NACVA and the CTI's 2015 Annual Consultants' Conference

NACVA and the CTI's

{CULTIVATE}

2015 Annual Consultants' Conference June 24–27, 2015

The Roosevelt New Orleans Hotel New Orleans, LA USA See Inside Back Cover for Registration Fees and Discounts! www.AnnualConsultantsConference.com

{VENTURE} {ACHIEVE}

Cultivate.

As an Association focused on our members and their professional growth, NACVA embraces change as a necessity in an ever-evolving industry.

With the knowledge, experience, and strength gleaned from years spent pioneering the business valuation and financial forensic fields, we are proud to usher in and cultivate the next era of thought leaders. This year, the Annual Consultants’ Conference will showcase known, established experts alongside new, emerging trailblazers, resulting in a dynamic experience that will offer you both premier education and a unique, innovative perspective.

Venture.

Achieve.

Our continuing professional education explores current topics, industry updates, new techniques and products, and critical changes that govern our industry. In addition to exploring new technical content and skill development, NACVA invites you to venture into an underexplored, but pivotal zone: practice management. It is not enough anymore to have the skills and acumen. To increase your competitive edge and render the most profitable results from your designation, you must sell yourself and your practice. Our keynote speaker and partners will expand on concepts that illustrate the value and approachability of practice management and essential marketing techniques.

As practitioners, it is a challenge to separate ourselves from our day-to-day routine. However, it is a universal truth that without constant growth, the word achievement loses all significance. The Annual Consultants’ Conference is the prime forum to achieve great education, to foster professional relationships with like-minded individuals, to get current with the latest developments in the industry, and to energize your mind in a creative community. This event allows you to break your pattern, renew your excitement, revive your energy and productivity, and have a lot of fun!

…laissez les bons temps rouler! We invite you to join us in New Orleans this June for the NACVA and CTI’s Annual Consultants’ Conference—a city that truly captures the spirit of our theme: Cultivate. Venture. Achieve…and let the good times roll!

2015 Conference Co-Chairs

Brian Davidson, CVA Charis Financial Advisors, LLC

Melissa Bizyak, CPA, ABV, CVA, CFF Grossman Yanak & Ford, LLP

NACVA and the CTI

Rick Gray, CPA, ABV, CVA, ASA Daszkal Bolton, LLP

Alina Rivera-Tejeda, CPA, MBA, MAFF, CVA, CFE BDO Puerto Rico

Parnell Black, MBA, CPA, CVA Chief Executive Officer

Brien Jones, Chief Operations Officer and Executive Vice President, Business Development

Now What?

The NACVA New Member Network™ (NMN) is a community of established practitioners and young and newly credentialed members focused on enhancing the new member experience and fostering the next generation of business valuation and financial forensic practitioners.

Opportunities include:

The 2015 Annual Consultants’ Conference in New Orleans will feature several training and networking opportunities focused on building the skills and confidence of young and newly credentialed members.

18 hours of CPE designed to cover all the bases, A to Z, of managing business valuation and financial forensic engagements. Taught by industry masters and emerging leaders, this is the perfect track of training to attend as a follow up to certification programs.

Practice Builder Academy™

Current Update in Valuations Pre-Conference Symposium

Learn from industry pioneers how to properly position yourself and your firm to launch your practice into the six figures and beyond.

Get up-to-date on the trends, theory, approaches, and case law impacting the profession.

Grow Your Network while Experiencing Amazing New Orleans

Business Valuation and Financial Forensics Foundations, Q&A, and Panel Discussions

New Orleans 2 0 1 5 A N N U A L C O N S U L T A N T S ' C O N F E R E N C E

So You Just Earned Your Valuation Credential…

First-time attendee and new member network receptions and evening dining events are designed to facilitate camaraderie among newly credentialed and seasoned members.

Conference is the place to achieve great education and expand your professional network, so join us in New Orleans this June!

3

New Orleans 2015 ANNUAL CONSULTANTS'CONFERENCE 4

Keynote—The Strategy of Hope: A Poor Choice for Business Development Too many consultants employ the strategy of hope with business development—doing the same things over and over and hoping for a better result. To thrive in today’s increasingly competitive business environment, you need a new approach to organic growth. Skip the marketing tricks and join us to learn a solid approach to consulting that will re-energize your business-development culture.

Recognized as one of the major influencers of the accounting profession, Sam Allred interacts with hundreds of accounting and financial consulting firms each year. In this keynote session, Mr. Allred will share some of the insights he’s gained from working with the best businesses.

Thursday, June 25 Sam Allred, CPA 8:15–9:55 a.m.

Sam Allred is a director at Upstream Academy and founder of Upstream Academy Network, an international association of accounting firms. He was the central figure in the development of the methodology and best practices now practiced by hundreds of firms throughout the U.S. and Canada as part of High Performance Firms, Emerging Leaders Academy, LeaderSkills Institute, and his monthly management presentations. Mr. Allred interacts with hundreds of accounting firms around the world annually via conferences, partner retreats, management presentations, and training sessions. He speaks and writes extensively both in the U.S. and abroad. In high demand as a facilitator for accounting firm retreats, Mr. Allred energetically and creatively engages all of the partners in the discussion, using proven processes and their firm’s strengths to successfully navigate challenges each firm may face. He is viewed as one of the top strategic thinkers in the profession.

Mr. Allred has been recognized as one of the major influencers of the accounting profession and has been listed for the past several years as one of “IPA’s Most Recommended Consultants.”

Some of his favorite reads are Built to Last by James C. Collins and Jerry I. Porras, First Break All the Rules by Marcus Buckingham and Curt Coffman, Good to Great by James C. Collins, and True Professionalism by David Maister.

When Mr. Allred is not busy with Upstream Academy, he spends his time with his wife Marlene and his seven children. On occasion you can find him standing waist deep in water with a fly rod in hand or enjoying a golf course.

Concurrent Training Courses

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

Fields of Study

1 Hr AC; 1 Hr SK&A

SESSION TRACK

Practice Management

7:00–7:50 a.m.

1 Hr CPE

How the Right E/O Insurance Coverage Can Help You Grow Your Practice and Achieve Greater Success

Fields of Study

1 Hr SK&A

(Pre-Registration Required)

James Frazier

SESSION TRACKS

Current Update in Valuations Pre-Conference Symposium

Litigation Report Writing Workshop

Business Valuation Certification and Training Center

8:30–10:15 a.m.

2 Hrs CPE

Business Valuation and Financial Forensics Case Law Update

Litigation Report Writing Workshop

Marc Bello, Jason Pierce, Courtney Sparks White

Monday, June 22–Saturday, June 27, 2015

Fields of Study

1 Hr BL; 1 Hr SK&A

(continued below)

(see page 24)

Master Analyst in Financial Forensics™ (MAFF™) Specialty Training Workshops & Litigation Bootcamp for Financial Experts • Commercial Damages and Lost Profits • Forensic Accounting AcademyTM • Matrimonial Litigation

Monday, June 22–Saturday, June 27, 2015 (see page 26)

Report Writing: Review and Analysis Monday, June 22–Tuesday, June 23, 2015 (see page 25)

Certificate in Exit Planning Tuesday, June 23, 2015 (see page 25)

Valuing Family Limited Partnerships Workshop Thursday, June 25, 2015 (see page 25)

Howard Zandman

MORNING BREAK, REGISTRATION, AND EXHIBITS

10:15–10:30 a.m.

10:30 a.m.–12:15 p.m.

2 Hrs CPE

Mark Hanson, Mark Kucik, Carl Steffen

Industry Standards Update

Litigation Report Writing Workshop

Fields of Study

2 Hrs SK&A

(continued below)

(continued)

LUNCH ON OWN, REGISTRATION, AND EXHIBITS

12:15–1:30 p.m.

1:30–3:15 p.m.

2 Hrs CPE

Expert Witness Communications with Counsel

Litigation Report Writing Workshop

Fields of Study

2 Hrs SK&A

(continued below)

Richard Wise

AFTERNOON BREAK, REGISTRATION, AND EXHIBITS

3:15–3:30 p.m.

3:30–5:15 p.m.

2 Hrs CPE

(continued)

New Orleans 2 0 1 5 A N N U A L C O N S U L T A N T S ' C O N F E R E N C E

Wednesday, June 24, 2015

What You Can’t See Has Value— The Valuation of Intangible Assets

Litigation Report Writing Workshop

2 Hrs SK&A

8 Hrs SK&A

Fields of Study

7:00 p.m. departure

(continued)

Brent Sloan

BIG EASY DINE-AROUND

Participant Cancellations

NACVA Course Cancellation Policy

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 reserves the right to cancel or replace topics and/or presenters if circumstances require.

5

New Orleans 2015 ANNUAL CONSULTANTS'CONFERENCE

Thursday, June 25, 2015 6:30–8:00 a.m.

R E G I S T R AT I O N , C O N T I N E N TA L B R E A K FA S T, A N D E X H I B I T S

7:00–7:50 a.m.

1 Hr CPE

Marc Bello, Courtney Sparks White, and the Around the Valuation World Correspondents

Fields of Study

1 Hr SK&A

8:15–9:55 a.m.

2 Hrs CPE

Keynote Address—The Strategy of Hope: A Poor Choice for Business Development

Fields of Study

2 Hrs MAS

9:55–10:15 a.m.

MORNING BREAK AND EXHIBITS

SESSION TRACKS

Around the Valuation World Morning Show

Sam Allred

TRACK ONE Business Valuation Foundations

TRACK TWO Financial Forensics Foundations

TRACK THREE Business Valuation Leading-Edge Topics

TRACK FOUR Financial Forensics Leading-Edge Topics

TRACK FIVE Valuing Family Limited Partnerships Workshop Partnership Agreement and Analysis

10:15–11:55 a.m.

2 Hrs CPE

Business Valuation and Financial Forensics Case Law Update

Size Premium: Seductive Siren or DOA

People, Money & Patterns©

Marc Bello, Jason Pierce, Courtney Sparks White

Dr. Ashok Abbott

Darrell D. Dorrell

Peter Agrapides, Stephanie Loomis-Price

Fields of Study

1 Hr BL; 1 Hr SK&A

1 Hr FN; 1 Hr SK&A

2 Hrs SK&A

1 Hr AP; 1 Hr FN

NETWORKING LUNCHEON AND EXHIBITS

11:55 a.m.–12:55 p.m.

12:55–1:50 p.m.

1 Hr CPE Fields of Study

CVs and Engagement Letters Rick Gray

The Expert’s Role in Financial Forensics—Real-World Guidance for Managing the Engagement (continued below)

Fields of Study

Brian Buss

1 Hr TX

1 Hr MAS

FLP Case Law Overview Peter Agrapides, Stephanie Loomis-Price 1 Hr AP

QUICK BREAK AND EXHIBITS

1:50–2:05 p.m.

2:05–3:45 p.m.

2 Hrs CPE

Alfred King

T.J. Liles-Tims, Rebekah Smith

1 Hr SK&A

Valuation and Damages Calculations in Cases Involving Internet Infringement and Defamation

Caution!—IRC §6695A Can Be Injurious to Your Personal Wealth

Normalizing Owner Compensation Stephen Kirkland

The Expert’s Role in Financial Forensics—Real-World Guidance for Managing the Engagement

1 Hr MAS; 1 Hr SK&A

(continued) 3 Hrs SK&A

30 Things You Need to Know to be a Successful Matrimonial Forensic Analyst

Oil and Gas: From Rock to Bank Jim Harden

Empirical Data Overview

Karen Kaseno, Randall (Randy) Kessler

2 Hrs FN

1 Hr AP; 1 Hr SK&A

Peter Agrapides, Stephanie Loomis-Price 1 Hr AP; 1 Hr FN

AFTERNOON BREAK AND EXHIBITS

3:45–4:00 p.m.

Conversations with the Masters, Panel Discussion and Q&A 4:00–5:40 p.m.

2 Hrs CPE Fields of Study

6

Business Valuation Foundations

Financial Forensics Foundations

Business Valuation Leading-Edge Topics

Financial Forensics Leading-Edge Topics

Marc Bello, Rick Gray, Stephen Kirkland, Courtney Sparks White

T.J. Liles-Tims, Jason Pierce, Rebekah Smith

Dr. Ashok Abbott, Peter Agrapides, Jim Harden, Alfred King

Brian Buss, Darrell D. Dorrell, Karen Kaseno, Randall (Randy) Kessler

2 Hrs SK&A

2 Hrs SK&A

2 Hrs SK&A

2 Hrs SK&A

5:40–7:00 p.m.

“WHO DAT?” OPENING RECEPTION AND EXHIBITS

7:30 p.m. departure

CRESCENT CITY DINE-AROUND

6:30–8:00 a.m.

R E G I S T R AT I O N , C O N T I N E N TA L B R E A K FA S T, A N D E X H I B I T S

7:00–7:50 a.m.

1 Hr CPE

Marc Bello, Courtney Sparks White, and the Around the Valuation World Correspondents

Around the Valuation World Morning Show

Fields of Study

1 Hr SK&A

TRACK ONE Business Valuation Foundations

TRACK TWO Financial Forensics Foundations

TRACK THREE Business Valuation Leading-Edge Topics

TRACK FOUR Financial Forensics Leading-Edge Topics

TRACK FIVE Business Valuation and Financial Forensics Nuanced Topics

8:15–9:55 a.m.

2 Hrs CPE

Linking the Market Approach to the Income Approach: A Simulation Study

Taking a Deeper Dive into the Lost Profits “But-For” World

Pass-Through Entities: Lessons from the Literature and its Application to Private Companies

Valuation and Forensic Issues in Corporate Divorce Actions

Using Financial Forensics in the Defense of White-Collar Crimes

M. Mark Walker

Michael Pakter

Nancy Fannon, Keith Sellers

Melissa Bizyak

Tracy Coenen

Fields of Study

2 Hrs FN

(continued below)

2 Hrs SK&A

2 Hrs SK&A

2 Hrs SK&A

Business Interruption— Understanding the Unique Issues of BI Damage Calculation and Developing a Niche Practice

How and When to Implement a Discount for Lack of Control in Your Valuation

SESSION TRACKS

MORNING BREAK AND EXHIBITS

9:55–10:15 a.m.

10:15–11:55 a.m.

2 Hrs CPE Fields of Study

How to Effectively Use Market Data in Your Valuation Reports

Taking a Deeper Dive into the Lost Profits “But-For” World

Valuing Complex Financial Instruments—Monte Carlo Simulation and Lattice Models

Francisco (Frank) Rosillo, Sr.

(continued)

Matthew Goldberg

2 Hrs SK&A

4 Hrs SK&A

2 Hrs MM

Step-by-Step Guide to Applying a Quantitative Method to Support the Discount for Lack of Marketability Selection Kevin Zanni

Fields of Study

1 Hr FN

Rebuttal Reports and the Defense Expert’s Role

Fields of Study

2 Hrs SK&A

2 Hrs SK&A

The Evolution of a Great Numbers Presentation—Turning the Numbers into a Coherent Narrative

Experts, Mediation, and Confidentiality: How to Avoid Mistakes

Randall Bolten

Nancy Neal Yeend

1 Hr CM

1 Hr AP

Valuation of Businesses, Securities, and Intangible Assets for Bankruptcy Purposes

A Hands-On Workshop for Starting and Completing A Personal Injury Economic Damages Analysis

Life Insurance Policy Valuation— New Challenges Bring New Opportunities

Robert Reilly

Robert Vance

Tony Martin

2 Hrs SK&A

2 Hrs EC

2 Hrs SK&A

Valuing Complex Debt and Equity Structures

Christopher Scudero, Dr. Jennifer Vanderhart

Lorenzo Carver

1 Hr SK&A

1 Hr FN

QUICK BREAK AND EXHIBITS

1:50–2:05 p.m.

2:05–3:45 p.m.

2 Hrs CPE

Marc Bello

NETWORKING LUNCHEON AND EXHIBITS

11:55 a.m.–12:55 p.m.

12:55–1:50 p.m.

1 Hr CPE

Hubert Klein, Ken Mack

New Orleans 2 0 1 5 A N N U A L C O N S U L T A N T S ' C O N F E R E N C E

Friday, June 26, 2015

10 Common Errors in Valuation and How to Address These Issues

Navigating Expert Deposition and Trial Testimony

Sean Saari

T.J. Liles-Tims, Rebekah Smith

2 Hrs SK&A

2 Hrs SK&A

AFTERNOON BREAK AND EXHIBITS

3:45–4:00 p.m.

Conversations with the Masters, Panel Discussion and Q&A 4:00–5:40 p.m.

2 Hrs CPE

Fields of Study

Business Valuation Foundations

Financial Forensics Foundations

Francisco (Frank) Rosillo, Sean Saari, M. Mark Walker, Kevin Zanni

T.J. Liles-Tims, Michael Pakter, Christopher Scudero, Rebekah Smith, Dr. Jennifer Vanderhart

2 Hrs SK&A

2 Hrs SK&A

Business Valuation Leading-Edge and Nuanced Topics

Financial Forensics Leading-Edge and Nuanced Topics

Marc Bello, Lorenzo Carver, Nancy Fannon, Matthew Goldberg, Tony Martin, Robert Reilly, Keith Sellers

Melissa Bizyak, Randall Bolten, Tracy Coenen, Hubert Klein, Ken Mack, Robert Vance, Nancy Neal Yeend

2 Hrs SK&A

2 Hrs SK&A

5:40–6:30 p.m.

FAIS DO-DO CLOSING RECEPTION

7:30 p.m. departure

FRENCH QUARTER DINE-AROUND

7

New Orleans 2015 ANNUAL CONSULTANTS'CONFERENCE

Saturday, June 27, 2015 6:30–8:00 a.m.

CONTINENTAL BREAKFAST

7:00–7:50 a.m.

1 Hr CPE

Marc Bello, Courtney Sparks White, and the Around the Valuation World Correspondents

Fields of Study

1 Hr SK&A

Around the Valuation World Morning Show

TRACK ONE

TRACK TWO

TRACK THREE

Business Valuation Foundations

Practice Management

Practice Management

8:15–9:55 a.m.

2 Hrs CPE

Real-World Valuation Data: Understanding and Using the Top Valuation Databases and Resources

Microsoft® Excel for Valuators

Practice Builder AcademyTM: Strategies to Create a BVFLS Practice You Love Coming to and Find Success In

Fields of Study

2 Hrs SK&A

SESSION TRACKS

Frank Wisehart

(continued below)

Fields of Study

Real-World BVM Pro: Harnessing the Power of Valuation Software

Microsoft® Excel for Valuators

Frank Wisehart

(continued)

2 Hrs SK&A

4 Hrs SK&A

(continued below)

Practice Builder Academy: Strategies to Create a BVFLS Practice You Love Coming to and Find Success In

Certified Valuation Analyst® (CVA®) Master Analyst in Financial Forensics™ (MAFF™) Certified Business Appraiser™ (CBA™) Accredited in Business Appraisal Review™ (ABAR™)

(continued) 4 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 BM&O. . Business Management & 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

& Applications ST. . . . . . Statistics TX. . . . . . Taxes

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. For NASBArelated information on CPE, please refer to www.theCTI.com.

8

Mel Abraham, Rod Burkert

MORNING BREAK

9:55–10:15 a.m.

10:15–11:55 a.m.

2 Hrs CPE

David Ringstrom

PROCTORED EXAMS

“What made the Conference truly valuable to me was the opportunity to make life-changing connections with my peers.

The educational value is essential, but the human connection is always far more reaching and far more valuable than any lecture being presented. Some of the people I connected with will help me with future valuation projects; others will collaborate with me on new ventures. To create the space and event that could attract the right type of mix of people is an art and skill in itself. The NACVA Annual Conference organizing team did an amazing job!”

—Maria Serafica-Stermer, CPA, CVA, Hoffman, Stermer & Associates, Inc., Pacific Palisades, CA

Around the Valuation World®

Business Valuation Foundations

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

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

Gregory Caruso, JD, CPA, CVA Harvest Associates

Rick Gray, CPA, ABV, CVA, ASA Daszkal Bolton, LLP

Janae Castell, CVA, MAFF Woodrum, Tate & Associates, PLLC

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

Roberto Castro, JD, MST, MBA, CVA, CMEA Central Washington Appraisal, Economic & Forensics, LLC

Jason Pierce, CPA, CMA, CFM, CVA, MAFF Edelstein & Company, LLP

Current Update In Valuations Pre-Conference Symposium Marc Bello, CPA, ABV, MST, CVA, MAFF Edelstein & Company, LLP

Melissa Bizyak, CPA, ABV, CFF, CVA Grossman Yanak & Ford, LLP

Mark Hanson, CPA, ABV, CVA Schenck SC

Randall Bolten, MBA Lucidity

Mark Kucik, CPA, CVA, CM&AA, CFF, CPVA The Kucik Valuation Group, LLC

Brian Buss, CFA Nevium Intellectual Property Solutions

Jason Pierce, CPA, CMA, CFM, CVA, MAFF Edelstein & Company, LLP

Darrell D. Dorrell, CPA, ABV, MBA, ASA, CVA, CMA financialforensics®

Brian Davidson, CVA Charis Financial Advisors, LLC

Francisco (Frank) Rosillo, Sr., CPA, ABV, ABAR, CBA, CVA, CFE, CFF, MAFF Valfor-Valuations and Forensics, LLC

Christopher Ekimoff, CPA, CFE, MAFF, MBA FTI Consulting, Inc.

Sean Saari, CPA, ABV, CVA, MBA Skoda Minotti

Carl Steffen, CPA, ABV, CFF, CVA, ASA, CBA, ABAR WSRP

Mark Felton, CPA, CFE, MBA, MAFF, CVA Mark Felton CPA

M. Mark Walker, PhD, CFA, CBA, MBA University of Mississippi

Courtney Sparks White, JD, LLM, ASA, CVA Clarus Partners

Michael Gregory, CVA, CBA, ASA, Qualified Neutral, MN Supreme Court Michael Gregory Consulting, LLC

Courtney Sparks White, JD, LLM, ASA, CVA Clarus Partners

Richard Wise, CPA, CA, FCA•IFA, FCBV, FASA, MCBA, CVA, FRICS, C.Arb, CFE, CFF, TEP, L.Acc MNP, LLP

Kathy Knapp, MBA, CPA, CVA Knapp Valuation, Inc. T.J. Liles-Tims, MBA, CVA, CFE, MAFF BVFF Partners, LLC William Malek, CVA, MAFF Michigan Business Advisors Courtney Sparks White, JD, LLM, ASA, CVA Clarus Partners

Business Valuation and Financial Forensics Nuanced Topics Marc Bello, CPA, ABV, MST, CVA, MAFF Edelstein & Company, LLP Tracy Coenen, CPA, CFF Sequence, Inc. Tony Martin, MBA, MTax, CFP, CLU, AIFA M3 Advisors and Martin Financial Group Nancy Neal Yeend, Mediator Silicon Valley Mediation Group

Frank Wisehart, MBA, CPA, ABV, CFE, CVA RGL Forensics Kevin Zanni, CVA, CBA, ASA, CFE Willamette Management Associates

Business Valuation Leading-Edge Topics Dr. Ashok Abbott, PhD West Virginia University Lorenzo Carver, MBA, MS, CPA, ABV, CVA Liquid Scenarios, Inc. Nancy Fannon, CPA, ABV, ASA, MCBA Meyers, Harrison & Pia, LLC Matthew Goldberg, MBA BDO Consulting Alfred King, CMA, CFM Marshall & Stevens, Inc. Jim Harden, ASA, CPG Hein & Associates Robert Reilly, CPA, ABV, ASA, CBA, CFA, CMA, MBA, CVA, ATA, CFF, CREA, CRA, CVC, CGMA, EA Willamette Management Associates Keith Sellers, CPA, PhD University of Denver School of Accountancy

Financial Forensics Leading-Edge Topics

Brent Sloan, ASA•IA Alvarez & Marsal Valuation Services

Financial Forensics Foundations Marc Bello, CPA, ABV, MST, CVA, MAFF Edelstein & Company, LLP T.J. Liles-Tims, MBA, CVA, CFE, MAFF BVFF Partners, LLC Michael Pakter, CGMA, CVA, MAFF, CFF, CDBV, CIRA, CFE, CPA, CA Gould & Pakter Associates, LLC Jason Pierce, CPA, CMA, CFM, CVA, MAFF Edelstein & Company, LLP Christopher Scudero, CPA, CFF, CITP, CGMA CMJS Forensic Services Rebekah Smith, CPA, CVA, MAFF, CFF GBQ Consulting, LLC Dr. Jennifer Vanderhart, PhD FTI Consulting Courtney Sparks White, JD, LLM, ASA, CVA Clarus Partners

Karen Kaseno, CPA, CVA, CFE, MAFF The Kaseno CPA Firm, APC Randall (Randy) Kessler, JD, Esq. Kessler & Solomiany, LLC Hubert Klein, CPA, ABV, CVA, CFE, CFF EisnerAmper, LLC Ken Mack, CPA, CFF Kaplan & Mack, LLC Robert Vance, CPA, ABV, CFF, CVA, CFP Forensic & Valuation Services, PLC

Keynote Sam Allred, CPA Upstream Academy

Litigation Report Writing Workshop Howard Zandman, CPA, CFF, MAFF Habif Arogeti & Wynne, LLP

New Orleans 2 0 1 5 A N N U A L C O N S U L T A N T S ' C O N F E R E N C E

2015 Annual Consultants’ Conference Faculty

Practice Management Mel Abraham, CPA, CVA, ABV, ASA Rod Burkert, CPA, ABV, CVA, MBA Burkert Valuation Advisors, LLC James Frazier, CPCU Primus Assurance Group David Ringstrom, CPA Accounting Advisors, Inc.

Valuing Family Limited Partnerships Workshop Peter Agrapides, MBA, CVA Western Valuation Advisors Stephanie Loomis-Price, JD Winstead, PC

9

New Orleans 2015 ANNUAL CONSULTANTS'CONFERENCE 10

Photo: Pat Garin

Welcome to New Photo: Chris Granger

Photo: Cheryl Gerber

Photo: Jeff Anding

In 1718, Frenchman Sieur de Bienville founded a strategic port city five feet below sea level, near the juncture of the Mississippi and the Gulf of Mexico. The new city, or ville, was named La Nouvelle-Orléans for Philippe, duc d’Orléans, and centered around the Place d’Armes (now known as the French Quarter or Vieux Carré). And thus, New Orleans was born.

The August 2005 category-five Hurricane Katrina—followed a month later

by Hurricane Rita—was one of the deadliest and most destructive hurricanes ever to hit the United States. However, true to its industrious origins and vibrant, unwavering spirit, New Orleans has rebounded. You will be hard pressed to find evidence of the hurricane as Louisiana approaches the ten-year anniversary of the hurricanes.

Over the years, New Orleans has had a powerful influence on American and global culture. The city’s cuisine is renowned globally, and New Orleans is considered the birthplace of jazz, funk, and rock and roll. Literary giants, from Tennessee Williams to William Faulkner, have flocked to the “The Big Easy” for inspiration. The food, music, and cultural practices of New Orleans will capture your imagination and heart.

Prior to Katrina’s landfall in 2005, the economy of New Orleans relied heavily on its usefulness and income derived from being a port city. New Orleans reinvented itself from reliance on income derived solely from being a port city to include other industries such as entertainment, tourism, insurance, and technology. As a result, productivity in the New Orleans metro area in 2011 was 14 percent higher than the U.S. The New Orleans metro’s rate of business startups is 56 percent higher than the national average, and 33 percent higher than the aspirational southern metros of Austin, Charlotte, Houston, Nashville, Orlando, Raleigh, and San Antonio.

Diversity, creativity, and celebration are at the core of the New Orleans way of life. Throughout its history, New Orleans’ culture has been influenced by the Spanish, French, Americans, Islanders, West Africans, and more, resulting in a unique and exotic city and society unlike any other. Today, the city is a true cultural gumbo: a spicy mix of ingredients, earning it a place on “America’s Favorite Cities” list. Tourism projections of 6.9 billion in visitor spending for 2016 prove that point.

We look forward to you joining us in “The Big Easy” for the Annual Consultants’ Conference!

Photo: Pat Garin

The Roosevelt New Orleans

Travel Services

How many hotels leave such an impression that 80 miles of highway are built just so the governor can get a drink? The legend of Huey P. Long and Airline Highway is one of so many that defined The Roosevelt’s brilliant 40-year run during the early 1900s.

Call Sue Ellen at (800) 355-3644

Though the hotel originally opened as The Grunewald in 1893 and was later renamed The Fairmont, it was during the Roosevelt years that it established itself as a beacon of luxury in the South. The hotel was a revolving door of the time’s most famous names— Louis Armstrong, Cab Calloway, Ray Charles, Jack Benny, Bob Hope—each adding to a legend that continues to be written today.

This luxurious hotel was completely restored and reopened in 2009 following the destruction of Hurricane Katrina. It is conveniently situated with easy walking distance to the French Quarter neighborhood and the famous Canal and Bourbon streets.

The Roosevelt New Orleans, a Waldorf Astoria Hotel 130 Roosevelt Way, New Orleans, LA 70112

Relax! Let NACVA Travel Services remove the stress and handle your arrangements for New Orleans. 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.

New Orleans 2 0 1 5 A N N U A L C O N S U L T A N T S ' C O N F E R E N C E

Orleans!

Photo: Chris Granger

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).

Conference Rate: $229 Single/Double Expires: June 2, 2015 Reservation Website: resweb.passkey.com/go/NACVA15 Reservation Line: (800) WALDORF or (800) 925-3673 Promotion Code: NACVA and CTI’s Annual Consultants’ Conference

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New Orleans 2015 ANNUAL CONSULTANTS'CONFERENCE

Who Dat?ibits

Exh Opening Reception an7:0d0 p.m .

Thursday, June 25, 5:40–

PERFORMING LIVE!

Fais Do-Do Closing Reception

Friday, June 26, 5:40–

6:30 p.m.

PERFORMING LIVE!

Dwayne Dopsie and the Zydeco Hellraisers

Cristina Perez Jazz Band

Enjoy an even ing of smooth jazz coupled w ith the amazin g vocal talent of Cristina Perez, a “Big Easy” awar d-winning artis t who will transp ort you to the early 1900s, a perfect fit for th e historic Roosev elt Hotel, which emerged durin g this same er a.

ns “Best Winner of the New Orlea years in ee thr ” of the Best Award nd play ba his d a row, Dwayne an le of sty rgy ne a unique, high-e on your u yo ve ha Zydeco that will ns lea Or w Ne e feet! This is tru back te da t tha ts music with roo nings. gin be ole to the French Cre

Hobnob and Mingle Receptions Evening Social Events Long before the saying became associated with the New Orleans Saints, “Who Dat” was a common dialogue between traveling minstrel show performers and the audience members. Fais do-do is the name for a Cajun dance party. The Hobnob and Mingle Receptions will feature some of New Orleans’ iconic musical styles while providing the perfect backdrop to rekindle established relationships and cultivate new ones.

These receptions are the ideal closures to a day filled with information-packed sessions that segue nicely into the Evening Social Events. Heavy hors d'oeuvres and hosted bar will be provided.

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Wednesday, June 24

Thursday, June 25

Friday, June 26

Big Easy Dine-Around

Crescent City Dine-Around

French Quarter Dine-Around

New Orleans is one of the most colorful and dynamic cities in the United States well known for fine dining, historic cafes, and restaurants that blend the rich history of varied cultures and southern cooking styles to create distinctive Creole and Cajun dishes unique to the city.

Make it a goal during Conference to shy away from boring chain restaurants and instead join other Conference attendees, Conference presenters, course instructors, and industry leaders to experience New Orleans’ cuisine while also establishing new connections. Dinner costs will be on own. More details about the Evening Social Events and host restaurants are available online at www.AnnualConsultantsConference.com.

New Orleans 2 0 1 5 A N N U A L C O N S U L T A N T S ' C O N F E R E N C E

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

N

ACVA and the CTI seek nominations for the 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 2015 Annual Consultants’ Conference in New Orleans, LA, June 24–27.

They will also be featured in various NACVA publications: n 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 2015 Annual Consultants’ Conference in New Orleans, LA; 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 air fare.

Nominees do not need to be affiliated with NACVA/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 March 31, 2015.

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New Orleans 2015 ANNUAL CONSULTANTS'CONFERENCE

Case Analysis in Person (CAP) Additional Registration Fee: $225 for Members and Non-members. Early Registration or Multiple-attendee discounts do not apply. This course qualifies for 12 bonus points toward NACVA-credentialed member recertification, in addition to course CPE.

Wednesday, June 24 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.

Photo: Jay Co

mbe

Current Update in Valuations (CUV) Pre-Conference Symposium Additional Registration Fee: Members: $540/Non-members: $600. Early Registration or Multiple-attendee discounts do not apply. This course qualifies for 12 bonus points toward NACVA-credentialed member recertification, in addition to course CPE.

Wednesday, June 24 8:30–10:15 a.m.

Business Valuation and Financial Forensics Case Law Update (Marc Bello, Jason Pierce, Courtney Sparks White)

Providing expert testimony is the moment of truth as to the reliability and credibility of a business appraiser’s opinion. What better way to prepare and defend one’s opinion than to examine, deconstruct, and discuss business valuation opinions and forensic damage calculations from recent high-profile court cases. By scrutinizing recent case law, this session will enable attendees to extract judicial opinions and analyses to strengthen one’s own credibility and conclusion.

10:30 a.m.–12:15 p.m.

Industry Standards Update

(Mark Hanson, Mark Kucik, Carl Steffen) 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.

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1:30–3:15 p.m.

Expert Witness Communications with Counsel (Richard Wise)

This session will analyze the far-reaching Canadian decision in Moore v.

Getahun, (2014) ONSC 237, Ontario, regarding communications between counsel and expert and the use of draft reports.

3:30–5:15 p.m.

What You Can’t See Has Value—The Valuation of Intangible Assets (Brent Sloan)

This session delves into the valuation of intangible assets. It features a discussion and demonstration of the application of traditional methodologies, such as the Relief from Royalty (RfR), the Multi-Period Excess Earnings Method (MPEEM), and alternatives espoused in various best practices such as the AICPA IPR&D Accounting and Valuation Guide.

Thursday, June 25 10:15–11:55 a.m.

Business Valuation and Financial Forensics Case Law Update (Marc Bello, Jason Pierce, Courtney Sparks White)

Providing expert testimony is the moment of truth as to the reliability and credibility of a business appraiser’s opinion. What better way to prepare and defend one’s opinion than to examine, deconstruct, and discuss business valuation opinions and forensic damage calculations from recent high-profile court cases.

By scrutinizing recent case law, this session will enable attendees to extract judicial opinions and analyses to strengthen one’s own credibility and conclusion.

12:55–1:50 p.m.

CVs and Engagement Letters (Rick Gray)

Photo: Jay Combe

Litigation Report Writing Workshop Additional Registration Fee: Members: $540/Non-members: $600. Early Registration Discounts available. Multiple-attendee discounts do not apply.

This course qualifies for 12 bonus points toward NACVA-credentialed member recertification, in addition to course CPE.

Wednesday, June 24 8:30 a.m.–5:15 p.m.

(Howard Zandman)

This session will examine ways to grow and protect your business valuation practice through the use of a well-written curriculum vitae (CV) and engagement contracts (i.e., engagement letters). Through the use of firstrate examples, this session will illustrate how to convey and highlight one’s education and competence in a CV and offer suggestions as to how to tailor one’s CV to a particular engagement in the proposal process.

2:05–3:45 p.m.

Normalizing Owner Compensation

New Orleans 2 0 1 5 A N N U A L C O N S U L T A N T S ' C O N F E R E N C E

Business Valuation Foundations Track

(Stephen Kirkland)

This session will explain the accepted methodologies for normalizing owner compensation in business valuations (as well as for resolving shareholder disputes and IRS challenges to [un]reasonable compensation). Tips and recommendations will be presented for improving efficiencies, documenting analyses, finding comparability data, avoiding common mistakes, and drawing defendable conclusions.

Continued on next page...

In this Litigation Report Writing Workshop, attendees will learn effective approaches to writing an expert report for use in a litigation matter. The course will include a review of the report writing requirements set forth in the Federal Rules of Civil Procedure and reporting requirements for other jurisdictions. This Workshop will also focus on drafting reports with an emphasis on content, language, supporting evidence, exhibits, and professional standards compliance.

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New Orleans 2015 ANNUAL CONSULTANTS'CONFERENCE

Business Valuation Foundations Track (Continued) Friday, June 26 8:15–9:55 a.m.

Linking the Market Approach to the Income Approach: A Simulation Study (M. Mark Walker)

When an appraiser uses the Market Approach, the pricing multiples reflect items that typically transfer in an asset or stock sale. When an appraiser uses the Income Approach, he or she adjusts the implied value from the capitalization or Discounted Cash Flow Method for excess or deficient net working capital. This session will reconcile the contrasting treatment of net working capital for the Market and Income approaches and evaluate several adjustments to the pricing multiples advocated in business valuation literature.

10:15–11:55 a.m.

How to Effectively Use Market Data in Your Valuation Reports (Francisco [Frank] Rosillo, Sr.)

This session explores the various applications of market-sourced data used by valuation analysts in deriving a conclusion of value. It aims to achieve a new level of practitioner awareness intended to enhance engagement effectiveness and provide an in-depth understanding of the rationale and knowledge required to effectively use market-data sources.

12:55–1:50 p.m.

Step-by-Step Guide to Applying a Quantitative Method to Support the Discount for Lack of Marketability Selection (Kevin Zanni)

This session will provide the participant with a step-by-step approach to quantifying a discount for lack of marketability (DLOM) using (1) restricted stock studies, (2) pre-IPO studies, and (3) the FMV Opinions Study database.

In addition to examples, qualitative advice will be provided as to how to support the quantitative results.

2:05–3:45 p.m.

10 Common Errors in Valuation and How to Address These Issues

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Photo: Cheryl Gerber

Saturday, June 27 8:15–9:55 a.m.

Real-World Valuation Data: Understanding and Using the Top Valuation Databases and Resources (Frank Wisehart) Co-Sponsored by ValuSource

This session will cover a number of important valuation databases and resources, including RMA Annual Statement Studies® Valuation Edition, IBA Market Data, Pluris DLOM Database™, Duff & Phelps’ Valuation Handbook–Guide to Cost of Capital plus Around the Valuation World®, Federal & State Case Law, S-1 Filings, and others. This session will reveal the critical things attendees need to know about each database and resource and provide real-world application tips as well as traps to avoid.

10:15–11:55 a.m.

Real-World BVM Pro: Harnessing the Power of Valuation Software

(Sean Saari)

(Frank Wisehart) Co-Sponsored by ValuSource

The world of valuation is a complex discipline in which seemingly minor errors can significantly impact value. Join us for this informative session to learn about some of the most common errors made when valuing a business and how to address these issues both within one’s own report and when reviewing an opposing expert’s report.

Business Valuation Manager™ Pro (BVM Pro) and the Business Valuation Report Writer™ (BVRW) software are both comprehensive and completely customizable. In this engaging session, learn how to use both software programs for real-life engagements and how easy it is to modify and customize information to meet your precise needs.

Thursday, June 25

Friday, June 26

10:15–11:55 a.m.

8:15–11:55 a.m.

Business Valuation and Financial Forensics Case Law Update (Marc Bello, Jason Pierce, Courtney Sparks White)

Providing expert testimony is the moment of truth as to the reliability and credibility of a business appraiser’s opinion. What better way to prepare and defend one’s opinion than to examine, deconstruct, and discuss business valuation opinions and forensic damage calculations from recent high-profile court cases. By scrutinizing recent case law, this session will enable attendees to extract judicial opinions and analyses to strengthen one’s own credibility and conclusion.

12:55–3:45 p.m.

The Expert’s Role in Financial Forensics—Real-World Guidance for Managing the Engagement (T.J. Liles-Tims, Rebekah Smith)

The key factors that experienced litigation consultants consider when they evaluate and undertake 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, which, in turn, lead to a thriving practice.

Taking a Deeper Dive into the Lost Profits “But-For” World (Michael Pakter)

The session will use vignettes to dive deeper into the four commonly reorganized methods that economic damages experts commonly use to calculate lost profits: the Before-and-After Method, the Yardstick Method, the Sales Projection Method, and the Market Share Method. This session will also discuss scrutinize the documentation required for each method, case law as well as method-specific “tricks and traps.”

12:55–1:50 p.m.

Rebuttal Reports and the Defense Expert’s Role (Christopher Scudero, Dr. Jennifer Vanderhart)

At times, the financial expert is hired not to develop their own theory of damages but to critique or refute the plaintiff’s report. 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.

Navigating Expert Deposition and Trial Testimony (T.J. Liles-Tims, Rebekah Smith)

New Orleans 2 0 1 5 A N N U A L C O N S U L T A N T S ' C O N F E R E N C E

Financial Forensics Foundations Track

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 matter, then an expert cannot be successful.

“The contacts I met and the material [I] received are memorable.

I met people who I can call for information and to bounce things off of.

I think you guys worked very hard on the Conference and it showed.

NACVA-CTI staff were helpful and polite. Thanks very much.”

— Bobby Cantor, CPA, CVA, Hertzbach & Co., Owing Mills, MD

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New Orleans 2015 ANNUAL CONSULTANTS'CONFERENCE

Business Valuation Leading-Edge Topics Track Thursday, June 25

Friday, June 26

10:15–11:55 a.m.

8:15–9:55 a.m.

Size Premium: Seductive Siren or DOA (Dr. Ashok Abbott)

Size premium has become an ingrained part of valuation lore. However, a closer look indicates that it may be based on a few historical outliers, may not exist for a vast majority of time periods, is negative for a significant part of market history, and may in reality be simply a masquerade for the liquidity premium. This session dissects the components of size premium and presents empirical evidence challenging commonly accepted notions.

12:55–1:50 p.m.

Caution!—IRC §6695A Can Be Injurious to Your Personal Wealth (Alfred King)

IRC §6695A provides a draconian penalty—to you personally—if the IRS feels your valuation for tax purposes is off by 50 percent or more. In this session, §6695A will be discussed and suggestions will be offered about how to protect yourself. Further there is a suggestion that the Internal Revenue Code itself should be changed.

2:05–3:45 p.m.

Oil and Gas: From Rock to Bank (Jim Harden)

This session will provide the audience with an overview of oil and gas exploration, financing, and valuation. At a high level, it will cover geological and engineering techniques used to estimate oil and gas reserve volumes and how those estimates are used in discounted cash flow analysis. Discount rate development and transaction analysis ($/barrels of reserves and $/flowing barrel equivalent) will also be addressed.

Pass-Through Entities: Lessons from the Literature and its Application to Private Companies (Nancy Fannon, Keith Sellers)

The S corporation valuation puzzle has long been plagued by many varied theories founded on unsupported speculation and guesses. Join us for an illuminating session about what academic research can teach us about the impact that taxes have on value and how to apply that research to private company valuations.

10:15–11:55 a.m.

Valuing Complex Financial Instruments— Monte Carlo Simulation and Lattice Models (Matthew Goldberg)

With increasing regulatory scrutiny, the use of open-form option-pricing models has become more widely applied. This presentation will identify and cover the standards involved in determining the value of certain complex financial instruments using Monte Carlo simulation and lattice models.

12:55–1:50 p.m.

Valuing Complex Debt and Equity Structures (Chris Hamilton)

Private companies issue a broad range of securities that are not often used in public markets. This session will discuss application of the 2012 Private Equity and Venture Capital Valuation Guidelines on the valuation of convertible preferred stock, convertible (mezzanine) debt, options and warrants, profits, interests, and other contractual rights.

2:05–3:45 p.m.

Valuation of Businesses, Securities, and Intangible Assets for Bankruptcy Purposes (Robert Reilly)

This session focuses on the reasons why valuation analysts may be called to value businesses, securities, and/or intangible assets within a bankruptcy environment. In particular, this session describes the different types of opinions analysts may be asked to prepare, bankruptcy analytical procedures that impact the application of the generally accepted valuation approaches and methods, due diligence procedures required of the analyst within the bankruptcy context, and, finally, the valuation analyst’s written and oral report guidelines within a bankruptcy litigation environment.

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Thursday, June 25 10:15–11:55 a.m.

Friday, June 26

People, Money & Patterns

©

(Darrell D. Dorrell)

Within forensic accounting, patterns link and reflect the inherent relationships between people and money. This session demonstrates how patterns are identified and measured using one or a combination of visual, time, and variation techniques. These techniques apply to all aspects of financial forensics, including valuation, damages, fraud, attest, financial statement misrepresentation, corruption, et al.

12:55–1:50 p.m.

Valuation and Damages Calculations in Cases Involving Internet Infringement and Defamation (Brian Buss)

Applying IP valuation- and damages-calculation methodologies in the world of Internet and social media marketing is a new challenge for valuation and damages experts. Whether dealing with defamatory statements, copyright or trademark infringement, understanding how to adapt the methodologies used to value IP and calculate damages is critical in today’s Internet and social media disputes.

2:05–3:45 p.m.

30 Things You Need to Know to be a Successful Matrimonial Forensic Analyst (Karen Kaseno, Randall [Randy] Kessler)

This session offers attendees the opportunity to learn from a well-known and experienced family law attorney and forensic accountant what attorneys expect in a matrimonial matter. The presenters will offer the combined perspectives of the family law litigator and forensic accountant to help forensic experts improve their family law courtroom skills and knowledge. The session will also touch on business development so that these skills can be put to good use.

8:15–9:55 a.m.

Valuation and Forensic Issues in Corporate Divorce Actions (Melissa Bizyak)

This session will focus on common and unique attributes that arise in shareholder disputes for non-public companies, including the difficulties in obtaining discovery when representing minority owners, the damaging impact of negative inferences, valuation issues and limitations under state statues or case law, and myriad issues and allegations faced in the complaint and counter claims process.

10:15–11:55 a.m.

Business Interruption—Understanding the Unique Issues of BI Damage Calculation and Developing a Niche Practice (Hubert Klein, Ken Mack)

With the memories of recent natural disasters such as Hurricane Katrina and Sandy still very much in the minds of many people, this presentation will be devoted to developing the unique skills and tools needed to service affected clients and assist them with their business interruption claims.

12:55–1:50 p.m.

The Evolution of a Great Numbers Presentation— Turning the Numbers into a Coherent Narrative

New Orleans 2 0 1 5 A N N U A L C O N S U L T A N T S ' C O N F E R E N C E

Financial Forensics Leading-Edge Topics Track

(Randall Bolten)

Presenting numerical information is a communication skill, and the numbers must tell a story. This session will guide valuators through the steps that will turn a meaningless pile of numbers into a coherent narrative and strengthen one’s reputation as a deep business thinker—not just a number cruncher.

2:05–3:45 p.m.

A Hands-On Workshop for Starting and Completing a Personal Injury Economic Damages Analysis (Robert Vance)

This session incorporates a live case study workshop on completing a personal injury/wrongful death economic damages analysis (loss of earning capacity) using an Excel template created by the presenter. It will guide attendees through the process of sorting and selecting correct data from well-known data sources, including online databases such as the Bureau of Labor Statistics.

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New Orleans 2015 ANNUAL CONSULTANTS'CONFERENCE

“I enjoyed the damage calculation sessions as they were most relevant to my practice area.”

— Michelle D. McHale-Adams, CPA, CFF, CFE, Plante & Moran, PLLC, Grand Rapids, MI Photo: Jen Amato

Business Valuation and Financial Forensics Nuanced Topics Track Friday, June 26 8:15–9:55 a.m.

Using Financial Forensics in the Defense of White-Collar Crimes (Tracy Coenen)

White collar crime cases, including money laundering, tax fraud, embezzlement, and investment fraud, almost always focus on a trail of money leading to the guilty parties. Successfully completing and presenting a sophisticated financial analysis is more important than ever as the government takes a hard line on financial fraud.

10:15–11:55 a.m.

How and When to Implement a Discount for Lack of Control in Your Valuation

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12:55–1:50 p.m.

Experts, Mediation, and Confidentiality: How to Avoid Mistakes (Nancy Neal Yeend)

Even though the use of experts in mediation has increased over the years, some challenges remain, such as resistance to using experts and confusion over confidentiality requirements. This session provides tips and suggestions for experts on how to increase their inclusion in mediation, how an expert benefits the entire settlement process, and things to consider regarding confidentiality requirements.

2:05–3:45 p.m.

Life Insurance Policy Valuation—New Challenges Bring New Opportunities

(Marc Bello)

(Tony Martin)

How does a discount for lack of control (DLOC) fit into your current valuations?

This session will analyze sources in deriving a DLOC, specifically how they have been accepted by the courts, and how best to develop and defend your DLOC.

Valuing a life insurance policy used to be a simple matter. However, outdated regulations, new insurance policy types, and industry pressure have significantly complicated the valuation process. Whether it is for gifting (trust, charity, or other) or estate tax purposes, distributions from employer to employee, trust-totrust sales, or split-dollar plan terminations, the importance of the valuation is increasing as is the role of the valuation expert regarding life insurance policies.

Valuing Family Limited Partnerships Workshop

Wednesday, June 24

Thursday, June 25

7:00–7:50 a.m.

10:15–11:55 a.m.

How the Right E/O Insurance Coverage Can Help You Grow Your Practice and Achieve Greater Success (James Frazier) Co-Sponsored by Primus Assurance Group

This session will help practitioners learn to position themselves with potential clients and referral sources for more engagements. This session also examines the broadened services that are covered by Primus Assurance Group’s errors and omissions (E/O) policy, which allows the practitioner to offer a wide array of professional services without falling outside of their E/O coverage.

Saturday, June 27 8:15–11:55 a.m.

Microsoft® Excel for Valuators (David Ringstrom)

This session is designed specifically to help valuators take their Excel skills to the next level, so they can be more efficient performing business valuations.

Most valuators only use a tiny fraction of Excel’s capabilities, which 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.

Saturday, June 27 8:15–11:55 a.m.

Practice Builder AcademyTM: Strategies to Create a BVFLS Practice You Love Coming to and Find Success in (Mel Abraham, Rod Burkert)

So you are in, or running, a BVFLS practice—but still struggling to make it grow. There is a body of knowledge that tells us how to do the work (technical skills), but nothing that teaches us how to get the work (marketing and positioning skills). Join Mel Abraham and Rod Burkert for a frank conversation about building a profitable, thriving practice that supports your life instead of consuming it.

Partnership Agreement and Analysis

(Peter Agrapides, Stephanie Loomis-Price) This session will introduce attendees to common provisions contained in partnership and operating agreements as well as the effect these provisions have on valuation discounts. Attendees will also be introduced to relevant Internal Revenue Code sections that aid in the analysis of such agreements.

12:55–1:50 p.m.

FLP Case Law Overview

(Peter Agrapides, Stephanie Loomis-Price) This session will introduce attendees to a wide cross section of federal case law dealing with issues specific to the valuation of family limited partnerships and similarly situated holding companies. Topics covered in this session include appraiser qualifications and penalties, IRC §2036 and bad facts cases, time-travel in valuation, and valuation issues related to undivided interests in real property.

2:05–3:45 p.m.

Empirical Data Overview

(Peter Agrapides, Stephanie Loomis-Price) This session will introduce attendees to the most common data sources utilized by appraisers in estimating discounts. This session will provide overviews of the Partnership Profiles Survey of Partnership Re-Sale Discounts as well as closedend mutual funds.

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Practice Management Track

“Congratulations on your dynamite Conference.

The quality of the presentations were top shelf, and the ideas we bring back to our practice keep us as market leaders.”

—James (Jim) A. Schaffner, CPA, ABV, CVA, Schaffner, Knight, Minnaugh & Co., PC, Erie, PA

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New Orleans 2015 ANNUAL CONSULTANTS'CONFERENCE

“The information you come away with is phenomenal. I also benefitted from the networking opportunities and making contact face-to-face.”

— Darrell G. Eskam, CPA, CVA, MAFF, Eskam & Eskam, CPAs, PC, Gering, NE Photo: Pat Garin

Conversations with the Masters Panel Discussions and Q&A Sessions Whether you are just beginning to learn the necessary skills or 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 Thursday and Friday 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.

Thursday, June 25

Friday, June 26

4:00–5:40 p.m.

4:00–5:40 p.m.

Business Valuation Foundations Panel Discussion and Q&A

Marc Bello, Rick Gray, Stephen Kirkland, and Courtney Sparks White

Financial Forensics Panel Discussion and Q&A T.J. Liles-Tims, Jason Pierce, and Rebekah Smith

Business Valuation Leading-Edge Topics Panel Discussion and Q&A

Dr. Ashok Abbott, Peter Agrapides, Jim Harden, and Alfred King

Financial Forensics Leading-Edge Topics Panel Discussion and Q&A

Brian Buss, Darrell D. Dorrell, Karen Kaseno, and Randall (Randy) Kessler

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Business Valuation Foundations Panel Discussion and Q&A

Francisco (Frank) Rosillo, Sr., Sean Saari, M. Mark Walker, and Kevin Zanni

Financial Forensics Foundations Panel Discussion and Q&A

T.J. Liles-Tims, Michael Pakter, Christopher Scudero, Rebekah Smith, and Dr. Jennifer Vanderhart

Business Valuation Leading-Edge and Nuanced Topics Panel Discussion and Q&A

Marc Bello, Lorenzo Carver, Nancy Fannon, Matthew Goldberg, Tony Martin, Robert Reilly, and Keith Sellers

Financial Forensics Leading-Edge and Nuanced Topics Panel Discussion and Q&A

Melissa Bizyak, Randall Bolten, Tracy Coenen, Hubert Klein, Ken Mack, Robert Vance, and Nancy Neal Yeend

New Orleans 2 0 1 5 A N N U A L C O N S U L T A N T S ' C O N F E R E N C E

Around the Valuation World ® Morning Show It’s impossible to be at every session; 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 Thursday through Saturday, and you will earn valuable CPE. These sessions will be conducted by subject matter experts who summarize the training tracks and sessions from the previous day to keep you current on all the Conference happenings.

Thursday, June 25 7:00–7:50 a.m.

Highlights from the 2015 Current Update in Valuations Symposium and the Litigation Report Writing Workshop

Friday, June 26 7:00–7:50 a.m.

Highlights from Day One (Thursday, June 25) of the 2015 Annual Consultants’ Conference

Saturday, June 27 7:00–7:50 a.m.

Highlights from Day Two (Friday, June 26) of the 2015 Annual Consultants’ Conference

Around the Valuation World Correspondents: Marc Bello (Co-Editor in Chief) Courtney Sparks White (Co-Editor in Chief) Gregory Caruso

Janae Castell Roberto Castro Brian Davidson Chris Ekimoff Mark Felton

Michael Gregory Kathy Knapp T.J. Liles-Tims William Malek

“At the end of the day, as professionals it is our judgment and knowledge of applicable laws, regulations, etc., that impact our work that will help us provide the most value to our clients.

The panel discussions were the best because panel members addressed specific questions from the audience on day-to-day issues.”

— Maria R. Fergus, CPA, CVA, Tamiyasu Smith Horn & Brown, Fresno, CA

23

New Orleans 2015 ANNUAL CONSULTANTS'CONFERENCE

2015 Business Valuation Certification and Training Center Co-Sponsored by the National Association of Certified Valuators and AnalystsTM (NACVA®) and the Institute of Business AppraisersTM (IBATM)

June 22–27, 2015 Program Content

Non-Member Package Pricing

Certified Business AppraiserTM(CBATM)

2014*

Effective 5/1/15

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

$1,100

$1,200

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

$550

$600

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

$550

$600

(Before Early Registration Discount)

The Business Valuation Certification and Training Center’s (BVTC) compact five-day 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 5: Special Purpose Valuations and Case Studies—Facts to Conclusion

$550

$600

One-Year NACVA Membership (Practitioner)

$495

$495

Training Center Curriculum

Certification Exam, Grading, and Proctoring Fee

$595

$595

Total Retail Cost for Five-Day BVTC

$3,840

$4,090

PACKAGE PRICE

$3,295

$3,490

Package Price after 10% Early Registration Discount

$2,965

$3,141

Days 1 and 2: Business Valuations—Fundamentals, Techniques & Theory (FT&T) 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: Mergers and Acquisition Part 3: Financial Forensics

Part 2: Litigation Consulting Part 4: Case Studies—Facts to Conclusion

Post Training

Online CVA Case Study Report Writing Clinic—Six-Part Webinar Series

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Certified Valuation Analyst® (CVA®)

* Prices guaranteed for any 2015 BVTC registration paid for by 4/30/15.

Early Registration Discounts Register and pay by March 31, 2015, and receive a 10% discount.

Register and pay by April 30, 2015, and receive a 5% discount.

Report Writing: Review and Analysis June 22–23, 2015 (Howard Lewis)

Additional Registration Fee: Members: $1,080/Non-members: $1,200. Early Registration Discounts available. Multiple-attendee discounts do not apply.

This course qualifies for 12 bonus points toward NACVA-credentialed member recertification, in addition to course CPE. Report Writing. It’s where the rubber meets the road. The culmination of every business valuation engagement is the valuator’s report. This engaging course is structured around the valuation engagement and report-writing experiences of the attendees. As specific issues are addressed, attendees will see examples of how to organize valuation reports, develop a table of contents, present mathematical models and statistical information, and use language that is best suited to the specific engagement faced by the valuator.

The Report Writing: Review and Analysis course meets part of the requirement to obtain the Accredited in Business Appraisal ReviewTM (ABARTM) credential.

Certificate in Exit Planning June 23, 2015 Additional Registration Fee: Members: $495/Non-members: $595.

Multiple-attendee discounts do not apply.

Co-Sponsored by the Exit Planning Institute® The Certificate in Exit Planning was developed by nationally recognized experts who serve as faculty members for the Exit Planning Institute’s Certified Exit Planning Advisor (CEPA) program.

This one-day course is designed to take professional advisors through the Exit Planning Institute’s value acceleration methodology, which concentrates on the three critical components of a successful exit strategy, referred to as the “three legs of the stool,”: 1) maximizing business value, 2) personal financial planning, and 3) life after business planning.

Attendees will also learn the deliverables specific to each of the three major gates of value acceleration methodology and understand how the exit planner and the “triggering event” creates action, generates business opportunity and deal flow for other professional advisors, significantly improves value, and aids in a high probability of a successful transaction.

Photo: Pat Garin

Valuing Family Limited Partnerships Workshop

New Orleans 2 0 1 5 A N N U A L C O N S U L T A N T S ' C O N F E R E N C E

Concurrent Courses

June 25, 2015

(Peter Agrapides, Stephanie Loomis-Price) This Workshop is included with full Conference registration. Also available as a separate Workshop with an additional registration fee: Members: $540/ Non-members: $600. Early Registration Discounts available. Multiple-attendee discounts do not apply if purchased as a separate Workshop.

This Workshop will introduce attendees to current methodologies and resources relating to the valuation of family limited partnerships (FLPs) and similarly organized asset-holding companies. The Workshop will focus on engagements for gift and estate tax as well as income tax planning. Attendees will be introduced to the empirical data, statutes, and case law that will help them form a solid discount conclusion in their valuations. The Workshop also includes the Around the Valuation World Morning Show, Keynote Address, and the Business Valuation Leading-Edge Topics Panel Discussion and Q&A session at the conclusion of the day.

25

New Orleans 2015 ANNUAL CONSULTANTS'CONFERENCE

Master Analyst in Financial Forensics™ (MAFF™) Specialty Training Workshops & Litigation Bootcamp for Financial Experts June 22–27, 2015 Additional Registration Fee: Members: $2,700/Non-members: $3,000. Early Registration Discounts available. Multiple-attendee discounts do not apply.

Developed and presented by a team of national recognized financial forensics experts who are leaders in their respective fields, these specialty training workshops and the Litigation Bootcamp for Financial Experts, are a deep dive into the methodologies, approaches, trends, financial investigative techniques, communication skills, practice management, and practice-building strategies employed by successful and emerging financial forensic analysts.

Attendees will select which specialty training to attend for the first two days, then convene for the Litigation Bootcamp for Financial Experts training for the remaining three days. The MAFF specialty proctored exam is administered on the Saturday following the training.

Litigation Bootcamp for Financial Experts (Michael Kaplan)

The common theme of the Bootcamp will be a case study. Attendees will work in teams developing their expert analyses, reports, and exhibits, focusing on their selected specialty area while taking the matter through deposition and trial. The culmination of the program will be a live jury trial in which participants work with seasoned trial attorneys and view jury deliberations via live video and audio feed.

Specialty Training Workshops: Commercial Damages and Lost Profits (Howard Zandman)

This specialty track of the MAFF curriculum focuses on the foundations and fundamentals of business damages measurement, including alternative approaches and methodologies, notable code sections and case law, foundational evidence and research sources, and reporting guidelines and strategies embraced by the most effective business damages experts.

Forensic Accounting Academy™ (Darrell D. Dorrell)

This track focuses on immediately usable and practical skills—not theory.

Attendees will immediately deploy their skills upon return to their responsibilities. This track is designed for both financial and non-financial professionals who require sophisticated investigative and analytical skills to stay abreast of increasing civil and criminal wrongdoer duplicity.

Matrimonial Litigation (Karen Kaseno)

Fundamentals of this specialty track cover the entire process of matrimonial litigation support, including determining support, valuing assets, and distribution of assets. Covered within this arena are valuation of marital assets, including closely held business and stock options, taxes for divorce and distribution, asset distribution, and practice management issues.

Photo: Chris Gr anger

26

IBA Market Data (downloads per year) Guideline Public Company Database (downloads per year)

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BIZCOMPS® (downloads per year)

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$245

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Subscription access varies by level:

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Through its five web-based annual subscription packages, KeyValueData offers Internet-based access to thousands of dollars in essential valuation data, research, and tools—all for a single, low annual subscription fee.

Ec

The Profession's Leading Authority in Valuation Data, Research, and Support

Why choose KeyValueData®?

$345

$645

$1,445 $2,645 Year

Year

3 7 7

7 Unlimited 10

10 Unlimited Unlimited

10 Unlimited Unlimited

5%

10%

15%

N/A

Year

Year

RMA Valuation Edition (Includes 10 years of RMA data) Duff & Phelps Valuation Handbook + Decile Data + Cost Of Capital Analyzer Pluris DLOM DatabaseTM DoneDeals® Mergerstat Review Premiums & Discounts Mergerstat Review Price To Earnings Ratios IRS Corporate Ratios Database Around The Valuation World® Business Appraisal PracticeTM - Quarterly National Economic Reports - Monthly & Quarterly Reports

New Orleans 2 0 1 5 A N N U A L C O N S U L T A N T S ' C O N F E R E N C E

FIVE subscription levels to choose from!

Industry & Metro Reports (1,000+ reports) Business Valuation Articles (2,000+ articles) Federal & State Law Cases (1,800+ cases) Conference Presentations (500+ presentations) Compensation Data S-1 Filings (55,000+ filings) Attorney Marketing Database (limited to 5,000 names per year) A La Carte Data Sources Discounts

none

You can add unlimited BIZCOMPS to Silver, Gold, Platinum, or Titanium for $295. A La Carte discounts do not apply to Duff & Phelps products.

Prices are subject to change. Subscription fees are nonrefundable. Call for multi-user prices.

The Leader in Valuation Data and Research

(800) 246-2488 www.KeyValueData.com info@KeyValueData.com 27

New Orleans 2015 ANNUAL CONSULTANTS'CONFERENCE

2015 Certification and Training Schedule Chicago, IL May 4 May 4 May 4–9

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

New Orleans, LA June 22–27 June 22–23 June 22–23 June 23 June 24 June 24 June 24 June 24–27 June 24–27 June 25 June 27

Business Valuation Certification and Training Center Report Writing: Review and Analysis Master Analyst in Financial Forensics™ (MAFF™) Specialty Training Workshops: Commercial Damages and Lost Profits, Forensic Accounting Academy™, Matrimonial Litigation Certificate in Exit Planning Case Analysis in Person Current Update in Valuations Pre-Conference Symposium Litigation Report Writing Workshop Annual Consultants’ Conference Litigation Bootcamp for Financial Experts Valuing Family Limited Partnerships Workshop Practice Builder Academy™

Washington, DC July 13 July 13 July 13–18

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

Orlando, FL July 27 July 27 July 27–August 1

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

Salt Lake City, UT August 10 August 10 August 10–15

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

Chicago, IL August 24 August 24 August 24–29

28

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

September 14 September 14 September 14–19 September 15 September 15–16 September 15–16 September 15–17 September 15–18 September 17–19 September 15–19

Case Analysis in Person Current Update in Valuations Business Valuation Certification and Training Center Valuing Family Limited Partnerships Workshop Business Valuation Conference Report Writing: Review and Analysis Accredited in Business Appraisal Review™ (ABAR™) Workshop Intermediate Business Valuation Training Center Advanced Valuation: Applications and Models Workshop Comprehensive Certified Business Appraiser™ (CBA™) Workshop

Atlanta, GA September 28 September 28 Sept. 28–Oct. 3

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

Las Vegas, NV October 5 October 5 October 5–10

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

Houston, TX October 18 October 18 October 18 October 19–20 October 19–20 October 19–24 October 19–21

October 21–24

Case Analysis in Person Current Update in Valuations Litigation Report Writing Workshop Master Analyst in Financial Forensics™ (MAFF™) Specialty Training Workshops: Commercial Damages and Lost Profits, Forensic Accounting Academy™, Matrimonial Litigation Financial Forensics, Litigation Consulting, and Expert Witness Conference Business Valuation Certification and Training Center Expert Witness Bootcamp Matrimonial Expert Witness Bootcamp Litigation Bootcamp for Financial Experts

Jersey City, NJ October 26 October 26 October 26–31

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

November 9 November 9 November 9–14

Fort Lauderdale, FL (Continued) Case Analysis in Person Current Update in Valuations Business Valuation Certification and Training Center

San Diego, CA November 15–18 November 16 November 16 November 16–21 November 17–18 November 17–20 November 17–20

Healthcare Valuation and Consulting Workshop Case Analysis in Person Current Update in Valuations Business Valuation Certification and Training Center Exit Planning, Healthcare Valuation, and Transaction Advisory Services Conference Transaction Advisory Services Workshop Certified Exit Planning Advisor (CEPA) Credentialing Program

Fort Lauderdale, FL December 6–9 December 7 December 7 December 7 December 7–9 December 7–12 December 8–9

Healthcare Valuation and Consulting Workshop Case Analysis in Person Current Update in Valuations Litigation Report Writing Workshop Advanced Mergers and Acquisitions Workshop Business Valuation Certification and Training Center Business Valuation, Healthcare Valuation, Litigation Consulting, Mergers and Acquisitions, and Transaction Advisory Services Conference

2015 Online Training Schedule Master Analyst in Financial Forensics (MAFF) Commercial Damages and Lost Profits February 23–27 November 30–December 4 Matrimonial Litigation February 23–27 November 9–13 Fraud Risk Management June 1–5 November 9–13

Business Valuation in Litigation June 1–5 October 12–16 Forensic Accounting AcademyTM September 21–25 November 30–December 4

Bankruptcy, Insolvency, and Restructuring March 23–27 September 21–25 Business and Intellectual Property Damages March 23–27 October 12–16

December 8–10 December 8–10

December 8–11 December 9–12 December 9–12 December 8–12

Advanced Valuation: Applications and Models Workshop Expert Witness Bootcamp Matrimonial Expert Witness Bootcamp Intermediate Business Valuation Training Center Transaction Advisory Services Workshop Litigation Bootcamp for Financial Experts Comprehensive Certified Business Appraiser (CBA) Workshop

2016 Training Schedule Las Vegas, NV

January 25, 2016 Case Analysis in Person January 25, 2016 Current Update in Valuations January 25–30, 2016 Business Valuation Certification and Training Center

Chicago, IL May 9, 2016 May 9, 2016 May 9–14, 2016

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

For program details, visit www.theCTI.com or call Member/Client Services at (800) 677-2009.

Early registration discounts available. Discounts may not apply to all training programs.

Dates and locations are subject to change.

New Orleans 2 0 1 5 A N N U A L C O N S U L T A N T S ' C O N F E R E N C E

Nashville, TN

Recertification Around the Valuation World® February 23 June 29 July 20 March 16 August 17 April 27 September 21 May 18

October 19 November 16 December 14 January 25, 2016

Case Analysis Webinars (formerly Case Analysis by Phone) November 4 August 19 May 13 September 23 December 16 June 17 January 13, 2016 October 14 July 22

Report Writing: Review and Analysis August 3–5 December 7–9 October 26–28 January 11–13, 2016 Industry Standards Update July 17 December 11 October 23 January 8, 2016 Litigation Report Writing September 28–October 1 December 7–10

Advanced Certified Business Appraiser (CBA) May 11–15

August 17–21 November 2–6

29

New Orleans 2015 ANNUAL CONSULTANTS'CONFERENCE

“Overall I loved the Conference...the topics were so great that I wanted to be in two places at one time.”

— Christine M. Limparis, CPA, CVA, CSPM, Hildebrand Limparis & Associates CPAs, PC, Frederick, MD

Conference Registration Fees: Full Conference Registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,345 June 25–27, 2015

for NACVA, ADAM, or IBA Members. $1,495 for Non-members.

Deduct $20 per day from registration fee if you opt out of luncheon.

Two-day total of $40 deduction available.

Online Conference Registration Fees: Attend the 2015 Annual Consultants’ Conference from your office via an online Webinar! Special Diamond Webinar Series pricing available to allow multiple people in the same office to attend for one low price per office/location.

Thursday, June 25, 2015, 8:15 a.m.–5:40 p.m. (CT) Friday, June 26, 2015, 8:15 a.m.–5:40 p.m. (CT)

Case Analysis in Person (CAP)*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $225

Nine hours of CPE per day

Wednesday, June 24, 2015, 6:30–8:15 a.m.

1–5 Registrants Per Day (same office/location). . . . . . . . . . . . . . . . . . . $540

for Members and Non-members.

Current Update in Valuations (CUV) Pre-Conference Symposium*. . . . $540 Wednesday, June 24, 2015, 8:30 a.m.–5:15 p.m.

for NACVA, ADAM, or IBA Members. $600 for Non-members.

Litigation Report Writing Workshop‡. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $540

for NACVA, ADAM, or IBA Members. $600 for Non-members.

CPE included for first registrant. $180 for CPE per additional registrant (Members and Non-members).

6–10 Registrants Per Day (same office/location). . . . . . . . . . . . . . . . . . $810 for NACVA, ADAM, or IBA Members. $900 for Non-members. $180 for CPE per registrant (Members and Non-members).

Wednesday, June 24, 2015, 8:30 a.m.–5:15 p.m.

for NACVA, ADAM, or IBA Members. $600 for Non-members.

Spouse/Guest Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $325 per person (covers food and beverages at continental breakfasts, AM and PM breaks, luncheons, and receptions).

30

Early Registration Discounts: $150 if paid by 2/28/15 $100 if paid by 3/31/15 $50 if paid by 4/30/15

Multiple-Attendee Discounts†: 2–3 attendees: $50 4–5 attendees: $100 6+ attendees: $150

Business Valuation Certification and Training Center. . . . . . . . . . . . . . $3,295 June 22–27, 2015

Non-member package pricing, if paid by 4/30/15. $3,490 after 5/1/15.

Master Analyst in Financial ForensicsTM (MAFFTM) Specialty. . . . . . . $2,700 Training Workshops & Litigation Bootcamp for Financial Experts Specialty Training: Commercial Damages and Lost Profits, Forensic Accounting AcademyTM, and Matrimonial Litigation

June 22–27, 2015

for NACVA, ADAM, or IBA Members. $3,000 for Non-members.

Report Writing: Review and Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,080 “The Current Update Symposium was good. It made me aware of the current issues in the profession.”

— Tom Colbert, CVA, JB Woodward Company, Louisville, KY

June 22–23, 2015

for NACVA, ADAM, or IBA Members. $1,200 for Non-members.

Certificate in Exit Planning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $495 June 23, 2015

for NACVA, ADAM, or IBA Members. $595 for Non-members.

Valuing Family Limited Partnerships Workshop. . . . . . . . . . . . . . . . . . . . . $540 June 25, 2015

“I enjoyed visiting with old and new friends and building new working relationships with other NACVA members.”

— Jim A. Koerber, CPA, ABV, CVA, CFE, CFF, The Koerber Company, PA, Hattiesburg, MS

for NACVA, ADAM, or IBA Members. $600 for Non-members.

Included with full Conference registration.

Fee applies if purchased separately.

New Orleans 2 0 1 5 A N N U A L C O N S U L T A N T S ' C O N F E R E N C E

Concurrent Training Courses‡:

* No early registration or multiple-attendee discounts apply. † Same firm in same physical office and paying together. Discount is per registrant. ‡ No multiple-attendee discounts for these courses. Early registration discounts available (10% if paid by 3/31/15; 5% if paid by 4/30/15). Courses, except Valuing Family Limited Partnerships Workshop, not included with full registration.

To register, visit www.AnnualConsultantsConference.com or call Member/Client Services at (800) 677-2009.

31

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.

Master Analyst in

Forensics™ To help CPAs and other financial service professionals Financial (MAFF™) obtain the necessary training, certification, and credibility so they can grow and thrive in these areas, the National Association of Certified 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.

Seven Specialty Tracks to Obtain the Master Analyst in Financial Forensics (MAFF) Credential:

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

• 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: February 2015