A

Market Approach

Normalizing Owner Compensation in Business Valuations Stephen Kirkland

1 Hr AC; 1 Hr SK&A

1 Hr MAS; 1 Hr SK&A

11:55 a.m.12:55 p.m.

Lost Profits and Damages Calculations (continued)

1 Hr AC; 3 Hrs SK&A

Discounts and Premiums

1 Hr SK&A

Implied Private Company Pricing Line

1 Hr FN

Personal Injury Inputs— Life and Worklife Expectancy Calculations in Valuations

Establishing Lost Profits in the Context of Violating a Non-Compete Agreement

Rebuttal Reports and the Defense Expert’s Role

Rod Burkert, Peter Butler, Bob Dohmeyer

Michael Pakter

Scott Kush, Jeremy Sharpe

1 Hr SK&A

1 Hr ST

1 Hr SK&A

Quick Break and Exhibits

1:50-2:05 p.m. 2:05-3:45 p.m. 2 Hrs CPE

Synthesis of Conclusions

Governance, Relationships, Risks, and Knowledge—The Cornerstones of Your Valuation Practice

Deposition and Testimony

2 Hrs SK&A

1 Hr BM&O; 1 Hr MAS

James Koerber

Financial Reporting— Is Baby GAAP on the Horizon for Private Companies?

2 Hrs EC

1 Hr AC; 1 Hr AD

Personal Injury and Wrongful Death Economic Damage Calculations

Carl Sheeler

3:45-4:00 p.m.

Kent Pummel

Networking Luncheon and Exhibits

12:55-1:50 p.m. 1 Hr CPE

Fields of Study

Steven Egna

Morning Break and Exhibits

10:15-11:55 a.m. 2 Hrs CPE

Fields of Study

Track Five

(continued below)

9:55-10:15 a.m.

Fields of Study

Track Four

1 Hr CM; 1 Hr SK&A

Mark Zyla

Afternoon Break and Exhibits

(Continued on next page) 20

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(800) 677-2009

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Sponsored by NACVA and the C TI

Thursday, June 19, 2014 (Continued) 4:00-5:40 p.m. 2 Hrs CPE

Conversation with the Masters—Panel Discussions and Q&A Financial Forensics Panel—

Valuation Panel—

Valuation Accelerator Q&A—

Peter Butler, Bob Dohmeyer, Michael Gregory, Stephen Kirkland, Carl Sheeler Moderator: Richard Gray

Tracy Coenen, Michael Kaplan, James Koerber, Michael Pakter, Robert Vance, Howard Zandman Moderator: Rebekah Smith

2 Hrs SK&A

Rod Burkert, Mark Kucik, Lari Masten

Fields of Study

Industry Specialty Round Tables

5:40-6:30 p.m.

Aloha Radio Reception and Exhibits

7:00 p.m. departure

Evening Dine-Around

n Accounting and CPA Services n Fast Food and Quick Service Restaurants n Legal Services n Residential Construction Contractors n Food Wholesalers 2 Hrs SK&A

Friday, June 20, 2014 6:30-8:00 a.m.

Continental Breakfast

7:00-7:50 a.m. 1 Hr CPE

Around the Valuation World, Vegas 2014—Highlights from Day Two (Thursday, June 19) of the 2014 Annual Consultants’ Conference

Fields of Study

1 Hr SK&A

SESSION TRACKS 8:15-9:55 a.m. 2 Hrs CPE

Track One

Track Two

Track Three

Track Four

Valuation Accelerator

Financial Forensics Accelerator

Skills Development

Valuation Databases and Software

Business Valuation Report Writing Clinic

Litigation Report Writing Clinic

Brian Davidson, Richard Gray

Fields of Study

(continued below)

Business Valuation Report Writing Clinic (continued)

Fields of Study

(continued below)

2 Hrs SK&A

Frank Wisehart

Morning Break and Exhibits

9:55-10:15 a.m. 10:15-11:55 a.m. 2 Hrs CPE

David Ringstrom

Real World Valuation Data: Understanding the Top Databases

Microsoft® Excel for Valuators

Dermot O’Neill, Howard Zandman

Co-Sponsored by ValuSource

1 Hr CM; 3 Hrs SK&A

Litigation Report Writing Clinic

(continued)

Real World BVM Pro: Getting the Most Out of Valuation Software

4 Hrs SK&A

2 Hrs SK&A

Microsoft® Excel for Valuators

(continued)

1 Hr CM; 3 Hrs SK&A

Conference Concludes

11:55 a.m.

NASBA CPE Fields of Study (FoS) Key AC ��Accounting ACG ��Accounting—Governmental AD ��Auditing ADG ��Auditing—Governmental AP ��Administrative Practice (Consulting) SEB ��Social Environment of Business RE ��Regulatory Ethics BL ��Business Law

Frank Wisehart

BM&O ��Business Management and Organization FN ��Finance MAS ��Management Advisory Services MK ��Marketing BE ��Behavioral Ethics CM ��Communications PD ��Personal Development PHR ��Personnel/HR

CS ��Computer Science EC ��Economics MM ��Mathematics PRD ��Production SK&A ��Specialized Knowledge and Applications ST ��Statistics TX ��Taxes

N AC VA / C T I — 5 2 1 7 S o u t h S t a t e S t r e e t , S u i t e 4 0 0 , S a l t L a k e C i t y, U t a h 8 4 1 0 7 - 4 8 1 2

The Consultants’ Training Institute (CTI) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

(800) 677-2009

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Networking Events

2014 Annual Consultants’ Conference

Many of the relationships within NACVA and the CTI began at an annual conference or training event, and this year’s Conference in Las Vegas affords you the opportunity to renew those friendships—as well as initiate new ones. Connect with other attendees at these entertaining social and networking events.

Meet, Greet, and Catch Some Fish! Co-Sponsored by ValuSource Tuesday, June 17, 2014 Need a break between the office and Conference? Join us on Lake Mead to network and net some stripers. We’ll leave early Tuesday morning, June 17, with a local professional fishing guide for 4-5 hours. We’ve got the boats, the gear, and the tackle, just bring yourself. ValuSource will provide transportation to and from the lake. More information is available at www.valusource.com/ ctifishing, including how to obtain your Nevada fishing license. Space is limited to 20 people, so reserve your spot early.

Evening Dine-Around Tuesday, Wednesday, and Thursday evenings (June 17, 18 & 19, 2014) 6:30 p.m. departure on Tuesday and 7:00 p.m. departure on Wednesday and Thursday Join other conference attendees while discovering some of the wonderful gourmet cuisine available in Las Vegas. Each group will be “hosted” by NACVA and CTI presenters and board members (dinner costs on-own). More information will be available as Conference approaches.

Viva Las Vegas Opening Reception and Exhibits Wednesday, June 18, 2014, 5:40–6:30 p.m. Rekindle established relationships and cultivate new ones! The Viva Las Vegas Opening Reception will feature hors d’oeuvres, bar drinks, entertainment, and opportunities to network with Conference attendees and exhibitors—the perfect way to kick off the business valuation and financial forensics industry’s Annual Conference in Las Vegas.

Aloha Radio Reception and Exhibits Thursday, June 19, 2014, 5:40–6:30 p.m. Come relax and enjoy the soothing sounds of Aloha Radio, a surf soul band from Orange County, CA. This reception will feature live music, cool beverages, and refreshments. Formed in 2009, Aloha Radio has rapidly become known for their on stage energy and unique sound echoing Southern California's culture of surfing, originality, and passion. They have shared the bill with such acts as Ben Harper, Weezer, Donovan Frankenreiter, Ziggy Marley, Dick Dale, Lukas Nelson & Promise of the Real, Fortunate Youth, Neon Trees, G. Love and Special Sauce, Black Uhuru, Seedless, and more. 22

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(800) 677-2009

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Sponsored by NACVA and the C TI

Under Forty Giving voice and opportunity to the next generation of industry mavericks

ACVA and the CTI seek nominations for the inaugural 40 Under Forty recognition program. Do you know someone in the Business Valuation, Financial Forensic, Litigation Consulting, Expert Witness, Mergers and Acquisitions, Exit Planning, Healthcare Valuation, or related professions that is under 40 and have made extraordinary advances in one or more of these fields? NACVA and the CTI would love to hear their stories so that we can recognize them for their hard work and contributions yet to come. Why are we doing this? NACVA and the CTI are founded on industry excellence and the spirit of pioneering. We partner with visionary leaders across all spectrums of the accounting and financial consulting professions and through this honor, we will give voice and opportunity to the next generation of industry mavericks.

These individuals will be showcased at the 2014 Annual Consultants’ Conference in Las Vegas, NV, June 17–20. They will also be featured in various NACVA publications: n The Value Examiner® n QuickReadBuzz Blog

n Association News n Weekly QuickRead e-newsletter

Also, they will be profiled on the NACVA and the CTI’s website with a brief description of their accomplishments and bios. Honorees will also receive a greatly discounted attendance package to the 2014 Annual Consultants’ Conference in Las Vegas, NV; four nominees of the group will be selected by NACVA’s governance boards and Salt Lake City Headquarters’ executive staff to receive free registration to the conference, including two nights hotel accommodations and coach airfare. Nominees do not need to be affiliated with NACVA or the CTI to qualify.

Please take a moment of your time and visit www.nacva.com/contact/conference_40under40.asp to submit your nomination. Submission deadline is April 30, 2014.

N AC VA / C T I — 5 2 1 7 S o u t h S t a t e S t r e e t , S u i t e 4 0 0 , S a l t L a k e C i t y, U t a h 8 4 1 0 7 - 4 8 1 2

(800) 677-2009

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Consultants’ 2014 Training Schedule March 11–15

Chicago, IL

Philadelphia, PA

Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations June 16–21

October 6–11

May 5–10

Chicago, IL

Las Vegas, NV

Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations NACVA and the CTI’s 2014 Annual Consultants’ Conference July 14–19

Washington, DC

Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations July 28–August 2

Orlando, FL

Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations August 11–16

New York City, NY

Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Valuing Family Limited Partnerships Workshop August 18–23

Minneapolis, MN

Business Appraisal Review Accreditation Workshop Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Report Writing: Review and Analysis September 8–13

Atlanta, GA

Business Valuation Accelerator™ Workshop Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Expert Witness Bootcamp Matrimonial Expert Witness Bootcamp

September 15–20

Advanced Comprehensive CBA Clinic Advanced Valuation: Applications and Models Workshop Business Valuation Certification and Training Center Case Analysis in Person CBA Demonstration Report Writing Workshop Current Update in Valuations Forensic Accounting Academy™ Foundations of Financial Forensics Workshop Mergers and Acquisitions Workshop

Forensic Accounting Academy™ Healthcare Valuation and Consulting Workshop Mergers and Acquisitions Workshop

Denver, CO

New Orleans, LA

Advanced Comprehensive CBA Clinic Advanced Mergers and Acquisitions Workshop Advanced Valuation: Applications and Models Workshop Business Valuation Certification and Training Center Case Analysis in Person CBA Demonstration Report Writing Workshop Current Update in Valuations Forensic Accounting Academy™ Foundations of Financial Forensics Workshop Litigation Bootcamp for Financial Experts Valuing Family Limited Partnerships Workshop November 3–8

Boston, MA

Business Valuation Accelerator™ Workshop Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations November 10–15

Chicago, IL

Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Expert Witness Accelerator Workshop

N AC VA / C T I — 5 2 1 7 S o u t h S t a t e S t r e e t , S u i t e 4 0 0 , S a l t L a k e C i t y, U t a h 8 4 1 0 7 - 4 8 1 2

(800) 677-2009

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Training Institute

Benchmark Training and Certification in the Accounting and Financial Consulting Profession’s Hottest Growth Niches. November 17–22

Ft. Lauderdale, FL

Business Appraisal Review Accreditation Workshop Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Healthcare Valuation and Consulting Workshop Litigation Bootcamp for Financial Experts Mergers and Acquisitions Workshop Report Writing: Review and Analysis December 8–13

San Diego, CA

Advanced Business Valuation Symposium Advanced Comprehensive CBA Clinic Advanced Healthcare Valuation and Consulting Symposium Advanced Mergers and Acquisitions Workshop Business Appraisal Review Accreditation Workshop Business Valuation Certification and Training Center Case Analysis in Person CBA Demonstration Report Writing Workshop Current Update in Valuations Forensic Accounting Academy™ Litigation Bootcamp for Financial Experts Report Writing: Review and Analysis Valuing Family Limited Partnerships Workshop

January 26–31, 2015

Las Vegas, NV

Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Expert Witness Bootcamp Matrimonial Expert Witness Bootcamp March 17–21, 2015

Chicago, IL

Forensic Accounting Academy™ Healthcare Valuation and Consulting Workshop Mergers and Acquisitions Workshop May 4–9, 2015

Chicago, IL

Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations

Early registration discounts available. Discounts may not apply to all training programs. For program details, visit www.theCTI.com or call Member Services at (800) 677-2009. Dates and Locations are subject to change.

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(800) 677-2009

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Consultants’ Training Institute

2014 Business Valuation Certification and Training Center

Certified Valuation Analyst® (CVA®)

Certified Business Appraiser (CBA)

Co-Sponsored by the National Association of Certified Valuators and AnalystsTM (NACVA®) and the Institute of Business Appraisers (IBA)

Las Vegas, NV, June 16–21, 2014

Pricing

2013*

Effective

Days 1 and 2: Business Valuations— Fundamentals, Techniques & Theory

$1,100

Day 3: BV—Applications and Calculations of the Income and Asset Approaches

$550

Day 4: BV—Case Analysis: Completed Transaction and Guideline Public Comparable Methods

$550

Day 5: Special Purpose Valuations and Case Studies—Facts to Conclusion

$550

One-Year NACVA Membership (Practitioner)

$485

$495

Training Center Curriculum

Certification Exam, Grading, and Proctoring Fee

$595

Days 1 and 2 Business Valuations—Fundamentals, Techniques & Theory (FT&T)

Total Retail Cost for Five-Day BVTC

$3,830

$3,840

Package Price before early registration discounts

$3,195

$3,295

Package Price after 10% Early Registration Discount

$2,875

$2,965

Program Content The Business Valuation Certification and Training Center’s (BVTC) compact fiveday curriculum is comprehensive and substantive, providing value from beginning to end. The BVTC’s primary goal is to provide attendees with information that will serve as a solid foundation for their professional valuation endeavors, whether or not they plan to pursue a designation. Attendees will also find that a sound mastery of the course contents will be of great assistance to them in their pursuit of an accreditation—be it a Certified Valuation Analyst (CVA) or a Certified Business Appraiser (CBA). The Business Valuation Certification and Training Center is the ultimate comprehensive training experience, offering attendees expanded knowledge, networking opportunities with instructors and fellow attendees, and resources and insights that will provide a foundation for future success.

Day 3

Business Valuations—Applications and Calculations of the Income and Asset Approaches

Day 4

Business Valuations—Case Analysis: Completed Transaction and Guideline Public Comparable Methods

Day 5

Special Purpose Valuations and Case Studies—Facts to Conclusion

Part 1: Valuation for Financial Reporting Part 2: Mergers and Acquisitions Part 3: Litigation Consulting Part 4: Case Studies—Facts to Conclusion

4/1/14

* Prices guaranteed for any 2014 BVTC registration paid for by 3/31/14.

Early Registration Discounts Register and pay by March 31, 2014 and receive a 10% discount Register and pay by April 30, 2014 and receive a 5% discount

N AC VA / C T I — 5 2 1 7 S o u t h S t a t e S t r e e t , S u i t e 4 0 0 , S a l t L a k e C i t y, U t a h 8 4 1 0 7 - 4 8 1 2

(800) 677-2009

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To register, visit

www.AnnualConsultantsConference.com or call Member Services at (800) 677-2009.

Conference Registration Fees: Current Update in Valuations (CUV) Pre-Conference Symposium*

Case Analysis in Person (CAP)*

Full Conference Registration

(Tuesday, June 17, 2014, 6:30 a.m.–8:15 a.m.)

(June 18–20, 2014)

1,300

(Tuesday, June 17, 2014, 8:30 a.m.–5:15 p.m.)

225

495

Fee: $

for NACVA, ADAM, or IBA members

for members and nonmembers

for NACVA, ADAM, or IBA members

$1,445

for non-members

$550

325

Spouse/Guest Fee: $

for non-members

per person (covers food and beverages at continental breakfasts, AM and PM breaks, luncheons, and receptions)

Early Registration and Multiple-Attendee Discounts:

150 $100 $50

$ Early Registration if paid by 2/28/14 Discount:

if paid by 3/31/14

if paid by 4/30/14

100 $150

Multiple- $ $ Attendee 2–3 4–5 Discount: attendees attendees

6+ attendees (Same firm in same physical office and paying together. Discount is per registrant.)

* No early registration or multiple-attendee discounts apply. N AC VA / C T I — 5 2 1 7 S o u t h S t a t e S t r e e t , S u i t e 4 0 0 , S a l t L a k e C i t y, U t a h 8 4 1 0 7 - 4 8 1 2

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PRSRT STD U.S. POSTAGE PAID SLC, UTAH PERMIT NO. 5274 5217 South State Street, Suite 400 Salt Lake City, UT 84107-4812

Demand for Financial Forensics Services Set to Soar

Due to increased regulation and regulatory enforcement, an increasing number of financial crimes as well as a record number of bankruptcies and corporate restructurings, the demand for financial forensics and forensic accounting services is set to soar. To help CPAs and other financial service professionals obtain the necessary training, certification, and credibility so they can grow Master Analyst in Financial and thrive in these areas, the National Association of Certified Forensics™ (MAFF™) Valuators and Analysts™ (NACVA®) and the Consultants’ Training Institute™ (CTI™) offer specialized certification and training programs and the Master Analyst in Financial Forensics™ (MAFF™) credential. The MAFF designation offers practitioners seven different pathways to acquire specialized training and the credibility necessary to practice in the financial forensics profession.

To learn more, call Member Services at (800) 677-2009.

Seven Specialty Tracks to Obtain the Master Analyst in Financial Forensics (MAFF) Credential: • Commercial Damages and Lost Profits • Matrimonial Litigation • Bankruptcy, Insolvency, and Restructuring • Business Valuation in Litigation • Business and Intellectual Property Damages • Forensic Accounting • Fraud Risk Management The live and online programs offered in these specialty tracks define both the legal and professional environments today in order to introduce relevant precedents, case law, and professional standards. Publication Date: January 2014