2014 Third Quarter Consultants' Training Institute Catalog

Consultants’ Training 2014 Third Institute Catalog Quarter

Benchmark training and certification in the accounting and financial consulting profession’s hottest growth niches.

2014 Course Schedule . . . . . . . . . . . . . . . . . . . . 2 n Business Valuation . . . . . . . . . . . . . . . . 4 n Financial Forensics/Litigation. . . . . . 26 n M&A/Healthcare Consulting . . . . . . . 45 Advanced Symposiums. . . . . . . . . . . . . . 16 & 51

Consultants’ Training Institute Third Quarter 2014 Catalog

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — T h i r d Q u a r t e r 2 0 14 C a t a l o g

TM

Increase Your Firm’s Revenues in 2014—Specialize in the Accounting and Financial Consulting Profession’s Hottest Growth Niches The Consultants’ Training InstituteTM (CTITM) is comprised of leading experts in the fields of business valuation, financial litigation, financial forensics and forensic accounting, mergers and acquisitions, healthcare valuation and consulting, and a variety of other related business consulting disciplines. As the most widely respected professional training organization in the accounting and financial consulting profession, the CTI combines hundreds of years of practitioner experience with academic insights to produce benchmark training and certification programs in the accounting and financial consulting industry’s hottest growth niche opportunities.

Strong 2014 Outlook for Business Valuations, Mergers and Acquisitions, Exit Planning, and Healthcare Valuation The business valuation industry performed relatively well during the recent economic downturn due to a rise in bankruptcies that offset a low level of merger and acquisition activity. Growth in 2014 is anticipated to continue at a strong pace in light of the vast number of U.S. babyboomers reaching retirement age who are considering the sale of their businesses, interest rates that are forecast to remain low, and a dramatic rise in activity in the healthcare industry. CPAs and other financial service professionals are uniquely positioned and highly qualified to provide business valuation services for these purposes.

The CTI offers training in conjunction with the National Association of Certified Valuators and AnalystsTM (NACVA®) and Institute of Business Appraisers (IBA) to provide two distinctive business valuation designations through its Business Valuation Certification and Training Center (BVTC): Certified Valuation Analyst® (CVA®) and Certified Business Appraiser (CBA). The BVTC, taught in over 10 countries, is the most comprehensive and complete foundational training program teaching to the body of knowledge on how to value private business enterprises and assisting attendees in preparing for any business valuation certification. The CVA is the only business valuation credential accredited by the National Commission for Certifying Agencies® (NCCA®), the accreditation body of the Institute for Credentialing ExcellenceTM (ICETM).

For seasoned business valuation practitioners, the CTI also offers the Business Appraisal Review Accreditation Workshop, which leads to obtaining the Accredited in Business Appraisal ReviewTM (ABARTM) designation, the valuation profession’s only credential certifying competence in the review of business appraisal reports.

To help valuators as they advance in their business valuation skills,

the CTI offers the Intermediate Business Valuation Workshop, Advanced Valuation: Applications and Models Workshop, Report Writing: Review and Analysis, Current Update in Valuations, Valuing Family Limited Partnerships Workshop, and many others.

The CTI also partners with the Exit Planning Institute® (EPI), which sponsors the four-day Certified Exit Planning Advisor (CEPA) Credentialing Program and leads to the CEPA certification. Throughout 2014, the CTI will continue to offer expanded healthcare valuation training by offering the Healthcare Valuation and Consulting Workshop and Advanced Healthcare Valuation and Consulting Symposium.

Demand for Financial Forensics Services Set to Soar Due to increased regulation and regulatory enforcement, as well as a record number of bankruptcies and corporate restructurings, the demand for forensic accounting services is set to soar. To help CPAs and other financial service professionals obtain the necessary training, certification, and credibility to grow and thrive in the financial forensics area, the CTI offers specialized certification and training programs and NACVA’s Master Analyst in Financial ForensicsTM (MAFFTM) credential. This program offers practitioners seven different specialization paths to the MAFF designation: Commercial Damages and Lost Profits; Forensic Accounting; Business and Intellectual Property Damages; Fraud Risk Management; Business Valuation in Litigation; Bankruptcy, Insolvency, and Restructuring; and Matrimonial Litigation.

The CTI also partners with the American Institute for Expert Witness Education (AIEWETM) to offer practitioners several expert witness skills development workshops, applicable to expert witnesses from all walks, as well as attorneys.

You’ll find more details on these affiliations and training programs in the pages that follow, and don’t forget to check our website to view our more than 300 webinar offerings for 2014. Be sure to make your plans now to take maximum advantage of the Early Registration Discounts—in addition to a 10 percent discount for NACVA and IBA members. Contact Member Services toll free at (800) 677-2009 or online at www.theCTI.com.

Parnell Black, MBA, CPA, CVA Chief Executive Officer

National Association of Certified Valuators and Analysts Consultants' Training Institute 5217 South State Street, Suite 400 • Salt Lake City, Utah 84107-4812

Consultants’ Training Institute Third Quarter 2014 Catalog

The Consultants’ Training Institute (CTI) offers practitioners cutting-edge training in a variety of delivery methods throughout the year.

Table of Contents 2014 COURSE SCHEDULE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

I. LIVE CLASSROOM The CTI will offer a variety of training programs in destinations throughout the U.S. in 2014. The schedule of events and training locations may be found on pages 2–3.

II. CUSTOMIZED TRAINING Customized and in-house training is also available. Please contact the CTI Education Department at (800) 677-2009 to inquire.

III. ONLINE LEARNING Live Webinars

Earn CPE from the comfort and convenience of your office or home. The CTI has scheduled themed webinar weeks throughout 2014 that will focus on the various areas of specialty within business valuation, financial forensics, exit planning, M&A, and healthcare. These webinar weeks will in essence be webinar conferences offered over the course of a week.

For the most up-to-date list of webinars, see www.nacva.com/webinars.

CPE On-Demand— Training at Your Fingertips

The CTI archived webinars that are available on-demand include the opportunity to gain CPE credit. For the CPE On-Demand Catalog, see www.CPE-On-Demand.com

IV. SELF-STUDY The Business Valuation Certification and Training Center is available in a self-study format, including CPE exams as well as the CVA/CBA Certification Exam. See page 8.

V. RECERTIFICATION NACVA's credentialed members may receive bonus points toward their CVA/ABAR/MAFF recertification requirement by taking Current Update in Valuations (CUV), Case Analysis in Person (or by Phone) (CAP), Report Writing: Review and Analysis, or the Business Appraisal Review Accreditation Workshop courses offered at various locations throughout the year (12 bonus points per course; check with the NACVA Recertification Department for details or visit www.NACVA.com).

The CPE recertification requirement can be met by other course attendance. For IBA recertification information, visit www.Go-IBA.org.

BUSINESS VALUATION n n n n n n n n n n n

Business Valuation Certification and Training Center . . . . . . . . . . . . . . . . . . . . . . . 4 Tools for the Valuation Professional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Intermediate Business Valuation Training Center . . . . . . . . . . . . . . . . . . . . . . . . . 10 Comprehensive Certified Business Appraiser (CBA) Workshop . . . . . . . . . . . . . . . 13 Advanced Business Valuation Symposium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Advanced Valuation: Applications and Models Workshop . . . . . . . . . . . . . . . . . . . 19 Business Appraisal Review Accreditation Workshop . . . . . . . . . . . . . . . . . . . . . . . 21 Report Writing: Review and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Current Update in Valuations (CUV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Case Analysis in Person (or by Phone) (CAP) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Valuing Family Limited Partnerships Workshop . . . . . . . . . . . . . . . . . . . . . . . . . . 25

FINANCIAL FORENSICS/LITIGATION CONSULTING n Master Analyst in Financial ForensicsTM (MAFFTM) Certification . . . . . . . . . . . . . 26 n Master Analyst in Financial Forensics (MAFF) Specialty Training Tracks . . . . . . . . 27 n Master Analyst in Financial Forensics (MAFF) Workshop: Litigation Bootcamp for Financial Experts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 n Master Analyst in Financial Forensics (MAFF) Webinars: Define, Demonstrate, and Deploy Financial Forensics in Your Practice . . . . . . . . . 29 Legal Theory and Case Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 n Master Analyst in Financial Forensics (MAFF) Specialty Webinars: Commercial Damages and Lost Profits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Matrimonial Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Bankruptcy, Insolvency, and Restructuring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Business Valuation in Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Business and Intellectual Property Damages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Forensic Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 n Master Analyst in Financial Forensics (MAFF) Self-Study: Fraud Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 n Advanced Forensic Accounting ClinicTM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 n Foundations of Financial Forensics Workshop . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 n Expert Witness Bootcamp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 n Matrimonial Expert Witness Bootcamp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 n Trial Attorney Bootcamp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 n Litigation Report Writing Workshop . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

CONSULTING n n n n n

Middle Market M&A: Nuts and Bolts Workshop . . . . . . . . . . . . . . . . . . . . . . . . . 45 Advanced Mergers and Acquisitions Workshop . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 Healthcare Valuation and Consulting Workshop . . . . . . . . . . . . . . . . . . . . . . . . . 49 Advanced Healthcare Valuation and Consulting Symposium . . . . . . . . . . . . . . . . 51 Certified Exit Planning Advisor (CEPA) Credentialing Program . . . . . . . . . . . . . . 54

NACVA/CTI Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 Registration Form . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 1

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — T h i r d Q u a r t e r 2 0 14 C a t a l o g

Consultants’ Training Institute 2014 Training

n Business Valuation/Appraisal

I

n Financial Forensics/Litigation Consulting

I

n Consulting

n n n Atlanta, GA September 8 n n n n n Philadelphia, PA n September 15 n n

Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Expert Witness Bootcamp Litigation Report Writing Workshop Matrimonial Expert Witness Bootcamp

Advanced Valuation: Applications and Models Workshop Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Foundations of Financial Forensics Workshop

n n n Denver, CO n October 6 n n n n n n n New Orleans, LA n October 20 n n n n

Business Valuation Certification and Training Center Case Analysis in Person Comprehensive Certified Business Appraiser (CBA) Workshop Current Update in Valuations Expert Witness Bootcamp Intermediate Business Valuation Training Center Matrimonial Expert Witness Bootcamp

n n n n n Chicago, IL November 10 n n n n n Ft. Lauderdale, FL n November 17 n n n n

NOVEMBER

Providence, RI November 3

Page 2

San Diego, CA December 8

n n n n n n n n n n n n n

EX Exam

Days of the Week CPE Page M T W T F S

SEPTEMBER

Course

I

OCTOBER

Location Week Beginning

DECEMBER

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — T h i r d Q u a r t e r 2 0 14 C a t a l o g

Consultants’ Training Institute—2014 Course Schedule

EX 45 2 8 24

8 24

4 25 24 41 44 42

24 EX 45 2 8 40

19 4 25 24 39

EX 45 2 40 8 24 32 24

4 25 13 24 41 10 42

Advanced Forensic Accounting Clinic Advanced Mergers and Acquisitions Workshop Advanced Valuation: Applications and Models Workshop Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Foundations of Financial Forensics Workshop Litigation Bootcamp for Financial Experts Valuing Family Limited Partnerships Workshop

16 24 24 EX 45 2 8 40 EX 24 16

38 47 19 4 25 24 39 28 25

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

EX 45 2 8

4 25 24

Business Valuation Certification and Training Center Case Analysis in Person Certified Exit Planning Advisor (CEPA) Credentialing Program Current Update in Valuations

EX 45 2 EX 32 8

4 25 54 24

Business Appraisal Review Accreditation Workshop Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Healthcare Valuation and Consulting Workshop Litigation Bootcamp for Financial Experts Middle Market M&A: Nuts and Bolts Workshop Report Writing: Review and Analysis

40 EX 45 2 8

32 EX 24

32 16

21 4 25 24 49 28 45 23

24 16 16 40 EX 45 2 40 8 32 EX 24

32 16 16

16 38 51 21 4 25 13 24 10 28 45 23 25

Advanced Business Valuation Symposium Advanced Forensic Accounting Clinic Advanced Healthcare Valuation and Consulting Symposium Business Appraisal Review Accreditation Workshop Business Valuation Certification and Training Center Case Analysis in Person Comprehensive Certified Business Appraiser (CBA) Workshop Current Update in Valuations Intermediate Business Valuation Training Center Litigation Bootcamp for Financial Experts Middle Market M&A: Nuts and Bolts Workshop Report Writing: Review and Analysis Valuing Family Limited Partnerships Workshop

Consultants’ Training Institute Third Quarter 2014 Catalog

Consultants’ Training Institute—2015 Course Schedule Course

JANUARY

Las Vegas, NV January 26, 2015

n n n n n n

MAR

Chicago, IL March 16, 2015

MAY

Location Week Beginning

Chicago, IL May 4, 2015

I

n Financial Forensics/Litigation Consulting

I

EX Exam

Days of the Week CPE Page M T W T F S

Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Expert Witness Bootcamp Litigation Report Writing Workshop Matrimonial Expert Witness Bootcamp

n Advanced Forensic Accounting Clinic n Healthcare Valuation and Consulting Workshop n n n n n n n

I

n Consulting

Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Expert Witness Bootcamp Matrimonial Expert Witness Bootcamp Trial Attorney Bootcamp Valuing Family Limited Partnerships Workshop

EX 45 2 8 24

8 24

4 25 24 41 44 42

16

38

32

49

EX 45 2 8 24 24 24 16

4 25 24 41 42 43 25

Note: Dates and locations are subject to change.

Customized and in-house training is also available.

Please contact the CTI Education Department at (800) 677-2009.

NACVA and the CTI's

2015 Annual Consultants' Conference June 24–27, 2015

The Roosevelt New Orleans Hotel New Orleans, LA USA

Save the dates and join us in the Big Easy!

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 3

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — T h i r d Q u a r t e r 2 0 14 C a t a l o g

n Business Valuation/Appraisal

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Business Valuation Certification and Training Center Co-Sponsored by the National Association of Certified Valuators and Analysts and the Institute of Business Appraisers

Certified Valuation Analyst® (CVA®)

Certified Business Appraiser (CBA)

The Consultants’ Training Institute’s (CTI) five-day Business Valuation Certification and Training Center (BVTC)—co-sponsored by the National Association of Certified Valuators and AnalystsTM (NACVA®) and the Institute of Business Appraisers (IBA)—is world renowned for being the most comprehensive and complete foundational training program teaching to the body of knowledge on how to value private business enterprises. Now taught in 10 countries, the BVTC will prepare candidates to pass any business valuation (BV) certification exam offered in the industry as well as those designations offered by NACVA— the Certified Valuation Analyst® (CVA®)—and IBA—the Certified Business Appraiser (CBA).

The CVA is the most distinguished and widely recognized BV credential, known for the superb training and challenging examination process that leads to earning this prestigious credential. Requirements for this credential include holding an active, valid CPA license or holding a business degree (i.e., in management, economics, finance, marketing, accounting, or other business field) and/or an MBA (master of business administration) or higher business degree from an accredited college or university and two years or more of fulltime or equivalent experience in business valuation and related disciplines for non-CPAs. In addition to these requirements, CVA applicants must complete and pass specified training courses and exams and complete a case study or submit an actual and sanitized fair market value report, prepared during the last 12 months, for peer review. For further clarification, contact NACVA at (800) 677-2009. More information on NACVA and its credentials is located in The Association brochure.

Accreditation as a CBA is available to those members of the Institute of Business Appraisers who are able to demonstrate that they have attained a high level of professional competence and conduct. The CBA accreditation designates the appraiser as a true professional in his or her field, worthy of the admiration of fellow appraisers and deserving the fullest confidence of clients and potential clients. Requirements for this credential include possessing a four-year college degree or equivalent, completing and passing specified training courses and exams, and submitting two demonstration reports for a peer review process. For further clarification, contact IBA at (800) 299-4130.

NACVA’s CVA Designation is Accredited by the National Commission for Certifying Agencies® (NCCA®) NACVA’s Certified Valuation Analyst (CVA) designation is the only valuation credential accredited by the National Commission for Certifying Agencies (NCCA), the accreditation body of the Institute for Credentialing ExcellenceTM (ICETM). The Institute for Credentialing Excellence’s mission is to promote excellence in competency assessment for practitioners in all occupations and professions. This prestigious recognition differentiates CVA credential holders as having met the most stringent standards in the industry.

The BVTC is available via live training (see dates below), or via self-study with an on-demand video series (see page 8).

The Online CVA Case Study Report Writing Clinic (see page 6) is available FREE for self-study and live training attendees.

The CVA Exam Q&A Study Guide (see page 7) is a perfect companion to your training.

2014 DATES

LOCATION

Early Registration Discounts and Deadlines

10%

5%

September 8–13

Atlanta, GA

Expired

Expired

September 15–20

Philadelphia, PA

Expired

8/31

October 6–11

Denver, CO

Expired

8/31

October 20–25

New Orleans, LA

8/31

9/30

November 3–8

Providence, RI

8/31

9/30

November 10–15

Chicago, IL

9/30

10/31

November 17–22

Ft. Lauderdale, FL

9/30

10/31

December 8–13

San Diego, CA

10/31

11/30

January 26–31, 2015

Las Vegas, NV

11/30

12/31

May 4–9, 2015

Chicago, IL

2/28/15

3/31/15

The five-hour CVA/CBA proctored exam is given at all locations on the Saturday morning following the weeklong training unless prior alternative arrangements have been made by an attendee. This exam requires a laptop.

Dates and locations subject to change.

2014 Non-Member Package Pricing

(Before Early Registration Discount)

Days 1 and 2: Business Valuations—Fundamentals, Techniques & Theory Day 3: BV—Applications and Calculations of the Income and Asset Approaches Day 4: BV—Case Analysis: Completed Transaction and Guideline Public Comparable Methods Day 5: Special Purpose Valuations and Case Studies— Facts to Conclusion

$1,100 $550 $550 $550

One-Year NACVA Membership (Practitioner)

$495

Certification Exam, Grading, and Proctoring Fee

$595

Total Retail Cost for Five-Day BVTC

$3,840

PACKAGE PRICE

$3,295

Package Price after 10% Early Registration Discount

$2,965

For NASBA-related information on CPE, please refer to www.theCTI.com.

Page 4

Consultants’ Training Institute Third Quarter 2014 Catalog

Co-Sponsored by the National Association of Certified Valuators and Analysts and the Institute of Business Appraisers

PROGRAM DESCRIPTION:

Learning Objectives:

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 the Certified Valuation Analyst (CVA) or the 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.

Days 1 and 2: Business Valuations— Fundamentals, Techniques & Theory (FT&T) The cornerstone of the CTI’s training, FT&T is a rigorous course on business valuation that provides the basis and framework for subsequent courses. It provides insights into every facet of valuation theory with hands-on training, taking attendees from the fundamentals of the valuation process through the advanced techniques in current use. Primary focus of the sessions will be to provide the basis and framework of business valuation theory and practice.

Discussion will center upon the elements of valuation from financial and operational analysis through the methods found in the three approaches to valuation: Asset, Income, and Market. Highlights include the development of discount/capitalization rates and the application of appropriate adjustments (i.e., premiums and discounts) to the calculated value.

After completing this course, attendees will be able to: n Formulate a financial analysis of a company as it relates to a valuation engagement n Identify an appropriate valuation approach and method for a given valuation purpose n Match a discount or capitalization rate to the appropriate benefit stream under the Income Approach n Identify the differences in standards of value and their application in a valuation engagement n Outline the fundamental steps to valuing a business, from beginning to end n List the cornerstones of the business analysis process or the drivers of company value n Differentiate between the various forms of financial information

Day 3: Business Valuations—Applications and Calculations of the Income and Asset Approaches This fast-paced course is the perfect follow-up to FT&T. It builds on the applications of the Income and Asset Approaches and provides attendees the opportunity to perform numerous calculations using various methodologies for both approaches. The primary focus is to build on the fundamental aspects of the Income and Asset Approaches found in the Fundamentals, Techniques & Theory (FT&T) course. The course uses multiple, hands-on exercises that will give the attendee practical experience in the application of the methods found in the Income and Asset Approaches in valuation engagements.

Software and Database Offers!

SAVE $495

Purchase Business Valuation Manager™ Pro (BVM Pro) for $600 ($495 savings off the regular $1,095 price) when you register and pay for any 2014 BVTC training package.

Offer valid up to one week after attending the training.

BVM Pro offers you incomparable value—a 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

For 90 days after attending training and purchasing BMV Pro, you can apply the $600 toward the Comprehensive Valuation Tools Kit™ (see page 9). Pay an additional $2,195 for the full Tools Kit that includes BVM Pro, the Business Valuation Report Writer,™ and nine valuation databases ($5,705 value).

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 5

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Business Valuation Certification and Training Center (Continued)

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Business Valuation Certification and Training Center (Continued) Co-Sponsored by the National Association of Certified Valuators and Analysts and the Institute of Business Appraisers Learning Objectives:

Free with Live or Self-Study Training!

After completing this course, attendees will be able to: n Calculate a value using the Adjusted Net Asset Method under the Asset Approach n Determine when it is appropriate to use a capitalization of SinglePeriod Earnings Method vs. Discounted Future Earnings Method under the Income Approach n Identify appropriate normalizing adjustments and calculate a normalized benefit stream n Identify appropriate methods and data sources for developing discount rates n Distinguish between normalizing and control adjustments n Identify line-item problems in income statements and balance sheets using ratio analysis

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

Online CVA Case Study Report Writing Clinic An integral part of receiving the Certified Valuation Analyst (CVA) certification is successfully demonstrating that a CVA candidate meets NACVA’s “Experience Threshold” by completing a sample Case Study Report. This report is due within 60 days of completing the proctored examination.

The Online CVA Case Study Report Writing Clinic is designed to assist CVA candidates to complete the Case Study Report through a series of six consecutive, one-hour webinars—one webinar each week for six weeks following each live Training Center.

Module One: Module Two: Module Three: Module Four: Module Five: Module Six:

What's in Your Toolbox Financial Analysis—By the Numbers Economic and Industry Information Valuation Approaches and Methods Author! Author!—Organizing and Writing Your Report Reviewing Your Work: Sanity Checks and Leaps of Faith

The webinars will be led and moderated by a Business Valuation Certification and Training Center instructor and/or a case study report grader. Throughout the series, CVA candidates will receive step-by-step guidance on writing their Case Study Report, from gathering the necessary information to finalizing the report. Each webinar will also provide a forum for the CVA candidates to ask questions related to any issues they may be facing in the completion of their report.

After completing this online course, attendees will be able to:

The Market Approach is one of the three commonly accepted ways to value a private company. Within this approach there are two primary methodologies: the Completed Transaction Method and the Guideline Public Comparable Method. While similar, these methods vary on the empirical data that is used to generate supportable results.

Learning Objectives: After completing this course, attendees will be able to: n Properly estimate value using the Completed Transaction Method from the Market Approach n Properly estimate value using the Guideline Public Comparable Method from the Market Approach n Determine when the Completed Transaction Method and/or Guideline Public Comparable Method is appropriate under the Market Approach n Identify the proper measure or adjustment for multiples when using the Market Approach n Identify when the Market Approach should be used as a primary or secondary approach in reaching a determination of value for a business

Day 5: Special Purpose Valuations and Case Studies—Facts to Conclusion Part 1: Valuation for Financial Reporting Valuation specialists are seeing growing demand for these services, but equally close scrutiny and review of their fair value valuation work by auditing firms, the Securities and Exchange Commission (SEC), and the Public Company Accounting Oversight Board (PCAOB). This course is designed to distinguish valuations for financial reporting from other purposes. The definition the Financial Accounting Standards Board (FASB) came up with, “fair value,” (FV) differs from fair market value. There are three types of work for valuation specialists: 1) Allocation of purchase price for a business combination; 2) Testing amortizable intangibles and property, plant, and equipment (PP&E) for impairment; 3) Testing goodwill for impairment.

Another aspect which will be covered is the need to work closely with the client’s auditing firm. All values used in financial reports are reviewed by auditors and their review may differ from that of the IRS or the courts.

n Organize the information needed to produce a Case Study Report n Select the most appropriate valuation approach and/or method based on the facts and circumstances of the engagement n Express their analyses and conclusions in a well-written Case Study Report

Page 6

Consultants’ Training Institute Third Quarter 2014 Catalog

Co-Sponsored by the National Association of Certified Valuators and Analysts and the Institute of Business Appraisers Learning Objectives: After completing this course, attendees will be able to: n Classify the FASB requirements for purchase price allocation, including valuation of intangibles n Identify a plan to work with auditors and clients in performing Step 1 of the goodwill testing requirements and understand what is involved if they have to go to Step 2

Part 2: Mergers and Acquisitions With M&A on a dramatic rise, all business advisors need a fundamental understanding of the issues characteristic to lucrative M&A advisory services.

This course will focus on advising attendees when and where M&A is a viable strategic alternative and counseling clients through the process. Attendees will learn that although the valuation methodologies used in these situations are similar to traditional valuation techniques, they differ in many ways. In this introductory course, practitioners will learn about the foundations crucial to M&A activity as found in the middle market ($1-$250 million).

Learning Objectives: After completing this course, attendees will be able to: n Identify preliminary target due diligence and funding sources/venture capital in M&A n Identify typical deal structures and financing mechanisms

Part 3: Litigation Consulting In today’s turbulent business environment, valuation experts, CPAs, and other financial professionals are called upon regularly to serve as experts and consultants in a broad range of matters, including fraud, economic damages, marital dissolution, professional standard of care, valuation, and others. This course is designed to provide an introduction to litigation consulting and financial forensics. It will provide an overview of the types of engagements in which financial experts are called upon to render financial, analytic, investigative, and expert testimony. It will also focus upon the skills required, the legal environment, the dynamics of litigation, professional standards, report writing, and expert testimony.

Learning Objectives: After completing this course, attendees will be able to: n Identify the role of the financial expert as either a consulting or testifying expert and list the differences between the roles n Differentiate between business and economic damages, fraud and forensics, marital dissolution, and other practice areas for financial experts n Outline the main steps to writing effective reports and reporting requirements in litigation engagements

Part 4: Case Studies—Facts to Conclusion This course provides learning that brings the business of business valuation full circle and is given from the perspective of actual valuation practitioners.

The theory covered throughout the five-day BVTC is staggering, and often it is easy to lose sight of the ultimate goal of the program: to learn to be a valuation professional. Through this course, attendees will learn and practice the most important elements of written communication skills and how to apply these concepts to and present information required in written business valuation reports.

The Facts to Conclusion course will include: n A review of the appropriate valuation methodologies n A case study discussion to allow the attendee to work with actual valuation projects n Practice management tips

Attendees in this course will leave with a better, clearer understanding of the process associated with completing a business valuation (start to finish).

Additionally, attendees will also gain valuable knowledge pertaining to growing and managing a valuation practice. It is the goal of this course to address any questions about this business that attendees may have.

Learning Objectives: After completing this course, attendees will be able to: n Identify the necessary steps to complete a business valuation n Select the necessary data, models, and studies n List the critical steps in building a successful valuation practice

WHO SHOULD ATTEND:

Tax, audit, and accounting services practitioners who wish to specialize in a lucrative, non-seasonal consulting niche; merger and acquisition consultants; investment and financial analysts; investment bankers; financial officers; business advisors; accounting and finance professionals; anyone who deals with business value in the course of his or her work.

FACULTY: The live Business Valuation Certification and Training Center faculty consists of 11 experienced practitioners. The team is comprised of Mel Abraham, CPA, CVA, ABV, ASA, CSP; Lorenzo Carver, MBA, MS, CPA, CVA, ABV; Brian Davidson, CVA; Rick Gray, CPA, ABV, CVA, ASA; Chris Hamilton, CPA, CVA, CFE; Mark Kucik, CPA, CVA, CM&AA, CFF, CPVA; Derald Lyons, CPA, CVA; Lari Masten, MSA, CPA, ABV, CFF, CVA, ABAR, MAFF; Rob Stutz, CVA, ASA, CM&AA; Garth Tebay, CPA, CVA, CM&AA, MAFF; and Frank Wisehart, MBA, CPA, ABV, CVA, CFE. The Online CVA Case Study Report Writing Clinic faculty is comprised of Brian Davidson, CVA; Rick Gray, CPA, ABV, CVA, ASA; Lari Masten, MSA, CPA, ABV, CFF, CVA, ABAR, MAFF; Poonam Vaidya, ASA, CBA, CVA; and Paul Wonch, MBA, CPA, ABV, CVA, MAFF.

CVA Exam Q&A Study Guide This Guide contains a compilation of approximately 1,200 questions of the type you will find in the NACVA CVA proctored exam. Questions are divided into nine topical categories, each with subcategories.

For best results in your exam preparation, we suggest you read the questions in a topical category before your studies on that topic (live or via selfstudy). Following those studies, answer the questions to the best of your ability, checking the answer key to determine where you need to concentrate further study.

This Study Guide is designed to be a great companion to the BVTC training materials (live and self-study).

Study Guide

Price

CVA Exam Q&A Study Guide

$395

SPECIAL OFFER—Purchase with BVTC Training

$250

Note: Shipping and Handling charges apply.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 7

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Business Valuation Certification and Training Center (Continued)

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Business Valuation Certification and Training Center Also Available via Self-Study or as an On-Demand Video Series!

BVTC Self-Study Pricing Business Valuations—Fundamentals, Techniques & Theory BV—Applications and Calculations of the Income and Asset Approaches BV—Case Analysis: Completed Transaction and Guideline Public Comparable Methods Special Purpose Valuations and Case Studies—Facts to Conclusion Total if Purchased Individually CVA/CBA Certification Exam, Grading, and Proctoring Fee

Individually Priced $345 $195 $295 $195 $1,030 $595

CPE Exam $85 $85 $85 $85 $340 —

Package Price for All Courses Course Materials Only Materials plus CPE Materials with CPE and Exam

$895 $1,145 $1,645

Materials with CPE, Exam, and First-Year NACVA Practitioner Membership ($465 off retail price)

$1,995

Note: Shipping and Handling charges apply.

“I am enjoying the learning experience for the Certified Valuation Analyst (CVA) certification and I am pleased with all the other material and connections NACVA makes available to students and members.

I look forward to being a part of the NACVA membership.”

BVTC On-Demand Video Series In addition to the BVTC’s availability in a self-study format, the CTI also provides instructor-led training through an on-demand video series. This video series is designed to complement the self-study material and consists of a full, video-recorded BVTC led by our esteemed faculty of valuation practitioners.

The video series includes recordings of actual BVTC course lectures, including class interaction, questions, and discussions that ensue. This is a perfect way to enhance one’s understanding of the self-study materials by “watching” an actual BVTC at your own convenience.

BVTC On-Demand Video Series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $600

Tom Herbick, CM&AA, Seabrook Island, SC

Page 8

Consultants’ Training Institute Third Quarter 2014 Catalog

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

NEW

Only

$519!

Cost of Capital Book + Data Bundle Duff & Phelps 2014 Valuation Handbook—Guide to Cost of Capital, together with the Cost of Capital Analyzer, and Duff & Phelps Decile Data. Save 20% off full retail price of $650.

Comprehensive Valuation Tools Kit TM

Standardize and automate your valuation practice:

The Kit Includes:

• 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

Business Valuation Manager™ Pro (BVM Pro). . . . . . . . . . . . . . . . . . . . retail $1,095 Business Valuation Report Writer™ (BVRW) . . . . . . . . . . . . . . . . . . . . . . retail $595 DoneDeals®. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $595 IBA Market Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $495 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® Classic Yearbook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $270 Software Technical Support (one year). . . . . . . . . . . . . . . . . . . . . . . . . . . retail $395

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 (databases excluded), 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.

Only Save 50% off the full retail price of $5,705 $2,795! Add BIZCOMPS® for Only $250 (retail value of $495) 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 $5,705.

Ultimate Valuation DATA Bundle Get all the business valuation data you need and save $1,720.

Start your next valuation with all the data at your fingertips in nine must-have databases (see list).

The Bundle Includes: DoneDeals®. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IBA Market Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IRS Corporate Ratios. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mergerstat Review Premiums & Discounts . . . . . . . . . . . . . . . . . . .

Mergerstat Review P/E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Pluris DLOM Database™. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Public Company Data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

RMA Annual Statement Studies® Valuation Edition . . . . . . . . . . .

Ibbotson® SBBI® Classic Yearbook . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Software Technical Support (one year). . . . . . . . . . . . . . . . . . . . . . .

retail $595 retail $495 retail $225 retail $125 retail $125 retail $595 retail $495 retail $695 retail $270 retail $395

Only Save 40% off the full retail price of $4,015 $2,295! Add BIZCOMPS® for Only $250 (retail value of $495) DoneDeals® is a registered trademark of Thomson Reuters. Multi-user pricing available. Note: Prices subject to change. Shipping and Handling charges may apply.

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Intermediate Business Valuation Training Center Co-Sponsored by the National Association of Certified Valuators and Analysts and the Institute of Business Appraisers

2014 DATES

Early Registration Discounts and Deadlines

LOCATION

October 7–10

Denver, CO

December 9–12

San Diego, CA

2014 Pricing (Before Early Registration Discount)

10%

5%

Expired

8/31

10/31

11/30

Non-Member

Member

$2,200

$1,980

$550

$495

Four-day Workshop Individual Days

PROGRAM DESCRIPTION: The Intermediate Business Valuation Training Center takes the world renowned Business Valuation Certification and Training Center (BVTC) to the next level. Despite having obtained a credential, many valuators grapple with how to successfully and profitably complete consulting engagements.

This Training Center was created to advance the proficiencies required to achieve a valuation credential, but to also provide even more practical skills, covering everything between engagement acceptance to report delivery. This is serious training created for ambitious up-and-comers and even seasoned practitioners who want to bolster their skills to create and maintain a thriving practice. This Training Center is available to purchase as a four-day course or as individual days.

Day 1: Managing the Engagement, Alternatives, and Decisions Criteria and Normalizing and Control Adjustments Part 1: Managing the Engagement, Alternatives, and Decisions Criteria This course begins with a discussion on the key factors appraisers consider when evaluating every new business valuation engagement. Why? Because evaluating engagement risk, obtaining the necessary information, and having the right tools are how your practice stays out of trouble and prospers. After a discussion on managing the engagement, the course will cover decisions and alternatives a valuator will encounter throughout the valuation process. An understanding of standards of value and premise of value and how to appropriately apply these standards will create an additional and important foundation. Attendees will learn how to draw conclusions from the subject company’s financial information and incorporate them into an industry and economic analysis. This course will include a discussion on how to identify the appropriate valuation method, illustrate techniques to develop capitalization rates and market multiples, contrast the pros and cons of the common valuation methods, and address other topics such as how to determine secondary discounts.

Learning Objectives: After completing this course, attendees will be able to: n Implement professional standards, industry research, and economic conditions in every business valuation performed n Identify factors that affect valuation decisions n Select an appropriate valuation approach n Develop a toolbox to increase efficiencies throughout the valuation process n Scope and budget valuation projects n Prepare tighter engagement letters n Make information requests and site visits more productive

Page 10

Part 2: Normalizing and Control Adjustments Part 2 will dive into an in-depth discussion to understand and dissect financial statements. This is a critical step in determining the valuation of a privately held business. This course will increase core skills and increase a valuator’s confidence to enable the valuation analyst to make appropriate adjustments to the financial statements or income tax returns of a business to more closely reflect its true economic financial position and results of operations on a historical and current basis. In this course, attendees will analyze historical financial statements and learn to identify normalizing and control adjustments.

The course will also demonstrate how to assess non-recurring or non-operating adjustments and show valuators how to calculate a normalized set of financial statements. Attendees will walk away with the tools to help them make the best decisions to effectively value a business correctly.

Learning Objectives: After completing this course, attendees will be able to: n Identify specific assets, liabilities, income, and/or expenses to which valuation adjustments may be required n Explain a valuation report, or in the work papers, reasons for making valuation adjustments and how they can be supported n Calculate appropriate valuation adjustments n Discuss how much financial statement investigative work is “enough” n Distinguish between normalization and control adjustments n Experiment with a new financial model for handling officer compensation

Day 2: Determining Cost of Capital and the Income and Asset Approaches Part 1: Determining Cost of Capital Determining Cost of Capital is designed to build on a basic understanding of capitalization and discount rates. This course is designed to develop practitioners’ understanding of risk to the point where they can explain and defend the methodologies of developing rates as well as the finance and economic theories behind the data. An understanding of risk and return will be discussed, along with the Capital Asset Pricing Model, Fama-French, the Gordon Growth Model, Ibbotson/Morningstar, and Duff & Phelps.

Learning Objectives: After completing this course, attendees will be able to: n Identify appropriate methods of developing capitalization and discount rates n Explain and defend the elements of a capitalization/discount rate n Analyze and assess the relevance and accuracy of reports and testimony of other experts n Adjust market multiples to reflect risk factors such as size, growth, and other factors

Part 2: Income and Asset Approaches Following the discussion on the Cost of Capital, we start “running the numbers.”

First, the Asset Approach. Does it apply? Should you get third-party appraisals for the tangible assets? Must you value the identifiable intangible assets?

Then, the Income Approach. Ibbotson vs. Duff & Phelps vs. Damodaran.

Capitalization vs. discounting…both require projections. And how reasonable is the perpetual life assumption for your subject company? This course will teach attendees how to assess the appropriateness of risk rates used in the valuation reports of other experts and, through calculations and examples, know how to apply the Income and Asset Approaches to valuation.

Consultants’ Training Institute Third Quarter 2014 Catalog

Co-Sponsored by the National Association of Certified Valuators and Analysts and the Institute of Business Appraisers Learning Objectives: After completing this course, attendees will be able to: n Describe the conditions for using the Asset Approach n Select appropriate methods and data inputs for developing discount rates n Determine when the Capitalized Cash Flow (CCF) or Discounted Cash Flow (DCF) Method is more appropriate

Day 3: The Market Approach and Discounts and Premiums: Considerations Related to Control Part 1: The Market Approach This course begins with a focus primarily on the Guideline Public Comparable Method and the Completed Transaction Method. Rules of thumb, as well as past transactions in an entity’s own equity, will be addressed. Emphasis will be on current theory within the business valuation profession and understanding all commonly accepted sources of information utilized in the search for guideline indicators of value. Challenges facing the valuator in interpreting available information and extrapolating meaningful points of comparability will also be discussed. Various approaches to identifying guideline indicators will provide practical, alternative ways for the valuator to pull useful information for consideration and correctly apply to his or her report. Finally, presentation formats will be discussed to allow the attendees to enhance the quality and defensibility of their use of the Market Approach.

Learning Objectives: After completing this course, attendees will be able to: n Differentiate among various methodologies under the Market Approach and determine the propriety of utilizing one method over another n Discern the strengths and weaknesses under each method under the Market Approach and determine the most useful method in a given assignment n Research, analyze, and correctly interpret third-party information set forth in the various transaction databases n Conduct a thorough and complete search of publicly traded guideline company information n Interpret and extrapolate indictors of value from the publicly traded and completed guideline company searches n Discern differences between the subject company and the guideline indicators so all necessary adjustments can be made to the value indicators n Present the information generated under the application of the Market Approach in a clear, meaningful manner in the valuator’s report

Part 2: Discounts and Premiums: Considerations Related to Control This session will dive into premiums and discounts related to issues of control and marketability, although discussion of other less common premiums and/ or discounts will be included. Emphasis will be on current theory within the business valuation profession, understanding all commonly accepted sources of information utilized in the determination of premiums and discounts, and proper identification of the appropriateness of any premium and/or discount and how they should be calculated and applied. The course will address current technical and judicial challenges involving premiums and discounts and how best to present them in the report. Discounts and Premiums will continue on Day 4 with a discussion regarding considerations related to marketability and liquidity.

Learning Objectives: After completing this course, attendees will be able to: n Determine the pre-discount level of value produced by alternative business valuation approaches and methodologies n Research, analyze, and correctly interpret third-party information set forth in the various studies n Properly assess elements of the subject company’s characteristics that influence the need to apply a premium or discount n Properly determine the premium or discount for the subject company n Present the information correctly and completely in a business valuation report to maximize the chance of success against challenges

Day 4: Discounts and Premiums: Considerations Related to Marketability and Liquidity and Business Valuation Report Writing Clinic Part 1: Discounts and Premiums: Considerations Related to Marketability and Liquidity This course continues the focus on Discounts and Premiums, but now we change the spotlight to issues of control and marketability. Emphasis will be on current theory within the business valuation profession, understanding all commonly accepted sources of information utilized in the determination of premiums and discounts, proper identification of the appropriateness of any premium and/or discount, and how they should be calculated and applied. The course will address current technical and judicial challenges involving premiums and discounts and how best to present them in the report.

Learning Objectives: After completing this course, attendees will be able to:

“One of the best courses I have ever been to.

[The] Instructor is excellent.”

David W. Hart, CPA, CVA, CFF, Martin, TN

n Determine the pre-discount level of value produced by alternative business valuation approaches and methodologies n Research, analyze, and correctly interpret third-party information set forth in the various studies n Properly assess elements of the subject company’s characteristics that influence the need to apply a premium or discount n Properly determine the premium or discount for the subject company n Present the information correctly and completely in a business valuation report to maximize the chance of success against challenges

For NASBA-related information on CPE, please refer to www.theCTI.com.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 11

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Intermediate Business Valuation Training Center (Continued)

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Intermediate Business Valuation Training Center (Continued) Co-Sponsored by the National Association of Certified Valuators and Analysts and the Institute of Business Appraisers

Part 2: Business Valuation Report Writing Clinic Attendees will learn and practice the most important elements of written communication skills as well as how to apply these concepts to and present information required in written business valuation reports. The Clinic will include recent research explaining practical, actionable steps you can take to increase the readability, credibility, and persuasiveness of your valuation reports; breakout sessions where your small team will identify quality improvement opportunities; presentation and discussion of report-writing tips that will immediately improve your appraisal reports; and a hands-on session with ValuSource software demonstrating how to automate and standardize your report-writing process.

This Clinic requires a laptop. Electric power will be provided.

Learning Objectives: After completing this course, attendees will be able to: n Communicate more effectively n Create a more credible report n Adhere to language, style, and professional standards n Prepare a report that will pass a standard review n Accomplish stated objectives of the engagement

WHO SHOULD ATTEND:

Recent attendees of the Business Valuation Certification and Training Center, valuators who have obtained their certification (CVA, CBA, ABV, ASA, etc.) in the last three years, and those who perform less than five valuations per year and are interested in advancing their valuation skills and developing new business opportunities.

FACULTY: The Intermediate Business Valuation Training Center team is comprised of Peter Agrapides, MBA, CVA; Marc Bello, CPA, ABV, MST, CVA, MAFF; Robert Grossman, CPA, ABV, CVA, ASA, MST, CBA; Chris Hamilton, CPA, CVA, CFE; and Howard Lewis, ABAR, CVA, CBA, MS.

Online Business Valuation Accelerator TM Workshop Three-Part On-Demand Webinar Clinic

Clinic 1 Managing the Engagement Clinic 1 will introduce you to the key factors that experienced valuators consider when they evaluate and start new business valuation projects.

Why? Because evaluating engagement risk, obtaining the necessary information, and having the right tools is how your practice stays out of trouble and prospers.

Clinic 2 Determining Cost of Capital and the

Income and Asset Approaches

Clinic 2 will address the requisite financial statement analysis, economic overview, and industry outlook that create the backstory for every valuation assignment. We'll then dive head first into the Asset- and Income-based Approaches to valuation. The former is not as easy as you think; the latter not as hard.

Clinic 3 The Market Approach and

Discounts and Premiums

Clinic 3 will start with the Market Approach (Completed Transaction and Guideline Public Comparable Methods), then move onto one of the most difficult areas of the engagement: quantifying and applying supportable discounts and premiums. Finally, we’ll pull it all together by reconciling the conclusions from the valuation methods considered and used.

Pricing

Non-Member

Member

Buy One Clinic

$550

$495

Buy Two Clinics

$1,045

$940

Buy Three Clinics

$1,485

$1,337

Each Clinic includes five, two-hour webinars.

10 hours of CPE for each Clinic.

Each Clinic concludes with a Report Writing session where attendees learn how to apply learned concepts and present information required in written business valuation reports.

For NASBA-related information on CPE, please refer to www.theCTI.com.

Page 12

Consultants’ Training Institute Third Quarter 2014 Catalog

Co-Sponsored by the Institute of Business Appraisers

2014 DATES

LOCATION

October 7–11

Denver, CO

December 9–13

San Diego, CA

Early Registration Discounts and Deadlines

10%

5%

Expired

8/31

10/31

11/30

This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Department at (800) 677-2009 to inquire.

2014 Pricing (Before Early Registration Discount)

Non-Member

Member

Five-day Workshop

$2,750

$2,475

Individual Days

$550

$495

The Advanced Comprehensive CBA Clinic (Day 4) is also available separately as a four-part Webinar Series Session #1

September 22–25

Session #2

October 27–30

Session #3

December 15–18

2014 Pricing

Non-Member

Member

Four-part Webinar

$500

$450

PROGRAM DESCRIPTION: The program is designed to enhance the proficiencies gained after attending the Business Valuation Certification and Training Center, the initial path of training for CBA candidates. Fundamental business valuation concepts will be covered and expounded on in addition to personalized instruction related to preparing and submitting the CBA candidate’s demonstration reports. This rigorous and interactive workshop involves one-on-one mentoring and pulls all the pieces together to streamline the CBA certification process.

Day 1: Managing the Engagement, Alternatives, and Decisions Criteria and Normalizing and Control Adjustments Part 1: Managing the Engagement, Alternatives, and Decisions Criteria This course begins with a discussion on the key factors appraisers consider when evaluating every new business valuation engagement. Why? Because evaluating engagement risk, obtaining the necessary information, and having the right tools are how your practice stays out of trouble and prospers. After a discussion on managing the engagement, the course will cover decisions and alternatives a valuator will encounter throughout the valuation process.

An understanding of standards of value and premise of value and how to appropriately apply these standards will create an additional and important foundation. Attendees will learn how to draw conclusions from the subject company’s financial information and incorporate them into an industry and economic analysis. This section will include a discussion on how to identify the appropriate valuation method, illustrate techniques to develop capitalization rates and market multiples, contrast the pros and cons of the common valuation methods, and address other topics such as how to determine secondary discounts.

Learning Objectives: After completing this course, attendees will be able to: n Implement professional standards, industry research, and economic conditions in every business valuation performed n Identify factors that affect valuation decisions n Select an appropriate valuation approach n Develop a toolbox to increase efficiencies throughout the valuation process n Scope and budget valuation projects n Prepare tighter engagement letters n Make information requests and site visits more productive

Part 2: Normalizing and Control Adjustments Part 2 will dive into an in-depth discussion to understand and dissect financial statements. This is a critical step in determining the valuation of a privately held business. This section will increase core skills and increase a valuator’s confidence to enable the valuation analyst to make appropriate adjustments to the financial statements or income tax returns of a business to more closely reflect its true economic financial position and results of operations on a historical and current basis. In this section, attendees will analyze historical financial statements and learn to identify normalizing and control adjustments.

The course will also demonstrate how to assess non-recurring or non-operating adjustments and show valuators how to calculate a normalized set of financial statements. Attendees will walk away with the tools to help them make the best decisions to effectively value a business correctly.

Learning Objectives: After completing this course, attendees will be able to: n Identify specific assets, liabilities, income, and/or expenses to which valuation adjustments may be required n Explain a valuation report, or in the work papers, reasons for making valuation adjustments and how they can be supported n Calculate appropriate valuation adjustments n Discuss how much financial statement investigative work is “enough” n Distinguish between normalization and control adjustments n Experiment with a new financial model for handling officer compensation

Day 2: Determining Cost of Capital and the Income and Asset Approaches Part 1: Determining Cost of Capital Determining Cost of Capital is designed to build on a basic understanding of capitalization and discount rates. This section is designed to develop practitioners’ understanding of risk to the point where they can explain and defend the methodologies of developing rates as well as the finance and economic theories behind the data. An understanding of risk and return will be discussed along with the Capital Asset Pricing Model, Fama-French, the Gordon Growth Model, Ibbotson/Morningstar, and Duff & Phelps.

Learning Objectives: After completing this course, attendees will be able to: n Identify appropriate methods of developing capitalization and discount rates n Explain and defend the elements of a capitalization/discount rate n Analyze and assess the relevance and accuracy of reports and testimony of other experts n Adjust market multiples to reflect risk factors such as size, growth, and other factors

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 13

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Comprehensive Certified Business Appraiser (CBA) Workshop

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Comprehensive Certified Business Appraiser (CBA) Workshop (Continued) Co-Sponsored by the Institute of Business Appraisers

Part 2: Income and Asset Approaches Following the discussion on the cost of capital, we start “running the numbers.” First, the Asset Approach. Does it apply? Should you get thirdparty appraisals for the tangible assets? Must you value the identifiable intangible assets? Then, the Income Approach. Ibbotson vs. Duff & Phelps vs. Damodaran. Capitalization vs. discounting…both require projections.

And how reasonable is the perpetual life assumption for your subject company?

This course will teach attendees how to assess the appropriateness of risk rates used in the valuation reports of other experts and, through calculations and examples, know how to apply the Income and Asset Approaches to valuation.

Learning Objectives: After completing this course, attendees will be able to: n Describe the conditions for using the Asset Approach n Select appropriate methods and data inputs for developing discount rates n Determine when the Capitalized Cash Flow (CCF) or Discounted Cash Flow (DCF) Method is more appropriate

Page 14

Day 3: The Market Approach and Discounts and Premiums: Considerations Related to Control Part 1: The Market Approach This course begins with a focus primarily on the Guideline Public Comparable Method and the Completed Transaction Method. Rules of thumb, as well as past transactions in an entity’s own equity, will be addressed. Emphasis will be on current theory within the business valuation profession and understanding all commonly accepted sources of information utilized in the search for guideline indicators of value. Challenges facing the valuator in interpreting available information and extrapolating meaningful points of comparability will also be discussed. Various approaches to identifying guideline indicators will provide practical, alternative ways for the valuator to pull useful information for consideration and correctly apply to his or her report. Finally, presentation formats will be discussed to allow the attendees to enhance the quality and defensibility of their use of the Market Approach.

Consultants’ Training Institute Third Quarter 2014 Catalog

Co-Sponsored by the Institute of Business Appraisers Learning Objectives: After completing this course, attendees will be able to: n Differentiate among various methodologies under the Market Approach and determine the propriety of utilizing one method over another n Discern the strengths and weaknesses under each method under the Market Approach and determine the most useful method in a given assignment n Research, analyze, and correctly interpret third-party information set forth in the various transaction databases n Conduct a thorough and complete search of publicly traded guideline company information n Interpret and extrapolate indictors of value from the publicly traded and completed guideline company searches n Discern differences between the subject company and the guideline indicators so all necessary adjustments can be made to the value indicators n Present the information generated under the application of the Market Approach in a clear, meaningful manner in the valuator’s report

Part 2: Discounts and Premiums: Considerations Related to Control This course will dive into premiums and discounts related to issues of control and marketability, although discussion of other less common premiums and/ or discounts will be included. Emphasis will be on current theory within the business valuation profession, understanding all commonly accepted sources of information utilized in the determination of premiums and discounts, and proper identification of the appropriateness of any premium and/or discount and how they should be calculated and applied. The course will address current technical and judicial challenges involving premiums and discounts and how best to present them in the report.

Learning Objectives: After completing this course, attendees will be able to: n Determine the pre-discount level of value produced by alternative business valuation approaches and methodologies n Research, analyze, and correctly interpret third-party information set forth in the various studies n Properly assess elements of the subject company’s characteristics that influence the need to apply a premium or discount n Properly determine the premium or discount for the subject company n Present the information correctly and completely in a business valuation report to maximize the chance of success against challenges

Day 4: Advanced Comprehensive CBA Clinic The Advanced Comprehensive CBA Clinic emphasizes advanced knowledge of business appraisal methodology and report writing, the critical thought processes, and steps required in seeing an appraisal assignment through to completion. The CBA is the only designation in the profession that offers a peer-review process of two demonstration reports, which fully demonstrate the candidate’s high degree of knowledge, skill, and judgment. The reports are then screened to ensure the appraiser has not only learned the theoretical aspects of business appraisal, but also that the applicant’s business appraisal reports meet the standards of the profession. Applicants for the CBA designation will find the Clinic invaluable in producing their demonstration reports required for the CBA credential.

Learning Objectives: After completing this course, attendees will be able to: n Apply the IBA’s CBA/MCBA Applicant’s Handbook to their CBA demonstration reports n Apply the selective methodologies outlined in the Applicant’s Handbook that are additionally required in the demonstration reports n Prepare an in-depth business appraisal report that complies with IBA standards n Recognize the techniques of technical writing that are applicable to the demonstration report writing process and use them in their reports n Support each assumption, position, hypothesis, and/or methodology used in the demonstration report n Effectively present information in a written valuation report n Tie different sections of the valuation report to one another

Day 5: CBA Demonstration Report Writing Clinic This is one-on-one tutoring!

This Clinic gives the CBA applicant an opportunity to receive personal instruction based on their disqualified demonstration reports and feedback received from the reviewer. The instructor will not only discuss the feedback provided to the applicant, but will help the applicant apply this knowledge to his or her reports. The instructor will review disqualified reports and corresponding comments, discuss the feedback with the applicant, and show him or her how to apply what they have learned to improve the reports. The aim is for the attendee to take the skills presented, fix the disqualified reports, and then use these newfound skills to write qualifying IBA reports in the future.

If applicants’ reports have been disqualified, they must bring those reports and the reviewer’s comments to the Clinic. Applicants preparing demonstration reports for the first time must submit their report(s) to the instructor at least two (2) weeks before class so the instructor has a chance to review them before the Clinic. Applicants are encouraged to bring any texts they will need to assist them in the process of writing and correcting their report(s).

This Clinic requires a laptop. Electric power will be provided.

Learning Objectives: After completing this course, attendees will be able to: n Produce a fully substantive, cogent demonstration report n Integrate in a report the CBA/MCBA Applicant’s Handbook rules in a manner that will be accepted by an IBA reviewer for certification

WHO SHOULD ATTEND:

The Comprehensive Certified Business Appraiser Workshop is geared toward individuals who are pursuing the Certified Business Appraiser (CBA) credential offered by the Institute of Business Appraisers (IBA). This Workshop is required for new and non-certified appraisers applying for the CBA credential, and highly recommended for accredited business appraisers applying for the CBA Fast Track. For CBA Fast Track information, contact the IBA at (800) 299-4130.

FACULTY: The development and instruction team includes Peter Agrapides, MBA, CVA; Marc Bello, CPA, ABV, MST, CVA, MAFF; KC Conrad, CBA, CMEA, ASA, ABAR; Steve Egna, CBA, ABAR, CM&AA; Russell Glazer, MBA, CPA, ABV, CVA, MCBA, ASA, ABAR; Robert Grossman, CPA, ABV, CVA, ASA, CBA; Chris Hamilton, CPA, CVA, CFE; and Ron Rudich, CPA, ABV, CFF, CVA, CBA, BVAL, MAFF, ABAR, CM&AA, CMEA, SBA, MS.

For NASBA-related information on CPE, please refer to www.theCTI.com.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 15

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Comprehensive Certified Business Appraiser (CBA) Workshop (Continued)

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

2014 Advanced Business Valuation Symposium TIME

Tuesday, December 9, 2014 Advanced Valuation Theory

Wednesday, December 10, 2014 Alternative Services

Thursday, December 11, 2014 Special Purposes

8:30–10:15 a.m.

(2 Hrs CPE)

The Implied Private Company Pricing Model Peter Butler, Robert Dohmeyer

Grounding Retrospective Solvency Analyses in Contemporaneous Information Michael Vitti Break

Considerations in the Valuation of Alternative Asset Management Firms and Carried Interests Vladimir Korobov

The Implied Private Company Pricing Model (Continued)

Grounding Retrospective Solvency Analyses in Contemporaneous Information (Continued)

10:15–10:30 a.m.

10:30 a.m.–12:15 p.m.

(2 Hrs CPE) 12:15–1:30 p.m.

1:30–3:15 p.m.

(2 Hrs CPE)

Lunch Public vs. Private Buyers: Market Participants, Implications for Discounts for Lack of Marketability, and New Data on S-Corp. vs. C-Corp. Valuations

Valuing a Dream—Lost Profits Damages for a Development Stage Start-Up

Cost of Capital and Forecasting Issues in Healthcare Valuation Mark O. Dietrich, Laura Pfeiffenberger

Why DLOM/DLOC are Often Four-Letter Words

Tony Wayne Break Exploring the Connection Between Transfer Pricing and Valuation

Carl Sheeler

Lee Upton, III

Vincent Covrig, Dan McConaughy 3:15–3:30 p.m.

3:30–5:15 p.m.

(2 Hrs CPE)

2014 DATES

LOCATION

Early Registration Discounts and Deadlines

10%

5%

10/31

11/30

Non-Member

Member

Three-day Symposium

$1,950

$1,755

Individual Days

$650

$585

December 9–11

San Diego, CA

2014 Pricing (Before Early Registration Discount)

Symposium Chairs:

SYMPOSIUM DESCRIPTION:

Until now, a truly advanced conference has been challenging for the valuation profession to pull off.

The art and science of business valuation is Peter Butler, Nancy Fannon, constantly evolving.

CFA, ASA, MBA CPA, ASA, ABV, MCBA, MAFF Keeping up-to-date Valtrend, LLC Meyers, Harrison & Pia, LLC on the latest models, methodologies, approaches to value, academic research, and data sources are critical for advanced and seasoned valuation practitioners who are juggling numerous engagements and are also tasked with staff development. The 2014 Advanced Business Valuation Symposium will not rehash the “same old” discussion of the “same old” topics or continue the “same old” debates that are so often presented. This Symposium is specifically designed for valuators who want to advance to more nuanced topics rather than those professionals who need fundamental or intermediate training.

Page 16

Using Monte Carlo Modeling to Value Embedded Features in Warrants and Convertibles Vincent Covrig, Dan McConaughy

Cost of Capital and Forecasting Issues in Healthcare Valuation (Continued)

TUESDAY, DECEMBER 9, 2014 8:30 a.m.–12:15 p.m.

The Implied Private Company Pricing Model This session will discuss why appraisers should consider using the Implied Private Company Pricing Model (IPCPM) by commenting on the flaws of the BuildUp Method (BUM) and the Modified Capital Asset Pricing Model (MCAPM).

Peter Butler, Robert Dohmeyer, The presenters will then discuss the CFA, ASA, MBA ASA IPCPM, including how it was created and how it eliminates problems pertaining to specific issues such as the small stock premium, the tax rate, liquidity adjustment, and the company specific risk adjustment.

Learning Objectives After completing this session, attendees will be able to: n List the flaws of the BUM and MCAPM n Recognize the flaw of the “small” stock premium n Estimate the weighted average cost of capital for the determination of fair market value of small, privately held companies using the discounted cash flow method n Identify how IPCPM eliminates the following problems pertaining to: • The small stock premium • Tax rate • Liquidity adjustment • Company specific risk adjustment

For more details, including presenter bios, please visit www.nacva.com/valuationsymposium

Consultants’ Training Institute Third Quarter 2014 Catalog

1:30–3:15 p.m.

Public vs. Private Buyers: Market Participants, Implications for Discounts for Lack of Marketability, and New Data on S-Corp vs. C-Corp Valuations This presentation will discuss the concept of the market participant as it relates to business valuation. It will demonstrate, using a large sample of transactions and several multiple regression models, that the market participant is related to the Vincent Covrig, Dan McConaughy, amount paid. It will show that, other ASA, PhD CFA, PhD things equal, public companies pay more than private buyers. This session will provide detailed information regarding the premium paid by public companies and relate this information to the private company discount and the discount for lack of marketability as well as how these results relate to the business valuation literature. This presentation also shows the importance of understanding the transactions data. In addition, it sheds additional light on whether S-corporations are priced differently than C-corporations.

Learning Objectives After completing this session, attendees will be able to: n Interpret the “market participant” n Calculate private company discounts n Recognize the importance of identifying the market participant n Differentiate the tax implications in valuing S-corporations and C-corporations n Identify the data sources used by valuation practitioners

3:30–5:15 p.m.

Why DLOM/DLOC are Often Four-Letter Words

Carl Sheeler, PhD, ASA, CBA, CVA

Most studies overlook much about equity-level risks and investor-expected concessions, ubiquitously referred to as discounts, as well as how new knowledge almost always assures more accurate and empirically supported levels, whether the intended audience is the court or a regulatory body like the IRS.

Learning Objectives After completing this session, attendees will be able to:

n Distinguish various legal, finance, tax, and operating issues uncommonly discussed when opining on impairments and strengths associated with equity interests n Measure, manage, and mitigate risks associated with entity and equity ownership n Determine the composition and likely pool of investors associated with the fair, fair market, and intrinsic values as well as likely holding periods

WEDNESDAY, DECEMBER 10, 2014 8:30 a.m.–12:15 p.m.

Grounding Retrospective Solvency Analyses in Contemporaneous Information The credit crisis created a financial tsunami that left many bankrupt debtors in its wake. Many of these debtors entered into pre-petition transactions that were subsequently challenged because the debtor was alleged to be insolvent at the time. This presentation addresses the three key components of retrospective solvency analyses Michael Vitti, (security prices, contemporaneous actions of interested CFA parties, and the three financial tests) and key issues that permeate all components (e.g., standard of value and relevance of hindsight).

Learning Objectives After completing this session, attendees will be able to: n Specify the three key components of retrospective solvency analyses n Identify when solvency or valuation-related determinations can effectively be made by the fact record and without the need for incremental expert testimony n Differentiate between “good” and “bad” hindsight, i.e., identifying when hindsight is used to arrive at result-driven (“bad”) or informed (“good”) determinations n Calculate and assess a debtor’s capital adequacy and ability to repay its debts

1:30–3:15 p.m.

Valuing a Dream—Lost Profits Damages for a Development Stage Start-Up This session will walk participants through a very fascinating, highly complex lost profits litigation case for a firm in the alternative energy sphere that suffered a total loss from a fire before the company was able to sell one unit of product. The presenter represented the defendant, the insurance carrier, as opposing experts. This session will review and discuss the Tony Wayne, pertinent facts, issues, underlying assumptions as well as the CVA, CPA, CIRA, CFF, FCPA challenges of completing a lost profits analysis for a start-up company lacking an operating history.

Learning Objectives After completing this session, attendees will be able to: n List the unique, highly unusual challenges of a valuation/expert witness engagement involving a lost profits damage claim for a developmentstage firm with no operating history n Identify the enhanced risk factors involved, the critical assumptions and essential foundational support for these assumptions, the common approaches used in valuing start-ups and development-stage enterprises, and the increased care required in opinion development and support and presentation

"The CPE received from CTI and NACVA is top notch. Challenging and relevant."

Peter J. Karutz, CPA, MAFF, CVA, St. Louis, MO

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 17

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

2014 Advanced Business Valuation Symposium

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

2014 Advanced Business Valuation Symposium 3:30–5:15 p.m.

Exploring the Connection Between Transfer Pricing and Valuation

Lee Upton, III, CVA

The connection between transfer pricing and valuation gets closer and closer as time passes. This presentation will focus on valuation issues that arise in the context of transfer pricing related to intangible property and will use specific examples to highlight key issues and analysis. The presentation will also include an overview of transfer pricing and valuation methods as well as key concerns regarding reliability, comparability, and quality of data and assumptions.

Learning Objectives After completing this session, attendees will be able to: n List the differences in valuation concepts as they are applied in the transfer pricing context as opposed to more traditional valuation contexts n Identify the primary types of intangibles assets that are typically subject to transfer pricing disputes n Identify and apply the generally accepted methods as prescribed in the transfer pricing regulations to the valuation of intangibles for transfer pricing purposes n Evaluate the valuation approaches used by other valuation experts in the context of transfer pricing of intangibles

THURSDAY, DECEMBER 11, 2014 8:30–10:15 a.m.

Considerations in the Valuation of Alternative Asset Management Firms and Carried Interests

10:30 a.m.–12:15 p.m.

Using Monte Carlo Modeling to Value Embedded Features in Warrants and Convertibles Companies may issue options, warrants, convertible debt, and convertible preferred securities with exotic derivatives features such as a resetting of the strike price or a change in the number of equivalent shares based on market Vincent Covrig, Dan McConaughy, conditions. This session will discuss some ASA, PhD CFA, PhD of the most common embedded features encountered in valuation for financial reporting. It will provide illustrative excerpts from SEC filings describing such features. The presenters will show how to value securities with embedded features using Monte Carlo simulation, a flexible methodology well suited to valuing such contractual features.

Learning Objectives After completing this session, attendees will be able to: n Identify the embedded derivatives in securities purchase agreements n Detect how embedded features add to or subtract from a simple BlackScholes option valuation n Compare the Black-Scholes Model with the Monte Carlo simulation model n Implement options/warrants/convertibles with the embedded features using Monte Carlo

1:30–5:15 p.m.

Cost of Capital and Forecasting Issues in Healthcare Valuation

The presentation will be an advanced-level discussion of technical issues that arise in valuations of alternative asset management firms, such as hedge fund and private equity/ venture capital fund managers, and carried interests in the investment funds. The discussion will cover topics such as typical investment fund entity structures; valuation Vladimir Korobov, methodologies, such as discrete discounted cash flow (DCF) ASA, CPA, ABV option-pricing models; Monte Carlo simulation and their respective pros and cons; frequently encountered specific valuation challenges, such as investment return expectations; reasonable compensation issues; important discount rate(s) considerations; and suggestions on how to tackle these challenges.

This session will provide an in-depth discussion of the sources of risk to consider in the cost of capital and forecasting in healthcare valuations.

An industry risk overview will provide a chance to assess the relevant issues Mark O. Dietrich, Laura Pfeiffenberger, of healthcare reform in order to build MBA, MSA CPA, ABV an understanding of company-specific issues. Issues related to developing a discount rate will cover the assessment and derivation of costs of equity and debt and the weighted average cost of capital. This session will also discuss the corresponding risk quantified in cash flow projections. Specific practice examples that will be used in this session include internal medicine, cardiology, and dermatology.

Learning Objectives

Learning Objectives

After completing this session, attendees will be able to: n Specify typical investment fund entity structures and the impact of the structures on the valuation analysis n List valuation methodologies and articulate their application n Identify the main pros and cons of each valuation methodology n List the specific issues that present challenges in the valuation of alternative asset management firms and carried interests n Establish approaches for dealing with valuation challenges specific to alternative asset management firms and carried interests

Page 18

After completing this session, attendees will be able to: n Identify and assess the risks of current reform trends n Recognize and specify the nature of current reimbursement trends and payor relationships and their impact on healthcare entities n Specify how risk is quantified in the discount rate and cash flow projections n Calculate an appropriate cost of capital for a subject entity

Consultants’ Training Institute Third Quarter 2014 Catalog

Updated for 2014

Co-Sponsored by the National Association of Certified Valuators and Analysts

2014 DATES

LOCATION

Early Registration Discounts and Deadlines

10%

5%

September 16–18

Philadelphia, PA

Expired

8/31

October 21–23

New Orleans, LA

8/31

9/30

Non-Member

Member

Three-day Workshop

$1,800

$1,620

Individual Days

$600

$540

2014 Pricing (Before Early Registration Discount)

PROGRAM DESCRIPTION: The Advanced Valuation: Applications and Models Workshop is brand new for 2014 and has been substantially updated by James R. Hitchner. The Workshop is based on the texts Financial Valuation Applications and Models— co-authored by 30 of the leading valuation analysts in the U.S., including 24 CPAs, 20 ABVs, 19 ASAs, and 12 CVAs—and the Financial Valuation Workbook. These new changes include: n A detailed discussion of the brand new Duff & Phelps Valuation Handbook—Guide to Cost of Capital, which now incorporates and presents data from the recently discontinued Ibbotson publication as well as the traditional Duff & Phelps (D&P) data n A new supportable method and case study for reconciling the use of Ibbotson-type and D&P data in the Modified Capital Asset Pricing Model and Build-Up Model n A new presentation on the Private Cost of Capital Model and the Pepperdine Private Capital Markets Project n A new presentation on how to detect a “rigged” valuation, including the use of a “bias scorer” checklist n A new, in-depth discussion on mistakes in valuation with specific attention to: • Discount rates • Growth rates • Normalization adjustments • The Capitalized Cash Flow Method • The Discounted Cash Flow Method n A new process for determining the technical accuracy and credibility of a valuation analysis, which includes a convenient checklist n A new model for making compensation adjustments using a mean reversion technique, which includes an Excel® spreadsheet n A new case study on the use of transaction databases (Pratt’s Stats, BIZCOMPS®, IBA) and guidance on the level of reliance n An update on discounts for lack of marketability (DLOM) (including a new case study) with specific focus on: • Option models • Quantitative Marketability Discount Model • Restricted stock studies • FMV Opinions Restricted Stock database • Pre-IPO data and studies • A new Mandelbaum-type factor analysis for adjusting a DLOM • A primer on the IRS DLOM Job Aid n A new discussion on the use of control premiums and minority discounts n An update on BV standards, including the use of calculations, plus two, up-to-date calculation reports n An update on the latest in fair value for financial reporting n A fresh look at valuing S Corps, including a supportable, simple model

This rigorous Workshop will take you to a new, advanced level of understanding business valuation and also provide practical tools, data, and models you can use immediately in your practice. It is filled with a wealth of detail, practice tips, and examples and covers numerous models and methods to assist valuation analysts in navigating valuation engagements. Taught by a team of seasoned and nationally recognized valuation analysts, the instructors collaborate with Workshop attendees to share the most effective valuation procedures and realworld applications in the field of financial valuation. The instructors teach the theory, but also demonstrate how to apply the theory and appropriate models so that practitioners can better support their valuation analyses.

Day 1: Advanced Income Approach & Cost of Capital This course will begin by covering the alternative/advanced company risk analysis models and applications including Porter, McKinsey 7-s, SWOT, DuPont, and Macroeconomic. The Income Approach will then be covered and includes discussions on Capitalized Cash Flow (CCF) vs. Discounted Cash Flow (DCF) Methods; Invested Capital vs. Direct Equity Methods, including iterative models; common pitfalls in DCF calculations such as growth rates, terminal value, working capital, and capital expenditure needs; an Excess Cash Flow (Earnings) Method refresher; and net tangible asset miniWACC. The day will conclude with a discussion of advanced cost of capital techniques and data sources covering CAPM vs. MCAPM vs. Build-Up vs.

WACC; new Ibbotson-type and Duff & Phelps data, including returns based on accounting measures of risk; supply-side equity risk premiums; specific company risk techniques, including the Butler-Pinkerton Total Beta Model; size premiums and industry risk premiums; how to use Pepperdine survey data; P/E multiple adjustments and the earnings cap rate; the Forward-Looking/ Ex-Ante Approach to returns; and complex capital structures, including debt, preferred stock, options, and invested capital allocation models.

Learning Objectives After completing this course, attendees will be able to: n Articulate the various risk analysis models and applications n Differentiate between the various Income Approach methods to valuation and data inputs n Identify advanced cost of capital techniques and data sources n Identify how to avoid making mistakes in the Income Approach n Detect bias using a "bias scorer" checklist n Develop a process for ensuring technical accuracy n Implement a new Excel model for compensation adjustments

Day 2: Advanced Market Approach, Asset Approach, and Discounts and Premiums This course will begin by covering the Market Approach, including the Guideline Public Company Method, and will review examples such as calculating and selecting multiples using statistics plus qualitative and quantitative methods for adjusting multiples for size, growth, and risk. It will also cover the use of the Guideline Company Transaction Method, including a new case study that utilizes the various transaction databases. The Asset Approach will then be discussed, covering adjustments, capital gains, and when to use this approach. The course will also include a thorough discussion on discounts and premiums; the new levels of value; restricted stock and preIPO benchmark studies; application of the FMV Detailed Restricted Stock Study data and the pre-IPO data; application of quantitative DLOM models, including option models and the Quantitative Marketability Discount Model; recent new research on traditional DLOM studies; and a preview of a new DLOM tool for simplifying calculations. Finally, a detailed analysis of control premium studies and minority discounts will be presented.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 19

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Advanced Valuation: Applications and Models Workshop

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Advanced Valuation: Applications and Models Workshop (Continued) Co-Sponsored by the National Association of Certified Valuators and Analysts Learning Objectives

Learning Objectives

After completing this course, attendees will be able to:

After completing this course, attendees will be able to:

n Calculate and select Market Approach valuation multiples and apply the appropriate level of reliance n Identify when to use the Asset Approach and what to look for n Discuss and distinguish between the various studies and data on DLOM, including new research on the uses of DLOM models and data n Explain the math and concepts behind control premium/minority discount studies

Day 3: Advanced Issues in S Corps, FLPs, Goodwill in Divorce, Intangible Asset Valuations, Testimony, and Risk Management Day 3 begins with a discussion on S Corps, court cases, and major issues, including tax-affecting, control vs. minority, and S Corp premiums.

Attendees will review models including Treharne, Van Vleet, and a new simplified method based on recent court cases. Other issues, concerns, and topics will be discussed such as family limited partnership (FLP) valuation problems; personal (professional) vs. enterprise (practice) goodwill in divorce, including a review of relevant court cases; valuations of small businesses and professional practices; intangible asset valuations for financial reporting; an update on BV standards, including sample reports; litigation and expert witness testimony examples; and, in conclusion, practice management tips for marketing, managing, and making money in valuation services, including risk management.

Page 20

n Articulate issues surrounding tax-affecting, control vs. minority, and S Corp premiums n Discuss the issues in FLP valuations n Employ strategies and techniques for improving practice management n Employ various models to value intangible assets n Discuss the major issues in divorce, small businesses, and professional practices valuations n Demonstrate how to use and write a calculation report

WHO SHOULD ATTEND: Those who have attended the Business Valuation Certification and Training Center or additional, extensive higher-level courses. This is a Workshop for seasoned practitioners who practice full time in business valuation and who are in charge of appraisal staff.

FACULTY: The Advanced Valuation: Applications and Models Workshop development and instruction team brings extraordinary depth and experience to this challenging Workshop. Team leader, James R. Hitchner, CPA, ABV, ASA, has assembled a virtual dream team that includes Richard Gray, CPA, ABV, CVA; Robert Grossman, CPA, ABV, CVA, ASA, MST, CBA; Chris Hamilton, CPA, CVA, CFE; Mark G. Kucik, CPA, CFF, CPVA, CVA, CM&AA; Brandi Ruffalo, MBA, CVA, CMC; Stephen J. Scherf, CPA, ABV, CVA, CFE, CrFA; and Ronald L. Seigneur, CPA, ABV, MBA, CVA.

Consultants’ Training Institute Third Quarter 2014 Catalog

Co-Sponsored by the National Association of Certified Valuators and Analysts This Workshop, and the associated ABAR accreditation, ensures that practitioners and firms are equipped to optimize the quality of business appraisals produced by firm associates. The Workshop teaches an innovative appraisal review and quality assurance procedure. Upon completion of the Workshop, demonstration report, and exams (all administered and completed during the class session), attendees qualify for the ABAR accreditation from the National Association of Certified Valuators and Analysts.

Special Guest Presenters:

Attendees will receive a copy of Francisco (Frank) Rosillo's book Determination of Value: Appraisal Guidance on Developing and Supporting a Credible Opinion.

Experienced Former IRS Leader

Experienced Former IRS Leader

Howard A. Lewis, ABAR, CVA, CBA, MS

Ron Cerruti, MBA, RPF #1983

Ft. Lauderdale, FL November 18–22

San Diego, CA December 9–13

2014 DATES

LOCATION

Note: Attendees should bring a typical table of contents from a detailed valuation report and a sanitized section of a valuation report that they usually find challenging to prepare. These will be utilized in class during Day 1 and Day 2. The Workshop faculty will integrate these into class instruction, providing constructive feedback to attendees.

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

Early Registration Discounts and Deadlines

10%

5%

November 18–22

Ft. Lauderdale, FL

9/30

10/31

December 9–13

San Diego, CA

10/31

11/30

The examination is administered at the beginning of Day 4. This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Department at (800) 677-2009 to inquire.

2014 Pricing (Before Early Registration Discount)

Non-Member

Member

Five-day Workshop

$2,750

$2,475

Individual Days

$550

$495

ABAR Certification Exam

$595

$595

First-Year NACVA Membership with Training and Exam

$300

Strengthening Your Business Valuation Reports to Grow Your Practice PROGRAM DESCRIPTION: Business appraisal review is a critical component of every business appraiser’s practice. No firm can risk being caught unaware of quality assurance problems.

Customer demands, potential penalties, sanctions, and loss of business are real possibilities in this era of heightened focus on Accredited in Business professional responsibility. Every business Appraisal Review™ (ABAR™) appraisal engagement must be reviewed.

Whether this review takes place in house or externally, or even by the business appraiser, it is essential to know the fundamentals and procedures of the review process. Understanding the elements of review can go a long way to making the appraisal more effective in the first place. Understanding these elements enables the reviewer to ensure the quality and veracity of the appraisal. Attendance at the Business Appraisal Review Accreditation Workshop provides the business appraiser with all of these tools and enables the appraiser to attain the Accredited in Business Appraisal ReviewTM (ABARTM) credential.

Day 1: Introduction to Report Writing and Report Review We will discuss and illustrate effective report writing techniques for the purpose of communicating the results of a business appraisal engagement.

Elements of business appraisal review will be indicated to demonstrate how to write the appraisal report in a way that ensures acceptance upon review.

The course covers the reasons report writing is important within the context of the elements of credibility that are critical to the reviewer and, ultimately, the acceptance of the report and its opinion of value. We cover components of good report writing and compare these with the elements of appraisal review. We discuss a report “roadmap,” cover pages, transmittal letters, table of contents, executive summaries, assumptions and limiting conditions, certifications, and qualifications. Appraisal review concepts, methods, and procedures will be introduced, enabling attendees pursuing the ABAR credential to continue with the Business Appraisal Review Accreditation Workshop. Appraisal review subjects include standards, procedures, stakeholders, language, and ethics.

Learning Objectives: After completing this course, attendees will be able to: n Recognize the features of excellent business appraisal reports, including design, layout, graphics, and organization n Identify language (grammar and content) useful for supporting subjective factors and typical valuation issues n Apply inductive and deductive reasoning to support valuation conclusions n Apply the principles of business appraisal review to the appraiser report writing process

Day 2: Writing the Appraisal Review Report Teams are introduced to a nine-part rubric of review criteria and are assigned a selection of criteria to present to the class via a case study. The elements of business appraisal review are built out, including compliance with standards and understanding the scope of work. We will discuss report writing issues in control, minority, and levels of value issues and explain language that should be avoided in every appraisal report. Instructors facilitate the breakout sessions and evaluate and critique team presentations. Team members are then assigned a second case study and begin preparation for their second business appraisal review report. Team members will deliver their assigned part of the review report to the instructors for discussion on Day 3.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 21

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Business Appraisal Review Accreditation Workshop

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Business Appraisal Review Accreditation Workshop (Continued) Co-Sponsored by the National Association of Certified Valuators and Analysts Learning Objectives: After completing this course, attendees will be able to: n Identify and develop review findings on an individual and team approach n Apply the elements of business appraisal review to a business appraisal report n Present findings and respond to challenges in a formal business oral presentation n Prepare a written part of a business appraisal review report

Day 3: Scope and Detailed Findings of Appraisal Review Teams meet to prepare their presentations to the class. Team meetings are facilitated by the instructors, and the presentations are evaluated and critiqued by both the instructors and other class members. The class is introduced to a well-written sample appraisal review report. The instructors explain the contents, format, language, style, and issues involved in developing a review report. Special focus is given to the difference between overall scope and detailed findings, and the class is instructed on how to present these sections in the review report. The final case study is presented and instructions are given for analysis of the case, presentation of case findings, and preparation of the demonstration review report. Breakout teams begin preparation of their presentations (Day 4) and their demonstration reports. Instructors facilitate the team sessions and individual preparation of the review reports. Instructors present a comprehensive review for the examination.

Learning Objectives: After completing this course, attendees will be able to: n Present findings and respond to challenges in a formal business oral presentation n Apply the appropriate sections of an appraisal review report to the appraisal under review n Separate development issues between scope and detailed findings and develop the written presentation of each n Answer questions regarding the theory and practice of appraisal review

“The program is excellent and what it offers are the tools to make your valuation report stronger and less subject to challenge as you have challenged it first.”

Day 4: Final Case Study Presentations— Practice Management and Development The course begins with a brief discussion of the final examination. Instructors answer any questions attendees have regarding the exam. Breakout teams continue work on final case study presentations and individual work on demonstration reports. Teams present the final case study. Instructors facilitate the team meetings and evaluate and critique the presentations. The course concludes with a discussion of practice development and management activities. Attendees have an opportunity to begin development of their demonstration reports.

Learning Objectives: After completing this course, attendees will be able to: n Present findings and respond to challenges in a formal business oral presentation n Apply the prescribed format and content structure to an appraisal review report n Begin preparation of their appraisal review demonstration report

Day 5: Writing the Appraisal Review Demonstration Report Attendees prepare their appraisal review demonstration reports. This day is devoted to individual study and writing. Attendees continue the work started on Day 4. Instructors are available to facilitate the individual work. Attendees have the opportunity to complete the writing of their reports and submit them for review.

Learning Objectives: After completing this course, attendees will be able to: n Produce a well-written appraisal review demonstration report n Discuss the review criteria needed for the process of business appraisal reviews n Apply the principles of business appraisal review to the appraiser report writing process n Explain why the reviewer scores an appraisal review accordingly

WHO SHOULD ATTEND: Accredited practitioners (CBA, CVA, ABV, ASA) interested in advancing their appraisal skills and developing new business opportunities, accredited practitioners acting as expert witnesses, and senior practitioners in charge of appraisal staff will greatly benefit from the skills taught in the Workshop. Also, valuation practitioners representing clients before the Internal Revenue Service and other regulatory agencies.

FACULTY: The Business Appraisal Review Accreditation Workshop was created and is taught by Ron Cerruti, MBA, RPF #1983; Steven M. Egna, CBA, CM&AA, ABAR, CVA; Russell Glazer, MBA, MCBA, CPA, ABV, CVA, ABAR, ASA; Howard A. Lewis, ABAR, CVA, CBA, MS; and Francisco (Frank) Rosillo, CPA, ABV, CBA, CVA, CFF, BVAL, ABAR, MAFF.

Marjorie R. Corcoran, CPA, CVA, BVAL, MAFF, Metairie, LA For NASBA-related information on CPE, please refer to www.theCTI.com.

Page 22

Consultants’ Training Institute Third Quarter 2014 Catalog

Co-Sponsored by the National Association of Certified Valuators and Analysts

2014 DATES

LOCATION

Early Registration Discounts and Deadlines

10%

5%

November 18–19

Ft. Lauderdale, FL

9/30

10/31

December 9–10

San Diego, CA

10/31

11/30

In-house training is available with minimum attendance.

Contact CTI's Education Department at (800) 677-2009 to inquire.

Also available as a webinar series. Call NACVA Member Services for details.

2014 Pricing (Before Early Registration Discount)

Non-Member

Member

Two-day Course

$1,100

$990

Individual Days

$550

$495

Strengthening Your Business Valuation Reports to Grow Your Practice PROGRAM DESCRIPTION:

We will discuss and illustrate effective report writing techniques for the purpose of communicating the results of a business appraisal engagement.

Elements of business appraisal review will be indicated to demonstrate how to write the appraisal report in a way that ensures acceptance upon review.

The course covers the reasons report writing is important within the context of the elements of credibility that are critical to the reviewer and, ultimately, the acceptance of the report and its opinion of value. We cover components of good report writing and compare these with the elements of appraisal review. We discuss a report “roadmap,” cover pages, transmittal letters, table of contents, executive summaries, assumptions and limiting conditions, certifications, and qualifications. Appraisal review concepts, methods, and procedures will be introduced, enabling attendees pursuing the Accredited in Business Appraisal Review (ABAR) credential to continue with the Business Appraisal Review Accreditation Workshop. Appraisal review subjects include standards, procedures, stakeholders, language, and ethics.

Learning Objectives: After completing this course, attendees will be able to:

Report Writing. It’s where the rubber meets the road. The culmination of every business valuation engagement is the valuator’s report. The purpose of the valuation report is to persuade. The best valuation analysis will be lost if it’s not wrapped in readable, credible, and persuasive content. And even the best content will not be read or accepted if it is mired in boilerplate content, buried deep in the hinterlands of a thick report, or is simply not “fit for use.”

This engaging course is structured around the valuation engagement and report writing experiences of the attendees. As their 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 most suitable to the specific engagement faced by the valuator.

If “beauty is in the eye of the beholder,” those who are empowered to evaluate it for that purpose judge the quality of any business valuation report. Thus, it is incumbent upon the valuator to fully understand the standards by which his or her valuation report will be judged. Review standards are fully implemented in the business valuation profession, but few professionals know full well how to apply them to their own valuation reports. Conventional report writing classes do not delve much into the review process. Report Writing: Review and Analysis includes those elements of the business appraisal review process that will make attendee’s valuation reports much better—readable, credible, and persuasive.

Applicants for the Certified Business Appraiser (CBA) and Certified Valuation Analyst (CVA) designations will find the course instrumental in producing their case studies and demonstration reports for accreditation.

Attendees will receive a copy of Francisco (Frank) Rosillo's book Determination of Value: Appraisal Guidance on Developing and Supporting a Credible Opinion.

Note: Attendees should bring a typical table of contents from a detailed valuation report and a sanitized section of a valuation report that they usually find challenging to prepare. These will be utilized in class. The course faculty will integrate these into class instruction providing constructive feedback to attendees.

Attendees registering for Report Writing: Review and Analysis may continue following the class into the Business Appraisal Review Accreditation Workshop and qualify for the Accredited in Business Appraisal Review (ABAR) credential.

Day 1: Introduction to Report Writing and Report Review

n Recognize the features of excellent business appraisal reports, including design, layout, graphics, and organization n Identify language (grammar and content) useful for supporting subjective factors and typical valuation issues n Apply inductive and deductive reasoning to support valuation conclusions n Apply the principles of business appraisal review to the appraiser report writing process

Day 2: Writing the Appraisal Review Report Teams are introduced to a nine-part rubric of review criteria and are assigned a selection of criteria to present to the class via a case study. The elements of business appraisal review are built out, including compliance with standards and understanding the scope of work. We will discuss report writing issues in control, minority, and levels of value issues and explain language that should be avoided in every appraisal report. Instructors facilitate the breakout sessions and evaluate and critique team presentations. While the ABAR team members are assigned a second case study and begin preparation of a second business appraisal review report, the instructor will wrap up the course by demonstrating how the attendees can use what they learned from the nine part rubric of review criteria to write a better report.

Learning Objectives: After completing this course, attendees will be able to: n Identify and develop review findings on an individual and team approach n Apply the elements of business appraisal review to a business appraisal report n Present findings and respond to challenges in a formal business oral presentation n Prepare a written part of a business appraisal review report

WHO SHOULD ATTEND:

This course is designed for all business valuation practitioners who want to improve the quality of their written appraisal reports.

Accredited in Business Appraisal Review (ABAR)

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

FACULTY: The Report Writing: Review and Analysis course is taught by Howard A. Lewis, ABAR, CVA, CBA, MS; and Francisco (Frank) Rosillo, CPA, ABV, CBA, CVA, CFF, BVAL, ABAR, MAFF.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 23

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Report Writing: Review and Analysis

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Current Update in Valuations (CUV) Co-Sponsored by the National Association of Certified Valuators and Analysts

PROGRAM DESCRIPTION:

Special Guest Presenters:

Experienced Former IRS Leader

Experienced Former IRS Leader

Dorothy A. Taylor, BCA

Ron Cerruti, MBA, RPF #1983

Atlanta, GA September 8

San Diego, CA December 8

Valuation is an ever-changing environment. The primary objective of this interactive course is to deliver training and tools for you to produce a strong, defensible work product that will lead to increased confidence in your opinions. Significantly updated for 2014, the Current Update in Valuations course provides critical education from the foundation up by revisiting the core body of knowledge for business valuations.

The course incorporates “what’s new” in the valuation industry and relates it to your everyday practical work product. It weaves current and ongoing developments and the essentials outlined in Revenue Ruling 59-60 with a comprehensive understanding of recent valuation trends, techniques, and opinions. It promotes active discussion between the instructors and attendees encompassing a wide range of topics, including practice development, financial statement analysis, cost of capital, valuation approaches, discounts and premiums, federal and state case law, an update on industry and professional standards, calculation and conclusion of value and other roles valuators play, and valuation report analysis.

Ft. Lauderdale, FL November 17

2014 DATES

LOCATION

Early Registration Discounts and Deadlines

10%

5%

September 8

Atlanta, GA

Expired

Expired

September 15

Philadelphia, PA

Expired

8/31

October 6

Denver, CO

Expired

8/31

October 20

New Orleans, LA

8/31

9/30

November 3

Providence, RI

8/31

9/30

November 10

Chicago, IL

9/30

10/31

November 17

Ft. Lauderdale, FL

9/30

10/31

November 20

Stamford, CT

9/30

10/31

December 8

San Diego, CA

10/31

11/30

December 11

Ridgeland, MS

10/31

11/30

January 26, 2015

Las Vegas, NV

11/30

12/31

May 4, 2015

Chicago, IL

2/28/15

3/31/15

Current Update in Valuations is also available as a webinar series and via self-study. Call NACVA Member Services for details.

2014 Pricing (Before Early Registration Discount) Current Update in Valuations (CUV)

Non-Member Member

$550

$495

Note: This course is paperless. Attendees will be provided with hyperlinked course material that will be used during the class, so you will need a laptop with Internet access. NACVA will provide electric power and Internet access, but will not provide laptops.

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

Learning Objectives: After completing this course, attendees will be able to: n Determine which state and federal case law precedents guide valuation issues n Evaluate professional and industry standards n Describe changes to tax code, regulations, and court decisions n Differentiate between a calculation of value and a conclusion of value n Identify various products valuators can offer to their clients n Categorize size risk, which is considered throughout the entire business valuation process, so as to avoid duplication of risk associated with size n Discern and interpret specific considerations in the identification and determination of personal goodwill in business valuations n List the do’s and don’ts of writing an effective report n Critique current thinking in the development of the company specific risk premium (CRSP) and identify areas of risk overlap n Discuss how industry standards and any changes will impact your practice

WHO SHOULD ATTEND: This course is designed for all business valuation practitioners who wish to improve their understanding of the valuation process and take their skill set to a higher level.

FACULTY: The Current Update in Valuations team is comprised of Peter Agrapides, MBA, CVA; Marc Bello, CPA, ABV, MST, CVA, MAFF; Robert J. Grossman, CPA, ABV, CVA, ASA, CBA; Mark Hanson, CPA, ABV, CVA; Garth Tebay, CPA, CVA, CM&AA, MAFF; and Courtney Sparks White, JD, LLM, ASA, CVA.

Page 24

Consultants’ Training Institute Third Quarter 2014 Catalog

Co-Sponsored by the National Association of Certified Valuators and Analysts

2014 DATES

PROGRAM DESCRIPTION:

LOCATION

Knowledge is acquired in three ways: education, experience, and interaction.

Attendees in this course break into 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 in order to receive credit.

September 8

Atlanta, GA

September 15

Philadelphia, PA

October 6

Denver, CO

October 20

New Orleans, LA

November 3

Providence, RI

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

November 10

Chicago, IL

Learning Objectives:

November 17

Ft. Lauderdale, FL

After completing this course, attendees will be able to:

December 8

San Diego, CA

January 26, 2015

Las Vegas, NV

May 4, 2015

Chicago, IL

n List some of the do’s and don’ts of writing an effective report n Determine techniques that they can take back to the office and use or avoid

WHO SHOULD ATTEND:

2014 Case Analysis by Phone Dates October 1

November 5

December 3

October 8

November 12

December 10

October 15

November 19

December 17

2014 Pricing (No Early Registration Discount) Case Analysis in Person (or by Phone) (CAP)

This course is designed for all business valuation practitioners who wish to improve their valuation reports.

Non-Member Member

$225

$225

Valuing Family Limited Partnerships Workshop Co-Sponsored by the National Association of Certified Valuators and Analysts

2014 DATES

LOCATION

Early Registration Discounts and Deadlines

10%

5%

October 21–22

New Orleans, LA

8/31

9/30

December 9–10

San Diego, CA

10/31

11/30

May 5–6, 2015

Chicago, IL

2/28/15

3/31/15

Learning Objectives: After completing this course, attendees will be able to:

This course requires a laptop.

2014 Pricing (Before Early Registration Discount)

them form a solid discount conclusion in their valuations. Day 2 of the Workshop will focus on three case studies: (1) an FLP holding real property, (2) an FLP holding marketable securities, and (3) valuation of an undivided interest in real property. The capstone of the two-day Workshop will focus on report writing techniques, assessment of partnership/operating agreements as well as marketing this service niche within your existing valuation practice.

Non-Member

Member

Two-day Workshop

$1,200

$1,080

Individual Days

$600

$540

n Perform research of empirical data to support discounts found in these valuations n Explain the various tax code sections pertinent to these valuations n Prepare a well-written valuation report of an FLP (or similar estate planning entity)

PROGRAM DESCRIPTION:

WHO SHOULD ATTEND:

This two-day 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

Valuation analysts of all levels, estate and tax attorneys, and estate planners.

FACULTY: The Valuing Family Limited Partnerships Workshop is taught by Peter Agrapides, MBA, CVA; and T.J. Liles-Tims, MBA, CVA, CFE.

For NASBA-related information on CPE, please refer to www.theCTI.com.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 25

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 B u s i n e s s V a l u a t i o n P r o g r a m s

Case Analysis in Person (or by Phone) (CAP)

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Master Analyst in Financial ForensicsTM (MAFFTM) Certification Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics InstituteTM

Master Analyst in Financial ForensicsTM (MAFFTM)

Due to increased regulation and regulatory enforcement, as well as a record number of bankruptcies and corporate restructurings, the demand for financial forensics services is set to soar. To help CPAs and other financial service professionals obtain the necessary training, certification, and credibility so they can grow and thrive in the financial forensics area, the CTI, through its partner NACVA, offers specialized certification and training programs and the Master Analyst in Financial ForensicsTM (MAFFTM) credential.

NACVA’s MAFF training offers practitioners seven different specialized pathways to acquire the MAFF. These areas— Bankruptcy, Insolvency, and Restructuring; Commercial Damages and Lost Profits; Business and Intellectual Property Damages; Business Valuation in Litigation; Forensic

Accounting; Fraud Risk Management; and Matrimonial Litigation—have common underpinnings, yet with their own unique set of dynamics. These programs are developed and presented by a team of nationally recognized financial forensics experts who are leaders in their respective fields, and unlike most financial forensics training that tends to be general in scope, our programs are a deep dive into the methodologies, approaches, trends, financial investigative techniques, communication skills, practice management, and practicebuilding strategies that are being employed by successful and emerging financial forensic analysts. The MAFF credential/ designation makes a statement that when it comes to financial forensics, credential holders are the “Masters” of this field.

Seven Specialty Tracks to Obtain the MAFF Credential 1. Commercial Damages and Lost Profits

This specialty program requires attending the three-day Litigation Bootcamp for Financial Experts (see page 28) and a seven-part Commercial Damages and Lost Profits Webinar Series (see page 31) for specialty training. 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.

2. Matrimonial Litigation

This specialty program requires attending the three-day Litigation Bootcamp for Financial Experts (see page 28) and a seven-part Matrimonial Litigation Webinar Series (see page 32) for specialty training. Fundamentals 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.

3. Bankruptcy, Insolvency, and Restructuring

This specialty program requires attending the three-day Litigation Bootcamp for Financial Experts (see page 28) and a seven-part Banktuptcy, Insolvency, and Restructuring Webinar Series (see page 33) for specialty training. This specialty track focuses on work that practitioners may be called upon to perform when working in bankruptcy, reorganization, and insolvency. It is structured to provide a solid introduction to the laws, regulations, and administrative aspects of corporate bankruptcy and culminates with forensic financial analysis and the litigation environment relating to corporate bankruptcy, reorganization, and insolvency.

4. Business Valuation in Litigation

Page 26

This specialty program requires attending the three-day Litigation Bootcamp for Financial Experts (see page 28) and a seven-part Business Valuation in Litigation Webinar Series (see page 34) for specialty training. This specialty track focuses on the dynamics of business valuation conclusions and calculations in the context of litigation, controlling professional standards, notable case law, differing approaches to reporting in litigation, traditional and situation-specific standards of value, and other key issues impacting BV in litigation.

5. Business and Intellectual Property Damages

This specialty program requires attending the three-day Litigation Bootcamp for Financial Experts (see page 28) and a seven-part Business and Intellectual Property Damages Webinar Series (see page 35) for specialty training. This track focuses on the legal foundations, methodology, best practices, and current trends in business damages and infringement of patents, trademarks, copyrights, and other intellectual property.

6. Forensic Accounting

This specialty program requires attending the three-day Litigation Bootcamp for Financial Experts (see page 28) and a seven-part Forensic Accounting Webinar Series (see page 36). This track focuses on immediately usable and practical skills—not theory. Attendees will immediately deploy their skills upon return to their responsibilities.

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.

7. Fraud Risk Management

This specialty program is available only in self-study format (see page 37).

In addition to the self-study materials, this specialty program requires attending the Litigation Bootcamp for Financial Experts (see page 28), the Define, Demonstrate, and Deploy Financial Forensics in Your Practice Webinar (see page 29), and the Legal Theory and Case Law Webinar (see page 30). The Fraud Risk Management track of the MAFF offers a comprehensive understanding of fraud risk management, from identification of an organization’s fraud risk to provision of practical tools to address them. The solutions offered are applicable to entities of any size and structure, from small, privately owned companies to multi-national, publicly held organizations as well as not-for-profit and governmental/regulatory enterprises.

Prerequisite Requirements

All seven tracks with specializations have prerequisite requirements based on both work and training experience. All applicants must also pass the MAFF specialty certification exam. For more information, visit www.NACVA. com or contact Member Services at (800) 677-2009. More information on the MAFF credential is located in The Association brochure. For additional details on these seven different areas of specialty, any of which can lead to earning the MAFF designation, please refer to the pages that follow or call Member Services: (800) 677-2009.

Consultants’ Training Institute Third Quarter 2014 Catalog

LIVE WEBINAR SERIES

Commercial Damages and Lost Profits (see page 31)

Matrimonial Litigation (see page 32)

Bankruptcy, Insolvency, and Restructuring (see page 33)

Business Valuation in Litigation (see page 34)

Business and Intellectual Property Damages (see page 35)

Forensic Accounting (see page 36)

Part 1

Define, Demonstrate, and Deploy Financial Forensics in Your Practice (see page 29) (Available On-Demand)

Part 2

Legal Theory and Case Law (see page 30) (Available On-Demand)

(CPE: 2hrs) (CPE: 2hrs)

September 15–19 September 15–19 November 3–7 October 13–17

(Available On-Demand)

Services Provided to Distressed Businesses

Business Valuation Reporting and Challenges in the Litigation Environment

Advanced Concepts in Lost Profits Calculations

Forensic Accounting in Matrimonial Cases

Fraud, Financial Forensics, and Special Investigations

Standards and Premises of Value in Dissenting Shareholder, Bankruptcy, and Divorce Litigation

Special Considerations for Lost Profits Calculations

Valuation of Distressed Businesses and Plan of Reorganization

Reviewing and Challenging the Opposing Expert’s Report—Developing Effective CrossExamination Strategies

Patent Damages, Part 1

Opposing Experts Avoidance, Without Standards— Reclamation, and What to Expect and Recovery Actions How to Challenge Them

Patent Damages, Part 2

October 13–17

November 3–7

Part 3

Elements of Lost Profits and Introduction to Lost Profits

Fundamentals of Matrimonial Litigation and How We Provide Services

Part 4

Lost Profits Methods and Procedures, Part 1

(CPE: 3hrs)

(CPE: 3hrs)

Part 5

Lost Profits Methods and Procedures, Part 2

Organizing Your Work and Reporting Your Findings

Part 6

Lost Profits Methods and Procedures, Part 3

Valuation Issues in Matrimonial Engagements

(CPE: 3hrs)

(CPE: 3hrs)

Part 7

(CPE: 3hrs)

Other Considerations Tax Considerations in Lost Profits in Divorce Calculations

Solvency and Insolvency Testing

Tax Issues in Litigation-Based Valuations

Trademark and Copyright Damages

Fraud Risk Management (see page 37)

October 27–31 Foundational Tools: Genogram, Entity/ The Fraud Risk Party, CRO, Indirect Management Method, Cash-T, APD self-study course materials, together with the Advanced Forensic Define, Indices, Forensic Lexicology, Forensic Demonstrate, and Benefit Streams, Deploy Financial Forensics in Your Damages, QDE Practice Webinar (see page 29), the Legal Theory Advanced Report Card and Case Law Techniques, Alter Ego, Webinar Fraudulent Transfer, (see page 30), Fraud, Proof-of-Cash, and the I/S Litigation Bootcamp for Financial Experts Advanced Forensic (see page 28), Report Writing, Trial are required Exhibits, Scripting, for individuals Depo Matrix seeking the MAFF credential.

Advanced Technical Analysis, Gott's No Accompanying Principle, Central Specialty Webinars.

Limits, Wigmorean Charts

LIVE TRAINING

Litigation Bootcamp for Financial Experts (see page 28) New Orleans: October 22–25, Ft. Lauderdale: November 19–22, San Diego: December 10–13 Part 8

Day 1:

Lost Profits and Valuation in Financial Forensics

Day 2:

Deposition—Theory, Practice, Strategy, Witness Preparation, and Communication with Jurors

Day 3:

The Dynamics of Trial—Expert Testimony and Juror Perspectives

Day 4:

MAFF Specialty Certification Exam

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 27

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Master Analyst in Financial Forensics (MAFF) Specialty Training Tracks

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Master Analyst in Financial Forensics (MAFF) Workshop: Litigation Bootcamp for Financial Experts

Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics Institute

2014 DATES

Early Registration Discounts and Deadlines

LOCATION

10%

5%

October 22–25

New Orleans, LA

8/31

9/30

November 19–22

Ft. Lauderdale, FL

9/30

10/31

December 10–13

San Diego, CA

10/31

11/30

The MAFF specialty proctored exam is given at all locations on the Saturday following the training. This course requires a laptop. In-house training is available with minimum attendance. Contact CTI’s Education Department at (800) 677-2009 to inquire.

2014 Pricing (Before Early Registration Discount)

Non-Member

Member

Three-day Bootcamp, plus series of seven Webinars*

$2,400

$2,160

MAFF Specialty Certification Exam

$395

$395

First-Year NACVA Membership with Training and Exam

$300

* The Fraud Risk Management specialty path (see page 37) pricing includes the self-study course materials, the Define, Demonstrate, and Deploy Financial Forensics in Your Practice Webinar, the Legal Theory and Case Law Webinar, and Litigation Bootcamp for Financial Experts.

Litigation Bootcamp for Financial Experts, together with the Define, Demonstrate, and Deploy Financial Forensics in Your Practice Webinar (see page 29), the Legal Theory and Case Law Webinar (see page 30), and the specialty webinars (see pages 31–36), are required for individuals seeking the Master Analyst in Master Analyst in Financial Financial Forensics (MAFF) credential. Applicants must Forensics (MAFF) also meet prerequisite requirements and pass the MAFF specialty proctored exam.

PROGRAM DESCRIPTION: Litigation Bootcamp for Financial Experts is required training to obtain the Master Analyst in Financial Forensics (MAFF) credential. 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 attendees work with seasoned trial attorneys and view jury deliberations. The proctored MAFF specialty exam will be administered on the day following the jury trial.

Day 1: Lost Profits and Valuation in Financial Forensics The foundation of any financial forensic expert’s work in the litigation environment is the substance, depth, and credibility of the expert’s underlying analysis. Taking the underlying work into the litigation environment requires that the expert have an understanding of how his or her expertise supports the legal issues and how it is effectively incorporated into the legal proceeding.

In this first day of the Litigation Bootcamp for Financial Experts, we will integrate each attendee’s specialty track discipline into the case study, with a focus on valuation, lost profits, and other financial issues.

Learning Objectives: After completing this course, attendees will be able to: n Define the damages, lost profits, and valuation components of a lawsuit n Structure a report that meets the demands of the legal system n Anticipate and avoid pitfalls of incorporating financial evidence in a legal proceeding n Identify the differences in the specialty areas of forensics and how they may integrate in a common proceeding

Page 28

Day 2: Deposition—Theory, Practice, Strategy, Witness Preparation, and Communication with Jurors This course will help the expert prepare and deliver the most effective testimony and maximize the value of the deposition. Mock depositions are conducted in which attendees serve as expert witnesses and are examined by skilled litigation attorneys. Attendees will learn from the strategic guidance and critique provided by our faculty. The day’s activities will address the strategic and tactical approaches to trial preparation.

Learning Objectives: After completing this course, attendees will be able to: n Deliver effective testimony n Identify and respond to alternative approaches to deposition examination n Utilize deposition transcripts productively n Prepare retaining counsel for the deposition of the opposing expert n Prepare for trial

Day 3: The Dynamics of Trial—Expert Testimony and Juror Perspectives The culmination of the Bootcamp’s activities will be a live jury trial in which attendees will serve as expert witnesses who will be presented and cross-examined by local trial lawyers. Upon conclusion of the testimony, jurors will conduct deliberations. Once the jurors have reached their verdict, they will return to the courtroom/classroom where there will be an open discussion of the trial. The jurors will provide their perspectives on the testimony and credibility of the expert witnesses. This exchange allows for an open dialogue between the attendees, jurors, and program faculty.

Learning Objectives: After completing this course, attendees will be able to: n Prepare for trial with retaining counsel n Prepare counsel with substance for effective cross-examination of the opposing expert n Deliver credible, persuasive, and effective testimony n Survive cross-examination n Communicate effectively with judges and jurors n Explain the process that judges and jurors employ in deliberations and arriving at their verdict

WHO SHOULD ATTEND: CPAs, valuation experts, economists, and other financial professionals who render services designed to assist in the resolution of legal disputes involving financial matters. The Bootcamp is designed to serve the educational needs of financial professionals rendering expert consulting services in connection with legal matters involving business or personal damages, disputes over business valuation, intellectual property, marital dissolution, accounting issues, fraud, and any matter where financial determinations are required. This training is geared toward the seasoned practitioner and utilizes state-of-the-art training techniques to maximize learning and retention. Less-seasoned practitioners have much to gain also, because this training—challenging as it is—will broaden their perspectives and tune their skills for working effectively with legal professionals. The Litigation Bootcamp for Financial Experts is required training to obtain the Master Analyst in Financial Forensics (MAFF) credential.

FACULTY: The Litigation Bootcamp for Financial Experts is led by Michael Kaplan, CPA, ABV, CVA, MAFF, who has created a strong team consisting of Randall Kessler, Esq., JD; Carlton Marcyan, CPA, CFP, CDFA, Esq., JD; Rebekah Smith, CPA, CVA, MAFF, CFF; and Howard Zandman, CPA, CFF, MAFF. Consultants’ Training Institute Third Quarter 2014 Catalog

Master Analyst in Financial Forensics (MAFF) Webinar:

Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics Institute Learning Objectives:

2014 DATES

After completing this Webinar, attendees will be able to: n Immediately deploy forensic techniques within your practice n Determine pertinent forensic tools for each assignment n Identify relevant technical reference sources n Differentiate forensic accounting from mere “fraud” analysis n Distinguish among generally accepted forensic methodologies n Differentiate the four phases, thirteen stages, and five actions per stage for FA/IM

A prerequisite for individuals seeking the MAFF credential, this Webinar is available on-demand. Contact Member Services for details on accessing this Webinar, which should be viewed prior to attending the Litigation Bootcamp for Financial Experts.

2014 Pricing Included with purchase of the Litigation Bootcamp for Financial Experts (see page 28).

WHO SHOULD ATTEND:

PROGRAM DESCRIPTION: This foundational Webinar overcomes the accounting profession’s failure to address forensic accounting. Its content enables you to deploy sophisticated forensic tools in virtually every facet of your practice (including attest, taxation, and financial forensics) which comprise valuation, damages, fraud, and economic benefit streams, among others. You will learn the “Big Three” forensic methodologies in addition to learning how to identify and apply generally accepted forensic tools, techniques, methods, and methodologies.

The profession’s only Internet-based tool, Forensic Accounting/Investigation Methodology© (FA/IM©), is profiled to permit you to assimilate your other information and tools for virtually any assignment. This Webinar includes a 30-day trial version of the FA/IM Process Map. Further, written references— both public domain and commercial—are identified, including Financial Forensics Body of Knowledge, 2012, published by John Wiley & Sons, Inc.

This primer is ideal for CPAs, law enforcement (federal, state, local), regulators, investigators, agents, attorneys, prosecutors, business advisors, bankers, fiduciaries, and business owners—in short, those who may not intend to focus a practice on financial forensics, yet want to understand the applicability of the discipline in their pursuits. This Define, Demonstrate, and Deploy Financial Forensics in Your Practice Webinar is required training to obtain the Master Analyst in Financial Forensics (MAFF) credential.

FACULTY: The Define, Demonstrate, and Deploy Financial Forensics in Your Practice Webinar will be presented by Darrell D. Dorrell, CPA, ABV, MBA, CVA, ASA, CMA, DABFA; Chris Ekimoff, CPA, CFE, MAFF, MBA; Gregory A. Gadawski, CPA, ABV, CVA, CFE; Chris Hamilton, CPA, CVA, CFE; Lari Masten, MSA, CPA, ABV, CFF, CVA, ABAR, MAFF; Jason Pierce, CPA, CMA, CFM, CVA, MAFF; and Paul Zikmund, MAcc, MBA, CFE, MAFF.

Forensic Accounting/Investigative Methodology© (FA/IM©) Process Map Foundational

Interpersonal

Data Collection and Analysis

Surveillance: Electronic & Physical

Interviews & Interrogation Assignment Development

Data Collection

Scoping

Trial / Reports

Confidential Informants

Trial Preparation Laboratory Analysis

PostAssignment

Analysis of Transactions

Background Research

Testimony & Exhibits Undercover

The Forensic Accounting/Investigation Methodology© (FA/IM©) Process Map is a comprehensive "body of knowledge" that contains more than 300 specific forensic accounting/financial forensics tools and techniques.

The FA/IM's Process Map is continually updated as current and new forensic tools and techniques are formalized.

valuation, auditing, litigation and fraud professional services, and consulting engagements. FA/IM's contents cover virtually all practice areas likely to be encountered by CPAs, non-CPAs, analysts, etc. Individuals accessing the FA/IM Process Map are armed immediately with usable and practical tools and techniques.

The FA/IM' s foundation is a software-based, user-interactive Process Map containing context-sensitive embedded hyperlinks to numerous files that are instantly accessible to the user. The Process Map approach is used to illustrate the application of forensic accounting tools and techniques to all aspects of

Attendees of the Define, Demonstrate, and Deploy Financial Forensics in Your Practice Webinar (see page 29) and the Forensic Accounting Webinar Series (see page 36) receive a 30-day trial version of the FA/IM Process Map.

For NASBA-related information on CPE, please refer to www.theCTI.com.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 29

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Define, Demonstrate, and Deploy Financial Forensics in Your Practice

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Master Analyst in Financial Forensics (MAFF) Webinar: Legal Theory and Case Law

Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics Institute

2014 DATES A prerequisite for individuals seeking the MAFF credential, this Webinar is available on-demand. Contact Member Services for details on accessing this Webinar, which should be viewed prior to attending the Litigation Bootcamp for Financial Experts.

2014 Pricing Included with purchase of the Litigation Bootcamp for Financial Experts (see page 28).

PROGRAM DESCRIPTION: This Webinar will help explain the legal theories underlying various types of litigation, including the key statutes and case law that define the scope of damages. Instruction will also cover the Federal Rules of Evidence and report preparation under Federal Rule 26(a)2(B).

Learning Objectives:

WHO SHOULD ATTEND: CPAs, valuation experts, economists, and other financial professionals who render services designed to assist in the resolution of legal disputes involving financial matters. The Webinar is designed to serve the educational needs of financial professionals rendering expert consulting services in connection with legal matters involving business or personal damages, disputes over business valuation, intellectual property, marital dissolution, accounting issues, fraud, and any matter where financial determinations are required. This training is geared toward the seasoned practitioner and utilizes state-of-the-art training techniques to maximize learning and retention. Less-seasoned practitioners have much to gain also, because this training—challenging as it is—will broaden their perspectives and tune their skills for working effectively with legal professionals.

This Legal Theory and Case Law Webinar is required training to obtain the Master Analyst in Financial Forensics (MAFF) credential.

FACULTY: The Legal Theory and Case Law Webinar will be presented by Michael Kaplan, CPA, ABV, CVA, MAFF; Regina Calabro, JD; Carlton Marcyan, CPA, CFP, CDFA, Esq., JD; and Jeffrey D. Diamond, JD.

After completing this Webinar, attendees will be able to: n Implement and apply legal concepts protocol to financial expert engagements n Identify the responsibilities of an expert, from retention through resolution of the proceeding n Withstand motions to exclude expert testimony n Interface with counsel on substantive and strategic issues throughout the legal proceeding

Page 30

Consultants’ Training Institute Third Quarter 2014 Catalog

Master Analyst in Financial Forensics (MAFF) Specialty Webinars: Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics Institute

2014 DATES October 13–17

2014 Pricing Included with purchase of the Litigation Bootcamp for Financial Experts (see page 28).

The seven-part Webinar topics include: Part 1

Define, Demonstrate, and Deploy Financial Forensics in Your Practice (see page 29)

Part 2

Legal Theory and Case Law (see page 30)

Part 3

Elements of Lost Profits and Introduction to Lost Profits

Part 4

Lost Profits Methods and Procedures, Part 1

Part 5

Lost Profits Methods and Procedures, Part 2

Part 6

Lost Profits Methods and Procedures, Part 3

Part 7

Other Considerations in Lost Profits Calculations

Master Analyst in Financial Forensics (MAFF)

These Commercial Damages and Lost Profits Webinars, together with the Litigation Bootcamp for Financial Experts (see page 28), are required for individuals seeking the Master Analyst in Financial Forensics (MAFF) credential. Applicants must also meet prerequisite requirements and pass the MAFF specialty proctored exam.

PROGRAM DESCRIPTION: Financial forensics experts are often typically called upon in these matters to review and analyze the underlying foundational evidence and measure the lost profits and other related damages. For an expert’s analysis and conclusions to survive the rigors of the litigation environment, the expert’s work must be within the realm of conventional damages theory and be based upon generally accepted approaches and methods of damages measurement. In addition, the calculation of lost profits and other recoverable business damages are typically governed by federal, state, or other jurisdictional code sections and case law. These Commercial Damages and Lost Profits Webinars of the MAFF curriculum focus upon the foundations and fundamentals of economic damages measurement, including alternative approaches and methodologies, notable code sections and case law, foundational evidence and research sources, reporting guidelines, and strategies embraced by the most effective economic damages experts.

Financial experts are retained, among other areas, to perform, review, or opine on damage calculations. Different legal theories allow for different measures of damages. This specialty module will explore the accepted approaches used for the various types of economic damages as well as the accepted methodologies of damages calculations. Focus of the curriculum will be on lost profit calculations, lost business value versus lost profits, and accounting for different industry and loss scenarios. The instructors will examine models and cases used in the measurement and presentation of economic damages, including economic and industry data. They will also provide an understanding of the integration of statistical and economic concepts into the formation of damages models.

Learning Objectives: After completing these Webinars, attendees will be able to: n Apply the traditional methodologies used for economic damages n Explore and evaluate alternative approaches in the measurement of damages n Apply models used in the measurement and presentation of economic damages n Identify sources of information, economic, and industry data n Integrate the use of statistical and economic concepts into damages models n Discuss case law that impacts damages measurement

WHO SHOULD ATTEND: CPAs, valuation experts, economists, and other financial professionals who render services designed to assist in the resolution of legal disputes involving financial matters. These Webinars are designed to serve the educational needs of financial professionals rendering expert consulting services in connection with legal matters involving business or personal damages, disputes over business valuation, intellectual property, marital dissolution, accounting issues, fraud, and any matter where financial determinations are required. This training is geared toward the seasoned practitioner and utilizes state-of-theart training techniques to maximize learning and retention. Less-seasoned practitioners have much to gain also, because this training—challenging as it is—will broaden their perspectives and tune their skills for working effectively with legal professionals. The Commercial Damages and Lost Profits Webinars are required training to obtain the Master Analyst in Financial Forensics (MAFF) credential.

FACULTY: For NASBA-related information on CPE, please refer to www.theCTI.com.

The Commercial Damages and Lost Profits Webinars will be presented

by Michael Kaplan, CPA, ABV, CVA, MAFF; Rebekah Smith, CPA, CVA, MAFF, CFF; and Howard Zandman, CPA, CFF, MAFF.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 31

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Commercial Damages and Lost Profits

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Master Analyst in Financial Forensics (MAFF) Specialty Webinars: Matrimonial Litigation

Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics Institute

2014 DATES November 3–7

2014 Pricing Included with purchase of the Litigation Bootcamp for Financial Experts (see page 28).

PROGRAM DESCRIPTION: Divorce rates have been rising due to certain problems like incompatibility between couples, infidelity, lack of trust and understanding, and financial pressures. Financial consultants who want to branch into the area of matrimonial litigation need to understand and perform unique analyses specific to matrimonial disputes.

Part 1

Define, Demonstrate, and Deploy Financial Forensics in Your Practice (see page 29)

Part 2

Legal Theory and Case Law (see page 30)

Part 3

Fundamentals of Matrimonial Litigation and How We Provide Services

Part 4

Forensic Accounting in Matrimonial Cases

Part 5

Organizing Your Work and Reporting Your Findings

In these specialty Webinars, attendees will learn valuation, tax, and forensic accounting issues that are unique to matrimonial engagements and how to get started, including developing their work plan, documenting their analysis, and writing reports. Attendees will learn how to provide analysis related to income available for support/maintenance, lifestyle of the parties or children, under-reported income, and financial issues in high net worth cases. Attendees will also be introduced to a number of tools and practical applications that can be used to ascertain income and assets. These Webinars will also cover the application of valuation concepts and tax considerations in family law matters; valuation issues common to divorce litigation, including valuation methods, standards of value, stock options, retirement assets, and goodwill; tax concepts germane to family law; and how to avoid common mistakes.

Part 6

Valuation Issues in Matrimonial Engagements

Learning Objectives:

Part 7

Tax Considerations in Divorce

After completing these Webinars, attendees will be able to:

The seven-part Webinar topics include:

Master Analyst in Financial Forensics (MAFF)

These Matrimonial Litigation Webinars, together with the Litigation Bootcamp for Financial Experts (see page 28), are required for individuals seeking the Master Analyst in Financial Forensics (MAFF) credential. Applicants must also meet prerequisite requirements and pass the MAFF specialty proctored exam.

n Identify and utilize data-gathering techniques n Interpret tax returns to determine economic income and identifiable assets n Investigate financial records to uncover hidden assets and unreported income n Perform an analysis of household spending n Compare and employ the appropriate standard of value n Identify appropriate valuation approaches and methods in family law matters n Identify and implement optimal property distribution strategies n Discuss tax consequences related to income, support, and property distribution

WHO SHOULD ATTEND: CPAs, valuation experts, economists, and other financial professionals who render services designed to assist in the resolution of legal disputes involving financial matters. These Webinars are designed to serve the educational needs of financial professionals rendering expert consulting services in connection with legal matters involving business or personal damages, disputes over business valuation, intellectual property, marital dissolution, accounting issues, fraud, and any matter where financial determinations are required. This training is geared toward the seasoned practitioner and utilizes state-of-the-art training techniques to maximize learning and retention. Less-seasoned practitioners have much to gain also, because this training—challenging as it is—will broaden their perspectives and tune their skills for working effectively with legal professionals.

The Matrimonial Litigation Webinars are required training to obtain the Master Analyst in Financial Forensics (MAFF) credential.

FACULTY: The Matrimonial Litigation Webinars will be presented by Karen Kaseno, CPA, ABV, CVA, CFE, MAFF, CFF; and Harold Deiters, III, CPA, ABV, CFF, MAFF, CFE.

For NASBA-related information on CPE, please refer to www.theCTI.com.

Page 32

Consultants’ Training Institute Third Quarter 2014 Catalog

Master Analyst in Financial Forensics (MAFF) Specialty Webinars: Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics Institute

2014 DATES September 15–19

November 3–7

2014 Pricing Included with purchase of the Litigation Bootcamp for Financial Experts (see page 28).

The seven-part Webinar topics include: Part 1

Define, Demonstrate, and Deploy Financial Forensics in Your Practice (see page 29)

Part 2

Legal Theory and Case Law (see page 30)

Part 3

Services Provided to Distressed Businesses

Part 4

Fraud, Financial Forensics, and Special Investigations

Part 5

Valuation of Distressed Businesses and Plan of Reorganization

Part 6

Avoidance, Reclamation, and Recovery Actions

Part 7

Solvency and Insolvency Testing

Master Analyst in Financial Forensics (MAFF)

These Bankruptcy, Insolvency, and Restructuring Webinars, together with the Litigation Bootcamp for Financial Experts (see page 28), are required for individuals seeking the Master Analyst in Financial Forensics (MAFF) credential. Applicants must also meet prerequisite requirements and pass the MAFF specialty proctored exam.

PROGRAM DESCRIPTION: Assisting lenders, companies, attorneys, trustees, and/or other stakeholders in the bankruptcy, restructuring, and insolvency environment requires an understanding of legal, administrative, business economics, and economic issues; financial reporting, accounting, auditing, and income tax issues; valuation issues; and financial forensics and litigation services. These Bankruptcy, Insolvency, and Restructuring Webinars of the MAFF curriculum focus on work that practitioners may be called upon to perform when working in bankruptcy, insolvency, and reorganization. Specific attention is given to a distressed business’s plan of reorganization; solvency and liquidation analyses; and investigating avoidance actions, preferences, and fraudulent transfers.

The Webinars analyze the current economic environment and attempt to explain why some businesses thrive while others are distressed and/or fail.

Attention is given to selected chapters of the Bankruptcy Code, especially Chapter 11: Reorganization. The Webinars continue with financial reporting, accounting, auditing, and income tax issues for distressed businesses, including a study of “fresh start” accounting. The Webinars continue to study the unique issues regarding valuing distressed businesses and how valuation standards, approaches, and methods influence the valuation of non-public companies. Attendees will study the work that practitioners may be called upon to perform when working in bankruptcy, reorganization, and insolvency.

Specific attention is given to the plan of reorganization of a distressed business.

Additional study is given to solvency and liquidation analyses and investigating avoidance actions, preferences, and fraudulent transfers. The Webinars conclude by addressing the issues relating to expert witness testimony in the corporate bankruptcy arena.

Learning Objectives: After completing these Webinars, attendees will be able to: n Develop, implement, and examine the debtor’s reorganization plan n Assess the current economic climate and understand how it impacts healthy and distressed businesses n Discuss the business economics of distressed businesses and explain the causes and effects of economics on specific line items in a company’s balance sheet and income statement n Specify the financial and regulatory reporting issues regarding distressed businesses n Identify the accounting issues that arise before, during, and after reorganization including “fresh start” accounting n Identify the unique accounting, auditing, tax, and operational issues for a company operating as a debtor-in-possession n Identify unique income tax issues relating to liquidating and reorganizing companies n Compare and contrast the specific valuation standards, approaches, methods, and issues relating to distressed and/or restructured businesses and related litigation n Apply financial forensics methods and techniques to companies in Chapter 11 proceedings n Use financial forensics to assist trial lawyers with avoidance actions, preferences, and fraudulent transfers

WHO SHOULD ATTEND: CPAs, valuation experts, economists, and other financial professionals who render services designed to assist in the resolution of legal disputes involving financial matters. These Webinars are designed to serve the educational needs of financial professionals rendering expert consulting services in connection with legal matters involving business or personal damages, disputes over business valuation, intellectual property, marital dissolution, accounting issues, fraud, and any matter where financial determinations are required. This training is geared toward the seasoned practitioner and utilizes state-of-theart training techniques to maximize learning and retention. Less-seasoned practitioners have much to gain also, because this training—challenging as it is—will broaden their perspectives and tune their skills for working effectively with legal professionals. The Bankruptcy, Insolvency, and Restructuring Webinars are required training to obtain the Master Analyst in Financial Forensics (MAFF) credential.

FACULTY: The Bankruptcy, Insolvency, and Restructuring Webinars will be presented

by Dermot O'Neill, CPA, ABV, CVA, MAFF, ABAR, CFF; Michael Pakter, CGMA, CVA, MAFF, CFF, CDBV, CIRA, CFE, CPA, CA; Nancy Peterman, Esq., JD; and Robert Reilly, CPA, ABV, ASA, CBA, CFA, CMA, MBA, CVA, ATA, CFF, CREA, CRA, CVC, CGMA, EA.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 33

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Bankruptcy, Insolvency, and Restructuring

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Master Analyst in Financial Forensics (MAFF) Specialty Webinars: Business Valuation in Litigation

Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics Institute Learning Objectives:

2014 DATES September 15–19

After completing these Webinars, attendees will be able to:

October 13–17

2014 Pricing Included with purchase of the Litigation Bootcamp for Financial Experts (see page 28).

The seven-part Webinar topics include: Part 1

Define, Demonstrate, and Deploy Financial Forensics in Your Practice (see page 29)

Part 2

Legal Theory and Case Law (see page 30)

Part 3

Business Valuation Reporting and Challenges in the Litigation Environment

Part 4

Standards and Premises of Value in Dissenting Shareholder, Bankruptcy, and Divorce Litigation

Part 5

Reviewing and Challenging the Opposing Expert’s Report— Developing Effective Cross-Examination Strategies

Part 6

Opposing Experts Without Standards—What to Expect and How to Challenge Them

Part 7

Tax Issues in Litigation-Based Valuations

Master Analyst in Financial Forensics (MAFF)

These Business Valuation in Litigation Webinars, together with the Litigation Bootcamp for Financial Experts (see page 28), are required for individuals seeking the Master Analyst in Financial Forensics (MAFF) credential. Applicants must also meet prerequisite requirements and pass the MAFF specialty proctored exam.

n Identify standards of value and approaches peculiar to shareholder disputes and other related litigation-based valuations n Apply legal concepts relating to business valuation to their professional engagements n Explain professional standards governing business valuation experts in litigation engagements n Apply professional standards in the litigation environment n Write an effective valuation report applicable to litigation engagements n Identify the weaknesses of valuation reports in the litigation environment n List principles of effective communication in litigation n Apply litigation and communication skills in delivering deposition and trial testimony n Describe the dynamics of litigation in business valuation matters

WHO SHOULD ATTEND: CPAs, valuation experts, economists, and other financial professionals who render services designed to assist in the resolution of legal disputes involving financial matters. These Webinars are designed to serve the educational needs of financial professionals rendering expert consulting services in connection with legal matters involving business or personal damages, disputes over business valuation, intellectual property, marital dissolution, accounting issues, fraud, and any matter where financial determinations are required. This training is geared toward the seasoned practitioner and utilizes state-of-the-art training techniques to maximize learning and retention. Less-seasoned practitioners have much to gain also, because this training—challenging as it is—will broaden their perspectives and tune their skills for working effectively with legal professionals.

The Business Valuation in Litigation Webinars are required training to obtain the Master Analyst in Financial Forensics (MAFF) credential.

PROGRAM DESCRIPTION:

FACULTY:

Business valuation professionals often find themselves drawn into disputes over the value of business interests. Minority and oppressed shareholder disputes, damage to business value, eminent domain, and failed business combinations are some of these situations calling for the expertise of the seasoned business valuation analyst. These Business Valuation in Litigation Webinars of the MAFF curriculum focus upon the dynamics of business valuation conclusions and calculations in the context of litigation, controlling professional standards, notable case law, differing approaches to reporting in litigation, traditional and situation-specific standards of value, and other key issues impacting business valuation in litigation.

The Business Valuation in Litigation Webinars will be presented by Michael Kaplan, CPA, ABV, CVA, MAFF; Brooke Liggett, CPA, CVA, MAFF; Dermot O’Neill, CPA, ABV, CVA, MAFF, ABAR, CFF; and Francisco (Frank) Rosillo, CPA, ABV, CBA, CFF, BVAL, CVA, ABAR, MAFF.

In these Webinars, attendees will gain an understanding of the legal environment in which valuation experts practice and the practical application of business valuation in various types of legal disputes. Attendees will also expand their knowledge of professional standards and focus on developmental and reporting standards as they apply under court rules and procedures. The Webinars will also focus on the importance of site visits, tips and techniques to employ while reviewing the opposing expert’s report, why a critique of the opposing expert may not be enough, and what to do when the opposing expert is bound by different standards. Discussion will also address how to assist counsel with document requests and how to resolve issues dealing with a counsel who doesn’t understand business valuation.

“It was a wonderful learning experience among fellow peers. I can honestly say that this was the most demanding educational class that I've ever attended as a CPA and CVA. I also feel I was able to learn an immense amount of material, all in one week of time. Well done!”

Suzanne Trimble, CPA, CVA, MAFF, Anchorage, AK

Page 34

Consultants’ Training Institute Third Quarter 2014 Catalog

Master Analyst in Financial Forensics (MAFF) Specialty Webinars: Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics Institute

2014 DATES These Webinars are available on-demand.

Contact Member Services at (800) 677-2009 for details.

2014 Pricing Included with purchase of the Litigation Bootcamp for Financial Experts (see page 28).

The seven-part Webinar topics include: Part 1

Define, Demonstrate, and Deploy Financial Forensics in Your Practice (see page 29)

Part 2

Legal Theory and Case Law (see page 30)

Part 3

Advanced Concepts in Lost Profits Calculations

Part 4

Special Considerations for Lost Profits Calculations

Part 5

Patent Damages, Part 1

Part 6

Patent Damages, Part 2

Part 7

Trademark and Copyright Damages

Master Analyst in Financial Forensics (MAFF)

These Business and Intellectual Property Damages Webinars, together with the Litigation Bootcamp for Financial Experts (see page 28), are required for individuals seeking the Master Analyst in Financial Forensics (MAFF) credential. Applicants must also meet prerequisite requirements and pass the MAFF specialty proctored exam.

PROGRAM DESCRIPTION: These Business and Intellectual Property Damages Webinars focus on the legal foundations, methodology, best practices, and current trends in business damages and infringement of patents, trademarks, copyrights, and other intellectual property. The Webinars are based on Nancy Fannon’s The Comprehensive Guide to Lost Profits Damages for Experts and Attorneys, with contributing authors Rebekah Smith, Richard Hoffman, and Richard F. Bero, the pre-eminent book in the industry on business damages, which is included in the cost of registration (a retail value of over $300). Through case analysis, attendees will have the opportunity to identify and apply the most appropriate methodology in the analysis and formulation of damages opinions from the perspectives of both plaintiff and defendant. Attendees will learn how to build their damages analysis in a manner that will withstand the most rigorous challenges.

During the Webinars, the attendee will refresh themselves on basic economic damages concepts and then delve deeper into more advanced topics such as the differences between lost profits and loss of business value as well as understanding when it is appropriate to apply one or both methods. The Webinars will also explore how legal theories, code sections, and case law govern business damages. Advanced concepts—such as how to conduct qualitative and quantitative analyses that will survive the court’s scrutiny; how revenue and profit projections can be impacted by risk; how business interruption insurance and damage claims collide; how to discount damage calculations, including the court’s view on discounting; how to prove new business damages; and how to identify other industry-specific issues that impact the damage calculation—will be covered. Other topics and techniques will be discussed such as how motions can impact the financial expert and ways to protect oneself from Daubert challenges as well as other motions in limine. A case study will be used to identify, analyze, and clarify the topics discussed.

The Webinars will also present an overview of intellectual property and forms of intellectual property damages based on portions of Fannon’s The Comprehensive Guide to Lost Profits Damages for Experts and Attorneys. A portion of the time will be used to discuss topical Federal Circuit decisions, key legal cases, and factors based on the fundamental Panduit and GeorgiaPacific cases as well as recent cases addressing current issues, such as the entire market value rule (EMVR) and comparable license agreements, among others.

Other topics will include patent damage concepts and how valuation concepts and patented technology have an influence on determining the appropriate form of patent damages. A variety of case studies will be used to expand these concepts as well as trademark and copyright damages issues.

Learning Objectives: After completing these Webinars, attendees will be able to: n Apply quantitative methodologies in the measurement of damages n Apply damages methods and models appropriate to the facts and circumstances (and the governing law) n Apply advanced damages concepts in preparing a damage calculation that will withstand scrutiny n Evaluate business interruption insurance and damage claims n Discuss forms of intellectual property damages n Explain the similarities and differences in utility patent, design patent, trademark, copyright, and trade secret damages n List relevant cases addressing intellectual property damages n Apply valuation concepts to intellectual property damages n Identify the basic components to address in an intellectual property damages expert report n Describe and understand the recent history of the entire market value rule (EMVR) n Recognize the relevant considerations in whether or not license agreements are sufficiently comparable

WHO SHOULD ATTEND: CPAs, valuation experts, economists, and other financial professionals who render services designed to assist in the resolution of legal disputes involving financial matters. These Webinars are designed to serve the educational needs of financial professionals rendering expert consulting services in connection with legal matters involving business or personal damages, disputes over business valuation, intellectual property, marital dissolution, accounting issues, fraud, and any matter where financial determinations are required. This training is geared toward the seasoned practitioner and utilizes state-of-theart training techniques to maximize learning and retention. Less-seasoned practitioners have much to gain also, because this training—challenging as it is—will broaden their perspectives and tune their skills for working effectively with legal professionals. The Business and Intellectual Property Damages Webinars are required training to obtain the Master Analyst in Financial Forensics (MAFF) credential.

FACULTY: The Business and Intellectual Property Damages Webinars will be presented

by Richard F. Bero, CPA, CVA; Rebekah Smith, CPA, CVA, MAFF, CFF; and Howard Zandman, CPA, CFF, MAFF.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 35

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Business and Intellectual Property Damages

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Master Analyst in Financial Forensics (MAFF) Specialty Webinars: Forensic Accounting Co-Sponsored by the National Association of Certified Valuators and Analysts, the Financial Forensics AcademyTM, and financialforensics®

2014 DATES October 27–31

2014 Pricing Included with purchase of the Litigation Bootcamp for Financial Experts (see page 28).

The seven-part Webinar topics include: Part 1

Define, Demonstrate, and Deploy Financial Forensics in Your Practice (see page 29)

Part 2

Legal Theory and Case Law (see page 30)

Part 3

Foundational Tools: Genogram, Entity/Party, CRO, Indirect Method, Cash-T, APD

Part 4

Advanced Forensic Indices, Forensic Lexicology, Forensic Benefit Streams, Damages, QDE

Part 5

Advanced Report Card Techniques, Alter Ego, Fraudulent Transfer, Fraud, Proof-of-Cash, I/S

Part 6

Advanced Forensic Report Writing, Trial Exhibits, Scripting, Depo Matrix

Part 7

Advanced Technical Analysis, Gott’s Principle, Central Limits, Wigmorean Charts

Master Analyst in Financial Forensics (MAFF)

These Forensic Accounting Webinars, together with the Litigation Bootcamp for Financial Experts (see page 28) are required for individuals seeking the Master Analyst in Financial Forensics (MAFF) credential.

Applicants must also meet prerequisite requirements and pass the MAFF specialty proctored exam.

PROGRAM DESCRIPTION: Despite the chronic and compelling need for financial forensics and forensic accounting expertise, the accounting and financial professions have yet to embrace or even offer a cogent and comprehensive forensic accounting toolsbased methodology. That deficiency has plagued our economy…until now.

These Forensic Accounting Webinars, also known as the Forensic Accounting AcademyTM, of the MAFF curriculum are the most inclusive training in forensic accounting available to date. The Webinars provide a one-stop source of tools, techniques, methods, and methodologies applicable to virtually any large or small financial matter, whether civil-, criminal-, or dispute-related.

These Webinars are 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. Advanced skills are essential as people and money resources diminish. Those who complete the Webinars become qualified as Forensic Operators©…financial forensics-capable personnel who possess unique and specific skills, knowledge, experience, education, training, and integrity to function in the financial forensics discipline.

FA/IM© is the only financial forensics/forensic accounting methodology published by the United States Department of Justice and the American Bar Association. Attendees receive the newly published Financial Forensics Body of Knowledge, John Wiley & Sons, Inc., which serves as the course curriculum.

It contains 560 pages, in addition to Internet-accessible forensic reports comprising another 400 pages. In addition, attendees receive preliminary access to the Academy’s proprietary, contextually sensitive, Internet-based Forensic Accounting/Investigation Methodology© via a Process Map (patentin-process). These Webinars include a 30-day trial version of the FA/IM Process Map. The tools, techniques, methods, and methodologies apply to all subject matters ranging from a one-chair beauty salon to a global Fortune 500 company. The tools include an introduction to (alphabetical): application of aberrant pattern detection, behavior detection, CICO©, computer forensics, CRO (and its variants), delete windows, document maps, entity(s) charts, event analysis, facial mapping, financial profiling, forensic financial analysis, forensic lexicology (quantifying words), full-and-false inclusion, funds velocity techniques, genograms, ICE/SCORE©, informant development, Internet sleuthing, invigilation, laboratory analysis, Likert scaling, link analysis/root tracing MIMO, proxemics, QDE/FAB, rules of threes, stylometry, surveillance methods, TARTA/TITA/TDTA, undercover methods, and many others. The majority of techniques have been widely applied for decades, yet are virtually unknown to the financial community.

Learning Objectives: After completing these Webinars, attendees will be able to: n Employ tools, hypotheses, theorems, and tests to various stages of the financial forensics engagement n Identify technical reference sources n Describe the techniques of behavior detection/FACS n Describe the difference between the different types of digital analysis n Identify your professional responsibilities regardless of financial or nonfinancial responsibilities

WHO SHOULD ATTEND: This primer is ideal for CPAs, law enforcement (federal, state, local), regulators, investigators, agents, attorneys, prosecutors, business advisors, bankers, fiduciaries, and business owners—in short, those who may not intend to focus a practice on financial forensics, yet want to understand the applicability of the discipline in their pursuits. The Forensic Accounting Webinars are required training to obtain the Master Analyst in Financial Forensics (MAFF) credential.

FACULTY: The Forensic Accounting Webinars will be presented by Darrell D. Dorrell, CPA, ABV, MBA, CVA, ASA, CMA, DABFA; Chris Ekimoff, CPA, CFE, MAFF, MBA; Gregory A. Gadawski, CPA, ABV, CVA, CFE; Chris Hamilton, CPA, CVA, CFE; Lari Masten, MSA, CPA, ABV, CFF, CVA, ABAR, MAFF; Jason Pierce, CPA, CMA, CFM, CVA, MAFF; and Paul Zikmund, MAcc, MBA, CFE, MAFF.

The Webinar content focuses on immediately usable and practical skills— not theory. Attendees will immediately deploy their skills upon return to their responsibilities. These Webinars define the financial forensics/forensic accounting profession: “The Art & Science of Investigating People & MoneyTM.” The Webinars define why: “If you understand financial forensics, you understand fraud, but not vice versa,” by applying financial forensics to all aspects of the financial and non-financial communities for both civil and criminal purposes.

For NASBA-related information on CPE, please refer to www.theCTI.com.

Page 36

Consultants’ Training Institute Third Quarter 2014 Catalog

Master Analyst in Financial Forensics (MAFF) Self-Study: Co-Sponsored by the National Association of Certified Valuators and Analysts

2014 Pricing

Non-Member

Self-Study Course Materials; Define, Demonstrate and Deploy Financial Forensics in Your Practice Webinar; Legal Theory and Case Law Webinar; and Litigation Bootcamp for Financial Experts

Member

$2,400

$2,160

Self-Study CPE Exam

$295

$295

MAFF Certification Exam

$395

$395

First-Year NACVA Membership with Training and Exam

$300

Master Analyst in Financial Forensics (MAFF)

The Fraud Risk Management self-study course materials, together with the Define, Demonstrate, and Deploy Financial Forensics in Your Practice Webinar (see page 29), the Legal Theory and Case Law Webinar (see page 30), and the Litigation Bootcamp for Financial Experts (see page 28), are required for individuals seeking the Master Analyst in Financial Forensics (MAFF) credential. Applicants must also meet prerequisite requirements and pass the MAFF specialty proctored exam.

PROGRAM DESCRIPTION: Fraud is pervasive, ever-present, and evolving, but so are the solutions to curb and prevent it. Recognizing the changes that are occurring in the world of fraud and knowing how to effectively analyze and apply that knowledge can make or break a fraud risk management program. Fraud Risk Management offers a comprehensive understanding of fraud risk management, from identification of an organization’s fraud risk to provision of practical tools to address them. The solutions offered are applicable to entities of any size and structure, from small privately owned companies to multi-national publicly held organizations as well as not-for-profit and governmental/regulatory enterprises.

Through this self-study program, individuals will develop an in-depth understanding of an organization’s risk of financial loss and insight into practical

solutions that will enable their organizations to manage these risks effectively and according to their risk appetites.

The program provides a review of the current business environment, where fraud risk and profit opportunities collide. It provides a look into on- and off-book fraud schemes, including signs and symptoms of potential fraudulent events requiring a response, and an additional look at the controls that can be implemented to mitigate some of these risks. The program provides individuals with hands-on application of fraud risk assessment methodologies and techniques.

Course materials were developed by Tracy Coenen, CPA, CFF.

LEARNING OBJECTIVES: After completing this course, attendees will be able to: n Define fraud risk n List the benefits of managing fraud by engaging an entire organization n Discuss fraud schemes and the environments where they breed and proliferate n Develop fraud detection and deterrence techniques, including identifying and assessing fraud risk at work n Evaluate the resident fraud risk using a comprehensive fraud risk methodology n Develop tools to enable the organization to mitigate, share, or accept the fraud risks identified n Identify situations and conditions where fraud risk is present and needs to be managed n Evaluate existing internal controls and make relevant recommendations for value-added improvements n Differentiate roles and responsibilities for fraud deterrence and investigation among the board of directors, independent auditors, management, and consultants

WHO SHOULD ATTEND: Those who wish to protect their business or their clients’ businesses from existing or potential fraud.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 37

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Fraud Risk Management

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Advanced Forensic Accounting Clinic TM Co-Sponsored by the National Association of Certified Valuators and Analysts, the Financial Forensics Academy, and financialforensics

2014 DATES

LOCATION

Early Registration Discounts and Deadlines

10%

5%

October 21–22

New Orleans, LA

8/31

9/30

December 9–10

San Diego, CA

10/31

11/30

March 17–18, 2015

Chicago, IL

1/31/15

2/28/15

This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Department at (800) 677-2009 to inquire.

2014 Pricing (Before Early Registration Discount) Two-day Clinic

Non-Member

Member

$1,200

$1,080

PROGRAM DESCRIPTION: The Advanced Forensic Accounting ClinicTM (AFACTM) is intended for advanced financial forensics operators. Operators qualify as advanced based upon completion of the Forensic Accounting Master Analyst in Financial Forensics (MAFF) Specialty Webinars (see page 36) or by virtue of their advanced and continued individual skill, knowledge, experience, education, or training.

The intensive two-day format is tailored to each AFAC’s attendee composition.

Therefore, each attendee leaves with immediately usable forensic tools, techniques, methods, and methodologies applicable to their respective client assignments. Each AFAC attendee also receives a copy of Financial Forensics Body of Knowledge, published by John Wiley & Sons, Inc. (if a copy was not previously provided with attendance at the Forensic Accounting Specialty Webinars). This book serves as part of the AFAC curriculum.

Further, each attendee receives up to two hours of post-AFAC, no-charge personal consultation with an instructor in support of one assignment. This feature must be accessed within 60 days of completion of the Clinic and is, of course, subject to clearing potential professional conflict.

The AFAC content is designed for both financial and non-financial professionals who require an introduction to sophisticated investigative and analytical skills to stay aware of increasing civil and criminal wrongdoer duplicity. Prior nonfinancial AFAC attendees have included attorneys, attorneys general, journalists, law enforcement (federal [FBI, DOJ, IRS], state [state police] and local [city and county detectives]), prosecutors (federal, state, and local), and regulators (SEC [compliance and enforcement], OSC), among others.

Advanced forensic skills are essential as people and money resources diminish.

Those who complete AFAC are on the path to becoming qualified as Forensic Operators©…financial forensics-capable personnel who possess unique and specific skills, knowledge, experience, education, training, and integrity to succeed in the financial forensics discipline. Further, AFAC can help meet the experience requirement to obtain the MAFF credential.

AFAC content focuses on immediately usable and practical skills—not theory. Attendees will immediately deploy their skills upon return to their responsibilities. The skills comprise some of the 300+ tools, techniques, methods, and methodologies imbedded within a proprietary, Internet-based, hyperlinked methodology, i.e. FA/IM© (Forensic Accounting/Investigation Methodology©). The 300+ financial forensics/forensic accounting tools, techniques, methods, and methodologies are offered nowhere else and in no other programs throughout the U.S.

Page 38

FA/IM is the only financial forensics/forensic accounting methodology published by the United States Department of Justice and the American Bar Association. Attendees receive preliminary access to the Academy’s proprietary, contextually sensitive, Internet-based Forensic Accounting/Investigation Methodology© via a Process Map (patent-in-process).

Day 1: Financial Forensic/Forensic Accounting Tools, Techniques, and Methodologies Day 1 of the Advanced Forensic Accounting Clinic delivers forensic tools, techniques, methods, and methodologies applicable to virtually every assignment. Such assignments may involve people, money, and patterns, e.g., litigation, economic benefit streams, valuation, alter ego, solvency, fraudulent transfer, et al.

Learning Objectives: After completing this course, attendees will be able to: n Explain the criticality and deployment of the three major financial forensics methodologies n Differentiate the four phases, 13 stages, and five actions per stage for FA/IM n Apply 10-15 foundational techniques as the springboard to deploying the remaining 300 +/- techniques

Day 2: Uniquely Applied Financial Forensic/Forensic Accounting Tools Day 2 of the Advanced Forensic Accounting Clinic takes all the tools and techniques learned in Day 1 to another level. You will continue to be exposed to new tools that can be used, but you will also be shown how to use these tools in a manner that will benefit your clients as well as your business. And you will learn how to manipulate the information in such a way that you can pass this plan onto others at your company so they can also use it to protect their clients.

Learning Objectives: After completing this course, attendees will be able to: n Train others in their organization with respect to the foundational techniques n Identify their professional responsibilities regardless of financial or nonfinancial responsibilities n Implement a continuous means of maintaining technical currency as new tools, techniques, methods, and methodologies are formalized

WHO SHOULD ATTEND: Anyone involved in the forensic discipline, including financial and non-financial professionals, attorneys, CPAs, law enforcement, regulators, et al., and MAFF candidates pursuing specialty tracks.

MAFF candidates can fulfill the Foundational Experience Prerequisite with attendance at this Clinic.

FACULTY: The Advanced Forensic Accounting Clinic is taught by Darrell D. Dorrell, CPA, ABV, MBA, CVA, ASA, CMA, DABFA; Gregory A. Gadawski, CPA, ABV, CVA, CFE; Chris Hamilton, CPA, CVA, CFE; Lari Masten, MSA, CPA, ABV, CFF, CVA, ABAR, MAFF; and Jason Pierce, CPA, CMA, CFM, CVA, MAFF.

Consultants’ Training Institute Third Quarter 2014 Catalog

Co-Sponsored by the National Association of Certified Valuators and Analysts

2014 DATES

LOCATION

Early Registration Discounts and Deadlines

10%

5%

September 15–19

Philadelphia, PA

Expired

8/31

October 20–24

New Orleans, LA

8/31

9/30

Non-Member

Member

Five-day Workshop

$3,000

$2,700

Individual Days

$600

$540

This course requires a laptop.

2014 Pricing (Before Early Registration Discount)

PROGRAM DESCRIPTION: “CPA Firms Need to Find New Ways to Build Revenue in Post-Recession World” is the headline of a March 21, 2013, Accounting Web article authored

by Frank Byrt. Becoming an expert in forensic accounting to detect fraud, investigating financial losses, and providing litigation support services are options cited for CPA firms to build revenue.

“Demand for forensic accounting services will remain strong over the next five years in the United States as a result of increased financial regulations and continued demand for investigative services in the wake of the recession,” reports Ken Tysiac in a September 2012 article for CPA InsiderTM.

The intensive, five-day, forty-hour Foundations of Financial Forensics Workshop delivers an understanding of professional standards, the legal underpinnings of financial forensics as well as a thorough overview of the following specialized areas of financial forensics practice: n Bankruptcy, Insolvency, and Reorganization n Business Valuation n Computer Forensic Analysis n Economic Damages n Family Law n Financial Statement Misrepresentation n Forensic Accounting n Fraud Prevention, Detection, and Response In addition to instruction and materials, attendees will benefit from and take away a complete bibliography, practice aids, guides, checklists, and web links that will provide a solid toolkit for financial forensic resources. Training and certification in this field will greatly assist CPAs and other financial experts to build their practice in this rapidly growing accounting niche.

“This isn’t just CPE, this is career changing!”

Patricia Havard, CPA, CFF, Lancaster, TX

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 39

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Foundations of Financial Forensics Workshop

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Foundations of Financial Forensics Workshop (Continued) Co-Sponsored by the National Association of Certified Valuators and Analysts

Day 1: Professional Responsibilities, Practice Management, and Fundamental Forensic Knowledge

investigation and corrective actions. Case studies are discussed that will give participants insight into the practical experience and application of financial statement misrepresentation and fraud abuses.

This course will include discussions on the basics of the legal system, professional standards, the role of the financial forensics analyst as a testifying and/or consulting expert, and an introduction to civil litigation. Engagement acceptance, planning and preparation, forensic procedures, and tools and techniques will also be covered.

Learning Objectives:

Learning Objectives: After completing this course, attendees will be able to: n Articulate the responsibilities of a CPA practicing in financial forensics n Apply the relevant legal principles to the application of financial forensics n Employ proven techniques of practice management applicable to the financial forensics practice

Day 2: Economic Damages Calculations This course will cover the conceptual types of lost profits, measures of loss, and methods to calculate lost profits. Discussions will also center around the approaches and methods to managing personal injury and wrongful death cases and intellectual property damages. Hands-on exercises are incorporated that will give participants practical experience in the application of damages calculations.

Learning Objectives: After completing this course, attendees will be able to: n Build an effective and defensible lost profits and damages model in the context of litigation n Distinguish the differences in measurements for patent, copyright, and trademark damages n Relate the legal principles and parameters to the presentation of business damages

Day 3: Valuation and Family Law This course provides a distinction between financial forensics services for business valuation and family law by defining the standards and premise of the valuation, the valuation process and approaches, and issues surrounding financial statement analysis. Also discussed are the different types of specific forensic accounting assignments for divorce engagements and practice management issues.

Learning Objectives: After completing this course, attendees will be able to: n Outline the fundamental principles underlying the valuation of business enterprises n Distinguish between appropriate valuation approaches for estate, gift, and transactional purposes and appropriate methodology for dispute resolution purposes n Apply valuation and forensic methodology to the resolution of financial issues in family law matters

Day 4: Financial Statement Misrepresentation and Fraud Prevention, Detection, and Response This course discusses the nature and motivations for financial misrepresentation, the types of fraudulent misstatements, and the role of the financial forensics analyst in the investigation, standard of care, and determination of damages.

Also discussed are the elements of fraud risk assessment, identification, and

Page 40

After completing this course, attendees will be able to: n Apply proven methodology for the detection of financial statement misrepresentation n Employ generally accepted approaches to uncovering fraudulent transactions n Define the principles and procedures that may be employed to prevent fraud in the business environment

Day 5: Bankruptcy, Insolvency, and Reorganization and Computer Forensic Analysis This course begins with a discussion of the scope of tasks involved in bankruptcy, insolvency, and reorganization engagements, including analyzing operational problems, designing and implementing a turnaround strategy, an evaluation of the organization and management, developing a business plan, and actions to resolve financial problems. Issues related to solvency tests, legal precedents, tax considerations, and core proceedings are also covered.

The course concludes with a discussion on computer forensic analysis, including how computers store data; how to identify, analyze, preserve, and handle evidence; forensic vs. e-discovery; data recovery and restoration; and a structured methodology for investigation. The types of cybercrime and various forensic data tools and resources are also covered.

Learning Objectives: After completing this course, attendees will be able to: n List and apply the principles that define a company as insolvent n Recognize and document fraudulent transfers n Outline the conditions that give rise to breaches in computer systems and the forensic techniques designed to detect and remedy them

WHO SHOULD ATTEND: Attorneys, auditors, bankers, CEOs, CFOs, corporate counsel, CPAs, credit analysts, economists, expert witnesses, fiduciaries, financial analysts, insurance claims adjustors, investigators, investment bankers, investors, judges, law enforcement personnel, lenders, stock and market analysts, turnaround specialists, and others.

MAFF candidates can fulfill the Foundational Experience Prerequisite with attendance at this Workshop.

FACULTY: The Foundations of Financial Forensics Workshop is taught by R. James Alerding, CPA, ABV, ASA, CVA, CFF; Tracy Coenen, CPA, CFF; Bruce Dubinsky, MST, CPA, CVA, CFE, CFF, MAFF; Karl Epps, EnCE, CHFI, CCFE; Richard Intner, CPA, ABV, CVA, CFE, CIRA; Michael Kaplan, CPA, ABV, CFF, CVA, MAFF; Karen Kaseno, CPA, ABV, CFF, CVA, CFE, MAFF; James Martin, MS, CMA, CIA, CFE; Lari Masten, MSA, CPA, ABV, CFF, CVA, ABAR, MAFF; Michael Pakter, CPA, CFE, CA, CIRA, CDBV, CFF, MAFF, CVA, CGMA; Rebekah Smith, CPA, CVA, MAFF; Tim Tribe, CPA, CFE, CFF, CICA; and Howard Zandman, CPA, CFF, MAFF.

Consultants’ Training Institute Third Quarter 2014 Catalog

Co-Sponsored by the National Association of Certified Valuators and Analysts, the Financial Forensics Institute, and the American Institute for Expert Witness Education

2014 DATES

LOCATION

Early Registration Discounts and Deadlines

Days 2 and 3: The Dynamics of Trial— Direct and Cross-Examination Topics addressed include completion of depositions of attendees, trial preparation and testimony, and critique of testimony. In addition, the Day 2 and 3 courses include one-on-one coaching of attendees by instructors and guidance on further development of each attendee’s expert skills.

10%

5%

September 10–12

Atlanta, GA

Expired

Expired

October 7–9

Denver, CO

Expired

8/31

January 28–30, 2015

Las Vegas, NV

11/30

12/31

May 5–7, 2015

Chicago, IL

2/28/15

3/31/15

This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Department at (800) 677-2009 to inquire.

2014 Pricing (Before Early Registration Discount)

Non-Member

Member

$2,100

$1,890

Three-day Bootcamp

The Truth, the Whole Truth, and Nothing But PersuasionTM PROGRAM DESCRIPTION: Each Expert Witness Bootcamp attendee will participate as a testifying and consulting expert in a trial involving financial testimony. Attendees will learn the art of delivering effective testimony and how to withstand grueling cross-examination. As consulting experts, program attendees will learn how to dissect and critique the reports and opinions of the testifying experts and how to prepare counsel for the expert segments of trial. Each attendee will be coached and guided by members of our faculty of seasoned experts and trial attorneys. The Bootcamp culminates in a courtroom setting during which each program attendee, as a testifying expert, presents and defends his or her own expert opinions on the witness stand.

Day 1: The Dynamics of Expert Witnessing— Professional Standards, Expert Reports, and Strategic Planning

Learning Objectives: After completing this course, attendees will be able to: n Present clear, persuasive, and effective direct testimony n Survive grueling cross-examination n Communicate effectively with judges and jurors n Paint a picture in the mind’s eye of the judge and jury n Respond to the opinions of the opposing expert n Avoid unnecessary “landmines” in the expert’s report and file n Avoid the mistakes of inexperienced experts

WHO SHOULD ATTEND: Professionals in all disciplines who serve as or plan MAFF candidates can to serve as expert witnesses. Financial experts, fulfill the Foundational doctors, attorneys, insurance professionals, real Experience Prerequisite estate brokers, valuation and appraisal experts, with attendance at accountants, engineers, scientists, vocational experts, this Bootcamp. construction experts, educators, psychologists, and other experts who wish to hone their skills as expert witnesses will find this program to be a most valuable experience.

FACULTY: The Expert Witness Bootcamp is taught by Michael Kaplan, CPA, ABV, CVA, MAFF; Jeffrey D. Diamond, JD; and Carlton Marcyan, CPA, CFP, CDFA, Esq., JD; as well as trial attorneys and seasoned financial experts. The combined experience of the Bootcamp faculty spans more than 300 trials.

Topics covered during the morning include the dynamics of serving as an expert, interfacing with counsel, professional standards for experts, expert reports, motions to exclude experts, understanding the difference between deposition testimony and trial testimony, strategies of counsel in deposition and trial, and strategies and tactics of effective expert witnesses. Afternoon topics include deposition preparation, depositions of program attendees, and critique of testimony.

Learning Objectives: After completing this course, attendees will be able to: n Implement the legal and courtroom protocol for expert witnesses n Apply the rules of discovery and evidence as they relate to experts n Interface appropriately with retaining and opposing counsel n Deliver effective deposition testimony n Describe the tactics used by opposing counsel at deposition and respond effectively n Anticipate and respond to motions in limine to exclude expert testimony

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 41

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Expert Witness Bootcamp

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Matrimonial Expert Witness Bootcamp Co-Sponsored by the National Association of Certified Valuators and Analysts, the Financial Forensics Institute, and the American Institute for Expert Witness Education

2014 DATES

LOCATION

Early Registration Discounts and Deadlines

10%

5%

September 10–12

Atlanta, GA

Expired

Expired

October 7–9

Denver, CO

Expired

8/31

January 28–30, 2015

Las Vegas, NV

11/30

12/31

May 5–7, 2015

Chicago, IL

2/28/15

3/31/15

This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Department at (800) 677-2009 to inquire.

2014 Pricing (Before Early Registration Discount) Three-day Bootcamp

Non-Member

Member

$2,100

$1,890

The Truth, the Whole Truth, and Nothing But PersuasionTM PROGRAM DESCRIPTION: Each attendee in the Matrimonial Expert Witness Bootcamp three-day program will participate as a testifying and consulting expert in a trial involving family law issues. Attendees will learn the art of delivering effective testimony and how to withstand grueling cross-examination. Attendees will learn how to dissect and critique the reports and opinions of opposing experts and how to prepare counsel for the expert segments of trial. Each attendee will be coached and guided by members of the faculty of seasoned experts and trial attorneys.

The Bootcamp culminates in a courtroom setting during which each testifying expert presents and defends his or her own expert opinions on the witness stand.

Day 1: The Dynamics of Expert Witnessing— Professional Standards, Expert Reports, and Strategic Planning Topics covered during the morning include the dynamics of serving as an expert in matrimonial litigation matters, interfacing with counsel, professional standards for experts, expert reports, motions to exclude experts, understanding the difference between deposition testimony and trial testimony, strategies of counsel in deposition and trial, and strategies and tactics of effective expert witnesses. Afternoon topics include deposition preparation, depositions of program attendees, and critique of testimony.

Page 42

Learning Objectives: After completing this course, attendees will be able to: n Implement the legal and courtroom protocol for expert witnesses n Apply the rules of discovery and evidence as they relate to experts n Interface appropriately with retaining and opposing counsel n Deliver effective deposition testimony n Describe the tactics used by opposing counsel at deposition and respond effectively n Anticipate and respond to motions in limine to exclude expert testimony

Day 2 and 3: The Dynamics of Trial— Direct and Cross-Examination Topics addressed include completion of depositions of attendees, trial preparation and testimony, and critique of testimony. In addition, the Day 2 and 3 courses include one-on-one coaching of attendees by instructors and guidance on further development of each attendee’s expert skills.

Learning Objectives: After completing this course, attendees will be able to: n Present clear, persuasive, and effective direct testimony n Survive grueling cross-examination n Communicate effectively with family court judges (and juries where applicable) n Describe the differences in dynamics in family court vs. commercial court n Paint a picture in the mind’s eye of the judge (and jury where applicable) n Respond to the opinions of the opposing expert n Avoid unnecessary “landmines” in the expert’s report and file n Avoid the mistakes of inexperienced experts

WHO SHOULD ATTEND: Professionals in all disciplines who serve as or plan MAFF candidates can to serve as expert witnesses. Financial experts, fulfill the Foundational doctors, attorneys, insurance professionals, real Experience Prerequisite estate brokers, valuation and appraisal experts, with attendance at accountants, engineers, scientists, vocational experts, this Bootcamp. construction experts, educators, psychologists, and other experts who wish to hone their skills as expert witnesses will find this program to be a most valuable experience.

FACULTY: The Matrimonial Expert Witness Bootcamp is taught by Michael Kaplan, CPA, ABV, CVA, MAFF; Jeffrey D. Diamond, JD; and Carlton Marcyan, CPA, CFP, CDFA, Esq., JD; as well as trial attorneys and seasoned financial experts.

The combined experience of the Bootcamp faculty spans more than 300 trials.

Consultants’ Training Institute Third Quarter 2014 Catalog

Trial Attorney Bootcamp

DATES May 5–7, 2015

LOCATION Chicago, IL

Early Registration Discounts and Deadlines

10%

5%

2/28/15

3/31/15

This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Department at (800) 677-2009 to inquire.

Pricing (Before Early Registration Discount) Three-day Bootcamp

Non-Member

Member

$2,100

$1,890

PROGRAM DESCRIPTION: This intensive three-day Trial Attorney Bootcamp is designed to bolster the skills of attorneys who present and cross-examine expert witnesses.

Presenting and cross-examining expert witnesses can often be challenging in the courtroom. Just as trial attorneys use strategic courtroom approaches, seasoned experts have their own tactics to maintain credibility and persuasiveness. In this Bootcamp, we bring attorneys and experts together to recreate the courtroom experience and enable our attendees to employ proven approaches ranging from how to present oneself as a persuasive expert witness to strategies for effective cross-examination. Attendees will be guided and critiqued by our faculty of seasoned experts and attorneys.

The Bootcamp will focus on strategic presentation of expert witnesses and effective cross-examination of opposing experts. We will explore proper

preparation, including understanding your expert’s report, identifying goals and objectives, identifying soft spots in your expert’s report, and preparing your expert to respond to anticipated cross-examination. As we focus on the opposing expert, we will explore ways to attack an expert’s credibility through challenge of credentials, assumptions, and foundation. The Bootcamp will culminate with live mock trial segments during which each attorney will have the opportunity to present and cross-examine experts and be critiqued by our seasoned faculty members.

Learning Objectives: After completing this course, attendees will be able to: n Prepare expert witnesses for presentation at deposition and trial n Prepare strategic direct and cross-examination questions n Present expert witnesses in a manner most persuasive to the judge or jury n Prepare and conduct effective cross-examination of the opposing expert n Integrate expert witness testimony into overall trial strategy

WHO SHOULD ATTEND: Attorneys who present and cross-examine expert witnesses.

FACULTY: The Trial Attorney Bootcamp is taught by Michael Kaplan, CPA, ABV, CVA, MAFF; Jeffrey D. Diamond, JD; and Carlton Marcyan, CPA, CFP, CDFA, Esq., JD; as well as trial attorneys and seasoned financial experts. The combined experience of the Bootcamp faculty spans more than 300 trials.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 43

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Co-Sponsored by the National Association of Certified Valuators and Analysts, the Financial Forensics Institute, and the American Institute for Expert Witness Education

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Litigation Report Writing Workshop Co-Sponsored by the National Association of Certified Valuators and Analysts, the Financial Forensics Institute, and the American Institute for Expert Witness Education

2014 DATES

Early Registration Discounts and Deadlines

LOCATION

September 9

Atlanta, GA

January 27, 2015

Las Vegas, NV

10%

5%

Expired

Expired

11/30

12/31

This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Department at (800) 677-2009 to inquire.

2014 Pricing (Before Early Registration Discount)

Non-Member

Member

$650

$585

One-day Workshop

PROGRAM DESCRIPTION: 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.

Learning Objectives: After completing this course, attendees will be able to: n List the reporting requirements set forth in Federal Rules of Civil Procedure 26(a)2(B) n Identify the components of an effective expert report n Explain the strengths, weaknesses, and risks of alternative report styles n Identify the risks of a substandard report n Explain the differences between a report used for tax or transactional purposes and a report appropriate for the litigation process n Describe the manner in which foundational evidence is incorporated into an expert report n Explain the reasons that expert reports are often inadmissible as evidence in court n Draft a well-prepared report

WHO SHOULD ATTEND: This Workshop is designed for all litigation and financial forensic experts who want to improve the quality of their written reports.

FACULTY: The Litigation Report Writing Workshop faculty includes Michael Kaplan, CPA, ABV, CVA, MAFF; Dermot O’Neill, CPA, ABV, CVA, MAFF, ABAR, CFF; and Howard Zandman, CPA, CFF, MAFF.

Page 44

Consultants’ Training Institute Third Quarter 2014 Catalog

Co-Sponsored by the National Association of Certified Valuators and Analysts

2014 DATES

LOCATION

Early Registration Discounts and Deadlines

10%

5%

November 18–21

Ft. Lauderdale, FL

9/30

10/31

December 9–12

San Diego, CA

10/31

11/30

This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Department at (800) 677-2009 to inquire.

2014 Pricing (Before Early Registration Discount)

Non-Member

Member

Four-day Workshop

$2,600

$2,340

Individual Days

$650

$585

PROGRAM DESCRIPTION: The Mergers and Acquisitions Workshop has been renamed to the Middle Market M&A: Nuts and Bolts Workshop. The content and learning objectives for this non-credentialing program are carried through from the Mergers and Acquisitions Workshop.

The valuation practitioner and the CPA have unique advantages in terms of entering this field. It is imperative, however, that substantial training be obtained if the practitioner is to achieve success and avoid the many pitfalls— including technical, legal, and practical—that this field contains. The Middle Market M&A: Nuts and Bolts Workshop is the first totally comprehensive mergers and acquisitions (M&A) course to compare and contrast the buy-side and sale-side perspectives of middle market M&A. Much of the literature on M&A is theoretical or academic and written by authors who have never actually done deals or have only seen a part of the overall process or one side of a deal. Traditional course material on the subject of M&A tends to exclusively reflect either the formalistic "numbercrunching" buy-side, or on occasion, the less formal, but no less artful, transactional advisor's approach to orchestrating events in order to maximize

value for his or her sale-side client. This course assumes the two contrasting views as being two sides of the same coin. Inexperienced advisors reading the existing literature can be confused about what happens in the real deal world. They may attempt to apply highly formalistic concepts to the saleside when practical deal-making skills and knowledge of the market are called for. On the other hand, as sale-side advisors, they will try to do deals without knowledge of basic financial analysis or M&A valuation concepts that implicitly underlie every deal. Understanding how these issues are viewed both from the buy-side and sale-side perspectives—and the dynamic process that fuses the two contrasting views—is what makes this course unique and of interest to both inexperienced and experienced deal makers.

Day 1: The Sale-Side of M&A This course introduces the mergers and acquisitions (M&A) process from the sale-side point of view with a specific focus on the techniques used by sale-side advisors and intermediaries. It provides attendees with an overview of the transaction process and protocols as well as the best practices concerning M&A valuation and due diligence. The course also addresses the details of the business of investment banking and provides insights on how to negotiate and structure transactions with strategic and financial buyers. Other topics include: n Survey of the middle market, players, and drivers n The M&A process and protocol n Main documents n Valuation in M&A n Due diligence (preliminary and confirmatory) n The balance sheet and deliverable targets n Preparing a business for sale n The business of investment banking n Venture capital and private equity groups n Case study

Learning Objectives: After completing this course, attendees will be able to: n Summarize the sale-side M&A process and protocols n Reconcile the formalistic and practical sides of M&A deal making n Explain the core valuation techniques used by sale-side M&A advisors n Describe the rewards and challenges inherent in the business of investment banking

Day 2: The Buy-Side of M&A This course introduces the steps and formal and informal techniques used by successful buyers. Coverage will be both technical and practical (the science and the art), covering topics ranging from pre-deal strategic planning to post-transaction integration. Other topics covered include identifying and valuating synergies, techniques for finding and dealing with sellers, negotiating techniques and the use of negotiators, sanity checks, and sources and uses of deal-financing techniques as well as issues in managing the due diligence process. Other topics include: n Buyer types and motivations n Market trends and drivers n The acquisition process n Steps and techniques used by buyers n Valuation methodologies n Synergies (types, quantification, and valuation) n Deal structuring (tax and financial) n Post-transaction integration n Seller issues n Case study

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 45

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 C o n s u l t i n g P r o g r a m s

Middle Market M&A: Nuts and Bolts Workshop

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 C o n s u l t i n g P r o g r a m s

Middle Market M&A: Nuts and Bolts Workshop (Continued) Co-Sponsored by the National Association of Certified Valuators and Analysts Learning Objectives: After completing this course, attendees will be able to: n Apply a sound knowledge of the theory and application of valuation within the context of buy-side M&A n Compare and contrast buy-side and sale-side valuation dynamics n Articulate how deals get done so that the buyer’s objectives are met n Assess how deals can be structured and the tools available

Day 3: Negotiation Principles and M&A in Action Part 1: Negotiation Principles In M&A transactions, the objective is to arrive at a convergence of objectives in which each party walks away feeling he or she got a fair and durable agreement. This requires the dealmaker to fine-tune his or her negotiation skills to guide the parties toward such convergence. This course explores how fundamental negotiation principles and strategies are used in actual M&A transactions and compares and contrasts the techniques used on the sale-side with those used on the buy-side. Topics include: n Negotiation principles in action n Strategies and tactics

n Sale-side negotiations n Buy-side negotiations

Learning Objectives: After completing this course, attendees will be able to: n Summarize the main principles of M&A negotiations n Compare and contrast desirable and undesirable behaviors in negotiation n Identify the key negotiating techniques used by buyers and sellers in an M&A transaction n Articulate the strategies and tactics used by successful negotiators

Part 2: M&A in Action This course provides attendees with an opportunity to put in practice the M&A principles and techniques learned in the previous courses. M&A in Action involves a simulated transaction with three types of buyers—a private company, a public company, and a private equity group—interested in acquiring a private company. Each step of the M&A process is analyzed and developed from the unique perspective of each of the parties involved in the transaction. Topics covered include: n Using the concepts and techniques n Introduction of a case study n Actual simulated M&A transaction between attendee buyer and seller teams n Merging theory and practical application

Learning Objectives: After completing this course, attendees will be able to: n Identify the main M&A concepts, strategies, and techniques studied in the course n Differentiate the approaches used by buyers and sellers in structuring transactions n Formulate and negotiate purchase offers n Identify the challenges inherent in the different stages of an M&A transaction

Page 46

Day 4: Tax & Legal Issues and Building an M&A Practice Part 1: Tax & Legal Issues Middle market M&A transactions are riddled with potential tax and legal repercussions that must be addressed in order to optimize the outcome and minimize risk. This course provides an overview of the most important tax and legal issues that M&A advisors should keep in mind as the transaction progresses through its various stages. Topics covered include: n Corporate structures overview n n Allocation of purchase price n Tax-planning opportunities n n M&A taxation and legal documents n

Potential risks of change in conditions Contingent liabilities Mitigating legal exposures

Learning Objectives: After completing this course, attendees will be able to: n List the different corporate structures and their implications n Identify the implications of asset and stock transactions n Summarize the process of allocating the purchase price n Specify the potential tax-planning opportunities and associated pitfalls in M&A transactions

Part 2: Building an M&A Practice Efficiency in communications, branding, sales, and marketing: whether you are launching a new M&A practice or looking for new ideas to become more effective in your approach to the market, this course is specifically designed with you in mind. This course encompasses fundamental principles and practical applications: tried and proven approaches and new ideas to help you grow your M&A business and further develop critical skills in sales and marketing in the investment banking arena. Topics include: n Sales vs. marketing—knowing why the difference matters n Why branding? n Market segmentation and targeting your best prospects n The best sales and marketing channels for M&A (tactics) n Creating a strategic road map n Prospecting and appointment setting—if not cold calls, then what? n Winning engagements with great presentations and proper objection handling

Learning Objectives: After completing this course, attendees will be able to: n Discuss the process of lead generation in an M&A practice n Evaluate various marketing approaches to generating deal flow n Articulate the role of the generalist vs. the specialist in M&A advisory services n Describe how to overcome objections and convert prospects to clients

WHO SHOULD ATTEND: CPAs, merger and acquisition consultants, investment and financial analysts, investment bankers, financial officers, CEOs, and CFOs.

FACULTY: The Middle Market M&A: Nuts and Bolts Workshop faculty includes Enrique C. Brito, MBA, CFA, CVA, CM&AA; William E. Offutt, III, JD, CPA, CVA, CM&AA; and Robert M. Stutz, II, CVA, ASA, CM&AA.

Consultants’ Training Institute Third Quarter 2014 Catalog

Co-Sponsored by the National Association of Certified Valuators and Analysts

2014 DATES

Early Registration Discounts and Deadlines

LOCATION

Day 2: Deal Structuring and Key M&A Documents

10%

5%

Part 1: Deal Structuring

8/31

9/30

Non-Member

Member

Three-day Workshop

$1,950

$1,755

Individual Days

$650

$585

How an M&A transaction is structured determines how likely it is that the deal will be completed and whether or not the parties will ultimately achieve their stated objectives. In this session, attendees will explore in detail the components, strategies, and consequences of tax and financial structuring in M&A transactions. Issues such as purchase price, forms of consideration, and price allocation are also discussed and analyzed to provide a comprehensive view of how M&A deals come together.

October 21–23

New Orleans, LA

2014 Pricing (Before Early Registration Discount)

PROGRAM DESCRIPTION: This Workshop has been designed to provide attendees with an in-depth view of important aspects in middle market mergers and acquisitions through a combination of class presentations, attendee discussions, and case studies.

The three-day Advanced Mergers and Acquisitions Workshop program focuses on providing a hands-on approach to the analysis and implementation of the foremost strategies used by middle market investment bankers in the areas of capital formation, leveraged buyouts, deal structuring, post-merger integration, and corporate restructurings.

Day 1: Raising Private Equity and Engineering an Exit Part 1: Raising Private Equity The process of raising capital from institutional sources requires that advisors properly match the appropriate sources of capital to the current and prospective needs of their client and know how to negotiate the various terms and conditions that each type of investor will demand. Additionally, given that a company is likely to undergo several rounds of financing, each round must be structured and negotiated in a manner that will prevent complications during later rounds. This session explores the requirements of raising equity capital and subordinated debt financing at different stages and discusses how to negotiate the most critical aspects of each type of financing.

Learning Objectives: After completing this course, attendees will be able to: n Identify the most suitable funding sources and strategies available to middle market business n Compare and contrast the characteristics of equity capital and subordinated debt financings and discuss their appropriateness n Identify the key terms and conditions contained in term sheets associated with each type of financing and know how to negotiate them

Part 2: Engineering an Exit The acquisition of a company or a division sometimes requires substantial leverage to make the transaction possible. But leverage is a double-edged sword. On one hand, it can potentially increase return on equity, but on the other, it can lead a company to bankruptcy. This session provides an overview of leveraged buyouts and the different modalities available to implement them. Also, it explores the ideal characteristics of candidates for these types of transactions and illustrates some of the leverage techniques through case studies.

Learning Objectives: After completing this course, attendees will be able to: n Identify the characteristics of the best candidates for a leveraged buyout n Distinguish among the different types of leveraged buyouts such as management buyouts, recapitalizations and employee stock ownership plans (ESOPs) n Recognize the different steps in the leveraged buyout process and identify the potential obstacles in engineering a leveraged transaction

Learning Objectives: After completing this course, attendees will be able to: n Identify the four main components of the purchase price package n Compare and contrast the strategic issues associated with stock and assets transactions from the point of view of buyers and sellers n Articulate the potential implications of the various forms of tax and financial structuring in M&A transactions

Part 2: Key M&A Documents This session presents an in-depth view of the main elements, intended use, and negotiation strategies associated with the key documents in an M&A transaction. Documents to be discussed include the Non-Disclosure Agreement, Financial Services Agreement, Confidential Information Memorandum, Letter of Intent, and Definitive Purchase Agreement.

Learning Objectives: After completing this course, attendees will be able to: n Define the key elements in each of the main M&A documents n Recommend appropriate negotiation strategies for the main clauses n Compare and contrast buyer-friendly vs. seller-friendly variations in each of the main M&A documents

Day 3: Restructurings & Turnarounds and Post-Merger Integration Part 1: Restructurings & Turnarounds A company experiencing financial distress goes through distinct stages, each one requiring a specific action plan to turn the situation around and restore normal operations. This session explores the different stages of company distress, their probable causes, and alternative actions to deal with each situation. Also, it provides attendees with the steps involved in planning a restructuring engagement and the strategies used in implementing a crisis stabilization and turnaround program.

Learning Objectives: After completing this course, attendees will be able to: n Identify the different stages of financial distress in a company, diagnose probable causes, and recommend a course of action n Evaluate the financial health of clients’ businesses and recommend operating plans leading to the stabilization and improvement of their liquidity and financial condition n Recommend appropriate actions to implement a crisis stabilization and funding program as well as a turnaround plan

For NASBA-related information on CPE, please refer to www.theCTI.com.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 47

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 C o n s u l t i n g P r o g r a m s

Advanced Mergers and Acquisitions Workshop

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 C o n s u l t i n g P r o g r a m s

Advanced Mergers and Acquisitions Workshop (Continued) Co-Sponsored by the National Association of Certified Valuators and Analysts

Part 2: Post-Merger Integration

WHO SHOULD ATTEND:

Many M&A transactions that initially show substantial synergies end up producing disappointing results due to poor integration planning. This session provides attendees with an overview of the integration process, the risks involved, and how to plan the integration process. In addition, it explores some of the best practices in this area to ensure the proper execution of an integration plan that will promote growth and increase certainty in the realization of synergies.

This Workshop is appropriate for seasoned professionals within organizations as well as others with specialized knowledge in a subject area: CPAs, merger and acquisition consultants, investment and financial analysts, investment bankers, financial officers, CEOs, and CFOs.

Learning Objectives:

FACULTY: The Advanced Mergers and Acquisitions Workshop is developed and taught

by Enrique C. Brito, MBA, CFA, CVA, CM&AA.

After completing this course, attendees will be able to: n Identify the main elements of a post-merger integration plan n Assess potential integration risks to uncover potential problems and opportunities in M&A acquisitions n Assist clients with the formulation of integration plans for acquired companies aimed at minimizing value erosion and improving value realization n Identify the critical success factors in designing and implementing postmerger integration plans

“Very good content. Great to have a practitioner with hands-on experience present and go over and above the theory.”

Artur Hausz, CPA, CVA, CM&AA, Courtice, ON

Page 48

Consultants’ Training Institute Third Quarter 2014 Catalog

Co-Sponsored by the National Association of Certified Valuators and Analysts

2014 DATES

Early Registration Discounts and Deadlines

LOCATION

November 18–21

Ft. Lauderdale, FL

March 17–20, 2015

Chicago, IL

10%

5%

9/30

10/31

1/31/15

2/28/15

This course requires a laptop. In-house training is available with minumum attendance. Contact CTI's Education Department at (800) 677-2009 to inquire.

2014 Pricing (Before Early Registration Discount)

Non-Member

Member

Four-day Workshop

$2,400

$2,160

Individual Days

$600

$540

PROGRAM DESCRIPTION: Whether you are valuing medical practices or consulting with them, the medical practice arena represents a constantly changing dynamic with unique challenges that must be understood to effectively perform in either the valuator or consulting role. The Healthcare Valuation and Consulting Workshop introduces attendees to the primary value drivers at the practice level with a focus upon the regulatory constraints that dictate the forms of transactions that are deemed permissible for practitioners in the healthcare community to enter into. The four-day program addresses the unique dynamics of acute care healthcare business arrangements and the operation principles of medical practices and how to cope with today’s challenging healthcare industry.

Day 1: Understanding the Regulatory Environment of Healthcare Reimbursements and Forms of Healthcare Reimbursement Part 1: Understanding the Regulatory Environment of Healthcare Reimbursements This presentation will describe the legal requirements under the Anti-Kickback Statute, Stark Law, False Claims Act, compliance program requirements, and the U.S. sentencing guidelines.

Learning Objectives: After completing this course, attendees will be able to: n Articulate the requirements under the general fraud and abuse laws, including the Anti-Kickback Statute, Stark Law, False Claims Act, and U.S. sentencing guidelines n Identify the risks under fraud and abuse laws n Differentiate between the requirements under each applicable fraud and abuse law and determine which fraud abuse laws apply to a compensation arrangement between referral sources

Part 2: Forms of Healthcare Reimbursement The way in which a healthcare entity is reimbursed varies depending on the type of entity. For example, certain entities are paid based on how many procedures are performed while others are based on the number of patients the entity is responsible for providing service to, how long procedures last, or how many days the patient was under the care of the entity. The focus will be on reimbursement for physician services with a high-level overview of reimbursement for other types of providers.

Learning Objectives: After completing this course, attendees will be able to: n Identify how healthcare providers are reimbursed for their services n Select the inputs to the reimbursement data and the use of this data for compensation planning and benchmarking analysis n Summarize how to convert the data underlying Medicare reimbursement data and other publicly reported Medicare data to benchmark company operations

Day 2: Provider Organizational Structures, Performance Metrics, and Benchmarking This first part of Day 2 will lead attendees through a fundamental discussion of physician professional service arrangements, the key factors influencing value, and practical techniques for assessing the Fair Market Value (FMV) of physician compensation within these arrangements. The course will also study basic compensation structures. The second part of this course will provide an in-depth review of data sources available for benchmarking physician compensation and determining FMV. Attendees will explore how to address the strengths, weaknesses, and biases of the different data sources as part of valuation studies.

Learning Objectives: After completing this course, attendees will be able to: n Describe the primary forms of physician professional service arrangements n Identify the sources of value within professional service arrangements n Assess compensation methodologies under different types of professional service arrangements n Summarize the primary sources of physician compensation data and benchmarks n Navigate the primary physician compensation data sources and critique the reliability of the data for valuation purposes n Construct basic models to estimate FMV physician compensation using various published data sources

Day 3: Understanding, Structuring, and Valuing Physician Compensation Arrangements Day 3 of the Workshop focuses on applying the material covered in the first two days of the Workshop in practical examples and case studies. Examples and cases will require the attendees to work through valuation issues that involve regulatory, reimbursement, scope of service, and data issues. Topics for both business and compensation valuation will be addressed. A session on writing reports for compensation valuations will also be covered.

Learning Objectives: After completing this course, attendees will be able to: n Identify regulatory issues that can affect the selection and application of valuation methods in healthcare appraisal assignments n Evaluate revenue cycle issues and project revenues appropriately in the valuation process n Analyze the fundamental economics of healthcare entities and physician compensation arrangements n Appraise physician compensation arrangements using the framework of the Cost, Market, and Income approaches n Assess the relevance and applicability of market data sources and valuation methods for use in valuing compensation arrangements n Implement best practices in preparing compensation valuation reports

For NASBA-related information on CPE, please refer to www.theCTI.com.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 49

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 C o n s u l t i n g P r o g r a m s

Healthcare Valuation and Consulting Workshop

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 C o n s u l t i n g P r o g r a m s

Healthcare Valuation and Consulting Workshop (Continued) Co-Sponsored by the National Association of Certified Valuators and Analysts

Day 4: Advanced Topics and Healthcare Valuation Forum Day 4 is a rare opportunity to delve into the most relevant and pressing healthcare valuation issues. This course is for practitioners who are facing the most challenging healthcare valuation problems. This is a highly participatory course for seasoned healthcare valuation consultants, moderated by healthcare valuation experts. It is a unique opportunity for attendees to engage, discuss, debate, ponder, and evoke thoughtful dialogue with their peers. It will afford the opportunity to discover and discuss with other talented professionals how they are handling challenging problems in the field. Regardless of whether it is the latest court ruling, Stark violation, conundrums, or other timely topic, such as the valuation of intangibles when there is no going-concern value, it is up for discussion and critique. Although this course is designed with advanced practitioners in mind, it may also be helpful for less-experienced attendees to listen, ask questions, and watch how veteran consultants confront and analyze complex healthcare valuation topics.

Learning Objectives: After completing this course, attendees will be able to: n Debate the pros and cons of differing methodologies and approaches to healthcare valuations n Articulate some of the overriding national healthcare policies and most applicable healthcare rules n Demonstrate an understanding of the challenging and complex issues related to healthcare consulting and valuations n Identify facts and arguments related to various watershed court cases n Apply a well-structured process to complex healthcare valuation issues

Page 50

WHO SHOULD ATTEND:

CEOs, CFOs, attorneys, accountants, compliance professionals, consultants in the healthcare industry, and other practitioners who are involved with financial arrangements between referral sources, including financial arrangements between referring physicians, hospitals, and other medical providers.

FACULTY: The Healthcare Valuation and Consulting Workshop faculty includes Curtis Bernstein, CPA, ABV, CVA, ASA; Chris Carnahan, CPA, CVA; Cindy Collier, CVA, CPA, ABV, MHA, MSA, CMPE, CPHIT, CFF; Gabriel Imperato; J. David Robeson, ASA (candidate); Richard Romero, CVA, MBA, CHFP, PAHM; Tim Smith, CPA, ABV; Daniel Stech, MBA, CMPE; and Robert Wade, JD.

I enjoyed the industry specificity, relevance to current events, and business climate that was presented. The Workshop provided real practice discussion and healthcare specific tips and traps.”

Thomas M. Lohr, CPA, Fairfax, VA

Consultants’ Training Institute Third Quarter 2014 Catalog

TIME

Friday, December 12, 2014

8:30–10:15 a.m.

(2 Hrs CPE)

Saturday, December 13 , 2014

Halifax: A View from the Expert’s Seat

Panel Debate: How to Value Physician Practices

Kathy McNamara (Moderator: Richard Romero)

Robert James Cimasi, Mark O. Dietrich, Timothy Smith (Moderator: Richard Romero)

10:15–10:30 a.m.

Break

10:30 a.m.–12:15 p.m. The FMV Implications of Health Systems Losing Money on Employed Physicians (2 Hrs CPE) Lynn Gordon, Timothy Smith 12:15–1:30 p.m.

1:30–3:15 p.m.

(2 Hrs CPE)

The Anatomy of a Deal Rick Buchsbaum, Sean Hogan, Richard Romero

Lunch Advanced FMV Compensation Issues Under the Stark Group Practice Definition

Valuing Healthcare Brands

Gregory D. Anderson, Joseph Wolfe

W. James Lloyd

3:15–3:30 p.m.

3:30–5:15 p.m.

(2 Hrs CPE)

2014 DATES

Break Panel Discussion: The FMV Problems with Ancillary Services in Valuations of Physician Compensation and Medical Practices

Panel Discussion: The Valuation Implications of New Reimbursement Models for Healthcare Facilities and Physicians

Gregory D. Anderson, Mark O. Dietrich, W. James Lloyd (Moderator: Timothy Smith)

Curtis Bernstein, Greg Endicott (Moderator: Timothy Smith)

LOCATION

Early Registration Discounts and Deadlines

10%

5%

10/31

11/30

Non-Member

Member

Two-day Symposium

$1,300

$1,170

Individual Days

$650

$585

December 12–13

San Diego, CA

2014 Pricing (Before Early Registration Discount)

Symposium Chairs:

SYMPOSIUM DESCRIPTION:

Healthcare is the largest, fastestgrowing, and most complex industry in the United States.

It is also undergoing accelerating change Richard Romero, Timothy Smith, as the industry MBA, CVA, CHFP, PAHM CPA, ABV implements new CBIZ Valuation Group, LLC American Appraisal payment models focused on the quality of service rather than the quantity.

Transformation in how U.S. healthcare is regulated, taxed, accessed, delivered, and reimbursed has created a myriad of opportunities for business valuation and financial forensics analysts to support the business arrangements and operations of healthcare entities, and how they adapt to the ever evolving healthcare marketplace. Keeping up with these changes is daunting. To support the profession, the 2014 Advanced Healthcare Valuation and Consulting Symposium is designed to stimulate discussions and knowledge sharing on relevant topics in healthcare valuation and consulting assignments such as the regulatory environment, reimbursement models, value-based purchasing, organizational structures, benchmarking, and more.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 51

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 C o n s u l t i n g P r o g r a m s

2014 Advanced Healthcare Valuation and Consulting Symposium

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 C o n s u l t i n g P r o g r a m s

2014 Advanced Healthcare Valuation and Consulting Symposium FRIDAY, DECEMBER 12, 2014 8:30–10:15 a.m.

Halifax: A View from the Expert’s Seat

Kathy McNamara, CPA

Halifax Medical Center recently entered into a record-breaking $85 million settlement with the U.S. Department of Justice to resolve allegations it violated the False Claims Act by entering into MODERATOR employment agreements with medical Richard Romero, oncologists and neurosurgeons that MBA, CVA, CHFP, PAHM violated the Stark Law.

This case, following on the heels of Tuomey’s $237 million judgment for similar Stark violations serve as cautionary tales for hospitals across the country as they continue to pursue integration arrangements with referring physicians.

Kathy McNamara, CPA, was the government’s expert witness in both the Tuomey and Halifax cases. In this session, Ms. McNamara will discuss her findings relating to the fair market value and commercial reasonableness of Halifax’s employment arrangements with its neurosurgeons.

Learning Objectives After completing this session, attendees will be able to: n Recall the case background and specific issues which led to Ms. McNamara’s findings n Summarize Ms. McNamara’s positions taken in the case n List methodologies Ms. McNamara used to assess the value of the employment arrangements n Associate lessons learned and best practices related to fair market value and commercial reasonableness

10:30 a.m.–12:15 p.m.

The FMV Implications of Health Systems Losing Money on Employed Physicians As health systems continue their pursuit of physician-integration models, the resulting arrangements often present challenges in meeting the standard of fair market value (FMV), implicating both the Stark and Anti-Kickback laws. FMV Timothy Smith, Lynn Gordon, compliance is particularly challenging CPA, ABV Esq. when health systems lose money in their physician practices. This session will provide both valuation and regulatory guidance in evaluating the FMV compliance issues arising from losses in health system practices.

Learning Objectives After completing this session, attendees will be able to: n List the basic valuation principles at play in hospital-physician relationships under applicable healthcare regulations n Differentiate between Stark strict liability implications and anti-kickback exposure where an arrangement may not meet the requisite FMV parameters n Appraise the causes of losses in health system practices and their FMV compliance implications n Implement best practices and engage in troubleshooting to mitigate compliance risk

Page 52

1:30–3:15 p.m.

Advanced FMV Compensation Issues under the Stark Group Practice Definition Many, but not all, physician acquisition and employment deals by health systems favor direct hospital employment over the creation of subsidiary group practices, and some health systems are transitioning from the group model back to a direct Gregory D. Anderson, Joseph Wolfe, employment model. The Stark-defined CPA, ABV, CVA JD group practice, grounded in regulations written more than a decade ago and until recently largely untested, presents both a unique opportunity for compensation flexibility in support of physician alignment and unequaled complexity and compliance challenges. This session will investigate Stark compliance and valuation implications unique to the group practice and direct employment models and discuss recent case legal developments that further illustrate these concepts.

Learning Objectives After completing this session, attendees will be able to: n Recognize the Stark law definition of a group practice n Contrast, in basic terms, the requirements of the Stark group practice with the elements of the bona fide employment relationships exception of the Stark law n Identify compensation valuation issues unique to the hospital-owned group practice model in the preparation or review of fair market value analyses

3:30–5:15 p.m.

Panel Discussion: The FMV Problems with Ancillary Services in Valuations of Physician Compensation and Medical Practices

Gregory D. Anderson, CPA, ABV, CVA

Mark O. Dietrich, CPA, ABV

W. James Lloyd, CPA, ABV, ASA, CFE

MODERATOR Timothy Smith, CPA, ABV

Technical component or ancillary services in physician practices can present significant difficulties in preparing both business and compensation valuations.

While ancillary services can generate substantial earnings, they usually involve referrals that are intensely scrutinized under healthcare regulations. As a result, appraisers face critical valuation issues in analyzing the economics of these services.

To address these issues, a panel of healthcare valuation experts will work through key problems related to ancillaries in business and compensation valuations.

Learning Objectives After completing this session, attendees will be able to: n Identify critical valuation and regulatory issues arising from ancillaries in physician practices n Analyze the key economic characteristics of ancillaries for valuation and compensation purposes n Develop a sound methodological framework for assessing ancillaries in business and compensation valuations n Employ valuation methods and techniques that avoid critical pitfalls and regulatory compliance issues Consultants’ Training Institute Third Quarter 2014 Catalog

SATURDAY, DECEMBER 13, 2014 8:30–10:15 a.m.

Panel Debate: How to Value Physician Practices

Robert James Cimasi, MHA, ASA, FRICS, MCBA, CVA, CM&AA

Mark O. Dietrich, CPA, ABV

Timothy Smith, CPA, ABV

MODERATOR Richard Romero, MBA, CVA, CHFP, PAHM

One of the most controversial topics in healthcare valuation is how to appraise physician practices. Frequently, the value indications from the Market, AssetBased, and Incomes approaches are widely divergent, especially with regard to the value of intangible assets. To explore the issues at an advanced level, some of the main players in the profession have come together to exchange ideas and debate the issues in a lively and collegial discussion format.

Learning Objectives After completing this session, attendees will be able to: n List the critical issues in valuing physician practices n Estimate the impact of post-transaction compensation and the premise of value in the appraisal of practices n Identify the weaknesses and strengths in each approach to value and their impact on the determination of FMV n Assess the key considerations in reconciling values from the three approaches and forming a conclusion of value

10:30 a.m.–12:15 p.m.

The Anatomy of a Deal This presentation will enable the attendee to define the goals and roles that valuators should play and the valued-added Richard Romero, information they can Rick Buchsbaum Sean Hogan MBA, CVA, CHFP, PAHM provide. Attendees will leave the presentation with a better understanding of how to maximize the benefit of their services beyond the numbers and how the valuator becomes part of the overall transaction process. Valuation analysts provide the fair market reality check that should be an integral part of the process—not a barrier. The presenters will use case studies to illustrate the importance to ensure the development of an equitable relationship related to the transaction from the perspective of a hospital, developer, and valuator.

Learning Objectives After completing this session, attendees will be able to: n Identify and differentiate the roles and goals of parties involved in healthcare transactions n Establish the strategic and operational goals of the transaction n Increase value-added information and services that exceed a dollar amount

1:30–3:15 p.m.

Valuing Healthcare Brands The presentation will provide participants with an overview of key issues and concepts related to analyzing and valuing brands and similar intellectual property assets of healthcare companies. Executives of hospitals and other healthcare organizations are increasingly interested in understanding the value of their organization’s brand and how they W. James Lloyd, can improve and capitalize upon it. Methodologies and CPA, ABV, ASA, CFE approaches for analyzing brand strength and value will be discussed and case studies will be utilized to help illustrate important points and practical take-aways.

Learning Objectives After completing this session, attendees will be able to: n Determine how to approach a brand valuation project for a hospital or other healthcare organization n List appropriate methodologies to consider when working on a valuation project n Identify key issues for evaluating brand strength

3:30–5:15 p.m.

Panel Discussion: The Valuation Implications of New Reimbursement Models for Healthcare Facilities and Physicians The federal government is changing the way it pays for healthcare.

As part of this process, hospitals and physicians MODERATOR must work together and Curtis Bernstein, Greg Endicott, Timothy Smith, CPA, ABV, CVA, ASA, share the compensation CPA, ABV, ASA CPA, ABV CHFP, MBA paid by Medicare, Medicaid, and other managed-care payers. This presentation will review how businesses are valued as providers consolidate to develop clinically integrated networks (CIN). The presentation will also describe how to determine the fair market value of services provided under a CIN so reimbursement is shared appropriately.

Learning Objectives After completing this session, attendees will be able to: n List the latest reimbursement models in the healthcare industry n Collect the knowledge necessary to value healthcare entities subject to these new reimbursement models n Recognize the impact these changes have on the fair market value of business and services provided under these reimbursement models n Predict how changes in the reimbursement models impact valuation and apply these concepts in their practices

For more details, including presenter bios, please visit www.nacva.com/healthcaresymposium

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 53

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 C o n s u l t i n g P r o g r a m s

2014 Advanced Healthcare Valuation and Consulting Symposium

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 C o n s u l t i n g P r o g r a m s

Certified Exit Planning Advisor (CEPA) Credentialing Program Co-Sponsored by the Exit Planning Institute®

2014 DATES November 10–14

Early Registration Discounts and Deadlines

LOCATION Chicago, IL

See Below

The CEPA proctored examination is given on the Friday following the training.

2014 Pricing

Non-Member

Member

Four-day Program

$4,500

$4,050

Price if registered by September 30

$3,795

$3,415

PROGRAM DESCRIPTION: Certified Exit Planning Advisor (CEPA) credential holders are part of an established global network of professional advisors who have successfully completed an executive MBA-style program taught by nationally recognized experts in their respective fields. The CEPA program is based on the critically acclaimed book, The $10 Trillion Opportunity: Designing Successful Exit Strategies for Owners of Middle Market Businesses. Attending professional advisors are provided with an innovative learning experience and performance-enhancing products, tools, and research that will advance their skills and exit planning practice.

Day 1

Part 1: The Overall Need for Exit Planning and Review of the Exit Planning Process What has been driving our economy for the past 60+ years? The baby boomer generation began turning 65 in 2011. They are responsible for owning 63%+ of all privately held businesses in the U.S. Exit planning is the conscious effort to grow enterprise value in a manner that enables efficient conversion of that ownership into personal financial freedom and peace of mind.

Learning Objectives: After completing this course, attendees will be able to: n Examine how the age wave will impact the sale of businesses in the coming future n Separate the major steps in the exit planning process from the five principal components of an exit plan

Day 2

Part 1: Financial Planning for Business Owners, Estate Planning, and the Integration of Charitable Intent One of the biggest items an owner needs to focus on is financial and estate planning. In the last few years, this area has grown to include the integration of charitable intent.

Learning Objectives: After completing this course, attendees will be able to: n Articulate how important wealth management, portfolio management, retirement planning, and risk management are to the business owner n Discuss how estate planning can affect the overall financial plan of the owner n Identify how charitable intent now fits into the overall financial plan of the owner

Part 2: The Basics of Business Valuations The business valuation is a very important part of the exit planning process.

The professional advisor needs to have a basic understanding of the valuation process and know when to bring in a credentialed valuation professional to handle this portion of the exit planning process.

Learning Objectives: After completing this course, attendees will be able to: n Distinguish the difference between the three approaches to value and know when to use or not use them n Define subjective issues surrounding various components and discuss them intelligently

Part 3: Value Enhancement There are 54 value drivers that affect the value of any business. During this session, the attendee will learn how the value factors were designed and how they affect the company value. The session includes a case study allowing for interaction within the class.

Learning Objectives: After completing this course, attendees will be able to: n Demonstrate how the value factors drive the company in a positive or negative fashion n Discuss how de-risking the company can maximize company value

Part 2: Exit Planning Deliverables, Teams, and Developing Goals and Objectives Learn how to deliver exit planning services in a way that is receptive by the business owner, why teams are so important to the exit planning process, and how to effectively identify and develop solid goals and objectives.

Learning Objectives: After completing this course, attendees will be able to: n Discover three effective ways that you can deliver exit planning services n Describe why EPI advocates assembling teams of advisors to do exit planning work. Summarize the value of the goal setting and goal alignment process

For NASBA-related information on CPE, please refer to www.theCTI.com.

Page 54

Consultants’ Training Institute Third Quarter 2014 Catalog

Co-Sponsored by the Exit Planning Institute

Day 3

Part 1: Calculation of Net Proceeds, Business Valuation Case Study, and the Creation of Action Plans The business owner(s) needs to have a complete understanding of the amount of money they will have after the sale of their business. The advisor needs to educate the owner on the different tax ramifications of selling their business.

The creation of action plans is important and is a team function. The plan must be committed to by the client/owner.

Learning Objectives: After completing this course, attendees will be able to: n Express when an asset sale of stock sale is more appropriate for the parties n Discuss action plan development and delivery techniques with clients n Explain the subcategories of the major action plan categories

Part 2: Delivering Action Plans, Analyzing Exit Options and ESOPs as an Exit Strategy Advisors will learn how to deliver the action plans that have been created for the owner and, at the same time, discuss the various exit options available to the owner. ESOPs are broken out into a separate session to give the attendees an overview of how ESOPs work and whether they are right for the owner.

Learning Objectives: After completing this course, attendees will be able to: n Identify how to deliver exit plans and obtain consensus from the owner to the proposed approach n Recognize the pros and cons of the seven basic transfer methods n Illustrate the optimal strategies to enhance a successful ESOP installation n Describe the attributes of the best ESOP candidates

Day 4

Part 1: Understanding Third-Party Sales and the M&A Process and Understanding Private Equity Advisors will learn the major differences between mergers and acquisitions and third-party sales, the motivations that drive a seller to sell their business as well as understanding realistic multiples and the different advisors serving the M&A market. Private equity can be the best alternative for a privately held business because the value may be maximized and there is limited risk of confidential information being leaked.

Learning Objectives: After completing this course, attendees will be able to: n Compute realistic exit multiples n Coordinate the different advisors serving the M&A market n Explain to the owner the need for rigorous due diligence on the private equity firm to ensure that the private equity group is the right fit n Illustrate the typical time frame a private equity deal takes to close once a letter of intent is signed

Part 2: Marketing and Selling Exit Planning and Developing An Action Plan for Your Practice Advisors will receive a full understanding of the differences between marketing and selling as it relates to the sale of the business and learn the most effective ways to market and sell their exit planning services to owners. Now that you are back in the office, what do you do? Learn a time-proven way to develop a written action plan for your practice in this lively and interactive session.

Learning Objectives: After completing this course, attendees will be able to: n Discover the most effective ways to market your exit planning services to business owners n Articulate the most effective way to sell exit planning services n Design and implement a solid action plan into your business

WHO SHOULD ATTEND: Valuation practitioners, CPAs, business advisors, controllers, CEOs, CFOs, financial advisors, attorneys, estate planners, wealth managers, business brokers, insurance professionals, M&A advisors, and commercial lenders.

FACULTY: The Certified Exit Planning Advisor (CEPA) Credentialing Program is taught by Christopher M. Snider, CEPA; Richard E. Jackim JD, CEPA; Peter Christman, CEPA; Michael Foltz, JD, CPA, CFP, CEPA; James King, CPA, CFP; James Farmer, CLU, ChFC; Scott Miller, CPA, ABV, CVA, PFS, CEPA; Dennis Roberts, CPA, ABV, CVA, CM&AA, CEPA; Jack Emmons, CEPA; Eric Lundstrom, CPA; Laura Malone, CAP, CEPA; John Mueller; Keith Strauss; and Sean Hutchinson, CEPA.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 55

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 14 C o n s u l t i n g P r o g r a m s

Certified Exit Planning Advisor (CEPA) Credentialing Program (Continued)

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — T h i r d Q u a r t e r 2 0 14 C a t a l o g

NACVA Membership and Certifications The National Association of Certified Valuators and Analysts (NACVA) supports the users of business and intangible asset valuation services and financial forensic services, including damages determinations of all kinds and fraud detection and prevention by offering three credentials.

NACVA offers the Certified Valuation Analyst (CVA) business valuation certification, the only business valuation designation accredited by the National Commission for Certifying Agencies (NCCA), the accreditation body of the Institute for Credentialing Excellence (ICE). NACVA also offers the Accredited in Business Appraisal Review (ABAR) credential, the valuation profession’s only credential certifying competence in the review of business appraisal reports.

Through its Financial Forensics Institute, NACVA offers the Master Analyst in Financial Forensics (MAFF) designation to train practitioners in all facets of financial forensics and litigation consulting.

In conjunction with other partners, the CTI offers training which can lead to obtaining the Certified Business Appraiser (CBA) certification, sponsored by the Institute of Business Appraisers (IBA), as well as the Certified Exit Planning Advisor (CEPA) credential sponsored by the Exit Planning Institute (EPI).

Types of Individual NACVA Membership Membership in NACVA is open to anyone with an interest in the various disciplines we support—we have over 100 different services, products, and training programs. The six types of individual NACVA membership are designed to serve six levels of need: one for those interested in obtaining a designation

(Practitioner Member); one for those not pursuing a designation, but wanting to take advantage of all the benefits of membership (Professional Member); one for those working in government employment (Government Employee); one for those who fall into the category of Professional Membership as well as the staff of Practitioner and Professional Members (Associate Member) (These members receive the same benefits as Practitioner and Professional Members except for the ability to become certified or receive Association subscription publications); one for the full-time academicians interested in the benefits, services (including certification), and ideologies of the Association (Academic Member); and one for full-time enrollees in an accredited college or university (Student Member).

Fees for individual membership are listed below and can be remitted with the order form. An individual Membership Application and additional information will be faxed immediately upon request or placement of an order. Or visit the NACVA website: www.NACVA.com.

Individual Member Type Practitioner Professional Associate Academic Student

Annual Fee $495 $225 $135 $225 $135

Consultants’ Training Institute (CTI) Administrative Information Seminar Cancellations There is no charge to reschedule your training. Cancellations received in writing two weeks prior to the first day of the seminar will be eligible for a prompt refund. A $100 administration fee will be charged for three or more days’ registration at a CTI and $50 for all other seminar registrations. If requesting a “refund,” any credit vouchers and or Pacesetter Points® applied to the original purchase will be forfeited. Cancellations received less than two weeks prior to the first day of the scheduled event (and no-shows) will be issued, upon request, a credit which may be used toward a CTI seminar, conference, self-study course, or product sold by NACVA. If requesting a “credit,” any credit vouchers and/or Pacesetter Points applied to the original purchase will be added back to the purchaser’s account for future use. There are no exceptions to this policy.

Trademarks The National Association of Certified Valuators and Analysts, NACVA, Consultants’ Training Institute, CTI, Certified Valuation Analyst, CVA, Financial Forensics Institute, FFI, Master Analyst in Financial Forensics, MAFF, Accredited in Business Appraisal Review, ABAR, Forensic Accounting Academy, Advanced Forensic Accounting Clinic, Business Valuation Accelerator, Financial Forensics Academy, AIEWE, Pacesetter, Around the Valuation World, Appraisal Database and Mentoring Services, ADAM, Hear it Here…First!, The Truth, the Whole Truth, and Nothing But Persuasion, Risk Management Masters, Comprehensive Valuation Tools Kit, The Value Examiner, Business

Page 56

Valuation Manager, Business Valuation Report Writer, KeyValueData and We Establish, Build, Protect and Defend Value are trademarks of the National Association of Certified Valuators and Analysts. All other trademarks are the property of their respective owners.

firmation will include details for lodging and other specifics, including event time schedule, locations of nearest airport, prerequisites (when applicable), etc. If your registration falls close to the date of the scheduled event, call CTI for hotel information.

Complaints and Refunds

Refund Policy for Airfare at CTI

For information regarding administrative policies such as complaints and refunds, call our director of Member Services: (801) 486-0600.

No refunds will be given for airfares on a CTI event that is canceled for any reason. However, if an individual does not request a refund of training fees for the canceled event, electing to apply his or her fee to a subsequent offering of the event, we will issue a refund of 200 percent of the airline change fee for one airline only to travel to and from the subsequent offering of the event, not to exceed $300. (Proof of the expense for the airline change fee must be provided.) Where airfare change fee refunds are given, no refund for the canceled event will subsequently be given for any reason, and the funds retained by CTI may only be used/applied toward a subsequent CTI training event.

Instructor Changes The CTI reserves the right to change instructors at any time should circumstances dictate. Our policy is to screen potential instructors carefully, ensuring that each one chosen possesses substantial field experience as well as a teaching or presenting background. All instructors are evaluated by our attendees, and future teaching assignments are made based upon these evaluations. From time to time, the CTI will introduce a new instructor to co-teach a course, but our policy is always to carefully pre-screen them and, where feasible, gradually integrate new instructors so you are assured of receiving the best instruction in the country in each discipline taught. Obviously, we cannot guarantee that every attendee will be totally satisfied with every presenter, but every effort is made to ensure the competence of each instructor. Under no circumstances, however, can CTI refund course fees should an attendee be dissatisfied with his or her instructor.

Hotel Accommodations The CTI has negotiated and blocked accommodations at each CTI location (rooming blocks are limited). Hotel rooms are based on availability. Your registration con-

NASBA Sponsorship 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.

Consultants’ Training Institute Third Quarter 2014 Catalog

Consultants’ Training Institute Order and Registration Form Name:

Designations:

Firm Name:

NACVA/IBA Member #: E-mail:

Address: City:

State:

Tel:

ZIP:

Fax:

Cell:

I Would Like to Register for the Following CTI Webinar or Live Classroom Session(s): COURSE NAME

LOCATION & DATE

PRICE $ $ $ $

TOTAL PRICE BEFORE DISCOUNTS ..................................................................................................................................................................

$

 Early Payment Discount [indicate here] _______% .............................................................................................................................................

$<

>

BUSINESS VALUATION CERTIFICATION AND TRAINING SELF-STUDY (add $10 for each course for shipping; $40 for the full package)  Package Pricing (describe which one—see page 8):

$

 Individual Self-Study Courses or Product Purchase: Name of Course or Product

Price

# of CPE Exams X $85 Each $ $ $

 NACVA CVA Exam Q&A Study Guide (add $10 for shipping) .................................................................................................................. †

$

 NACVA* Membership (If interested in joining the IBA , call [800] 299-4130) (describe member type)

$

 CTI/NACVA/IBA Credit Voucher or Gift Certificate (limit one) .........................................................................................................................

$<

NET REGISTRATION FEE ......................................................................................................................................................................................

$

 Case Analysis in Person (or by Phone) (fee: $225; not subject to member or early payment discount) (a convenient way for credentialed members of NACVA to receive 12 “bonus” points toward recertification; 2 hours CPE)

$

 Exam Purchase (describe):

$

GRAND TOTAL PRICE INCLUDING DISCOUNTS ...........................................................................................................................................

$

>

* National Association of Certified Valuators and Analysts † Institute of Business Appraisers

AMOUNT DUE:

PAYMENT OPTIONS:  Check #

Financial Institution Information

 eCheck (ACH)

Bank Name:

Type of Account:  Checking  Savings

Account Number:

Fax: (801) 486-7500

Card Information Type:

Card Number:

 MasterCard  Credit

Billing Address ( Same, or):

 Discover

City:

 Debit

EXP Date: ST:

/

Mail: 5217 South State Street, Suite 400 Salt Lake City, UT 84107

ZIP:

By signing this form, you authorize the National Association of Certified Valuators and Analysts (NACVA), Consultants’ Training Institute (CTI), or Institute of Business Appraisers (IBA) to charge your account for the amount indicated above. NACVA, CTI, or IBA can also initiate credit entries to the customer’s account in the event a credit or correction entry is due. In addition, your signature will authorize NACVA, CTI, or IBA to confirm the above information via e-mail and/or fax, if necessary, and authorize NACVA, CTI, or IBA to use either medium for future communication. NACVA, CTI, or IBA will not disclose or share this information with third parties to secure confidentiality.

Authorized Signature:

Remit To: E-mail: info@theCTI.com

(9) Digit Routing Number:

 Visa

$ _______________

Register by Phone: (800) 677-2009 (801) 486-0600

Date:

Rev. Rev. 8/28/14 8/28/14 5217 SouthSouth StateState Street, SuiteSuite 400 400, • SaltSalt Lake City,City, UT 84107-4812 • Tel: •(800) 677-2009 • Internet: www.theCTI.com CTI—5217 Street, Lake UT 84107-4812 Tel: (800) 677-2009 • Internet: www.theCTI.com

CTM0814 CTM0814

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

NACVA and the CTI's

2015 Annual Consultants' Conference June 24â&#x20AC;&#x201C;27, 2015

The Roosevelt New Orleans Hotel New Orleans, LA USA

Save the dates and join us in the Big Easy!

Publication Date: August 2014