NACVA Business Valuation Tools Catalog by National Association of Certified Valuators and Analysts

Business Valuation Tools Enhance Your Efficiencies with Tools Built on the Microsoft® Excel Platform

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Valuation Databases

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Business Valuation Manager™ Pro Express Business Valuation Business Valuation Report Writer ™

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Featuring

BUSINESS VALUATION MANAGER PRO

BUSINESS VALUATION REPORT WRITER

EXPRESS BUSINESS VALUATION

CD Product

30-Day Money-Back Guarantee See inside for details

Introducing Business Valuation Manager™ Pro Pro

The National Association of Certified Valuators and Analysts 5217 South State Street, Suite 400, Salt Lake City, UT 84107-4812 Tel: (801) 486-0600 Fax: 801 486-7500 Internet: wwwnacva.com

“I was lucky to have the opportunity to beta test Business Valuation Manager Pro v4.0. It is a significant improvement over the last version. In particular, the user interface is much more intuitive and easy to use. I am looking forward to using Business Valuation Manager Pro as an important tool in my valuation practice.” –Gregory M. Pearl, MBA, MS, CVA Alteris LLC

Pro

The National Association of Certified Valuators and Analysts 5217 South State Street, Suite 400, Salt Lake City, UT 84107-4812 Tel: (801) 486-0600 Fax: 801 486-7500 Internet: wwwnacva.com

The Paragon of Proficiency

Tel: (801) 486-0600 Fax: 801 486-7500 Internet: wwwnacva.com 5217 South State Street, Suite 400, Salt Lake City, UT 84107-4812 The National Association of Certified Valuators and Analysts

Microsoft® Excel and Word Compatibility BVM Pro is 100% built on Excel (for the analysis) and 100% built on Word (for the written reports). Enjoy the best of both worlds—a sophisticated valuation application as well as the flexibility and capacity to customize in Excel and Word. Switch to Excel to view/add/change formulas and formats and use Word to edit the automatically generated reports.

t didn’t take long after its introduction in 2004 for Business Valuation Manager Pro to become the dominant business valuation software on the market. As John W. (Jay) Dunbar, CPA, CVA, says, “BVM Pro is by far the easiest to use and most comprehensive valuation tool I have seen and used.” NACVA’s 20 years of experience in software development, coupled with our ValuSource partnership, produced a benchmark software utility that meets and exceeds the demands of the new user as well as the most experienced.

With BVM Pro v5.0 for Office 2007, v6.0 for Office 2010, or v7.0 for Office 2013, you can enjoy 50 additional groundbreaking features: • Completely customize your work product because it’s built on Excel and Word

• Automate and standardize your valuation practice • Document your Standard of Care and Standards of Compliance • Integrate data from a variety of different, essential valuation databases • Enjoy comprehensive financial statement input/adjustments and valuation analysis (18 valuation methods) • Generate 50+ page reports with the optional standards-based Report Writer

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The National Association of Certified Valuators and Analysts

“The redesign of the software makes the program much easier to navigate. Ease of data entry is greatly improved.” —Glenn Block, CPA/ABV, CVA

Save Time and Effort with Databases

BVM Pro makes incorporating data from a variety of optional valuation databases easy. No cutting and pasting or copying—just click to select the data you need, and BVM Pro incorporates it directly into your analysis. The following databases are available from NACVA® (see pages 8-11 for descriptions and prices): BIZCOMPS® DoneDeals® or Mid-Market Comps

Check out These User-Friendly BVM Pro Features

Whether you’re engaged in litigation support, doing a buy/sell analysis, or IRS compliance, BVM Pro has everything you need: complete support for all the standard valuation methods, with room for adding your own methods; comprehensive financial analysis with easy access to indispensable data; thorough testing of your conclusion of value; and optional automatic report generation using Business Valuation Report Writer™.

IBA Market Data (subsection of Appraisal Database and Mentoring Services—ADAM) Ibbotson® SBBI® Valuation Yearbook IRS Corporate Ratios Mergerstat Review Premiums and Discounts Mergerstat Review Price to Earnings Ratios RMA Annual Statement Studies® RMA Annual Statement Studies® Valuation Edition

• Built on 100% Excel for your analysis and 100% Word for your written report—so you can enjoy a sophisticated valuation application as well as flexibility and maximum customization

Quantitative Marketability Discount Model (QMDM)

• All assumptions are summarized on a single page for each section of the program making it faster and easier to set them up and check them for each section

Office Professional 2007 (requires BVM Pro v5.0)

• Balance sheet display and input can be set to either all years or the most recent year only • A schedule that reconciles non-operating assets and liabilities • A new summary forecast model that uses four growth and balance sheet change assumptions to generate a full balance sheet and income statement forecast for up to ten years • Fully customizable charts in Excel—customize the existing charts or create your own. The charts now support a secondary axis for displaying a series of data with widely varying values

System Requirements

Office Professional 2010 (requires BVM Pro v6.0) Office Professional 2013 (requires BVM Pro v7.0) Hard drive 80GB space for program, 130+MB for tutorials CD-ROM Drive 1GB memory, 2GB recommended Sound card and Windows Media Player for tutorials Super VGA Display (1024 x 786 resolution) Microsoft® Windows Vista/Windows 7/Windows 8

• WACC is now automatically iterated

Pentium® 4 Processor, 2.4GHz recommended

• Handles tax treatment for pass-through organizations (Sub-Chapter S and partnerships)

BVM Pro is not compatible with paperless engagement/management systems (CCH, PPC, Pro FX, etc.)

• Income statement normalization adjustments can be tax affected automatically against a tax table or manually input

BUSINESS VALUATION MANAGER PRO

• The integrated Business Valuation Report Writer generates automatic standards-based reports

BVM Pro’s Comprehensive Analysis

BVM Pro Price*

(before NACVA Member Discount)

Single User................................................................. $1,095

Multi-User (each additional seat).............................................................. $765 CD Product

Business Valuation Manager Pro is a fully customizable business valuation application that will meet the needs of the most demanding valuation practitioner. The 200-plus pages of the analysis, for example, cover the following areas: • Financial statement input adjustments (including partial period annualization) • Financial statement analysis • Eighteen methods of valuation, including Asset, Income, and Market Approaches • Conclusion of value • Custom analysis (add your own analysis/spreadsheets) • Sanity check • Integrated valuation databases

www.NACVA.com | (800) 677-2009

Money-Back Guarantee

NACVA offers a 30-Day Money-Back Guarantee (databases excluded). If you are not satisfied with the quality of any NACVA software product and have not registered the software, return it to NACVA within 30 days, and we will refund your money. * Prices are subject to change Page 3

Business Valuation Report Writer

ow there’s a way to automate and standardize your reports in Microsoft® Word and Excel—in half the time! Incorporating over 20 years of experience, Business Valuation Report Writer™ (BVRW) was specifically designed to reduce the amount of time it takes to create professional and comprehensive business valuation reports. BESWEB

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RMA ANNUAL STATEMENT STUDIES VE TM

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MERGERSTAT PREMIUMS AND DISCOUNTS

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NATIONAL ECONOMIC REVIEW

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The reports that come with BVRW are smart, so that only the appropriate sections are included in your reports. You can also build your own report MGMA COMP &generate a report, GUIDELINEa PUBLIC MGMA COST and when templates that contain variety of topics, you COMPANY PROD SURVEY SURVEY you decide which topics get included and which don’t. Imagine looking at a comprehensive report table of contents and then being able to select what goes into the report. 459 459 59 4568 456 8 452 2 456 68 459 456 68

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So Easy to Use

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“The Report Writer saves substantial report construction and review time and enhances the result. I strongly recommend the BVRW for report intensive assignments.” BUSINESS VALUATION REPORT WRITER

CD Product

Keeping all your Excel workbook numbers, tables, and charts in sync with your Word PLURIS DLOM RISK PREMIUM IBA MARKET REPORT DATA DATABASE document presents a major problem. You need all of the data contained Web-based Web-based or CD CD Product in your Excel workbook to be hot-linked to your valuation report created in SBBI Word. BVRW makes this a very easy process. The reports that come with BVRW automatically pull the correct CD Product Product Product data fromCDyour BVM Pro CDproject. You can also add an unlimited number of additional links (numbers, MID-MARKET DONEDEALS COMPS tables, charts) to reports. 459 459 4568 456 8

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Web-based

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EXPRESS BUSINESS VALUATION

Hot-Linked Data

CD Product

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BUSINESS VALUATION MANAGER PRO

™

CD Product

—Darrell D. Dorrell, CPA, MBA, ASA, CVA, CMA, DABFA, CMC, financialforensics

System Requirements BIZCOMPS 459 459 4568 456 8 452 52 2 456 68 459 456 68

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Business Valuation Report Writer runs on Microsoft® Windows Vista, Windows 7, and Windows 8. Office 2007 requires BVRW Version 5, Office Web-based or CD 2010 requires BVRW Version 6, and Office 2013 requires BVRW version 7 (same as BVM Pro). BVRW requires 200 megabytes of disk space. BVRW is not compatible with paperless engagement/management systems (CCH, PPC, Pro FX, etc.) 452 4568 4568 459 5 59 456 4568 68 452 4568 8 459 9 456 568 68 452 52 456 568

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BUSINESS VALUATION REPORT WRITER

Multi-User (each additional seat).......................................... $415

CD Product

QMDM

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BVRW Price* (before NACVA Member Discount)

Single User.......................................................................... $595

CD Product

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The learning curve has been drastically reduced because you already know how to use Microsoft Word. You still create your report using Word, but the Report Writer gives you a layer of additional functionality on top of Word to make the process much faster and easier. So stop wasting time creating business valuation reports and automate and standardize your report generation process today!

Money-Back Guarantee

The National Association of Certified Valuators and Analysts

Express Business Valuation

ave 50% of the time it takes to perform a valuation (including the written report!) using Microsoft Excel and Word—guaranteed. Express Business Valuation (EBV) from ValuSource is a full-featured business valuation product that includes valuation analysis, and a variety of optional valuation databases (purchased separately). Since Express Business Valuation is written completely in Excel and Word, it’s fully customizable.

What Can Express Business Valuation Do for You?

If you want to standardize and automate your business valuation practice, you need Express Business Valuation. EBV is easy to learn because you already know how to use Excel and Word. Since business valuation is not an exact science, you’ll love the fact that EBV spreadsheets are completely customizable in Excel, and the EBV reports are completely customizable in Word. EBV takes you step-by-step through the entire process of performing a business valuation. You can download the best valuation data available (10 different databases). So, whether you are a CPA, valuator, or other financial professional, you can be confident that EBV will save you a significant amount of time and allow you to provide more professional, accurate, and comprehensive valuation opinions. If you need a detailed or customizable chart of accounts, liquidation value, a detailed Discounted Cash Flow Method, sensitivity analyses, or more detailed analyses, you should consider NACVA’s Business Valuation Manager Pro (see pages 2-3).

Overview

EBV is a comprehensive and fully customizable business valuation application that will meet the needs of both your simplest and most demanding valuation engagements. The 125+ schedules (as opposed to 200+ schedules in Business Valuation Manager Pro) of analysis cover the following areas: • Financial Statement Input and Adjustments (up to six years of historic input; includes annualization by last 12 months or percentages) • Financial Statement Analysis (five schedules and 30 charts) • General Schedules (premiums and discounts, excess/non-operating assets, working capital analysis, capital expenditure analysis, and longterm debt analysis) • Deal Structure and What-If Analysis (includes sanity check, deal scenarios, pay-back analysis, IRR, and what-if scenarios) • Valuation Methods (use up to 22 valuation methods) • Income Approaches (four methods) • Market Approaches (12 methods) • Cost Approaches (three methods) • Custom Methods (up to three methods)

System Requirements

EBV runs on Office Professional 2007-2013 (Office Professional 2007 requires EBV 5.0) (Office Professional 2010 requires EBV 6.0) (Office Professional 2013 requires EBV 7.0) EBV is not compatible with paperless engagement/management systems (CCH, PPC, Pro FX, etc.)

EXPRESS BUSINESS VALUATION

EBV Price* (Before NACVA Member Discount)

Single User..................................................................... $695

Multi-User (each additional seat).................................... $485 CD Product

Money-Back Guarantee

NACVA offers a 30-Day MoneyBack Guarantee (databases excluded). If you are not satisfied with the quality of any NACVA software product and have not registered the software, return it to NACVA within 30 days, and we will refund your money.

“I find EBV a great complement to the spreadsheets I’ve developed myself. Since EBV is written in Excel, I can use Excel to customize it just like I customize my own spreadsheets and get exactly what I want.” —Richard Claywell, CPA, CVA, CM&AA, MAFF

* Prices are subject to change www.NACVA.com | (800) 677-2009

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Must-Have Time and Money-Saving Tools for the Valuation Professional Comprehensive Valuation Tools Kit TM

Standardize and automate your valuation practice: ®

• Built on 100% Microsoft Excel for your analysis and 100% Microsoft® Word for your written report—so you can enjoy a sophisticated valuation application as well as have complete flexibility and total customization • Access to nine must-have valuation databases (see list) • Use a comprehensive valuation system that is relied on (and court-tested) by thousands of your peers • Automatic standards-based report generation saves up to 50% of the time it takes to create a valuation report • Standard valuation methods • Comprehensive financial analysis • Sanity checks • Automatic report generation • Software Technical support • GUARANTEED to save you an incredible amount of time

We strongly encourage you to at least check out this Kit and judge for yourself. With our UNCONDITIONAL, no-questions-asked, 30-day money-back guarantee on BVM Pro and BVRW, you have absolutely nothing to lose.

NACVA’s BVM Pro and EBV Power Packs

Save while you automate and standardize your valuation practice with NACVA’s and ValuSource’s Power Packs, which combine time-tested software with must-have valuation databases. The add-on Business Valuation Report Writer™ is available for both the NACVA Business Valuation Manager™ Pro (BVM Pro) and ValuSource’s Express Business Valuation (EBV) Power Packs.

The Kit Includes:

Business Valuation Manager™ Pro (BVM Pro). . . . . . . . . . . retail $1,095 Business Valuation Report Writer™ (BVRW) . . . . . . . . . . . . . retail $595 DoneDeals®. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $595 IBA Market Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $445 IRS Corporate Ratios. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $225 Mergerstat Review Premiums & Discounts . . . . . . . . . . . . . . retail $125 Mergerstat Review P/E. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $125 Pluris DLOM Database™. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $595 Public Company Data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $495 RMA Annual Statement Studies® Valuation Edition. . . . . . retail $695 Ibbotson® SBBI® Valuation Yearbook. . . . . . . . . . . . . . . . . . . . retail $270 Software Technical Support (one year). . . . . . . . . . . . . . . . . . retail $395

Only Save 50% off the full retail price of $5,655 $2,795! Add BIZCOMPS® for Only $200 (retail value of $465) The Comprehensive Valuation Tools Kit incorporates BVM Pro and the Business Valuation Report Writer (BVRW) with all the must-have databases for only $2,795! This is over 50% savings off the full retail price of $5,655.

Ultimate Valuation DATA Bundle

Get all the business valuation data you need and save $1,670. Start your next valuation with all the data at your fingertips in nine must-have databases (see list).

The Bundle Includes: DoneDeals®. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $595 IBA Market Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $445 IRS Corporate Ratios. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $225 Mergerstat Review Premiums & Discounts . . . . . . . . . . retail $125 Mergerstat Review P/E. . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $125 Pluris DLOM Database™. . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $595 Public Company Data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $495 RMA Annual Statement Studies® Valuation Edition. . retail $695 Ibbotson® SBBI® Valuation Yearbook. . . . . . . . . . . . . . . . retail $270 Software Technical Support (one year). . . . . . . . . . . . . . retail $395

Only Save 40% off the full retail price of $3,965 $2,295! Add BIZCOMPS® for Only $200 (retail value of $465) DoneDeals is a registered trademark of Thomson Reuters.

Multi-user pricing available.

Call Member Services at (800) 677-2009 to purchase. Page 6

The National Association of Certified Valuators and Analysts

Appraisal Database and Mentoring Services (ADAM) is a subsection of the National Association of Certified Valuators and AnalystsTM (NACVA®), established when the Institute of Business Appraisers (IBA) merged into NACVA in July 2012. ADAM subscribers receive a suite of services and benefits previously only available to IBA members with a few enhancements: • Unlimited downloads from the IBA Market Database • One-year subscription to Business Appraisal Practice (electronic copy)* • One-year subscription to Around the Valuation World™ in 90 Minutes* • One-year subscription to the Article Archives Database • Online Mentoring Services (additional fees may apply) • 10% discount off most courses offered at the Consultants’ Training Institute™ (CTI™), plus the Annual Consultants’ Conference IBA Market Database: The largest source of transaction data for privately held business sales in the U.S. Featuring more comparables (over 37,000), more industries (780 SIC codes), large company sales (over 4,000 transactions valued at over $1M), and recent sales (contains over 10,000 sales/deals from the last five years). You will also receive the IBA Market Data Analyzer, an Excel template that imports and analyzes your selected data. Business Appraisal Practice: One of the industry’s most widely acclaimed peer-reviewed technical business appraisal journals. Around the Valuation World™ in 90 Minutes: Each month, subscribers log into this webzine series wherein leading professionals summarize and discuss the latest news, methods, procedures, court decisions, and other timely, up-to-the-minute summaries of the most important professional developments you won’t want to miss. Article Archives Database: This library contains over 3,000 articles on business valuation, financial forensics, litigation, and related topics drawn from general and specialized trade publications, government reports, white papers, and other sources. Online Mentoring Services: More details coming soon.

Subscriber Price: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $495

* Additional fees apply for CPE credit

Subscribe today at www.ADAMData.com or call (800) 677-2009

www.NACVA.com | (800) 677-2009

Page 7

Valuation Databases & Programs

ne of the definitive characteristics of BVM Pro is its capacity to upload a variety of databases, thus saving you hours of time. These must-have databases can be used by themselves or in conjunction with BVM Pro and EBV as indicated below.

BIZCOMPS® (Web)

(Works with: BVM Pro, EBV, and Excel) Here’s the ultimate tool for the market data approach methodology (or a useful sanity check for other methods). BIZCOMPS® is a collection of over 12,000 privately brokered sales of small businesses under one million dollars (93.9% under $1M). In the past, market data on these small business transactions has been difficult to obtain, leaving valuators to speculate about the fair market value of comparable enterprises involved. But the BIZCOMPS® studies remove this marketplace uncertainty and provide the user with detailed, meaningful financial information about these real-world transactions. Price is for a one-year subscription. Price.................................................... Single: $465 ..................Multi: $745

DoneDeals®/Mid-Market Comps (Web) (Works with: BVM Pro, EBV, and Excel)

The DoneDeals®/Mid-Market Comps database provides mid-market sales comparables, which are valuable for anyone interested in determining the value of a mid-size ($1–$250 million) company. The database provides almost 10,000 comparable sales transactions for private and public midmarket companies over the prior 10 years. Business sale prices range from $1 million to $250 million, with 50% being under $10 million. Ideal for market approaches, this electronic database also contains graphs and calculates analytical statistics for selected transactions. DoneDeals® includes quarterly updates delivered via e-mail with a link for one-click installation. Mid-Market Comps is updated annually. Prices are for a one-year subscription.

Duff & Phelps Risk Premium Report and Risk Premium Calculator (PDF & Web) (Works with: BVM Pro, EBV, and Excel)

The Duff & Phelps Risk Premium Report is an invaluable resource for developing equity risk premiums for small companies. The Risk Premium Report plus the Risk Premium Calculator are now available from NACVA. The data can be used not only by Excel users, but by Business Valuation Manager Pro, ValuSource Pro, and Express Business Valuation software owners. A premium resource for determining discount rates, the Risk Premium Report provides equity risk premiums for companies sized by eight different criteria: market capitalization, book value, net income, market value of invested capital, total assets, EBITDA, sales, and number of employees. The underlying data for the Risk Premium Report is drawn from both the CSRP and Compustat databases, covering 47 years (1963–2010) of financial reports from companies listed on the New York Stock Exchange, the NASDAQ, and the AMEX. The web-based Risk Premium Calculator is both easy to use and will save the appraiser time in calculating cost of equity (COE) for the subject company of a valuation. Based on the subject company’s size and risk characteristics, the Risk Premium Calculator will: 1) Automatically estimate levered and unlevered cost of equity; 2) Automatically make an Equity Risk Premium (ERP) adjustment to account for differences between ERP as of valuation date and market risk premium used to calculate the risk premiums publish in the Risk Premium Report; 3) Automatically generate an Executive Summary of COE estimates in Word, including CAPM, BuildUp, and unlevered COE, which includes Excel output of the values and calculations. Prices are for a one-year subscription. Option 1 Price: Risk Premium Report PDFs and the Risk Premium Calculator (unlimited access)......................................... $499 Option 2 Price: Risk Premium Report PDFs and one (1) access to the Risk Premium Calculator.................................... $275

DoneDeals® (updated quarterly): Price.................................................... Single: $595 ..................Multi: $955 Mid-Market Comps (updated annually): Price.................................................... Single: $485 ..................Multi: $775

DoneDeals® is a registered trademark of Thomson Reuters.

Announcing the Valuation Data Explorer VALUATION DATA EXPLORER is the newest, fastest way to get all the valuation data you need into Business Valuation ManagerTM Pro or Express Business Valuation. With the valuation databases in the cloud, you get fast, easy access to the critical valuation data you need. Valuation Data Explorer (VDE) is an online application tool that gives you access to all of the valuation databases through an icon on your desktop. There is no longer a need to install databases onto your hard drive.

To learn more, call NACVA Member Services at (800) 677-2009. Page 8

The National Association of Certified Valuators and Analysts

Ibbotson® SBBI® Valuation Yearbook (Web) (Works with: BVM Pro, EBV, and Excel)

This is the data valuators have relied upon since 1983: the industry standard reference for determining company risk and cost of capital. It allows you to perform income approaches to valuation without debating over the right foundational risk rates. The Ibbotson® SBBI® Valuation Yearbook is complete with real-world examples and useful graphs to illustrate the analyses, and it will help you make the most informed decisions in your cost of capital estimation. The Valuation Edition also contains an easy-to-understand overview and comparison of the Build-Up Method, CAPM (Capital Asset Pricing Model), Fama-French 3-factor Model, and DCF (Discounted Cash Flow) approach. SBBI® data includes risk-free rate of return, equity risk premium, small stock risk premium for the 10, 10A, 10B, and micro-cap deciles, for both excess of CAPM and arithmetic means 300-plus industry risk premiums. The discount model is based upon the Build-Up Method, which is recognized industry wide. Price is for a one-year subscription. Price ...................................Single: $270 ...................Multi: $395

Mergerstat Review Premiums and Discounts (Web) (Works with: BVM Pro, EBV, and Excel)

When you need to calculate control premiums and discounts, Mergerstat Review Premiums and Discounts provides reliable quantitative market data for accurate calculation of control premiums and discounts. This database comes from FactSet’s Mergerstat Review, and covers five years of premiums and discounts, with company data for 50 industries. Price is for a one-year subscription. Price.................................................... Single: $125 ..................Multi: $200

Mergerstat Review Price to Earnings Ratios (Web) (Works with: BVM Pro, EBV, and Excel)

Although public company price-to-earnings (P/E) ratios are rarely appropriate for small business conclusions, they can— and often do—provide a useful and important benchmark of an entity’s worth. This database offers P/E ratios segregated by industries for the current year and for a five-year weighted average. By simply making a choice, you can download and incorporate selected P/E ratios into your analysis. If you want to use the Industry Composition Valuation Method, you will need this database. Price ..........................................Single: $125 ......................Multi: $200

www.NACVA.com | (800) 677-2009

Page 9

IRS Corporate Ratios (Web) (Works with: BVM Pro, EBV, and Excel)

Operating ratios are an indispensable way to benchmark company performance and pinpoint business strengths and weaknesses. By comparing the performance of a business to others of the same relative size within a given industry, you can readily determine areas of competitive advantage and disadvantage. This database—compiled from over five million corporate tax returns—displays, analyzes, and customizes financial statement information, as well as calculated percentages and ratios. It provides industry standard financial statement benchmarking data for over 250 industries. It also includes an Excel tool that allows you to track, analyze, and display up to ten years’ worth of IRS historical data to compare to your subject company. Price is for a one-year subscription. Price.................................................... Single: $225 ..................Multi: $360

Public Company Data Plus the Guideline Analyzer (Web) (Works with: Excel)

Get the public company data you need, faster and more cost effectively than ever before. When you employ the Guideline Public Company Method, you face two expensive challenges: first, finding a source of public data that is complete and provided in a standard financial statement format; and, second, selecting appropriate comparable companies (i.e., those companies that are comparable based on the specifics of the subject company). To meet these challenges, Public Company Data allows you to enter simple selection criteria to quickly and easily obtain potential public company matches. The product contains both annual and quarterly data (including full financial statements) for five years. Once you have selected potentially comparable companies, you can use the exclusive Guideline Analyzer Excel template to compare the financial performance of your subject company and the potentially comparable public companies. The analyzer will help you determine which public companies are truly comparable. You can also export the data to Excel to perform your own analysis. Similar products cost $5,000 and up and still leave the comparability study for you to create yourself. “Free” sources of financial information like Yahoo, Google, and Edgar can be very expensive when you consider the amount of time it takes to get the financial statement data into a consistent format in a spreadsheet. Stop wasting your time and money—use NACVA’s Public Company Data. Prices are for a one-year subscription. Price ............................................................................... 10 downloads: $245 ................20 downloads: $345 ..............Unlimited downloads: $495

Pluris DLOM Database™ (Web) (Works with: Excel)

The Pluris DLOM Database™ is your best source of data for arriving at your discount for lack of marketability. Why? Because recent court decisions point to three key characteristics the courts like to see in the calculation of discount rates: 1) Data drawn from restricted stock studies, 2) Data drawn from similar companies, and 3) Data drawn from recent transactions. The Pluris DLOM Datbase™ is the largest restricted stock DLOM database available on the market today (over 3,250 transactions to date—more than twenty times as many as other commercial databases.) It gives you the widest possible range of industries and company sizes. The data is updated quarterly to provide you with the most recent transactions for your valuations, and the search interface allows you to customize your search. Prices are for a one-year subscription. Price.............. 1-3 downloads: $210 ............... 4-6 downloads: $330 ............. 7-10 downloads: $400 ............. Unlimited: $595

Page 10

The National Association of Certified Valuators and Analysts

Risk Management Association (RMA) ANNUAL STATEMENT STUDIES®* Standard Edition (Web) (Works with: BVM Pro, EBV, and Excel)

Because determining whether a business is a top, median, or a low producer is critical to placing a value on the business, you must know how other businesses in a given industry perform. That’s why RMA is a must: it’s the only source of financial ratio benchmarks derived directly from more than 200,000 statements of financial institution borrowers and prospects and includes over 700 industries. The data includes income statement and balance sheet common size comparisons as well as 19 operating ratios. (Note: If you are going to incorporate RMA data in your reports, you must have a license agreement. We have arranged with RMA for the license you’ll need to replicate the data in your reports.) Price ...............................................Single: $495 ......................Multi: $795 Price is for a one-year subscription. Price is for current year data. Web-based multi-year analysis, including industry trends, is available for all data to which the subscriber has access.

Risk Management Association (RMA) ANNUAL STATEMENT STUDIES®* Valuation Edition (Web) (Works with: BVM Pro, EBV, and Excel)

Available exclusively from NACVA and ValuSource, the Valuation Edition features not only the national data contained in the standard RMA Annual Statement Studies® database, but: • Enhanced financial ratios for better benchmarking—for each ratio the Valuation Edition contains 10 ratios and a standard deviation, enabling you to see the entire distribution curve and easily rank a company against RMA Annual Statement Studies’ ® norms • National and regional data (six regions) help more accurately benchmark a company’s performance in relation to regional economic activity • Percentages and real dollar values presented in the Income Statement and Balance Sheet • Industry growth rates—For every industry and category of RMA Annual Statement Studies® data, you have one-, two-, three-, and four-year industry growth rates, which not only demonstrate an understanding of the industry, but enable you to develop defensible, sustainable growth rates as well

Risk Management Association (RMA) ANNUAL STATEMENT STUDIES®* Valuation Edition Unlimited Edition (Web) (Works with: BVM Pro, EBV, and Excel)

Available exclusively from NACVA and ValuSource, The Valuation Edition Unlimited Edition includes the current year data and features contained in both the standard and valuation editions of the RMA Annual Statement Studies® database, plus: • Standard Edition data from 2003 through 2005 • Valuation Edition data from 2006 through current RMA year (note: no valuation edition data is available prior to 2006)

Price.................................................... Single: $695 ..................Multi: $1,115

Price.................................................Single: $895 ................Multi: $1,395

Price is for a one-year subscription. Price is for current year data. Web-based multi-year analysis, including industry trends, is available for all data to which the subscriber has access.

Quantitative Marketability Discount Model (QMDM) (CD) (Works with: BVM Pro, EBV, and Excel)

Marketability discounts can be one of the largest adjustments made in a business valuation report. The QMDM financial model will help you develop, quantify, and defend your discount. It will allow you to calculate a marketability discount for closely held companies based on specific situations rather than just the “average” results from marketability studies. And even if you are not going to use it for your valuation, you should be familiar with its theory and application because it is a popular methodology and you may have to review a valuation report using it or even come up against it in court. Price is for a one-year subscription. Price.................................................... Single: $125 ..................Multi: $200

*ANNUAL STATEMENT STUDIES®, RMA THE RISK MANAGEMENT ASSOCIATION®, and the RMA Logo are trademarks of the Risk Management Association. RMA owns the copyright in the ANNUAL STATEMENT STUDIES® data. The data is used under license from RMA.

www.NACVA.com | (800) 677-2009

Page 11

Economic Damages Calculation Software Damages Advocate (Web) (Works with: Excel and Word)

Damages Advocate consists of three, easy-to-use web applications (can be purchased together or separately) that automate and standardize the complex damages calculations required for personal injury, wrongful death, and employment law cases. A transparent view of the data entered and the underlying calculations is delivered in an Excel workbook to generate convincing reports. You can also evaluate a potential case or prepare for trial using life and worklife expectancy. Analysis, data, and reporting are integrated into fast and secure programs that use industry-standard encrypted communication (between your computer and our server) as well as encrypting all case-specific data that resides on our server. With Damages Advocate, you can be assured that you will complete your calculations quickly and efficiently, that the results will be accurate and well-documented, and that your confidential data will remain safe. Prices are for a one-year subscription. Choose From Three Applications:

Personal Injury

Wrongful Death

Employment Law One Application Price............$495............Two Applications Price............$795............Three Applications Price....$1,095 Additional user licenses are available.

Medical Databases MGMA Cost Survey (CD) (Works with: Excel)

If you are doing medical practice valuation or consulting, the MGMA Cost Survey will provide you with the detailed information necessary to accurately assess a medical practice’s performance. The built-in benchmarking report provides ranking information so you can tell exactly where a practice is performing against MGMA norms. This indispensable report provides detailed information to aid in making high-level financial management and operational decisions, including highly detailed data categories with multilevel operating cost breakouts, information for various types of single and multi-specialty groups, comprehensive accounts receivable (A/R) data, and capitation, fee-for-service charges and revenues. Price.................................................... Single: $960 .................Multi: $2,200

MGMA Physicians Compensation and Production Survey (CD) (Works with: Excel)

If you’re valuing or advising a medical practice, you will need to normalize the physician’s compensation to fair market values. The Physicians Compensation and Production Survey data—for over 100 specialties—will allow you to quickly determine fair market value compensation so you can develop and defend your adjustments. The survey will also give you the data and benchmarking tools to compare a physician’s production to industry norms, which will provide valuable insight into the physician’s and practice’s performance. This data is equally valuable for medical practice valuation and medical practice consulting. Price.................................................... Single: $960 ...................Multi: $2,200

Page 12

The National Association of Certified Valuators and Analysts

—Source—

NACVA Database Summary —Provides—

—Why You Need This Database—

Sales price, terms, and financial ratios of private companies. Special feature: Market data appraisal method tool with written report.

Best source of comparable data for businesses sold at or less than $1 million. Charge $500–$1000 for a market appraisal: generate report in less than 30 minutes.

Sales price, terms, and financial ratios for public companies.

Best source when looking for comparables of businesses sold between $2–$200 million.

Equity risk premiums for companies sized by eight different criteria.

It has gained wide acceptance as a source of risk premium data and should also be considered, along ® ® with Ibbotson SBBI , in determining accurate and defensible risk premiums.

BIZCOMPS® Small business transaction sale data over past 10+ years, over 12,000 small business sales < $1 million.

DoneDeals® and Mid-Market Comps Ongoing (10+ yrs) SEC filing data from 10,000 businesses. Sales transactions of $1–$200 million sales businesses.

Duff & Phelps Drawn from both CSRP and Compustat databases covering 47 years (1963-2010) of financial reports from companies listed on NYSE, NASDAQ, and AMEX.

IBA Market Data (subsection of Appraisal Database and Mentoring Services—ADAM) Collected by the IBA from business brokers and M&A firms. Over 37,000 small business transaction sale data.

IBA Market Data for privately held business sales in the U.S.A.

Provides a large number of comparables for many SIC/ NAICS codes plus expanded data.

Risk-free rate, equity risk premia, small company risk premia, and industry-specific risk premia.

A “must-have” database, providing the risk rates used in calculating discount and capitalization rates for all income approaches.

Ratios and common size statements broken down by 13 sales size categories.

A complete, comprehensive, and easy-to-use source of data for financial statement benchmarks.

Ibbotson® SBBI® Valuation Yearbook Equities market trades/transactions.

IRS Corporate Ratios Based on IRS tax returns, 10 years of data.

Mergerstat Review Premiums and Discounts Ongoing (5 years) SEC filing data from business sales.

Based upon transactions discounts based on control premiums. Provides quantitative support for discount/ premium selection.

Quantifiable data source to base or justify a minority interest discount or control premium on.

Mergerstat Review Price to Earnings Ratios Ongoing (5 years) SEC filing data from business sales.

Provides price/earnings ratios.

Publicly traded benchmark ratios provide a basis for privately held performance and value.

Medical Group Management Association—Cost Survey MGMA Survey.

Comprehensive benchmark data on 600+ financial/ operational aspects of a medical practice. Special feature: Practice performance benchmark tool.

The benchmark data is like having a supercharged RMA database just for physicians. The database contains a practice performance benchmark tool, which generates a financial statement, staffing, A/R, and ratio analysis in under 60 minutes.

Medical Group Management Association—Physicians Compensation and Production Survey MGMA Survey.

Comprehensive data on physician compensation and production (RVUs), includes 90+ specialties and data by state.

A “must-have” resource for adjusting/normalizing physician compensation in a medical practice valuation.

Restricted stock transactions—over 3,000 transactions to date. Updated quarterly, web-based, and searchable.

Offers the best source of data for arriving at discount for lack of marketability, with the widest possible range of industries and company sizes.

A way to compare the financial performance of your subject company with potentially comparable public companies.

When you use the Public Company Guideline Method, it provides complete public data in standard financial statement format and allows you to select appropriate comparable companies.

Pluris DLOM Database™ Private placement data from PrivateRaise and restricted stock transaction and warrant transactions from LiquiStat.

Public Company Data Based on Morningstar public company data (five years of annual and quarterly data).

Risk Management Association (RMA) Annual Statement Studies® Accepted financial institution loan applications.

Ratios and common size statements broken down by sales and asset categories for 700 industries.

A complete, comprehensive and easy-to-use source of data for financial statement benchmarks.

Risk Management Association (RMA) Annual Statement Studies® Valuation Edition Accepted financial institution loan applications.

www.NACVA.com | (800) 677-2009

Enhanced financial ratios, national and regional data, percentages and real dollar values, and industry growth rates.

Better benchmarking, more accurate company performance ranking, develop defensible, sustainable growth rates.

Page 13

Save with NACVA’s Automatic Database Renewal Discount Program

Working in concert with ValuSource (the provider of NACVA’s proprietary software— Business Valuation Manager Pro [BVM Pro]), we publish annual updates of databases that are uploadable to BVM Pro, EBV, or Excel. Helpful and necessary in your valuation analysis, these databases streamline the process, save considerable time, and promote a higher quality work product. NACVA’s Automatic Database Renewal Discount (ADRD) program

is a database update subscription service that not only assures you that your data is always current, but saves you money as well. When you enroll in the ADRD program, every database you have subscribed to is automatically sent to you when it is updated. And you receive an increasing discount percentage as the retail value of your commitment increases. You will only be billed when the updated database is sent to you, but you receive the discounts as

if you had purchased them all at once. Here is what you can save with the ADRD program: Value of Annual Upgrades

Discount*

Up to $999............................................5% $1,000-$1,499.....................................10% $1,500-$1,999.....................................15% Over $2,000....................................... 20%

* Discount is based on total annual database purchase amount. Prices are effective April 1, 2013, and are subject to change. Ibbotson® SBBI® Valuation Yearbook and Duff & Phelps Risk Premium Report PLUS Risk Premium Calculator purchases cannot be discounted, but purchases of these products are added to your total annual database purchase amount for discount calculation. Damages Advocate and Quantitative Marketability Discount Model (QMDM) are not part of the ADRD program. MGMA databases only qualify for discount if you are an MGMA member.

Software and Technical Support

NACVA is committed to maintaining a level of support for its software users that is unsurpassed for any business valuation software product in the industry. Consequently, for both software and technical support, we have enlisted the expertise and experience of ValuSource, which has been developing state-of-the-art business valuation applications, M&A applications, valuation and medical databases, and report writers for over 20 years. Recognized as the industry leader, ValuSource works closely with Microsoft® to develop products that are either built around, or are compatible with, Microsoft Excel and Word. New purchases of NACVA/ValuSource software and database products come with three months free technical support, from the date of purchase. Database products are entitled to unlimited free support and do not require a support contract when related to installation (if you desire to ask about calculations or manipulation of data, support agreements are required). Extended Technical Support relating to matters directly concerning the application, use, and operation of NACVA’s software is available from ValuSource for $395 for 12 months for single users or $595 for multi-users. Call ValuSource at (800) 825-8763 for details. Technical support will be available for both technical problems as well as valuation theory questions. Those with a technical support contract will receive a 25% discount on BVM Pro and Business Valuation Report Writer™ upgrades. ValuSource also conducts free weekly live training seminars on BVM Pro, Business Valuation Report Writer, and EBV for NACVA software users. These typically last one hour, include training tips and ideas for new or newer users, and include a question-and-answer session. The telephone conference calls are hosted via GoToMeeting™ software, which is available free online. Advance registration is required, at which time you receive the conference call phone number and meeting identification number. For more information and to register, contact us via e-mail: train@valusource.com or call (719) 548-4900, Ext. 112.

Software support is available Monday through Friday (except holidays) between the hours of 8:00 a.m. and 5:00 p.m. mountain time. E-mail support@valusource.com or call (719) 548-4900, Ext. 3.

Money-Back Guarantee

Page 14

The National Association of Certified Valuators and Analysts

NACVA Software Order Form Name:

Firm Name:

NACVA Member #:

________________

Address: State:

City:

Telephone:

ZIP:

Fax:

E-mail:

Payment Method

Valuation Tools:

Check #:

BVM Pro (Specify Office version: _________________) (Single: $1,095, Multi: $765 for each addl. user in same office)..........................$ Business Valuation Report Writer (BVRW) (Specify Office version:______) (Single: $595, Multi: additional $415 for each add. user in same office)............$ Express Business Valuation (EBV) (Specify Office version:_____________) (Single: $695, Multi: $485 for each addl. user in same office)............................$ BVM Pro/BVRW/EBV: $ q 10% discount off purchase if NACVA member:..................................................$ < q NACVA credit voucher, gift certificate, or Pacesetter Points...............................$ < q q q

For Pacesetter Points® info, please visit www.nacva.com/pacesetter.asp

Discover Diners Club Card Number Expiration Date > >

Credit Card Billing Address ( Same as above address) X Signature†

Tools Kit, Data Bundle & Power Packs: (See page 6 for pricing and details)

q q q q

(payable to NACVA) or

VISA  MasterCard AMEX

Comprehensive Tools Kit (Specify Office version: ______________).............$ Ultimate Data Bundle.............................................................................................$ BVM Pro Power Pack (Specify Office version: _____________).....................$ EBV Power Pack (Specify Office version: _____________)..............................$

† By signing this form, you are authorizing NACVA to charge your account for the amount indicated above. In addition, your signature will authorize NACVA to confirm the above information via e-mail and/or fax, if necessary, and authorize NACVA to use either medium for future communication. NACVA will not disclose or share this information with third parties to secure confidentiality.

Four Easy Ways to Order

Individual Databases:

(Specify database name, see pages 7-12 for pricing)

Phone:

(800) 677-2009 (801) 486-0600

Fax:

(801) 486-7500

Mail: Total:.........................................................................................................................$ SHIPPING AND HANDLING*:..............................................................................$ Grand Total:.......................................................................................................$ * $10 for regular ground, $20 for two-day express, $30 for overnight delivery in Continental U.S. Must provide physical address for delivery (no P.O. boxes). (Please call NACVA for other shipping costs.)

NACVA 5217 South State Street, Suite 400 Salt Lake City, UT 84107-4812

E-mail:

NACVA1@NACVA.com

Note: Prices subject to change. SLM0813

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Practical Benefits of NACVA Valuation Tools

VM Pro offers you incomparable value—the diversity of features that enables you to literally manage your entire engagement from start to finish.

• Unprecedented flexibility in your choice of methodologies • Expanded graphic capabilities to present dramatic, understandable visuals

• Full Microsoft® Excel compatibility • Business Valuation Report Writer™ interface enabling standards-compliant report writing • Multiple layers of training and support • Upload and work with a variety of databases

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Look inside or call NACVA Member Services today at (800) 677-2009

Publication Date: August 2013