NACVA and the CTI's 2016 Annual Consultants' Conference

Opening Keynote Speaker

Steve Forbes

Chairman & Editor-in-Chief Forbes Media

Strong Foundations Build Bright Futures

2016 Annual Consultants’ Conference Celebrate Our Silver Anniversary!

June 8–11, 2016 I Hotel del Coronado I San Diego, CA USA

See Inside Back Cover for Registration Fees and Discounts I AnnualConsultantsConference.com

Strong Foundations Build Bright Futures NACVA celebrates 25 years of service to the accounting and financial consulting profession in 2016.

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quarter of a century offers each of us, as members of NACVA and the financial consulting profession at large, a unique opportunity to reflect upon the impact NACVA and the CTI have made on establishing and building this dynamic and thriving profession, and to say “thanks.”

Over the years, NACVA and the CTI have pioneered the profession by holding a leadership position through the establishment of guiding professional standards, and by offering robust continuing professional education and certification programs, that have served, and will continue to serve, in the role of educating our profession’s best.

Without question, however, the best and most important benefits of membership in NACVA and affiliation with the CTI, are the many warm and lasting friendships that

can only be forged through years of shared experiences and challenges, and through an ongoing and continual exchange of ideas, new and proven, by those that are like-minded in moving the profession forward.

It is these very opportunities that rise from the Strong Foundations which have been created through 25 years of education, leadership, professional camaraderie, and friendship that are sure to Build Bright Futures for all of us and for those yet to come.

Join us for this year’s Conference where you can renew old friendships and acquaintances and take advantage of the opportunity to make new ones.

2016 Conference Co-Chairs

Nancy Gault CPA, CVA CoNexus CPA Group, LLC Atlanta, GA

Robert J. Grossman CPA, ABV, ASA, CVA, CBA Grossman Yanak & Ford LLP Pittsburgh, PA

NACVA and the CTI

Danielle Supkis Cheek CPA, CFE, CVA D. Supkis Cheek, PLLC Houston, TX

Seth Webber CFA, ASA, CBA, CVA, CBEC Berry Dunn Portand, ME

Paul M. Weisinger CPA, ABV, CVA Walthall CPAs Cleveland, OH

Parnell Black, MBA, CPA, CVA Chief Executive Officer

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

Navigating the Economy for Business Growth and Success Thursday, June 9 I 8:15 a.m.–9:55 a.m.

Broadcast Live

Steve Forbes continues to lead the most successful business

ability to provide economic insights on the big issues of the day has been trusted by business leaders around the world. In the opening keynote address, Mr. Forbes will discuss the current economic situation and provide insights and strategic advice for business growth and success.

Under Mr. Forbes’ leadership, the company has launched a variety of new publications and businesses. They include: ForbesLife, the dedicated luxury lifestyle and culture magazine; Forbes Europe, Forbes Asia; and Forbes licensee editions published in over 37 countries.

The company also publishes a number of investment newsletters.

In 1996 Forbes entered the new media arena with the launch of Forbes.com.

The company’s flagship publication, Forbes, is the nation’s leading business magazine, with a circulation of more than 900,000. Forbes combined with Forbes Asia, Forbes Europe, and the company’s licensee editions together reach a worldwide audience of more than five million readers.

Mr. Forbes writes editorials for each issue of Forbes under the heading of “Fact and Comment.” A widely respected economic prognosticator, he is the only writer to have won the highly prestigious Crystal Owl Award four times.

In both 1996 and 2000, Mr. Forbes campaigned vigorously for the Republican nomination for the U.S. Presidency. Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits, and a strong national defense. Mr. Forbes continues to energetically promote this agenda.

San Diego

Throughout his tenure, his keen

The prize was formerly given by U.S. Steel Corporation to the financial journalist whose economic forecasts for the coming year proved most accurate.

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news magazine in America.

Steve Forbes, Chairman and Editor-in-Chief of Forbes Media and Best-Selling Author

2016 Annual Consultants’ Conference

Opening Keynote Address

Mr. Forbes’ new book: Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity, co-authored

by Elizabeth Ames (McGraw-Hill Professional) came out in December 2015. His other books include: Money: How the Destruction of the Dollar Threatens the Global Economy - and What We Can Do About It, coauthored by Elizabeth Ames (McGraw-Hill Professional); Freedom Manifesto: Why Free Markets are Moral and Big Government Isn’t, co-authored by Elizabeth Ames (Crown Business, August 2012); How Capitalism Will Save Us: Why Free People and Free Markets Are the Best Answer in Today’s Economy, co-authored by Elizabeth Ames (Crown Business, November 2009).

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San Diego

I 2016 Annual Consultants’ Conference

General Session Keynote

Finding Resolution Through Concurrent Witnessing— Hot-Tubbing with the Judge and Experts Friday, June 10 I 8:15 a.m.–9:55 a.m.

The expert is often the link to a successful result at trial. Valuation cases often become a battle of the experts. Recently judges have been using new tools, from court-appointed experts to “hot-tubbing,” to aid them in sorting through the conflicting positions to get to the essence of the matter. Rather than the traditional cross examination lawyers use to trip up experts, the Judge sits in the courtroom and has a conversation with the experts without the lawyers. Hear from the Honorable Judge David Laro and valuation expert Mel Abraham about these tools, and about how to prepare expert witnesses in this evolving environment.

Honorable Judge David Laro Senior Judge David Laro was appointed to the United States Tax Court, confirmed by the Senate, and invested as a federal judge in November 1992.

He formerly practiced law in Flint, and Ann Arbor, Michigan for twenty-four years, specializing in tax law. He was Chairman and CEO of a publically traded international company, and in 1985 co-founded a Michigan bank holding company. He was the Chairman of the Board of Republic Bank, Ann Arbor. Judge Laro teaches Business Planning at Georgetown Law School and Tax Policy at the University of San Diego School of Law. He also lectured at Stanford Law School on tax policy matters. Judge Laro is a frequent speaker for legal and accounting organizations and has had numerous articles published. He is the co-author of Business Valuation and Taxes: Procedure, Law and Perspective, Second Edition in 2011, a 500 page text on tax valuation currently in use in various law schools around the country.

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Mel Abraham, CPA, CVA, ABV, ASA, CSP Mel Abraham has over two decades of experience as a financial expert, valuation expert, and business and success strategist. He is regularly sought after for consulting and valuation engagements around the country such as family limited partnerships, co-tenant interest valuations, operating businesses as well as various entities. These projects have ranged from small family owned businesses to large $1.7 billion companies.

He has also represented the IRS as their valuation expert in many cases and was jointly retained by taxpayers and the IRS under the authorization of the U.S. Tax Court to provide a valuation of several entities, binding on all parties. He is the author of the #1 National Bestselling book The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom, and is founder of Business Breakthrough Academy, Thoughtpreneur Academy, and Business Essentials Bootcamp, where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want.

Broadcast Live Advanced

Business Valuation

Healthcare

Financial Reporting

6:15–8:30 a.m.

REGISTRATION AND CONTINENTAL BREAKFAST

6:30–8:15 a.m.

2 Hrs CPE

Case Analysis in Person (CAP) Round Tables

Fields of Study

1 Hr—AC; 1 Hr—SK&A

7:00–7:50 a.m.

1 Hr CPE

Mark Hanson, Mark Kucik, Carl Steffen

Fields of Study

1 Hr—SK&A

Exit Planning/ Mergers & Acquisitions

Financial Forensics/ Expert Witness

(Additional Registration Fee Required)

Industry Standards Update

Current Update in Valuations (CUV) Pre-Conference Symposium

Litigation Report Writing Workshop

(Additional Registration Fee Required)

(Additional Registration Fee Required)

Peter Agrapides, Marc Bello, Robert Grossman, Garth Tebay, Courtney Sparks White

Howard Zandman

8:30–10:15 a.m.

2 Hrs CPE

Federal and State Case Law Update

Litigation Report Writing Workshop

Fields of Study

1 Hr—SK&A; 1 Hr—TX

2 Hrs—SK&A

SESSION TRACKS

10:15–10:30 a.m.

MORNING BREAK, REGISTRATION, AND EXHIBITS

Fields of Study

1 Hr—SK&A; 1 Hr—TX

12:15–1:30 p.m.

Litigation Report Writing Workshop (continued)

2 Hrs—SK&A

LUNCH ON OWN, REGISTRATION, AND EXHIBITS

1:30–3:15 p.m.

2 Hrs CPE

The Three Valuation Approaches—Challenges and Issues

Fields of Study

1 Hr—SK&A; 1 Hr—TX

3:15–3:30 p.m.

Litigation Report Writing Workshop (continued)

2 Hrs—SK&A

San Diego

Impact of the IRS Job Aids

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10:30 a.m.–12:15 p.m.

2 Hrs CPE

AFTERNOON BREAK, REGISTRATION, AND EXHIBITS

3:30–5:15 p.m.

2 Hrs CPE

Trending Matters in Business Valuation

Fields of Study

2 Hrs—SK&A

5:30–7:00 p.m.

7:00 –11:00 p.m.

Litigation Report Writing Workshop (continued)

2 Hrs—SK&A

CORONADO BEACH OPENING RECEPTION SAN DIEGO OLD TOWN TROLLEY DINE-AROUND

NASBA CPE Fields of Study (FoS) Key AC. . . . . . .

ACG. . . . .

AD . . . . . .

ADG. . . . .

AP. . . . . . .

SEB. . . . .

RE. . . . . . .

BL. . . . . . .

Practice Management

2016 Annual Consultants’ Conference

Wednesday, June 8, 2016

Accounting Accounting—Governmental Auditing Auditing—Governmental Administrative Practice (Consulting) Social Environment of Business Regulatory Ethics Business Law

BM&O. . .

FN. . . . . . .

MAS. . . . .

MK. . . . . .

BE. . . . . . .

CM. . . . . .

PD . . . . . .

PHR. . . . .

Business Management & Organization Finance Management Advisory Services Marketing Behavioral Ethics Communications Personal Development Personnel/HR

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

For additional information (i.e., program level, learning objectives, etc.) for each session, visit www.AnnualConsultantsConference.com.

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

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San Diego

I 2016 Annual Consultants’ Conference

Thursday, June 9, 2016

Broadcast Live Advanced

Healthcare

Financial Reporting

6:30–8:00 a.m.

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

7:00–7:50 a.m.

1 Hr CPE

Gregory Caruso, Editor-in-Chief and the Around the Valuation World Correspondents

Fields of Study

1 Hr—SK&A

Steve Forbes

MORNING BREAK AND EXHIBITS TRACK ONE

Fields of Study

TRACK TWO

Business Valuation and Financial Forensics— How to Do It: From Foundations to Advanced DLOM Using Path Dependent Options Corrected for Imputed Value Bias Dr. Ashok Abbott 1 Hr—MAS; 1 Hr—FN

Advanced Issues in Damages Analysis

Jonathan M. Dunitz, Nancy Fannon 2 Hrs—SK&A

11:50 a.m.–12:50 p.m.

12:50–1:45 p.m.

1 Hr CPE Fields of Study

TRACK THREE

TRACK FOUR

TRACK FIVE

Current Trends in Business Valuation and Financial Forensics

Business Applications, Communication, and Practice Management

Specialty Areas of Practice

New Developments in Cost of Capital—Beyond CAPM, APT, and Black Scholes

Think of a Business as an Engine

Valuation of Companies Owned by Employee Stock Ownership Plans After Great Banc

The Use of Regression Analysis in the Market Approach C. Fred Hall, III 1 Hr—SK&A

Employing Internet and Social Media Analytical Tools in Valuation and Damages Calculations Doug Bania, Brian Buss 1 Hr—SK&A

1 Hr—EC; 1 Hr—PD

Melissa Bizyak, Robert Grossman 2 Hrs—SK&A

Valuing Pass-Through Entities—Approaching Clarity (But Not Consensus)

The Healthcare Consulting Landscape—How It has Changed and Why It’s Important to You

Thinking Like Angel Investors— Creative Approaches to the Valuation of Emerging Technology Companies

1 Hr—SK&A

1 Hr—AP

1 Hr—FN

The Incredible, Useful Balance Sheet

Eric Barr

Cristine Miller

Michael Blake

QUICK BREAK AND EXHIBITS How to Objectively Support Discounts for Lack of Marketability—The Empirical Method Bruce Johnson 2 Hrs—FN

Divorce Valuations— Who Owns the Personal Goodwill?

Alan Zipp

2 Hrs—SK&A

3:40–3:55 p.m.

Randall Bolten

Steve Egna, Ronald D. Rudich

Can’t See the Forest for the Trees— Misapplication of Economic Theory to the Increasing Regulatory Trend Against Vertical Healthcare Integration

2 Hrs—CM

2 Hrs—SK&A

1 Hr—BL; 1 Hr—EC

Fast and Powerful Operational Diagnostics Provide Transparency Into Enterprise Value

Managing Economic Volatility— Creating Valuable Transitions in Your Practice and Your Career

1 Hr—SK&A

1 Hr—SK&A

Data Visualization— What Really Works?

Robert J. Cimasi, Todd A. Zigrang

AFTERNOON BREAK AND EXHIBITS

3:55–4:45 p.m.

1 Hr CPE

How to Defend 90%+ of Your Valuation Assumptions with Excellent Research—In and Out of Court

Passive Appreciation of Non-Marital Estate— Quantitative Analysis

FASB Update on Issues Impacting Business Valuation

Fields of Study

1 Hr—SK&A

1 Hr—SK&A

1 Hr—AC

4:45–5:00 p.m.

5:00–5:50 p.m.

1 Hr CPE

Chuck Richards

Roger J. Grabowski 2 Hrs—FN

NETWORKING LUNCHEON AND EXHIBITS

1:45–2:00 p.m.

Fields of Study

Practice Management

2 Hrs—SK&A

9:55–10:10 a.m.

10:10–11:50 a.m.

2 Hrs CPE

Financial Forensics/ Expert Witness

Keynote Navigating the Economy for Business Growth and Success

Fields of Study

SESSION TRACKS

Exit Planning/ Mergers & Acquisitions

Around the Valuation World Morning Show

8:15–9:55 a.m.

2 Hrs CPE

2:00–3:40 p.m.

2 Hrs CPE

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Business Valuation

Melissa Gragg

Dr. Ashok Abbott

Michael Cheng

Chuck Richards

SESSION RESET Hardball with Hitchner—Solid Answers to Your Tough Questions

Fields of Study

1 Hr—SK&A

6:00–7:00 p.m.

7:00–11:00 p.m.

CROWN BALLROOM HAPPY HOUR AND EXHIBITS SAN DIEGO OLD TOWN TROLLEY DINE-AROUND

Christopher Snider

MORNING BREAK AND EXHIBITS TRACK THREE

TRACK TWO

Business Valuation and Financial Forensics— How to Do It: From Foundations to Advanced EBITDA Single Period Income Capitalization for Business Valuation Z. Christopher Mercer 2 Hrs—SK&A

Current Trends in Business Valuation and Financial Forensics

TRACK FIVE Specialty Areas of Practice

Expert Witness Testimony— Views from the Bench, the Bar, and the Witness Stand

Understanding the Size Premium—What it Is, What it Isn’t, and What’s Next James Harrington

Michael G. Kaplan, Carlton R. Marcyan, Hon. Christopher P. Yates

1 Hr—BL; 1 Hr—SK&A

1 Hr—AP; 1 Hr—FN

1 Hr—BL; 1 Hr—SK&A

Lari Masten

Intangible Asset Valuation— Illustrative Case Study for Financial Statement Reporting

SILVER ANNIVERSARY AWARDS LUNCHEON

12:50–1:45 p.m.

1 Hr CPE

Practical Application of ASC-350—A Case Study in Goodwill Impairments

Forensic Accounting 2.0— The Digital Age

Fields of Study

1 Hr—SK&A

1 Hr—CS

Preparing Defensible Forecasts

A Compensation Specialist Discusses Reasonable Compensation in Closely Held Companies 1 Hr—PHR; 1 Hr—ST

Nathan DiNatale

Christina Chard

Collaborative Law— What is It, and Should I Consider Adding This to the Services I Offer?

Malpractice Litigation and Analysis of Professional Standards

Resolving the Debate About the Valuation of Physician Practices

1 Hr—SK&A

1 Hr—BL

1 Hr—SK&A

Human Capital— Is it Hidden in Plain Sight?

Explaining Damages to Juries and Others

Healthcare Valuation— Are Your Fair Market Value Opinions Worth Anything?

1 Hr—MAS; 1 Hr—SK&A

2 Hrs—SK&A

1 Hr—AD; 1 Hr—BL

Melissa Bizyak, Rebekah Smith

Sifting Through Electronic Trash— Public Records and Electronic Communications Searches to Gather Evidence and Roadmap Related Party Relationships

Current Trends and Hot Topics in Portfolio Valuation

1 Hr—SK&A

1 Hr—SK&A

1 Hr—AC

C.P. “Salty” Schumann

Jeffrey D. Urbach

1:45–2:00 p.m.

Mark Dietrich, Timothy Smith

QUICK BREAK AND EXHIBITS

Chris Best

1 Hr—AC; 1 Hr—SK&A

Edward Rataj

3:40–3:55 p.m.

4:45–5:00 p.m.

5:00–5:50 p.m.

1 Hr CPE

TRACK FOUR

Business Applications, Communication, and Practice Management

Avoid the Hot Seat— 11 Common Pitfalls in Lost Profits and Business Damages Analysis

11:50 a.m.–12:50 p.m.

Fields of Study

San Diego

2 Hrs—SK&A

TRACK ONE

3:55–4:45 p.m.

1 Hr CPE

1 Hr—AC; 1 Hr—SK&A

Practice Management

Hon. Judge David Laro, Mel Abraham

9:55–10:10 a.m.

Fields of Study

Rick Gray

Financial Forensics/ Expert Witness

Keynote Finding Resolution Through Concurrent Witnessing—Hot-Tubbing with the Judge and Experts

Fields of Study

2:00–3:40 p.m.

2 Hrs CPE

Exit Planning/ Mergers & Acquisitions

Around the Valuation World Morning Show

8:15–9:55 a.m.

2 Hrs CPE

Fields of Study

Financial Reporting

Gregory Caruso, Editor-in-Chief and the Around the Valuation World Correspondents 1 Hr—SK&A

Fields of Study

10:10–11:50 a.m.

2 Hrs CPE

Healthcare

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

7:00–7:50 a.m.

1 Hr CPE

SESSION TRACKS

Business Valuation

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6:30–8:00 a.m.

Broadcast Live Advanced

2016 Annual Consultants’ Conference

Friday, June 10, 2016

Carl Sheeler

Chris Hamilton

Joi-lee Beachler, William Hoffman

AFTERNOON BREAK AND EXHIBITS Size and Leverage Adjusting Volatility

Dr. Vincent Covrig 1 Hr—FN

Forensic Accounting in a Business Divorce Hubert Klein

1 Hr—SK&A

Making Generational Differences Work—Aligning for a Bright Future

Tony Wayne

Karl D’Cunha

SESSION RESET Hardball with Hitchner—Solid Answers to Your Tough Questions

Fields of Study

1 Hr—SK&A

5:50–6:00 p.m.

6:30–10:30 p.m.

SAN DIEGO OLD TOWN TROLLEY DINE-AROUND

EXHIBITOR RAFFLE

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San Diego

I 2016 Annual Consultants’ Conference

Saturday, June 11, 2016

Broadcast Live Advanced

Business Valuation

Healthcare

6:30–8:00 a.m.

CONTINENTAL BREAKFAST

7:00–7:50 a.m.

1 Hr CPE

Around the Valuation World Morning Show

8:00–8:50 a.m.

1 Hr CPE Fields of Study

Fields of Study

Business Applications, Communication, and Practice Management

Practice Management

Proctored Exams

Intermediate Market Methods Using the Top 3 Databases with Case Studies

The Engagement Letter— It All Starts Here (And Could End Here)

Efficient Engagement Practices for Valuations Mark Hanson

Practice Builder Immersive Lab—Concept to Concrete: 3 Tactics That Will Move the Needle on Your Practice Further and Faster

1 Hr—SK&A

1 Hr—SK&A

1 Hr—AP

1 Hr—MK

Certified Valuation Analyst® (CVA®)

Thriving in Forensics— Practice Instructions for Forensic Operators©

Practice Builder Immersive Lab

Master Analyst in Financial Forensics™ (MAFF®)

2 Hrs—SK&A

2 Hrs—MK

Certified Business Appraiser™ (CBA™)

Dave Miles, Frank Wisehart

Martin Abo

Mel Abraham, Rod Burkert

BEVERAGE REFRESH Intermediate Market Methods Using the Top 3 Databases with Case Studies (continued)

Darrell D. Dorrell

2 Hrs—SK&A

10:45–11:00 a.m.

11:00 a.m.–12:45 p.m.

2 Hrs CPE

Financial Forensics/ Expert Witness

1 Hr—SK&A

Valuation Databases

8:50–9:00 a.m.

9:00–10:45 a.m.

2 Hrs CPE

Exit Planning/ Mergers & Acquisitions

Gregory Caruso, Editor-in-Chief and the Around the Valuation World Correspondents

Fields of Study

SESSION TRACKS

Financial Reporting

(continued)

BEVERAGE REFRESH Tips for Practitioners— Writing as Part of Your Practice

The Five Reasons You Should Use Valuation Software and What You Miss If You Don't

John DeRemigis, Nancy McCarthy P. Dermot O’Neill

Dave Miles, Frank Wisehart

Fields of Study

2 Hrs—CS

12:45 p.m.

2 Hrs—MK

Practice Builder Immersive Lab

Accredited in Business Appraisal Review™ (ABAR™)

(continued) 2 Hrs—MK

CONFERENCE CONCLUDES

Concurrent Training Courses Business Valuation Certification and Training Center

Certified Valuation Analyst® (CVA®) and Certified Business AppraiserTM (CBATM) Proctored Exam

Monday, June 6–Saturday, June 11, 2016 (see page 29)

Foundations of Financial Forensics Workshop

Master Analyst in Financial ForensicsTM (MAFF®) Proctored Exam

Monday, June 6–Saturday, June 11, 2016 (see page 30)

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Report Writing: Review and Analysis

Monday, June 6–Tuesday, June 7, 2016 (see page 30)

Valuing Family Limited Partnerships Workshop

Thursday, June 9, 2016 (see page 30)

Certificate in Exit Planning

Friday, June 10, 2016 (see page 30)

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

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

AROUND THE VALUATION WORLD® Gregory Caruso, JD, CPA, CVA Harvest Associates Janae Castell, CVA, MAFF Woodrum, Tate & Associates, PLLC Mark Felton, CPA, CFE, MBA, MAFF, CVA Mark Felton CPA Melissa Gragg, CVA, CFE, MAFF BDO USA, LLP Michael Gregory, CVA, CBA, ASA, Qualified Neutral, MN Supreme Court Michael Gregory Consulting, LLC Brien K. Jones, Chief Operations Officer and Executive Vice President NACVA and the CTI T.J. Liles-Tims, MBA, CVA, CFE, MAFF BVFF Partners, LLC

Mel Abraham, CPA, CVA, ABV, ASA Rod Burkert, CPA, ABV, CVA Burkert Valuation Advisors, LLC John DeRemigis QuickRead™, NACVA Darrell D. Dorrell, CPA, ABV, MBA, ASA, CVA, CMA financialforensics® Steve Egna, CBA, CVA, ABAR, CM&AA Valuation Resource Group, LLC Chris Hamilton, CPA, CFE, CVA Arxis Financial, Inc. Mark Hanson, CPA, ABV, CVA Schenck SC Michael G. Kaplan, CPA, ABV, CFF, CVA, MAFF Kaplan Forensics Mark Kucik, CPA, CVA, CM&AA, CFF, CPVA The Kucik Valuation Group, LLC Carlton R. Marcyan, CPA, CFP, Esq., CDFA, JD Schiller DuCanto & Fleck LLP Nancy McCarthy, BVA, MFA The Value Examiner®, NACVA

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

Cristine Miller, CMPE, CHC, CCS-P Mountjoy Chilton Medley

Hubert Klein, CPA, ABV, CFF, CGMA, CVA, CFE EisnerAmper, LLP

Robert Grossman, CPA, ABV, ASA, CVA, MST, CBA Grossman Yanak & Ford, LLP

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

Lari Masten, CPA, ABV, CFF, CVA, CPVA, ABAR, MAFF Masten Valuation

William Hoffman, JD Polsinelli PC

Chuck Richards, CEO CoreValue

Z. Christopher Mercer, ASA, CFA, ABAR Mercer Capital

Timothy Smith, CPA, ABV Ankura Consulting Group

Ronald D. Rudich, CPA, ABV, CFF, MCBA, CVA, ABAR, MAFF, CM&AA, CMEA, BCA Gorfine, Schiller & Gardyn, P.A.

Edward Rataj, CCP, CECP CBIZ Human Capital Services

Christopher Snider, CEPA Exit Planning Institute

Alan Zipp, CPA, JD, ABV, CVA, CBA, CFE Alan Zipp, CPA

Todd A. Zigrang, MBA, MHA, FACHE, ASA Health Capital Consultants

C.P. “Salty” Schumann, CPA, CVA, MAFF C.P. Schumann, PC Carl Steffen, CPA, ABV, CFF, CVA, ASA, CBA, ABAR WSRP

CURRENT TRENDS IN BUSINESS VALUATION AND FINANCIAL FORENSICS

CURRENT UPDATE IN VALUATIONS PRE-CONFERENCE SYMPOSIUM

Tony Wayne, CVA, CPA, CIRA, CFF, FCPA IronHorse, LLC

Eric Barr, CPA, ABV, CFF, CVA, CFE Marks Paneth LLP

Peter Agrapides, MBA, CVA Western Valuation Advisors

Frank Wisehart, MBA, CPA, ABV, CFE, CVA RGL Forensics

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

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

Honorable Christopher P. Yates, Circuit Court Judge, State of Michigan Kent County (Michigan) Circuit Court

Randall Bolten, MBA Lucidity

Robert Grossman, CPA, ABV, ASA, CVA, MST, CBA Grossman Yanak & Ford, LLP

Michael Cheng, CPA FASB

Garth Tebay, CPA, CVA, MAFF, CM&AA Tebay & Associates, LLC

Roger J. Grabowski, FASA Duff & Phelps

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

BUSINESS VALUATION AND FINANCIAL FORENSICS—HOW TO DO IT: FROM FOUNDATIONS TO ADVANCED Dr. Ashok Abbott, PhD West Virginia University Doug Bania, CLP Nevium Intellectual Property Solutions Chris Best, CPA, ABV, ASA, MCBA, ABAR Acclaro Valuation Advisors Brian Buss, CFA Nevium Intellectual Property Solutions Christina Chard, MFAcc, AFI, PMP, ITILv3 University of Charleston Dr. Vincent Covrig, PhD, CFA Crowe Horwath Nathan DiNatale, CPA, ABV, CVA, ABAR SC&H Group, LLC Jonathan M. Dunitz, Esq. Verrill Dana, LLP Nancy Fannon, CPA, ABV, ASA, MCBA Meyers, Harrison & Pia Valuation and Litigation Support, LLC Melissa Gragg, CVA, CFE, MAFF BDO USA, LLP C. Fred Hall, III, MBA, CBA, CVA Amador Appraisals and Acquisitions

James Harrington, Director Duff & Phelps Carl Sheeler, PhD, ASA, CVA, CBA Berkeley Research Group, LLC Rebekah Smith, CPA, CVA, MAFF, CFF GBQ Consulting, LLC Jeffrey D. Urbach, CVA, CFE, CPA, ABV, CFF Urbach & Avraham, CPAs, LLP

SPECIALTY AREAS OF PRACTICE Joi-lee Beachler, JD CHRISTUS Health Melissa Bizyak, CPA, ABV, CFF, CVA Grossman Yanak & Ford, LLP Michael Blake, CFA, ASA, ABAR, BCA Arpeggio Advisors, LLC Robert J. Cimasi, MHA, ASA, MCBA, FRICS, CVA, CM&AA Health Capital Consultants Karl D’Cunha, CPA, CA, Level III CFA Candidate, FINRA Series 7 & Series 79 Madison Street Capital Mark Dietrich, CPA, ABV Mark O. Dietrich, CPA, PC

San Diego

Martin Abo, CPA, ABV, CVA, CFF Abo Cipolla Financial Forensics/ Abo and Company, LLC

Bruce Johnson, ASA Munroe, Park & Johnson, Inc.

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BUSINESS APPLICATIONS, COMMUNICATION, AND PRACTICE MANAGEMENT

Dave Miles, CPA, CVA, CGMA ValuSource

2016 Annual Consultants’ Conference

2016 Annual Consultants’ Conference Faculty

HARDBALL WITH HITCHNER Jim Hitchner, CPA, ABV, CFF, ASA Financial Valuation Advisors, Inc.

KEYNOTES Mel Abraham, CPA, CVA, ABV, ASA Steve Forbes, Chairman & Editor-in-Chief Forbes Media Honorable Judge David Laro United States Tax Court

LITIGATION REPORT WRITING WORKSHOP Howard Zandman, CPA, CFF, MAFF Habif Arogeti & Wynne, LLP

VALUATION DATABASES Dave Miles, CPA, CVA, CGMA ValuSource Frank Wisehart, MBA, CPA, ABV, CFE, CVA RGL Forensics

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San Diego

I 2016 Annual Consultants’ Conference

The Hotel del Coronado

Since it was first built more than 125 years ago, the Hotel del Coronado has been a beacon of grandeur and refinement among vacation destinations in Southern California and the world. With its iconic red-shingled roof adding a dash of majestic color to the dazzling azure Pacific coastline, The Del stands as the definitive example of what a luxury resort should be.

The Hotel del Coronado 1500 Orange Ave., Coronado, CA 92118 CTI Group Rate: $239 single/double, plus $15 Resort Fee Expires: May 13, 2016 Reservation Website: www.HotelDel.com Reservation Line: (800) 468-3533 Hotel Phone: (619) 435-6611 Group Code: NAC0605

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San Diego International Airport/ Lindbergh Field: 9 miles to hotel

Travel Services

Spouses and Guests

Call Sue Ellen at (800) 355-3644 Relax! Let NACVA Travel Services remove the stress and handle your arrangements for San Diego. They’re good at it—they’ve been doing it for over 30 years.

NACVA Travel Services is dedicated to finding the very best combination of service and convenience available at any given time. They’ll save you time and, because they know the ins and outs of the travel business, will often be able to save you money.

Invite your spouse/guest to attend the Conference networking functions, including continental breakfasts, AM and PM breaks, luncheons, and receptions ($350 per person).

Thursday, June 9, 11:50 a.m.–12:50 p.m.

Included with registration

Past Conference attendees cite the exhibits as one of their Conference highlights. Network and meet face-to-face with the providers of the industry’s latest tools and resources.

Included with registration Ocean breezes. Scrumptious hors White sandy beach. Crashing waves. and wine. Steel The Band, Southern d’oeuvres. Signature cocktails, beer, help you enjoy a trip to the California’s finest steel drum band, will ndling established relationships islands. Kick off the Conference by reki of the Pacific Ocean. and cultivate new ones on the shores

Crown Ballroom Happy Hour and Exhibits Thursday, June 9, 6:00 p.m.–7:00 p.m.

Included with registration

The iconic Crown Ballroom at the Hotel del Coronado has served as the backdrop for impressive events hosting international heads of state, celebrities, and athletes along with other titans of industry. The magnificent 33-foot domed ceiling made from Oregon sugar pine also features Crown chandeliers that Oz author L. Frank Baum is credited with designing. Join us for a drink before heading out to dinner and mingle with the Conference exhibitors.

ion

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NACVA and the CTI build communities, not cliques. Distinguish ed from other professional valuation org anizations are the great strides we take to get our members and the profession’s lea ding thought leaders involved. This serves tw o primary purposes: first, association involvem ent is a way to help experts build their reputa tions and credibility; second, NACVA’s found ers realized that supporting an industry was bigger than they were, and the best way to rise to the challenge was to find and facilitate ways for members and experts to help each other. Join us as we acknowledge the pro fession’s innovators, thought leaders, and em erging mavericks.

Gaslamp Quarter Mentor and Mingle

Friday, June 10, 6:30 p.m.–10:30 p.m.

Catch Some Fish!

Tuesday, June 7, 2016

Co-Sponsored by ValuSource Need a fishing break between the office and Conference? Join us deep-sea fishing for an opportunity to network and catch some yellow fin tuna. We’ll leave Tuesday morning, June 7, accompanying a local professional fishing guide for five to six hours. We have the boat, the gear, and the tackle, just bring yourself.

ValuSource is covering the cost of the boat; you only pay $30 for the rod/reel and license! More information is available at www.valusource.com/ ctifishing. Space is limited to 20 people, so reserve your spot early.

Grab a seat on our exclusive Conference Old Town Trolley (see page 12) and join other Conference attendees for a memorable Friday night on the town in San Diego’s vibrant Gaslamp Quarter.

San Diego

Wednesday, June 8, 5:30 p.m.–7:00 p.m.

Friday, June 10, 11:50 a.m.–12:50 p.m

Included with registrat

Meet, Greet, and

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Coronado Beach Opening Reception

Silver Anniversary Awards Luncheon

2016 Annual Consultants’ Conference

Networking Lunch and Exhibits

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San Diego

I 2016 Annual Consultants’ Conference

San Diego Old Town Trolley Dine-Around Wednesday, June 8, 7:00–11:00 p.m.

Thursday, June 9, 7:00–11:00 p.m.

Friday, June 10, 6:30–10:30 p.m.

Cost per person: $30 round trip.

RSVP required by May 20, 2016.

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After the Conference sessions and the evening networking receptions, climb aboard our exclusive Old Town Trolleys that will transport you and Conference attendees, round trip, to three of San Diego’s most vibrant historic, sightseeing, and dining districts. Our exclusive Old Town Trolleys will depart from the Hotel del Coronado, drop off at these neighborhoods where you can see the sights, shop, and grab a bite for dinner. They will also pick up from these destinations and return you to the Hotel del Coronado. n Old Town San Diego State Historic Park — Old Town State Park is known as the birthplace of California. In 1821, when Mexico gained independence from Spain, a small group of Mexican settlers began building homes at the foot of the hillside below the first mission and Presidio. Shop at over 40 unique gift stores and watch working artisans. While regional and Mexican specialties are not to be missed in this historic district, visitors to Old Town have a wide choice of cuisines.

n The Gaslamp Quarter — Rising from the 16 squareblocks of this historic district are more than 100 of the city’s finest restaurants, pubs, nightclubs, retail shops, theatres, art galleries, symphony halls, concert venues, and museums. The Gaslamp Quarter is also a foodie’s paradise offering cuisines to be savored ranging from Brazilian, Chinese, and Indian, to Italian, Mexican, Persian, and Spanish. n Little Italy — Once home to San Diego’s flourishing tuna fishing industry and generations of Italian families who made their living on the sea, Little Italy is a quaint and lively neighborhood filled with patio cafés, restaurants, pubs, art galleries, shops, hotels, and the beautiful Amici Park.

g S n i n r o M

Thursday, June 9

Friday, June 10

Saturday, June 11

Around the Valuation World Correspondents:

7:00–7:50 a.m.

7:00–7:50 a.m.

7:00–7:50 a.m.

Highlights from the 2016 Current Update in Valuations Symposium and the Litigation Report Writing Workshop

Highlights from Day One (Thursday, June 9) of the 2016 Annual Consultants’ Conference

Highlights from Day Two (Friday, June 10) of the 2016 Annual Consultants’ Conference

Gregory Caruso (Editor in Chief) Janae Castell Mark Felton Melissa Gragg

Around the Valuation World Subscription: An annual subscription for Around the Valuation World is available and includes 12 webzines and 24 hours of CPE. Webzine also qualifies for 12 bonus points toward NACVA credentialed member recertification, in addition to course CPE. (A minimum of 8 hours attendance required for 12 bonus points.) To register, call Member/Client Services at (800) 677-2009, or visit www.AroundtheValuationWorld.com.

San Diego

Presented in a one-hour format, this session will be held each morning of Conference from Thursday through Saturday, and you will earn valuable CPE. These sessions will be conducted by subject matter experts who summarize the training tracks and sessions from the previous day to keep you current on all the Conference happenings.

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It’s impossible to be at every session; Around the Valuation World is a great way to catch up on what you might have missed.

2016 Annual Consultants’ Conference

Around the Valuation World® how

Michael Gregory Brien Jones T.J. Liles-Tims

Annual Subscription Cost: $355 (NACVA Member) $395 (Non-Member) 13

San Diego

I 2016 Annual Consultants’ Conference

So You Just Earned Your Credential… Now What?

The NACVA New Member Network™ (NMN) is a community of established practitioners and newly credentialed members focused on enhancing the new member experience through education, mentoring, and networking.

The 2016 Annual Consultants' Conference in San Diego will feature several opportunities to build your skills, gain confidence, and expand your network.

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Opportunities Include: Current Update in Valuations Pre-Conference Symposium Get up to date on the trends, theory, approaches, and case law impacting the profession.

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

Making Generational Differences Work—Aligning for a Bright Future This panel of Millennials, Gen-Xers, and Baby Boomers will address hot topics from a multi-generational perspective!

Hardball with Hitchner—Solid Answers to Your Tough Questions Bring your toughest issues to this lively interactive panel/participant discussion and receive timely insights and practical guidance from four of the nation’s leading valuation experts.

Grow Your Network While Experiencing Amazing San Diego First-time attendee and new member meet-and-greet network receptions and evening dining events are designed to facilitate camaraderie among newly credentialed and seasoned members.

Gaslamp Quarter Mentor and Mingle Friday, June 10, 6:30 p.m.–10:30 p.m.

Grab a seat on our exclusive Conference Old Town Trolley (see page 12) and join other Conference attendees for a memorable Friday night on the town in San Diego’s vibrant Gaslamp Quarter.

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

2016 Annual Consultants’ Conference

The Financial Consulting Profession’s Most Influential

I San Diego

NACVA celebrates 25 years of service to the accounting and financial consulting profession in 2016.

Over the past quarter century, NACVA has helped shape and influence the business valuation, financial forensics, and related consulting professions with the support of countless subject matter experts leading the charge. These subject matter experts have been instrumental in developing methods and models, codifying standards and ethics, and instructing, mentoring, and providing resources to thousands of business valuation and financial forensic analysts around the globe. As part of NACVA’s 25th Anniversary, help us identify and acknowledge Industry Titans—The Financial Consulting Profession’s Most Influential who have had the greatest impact on the profession.

To submit your nomination, please visit www.NACVA-CTI.com/titans.

Submission deadline is April 22, 2016.

Submit a Nomination 15

San Diego

I 2016 Annual Consultants’ Conference

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

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Take a moment to nominate a professional you know in the Business Valuation, Financial Forensics, or related profession that is forty or under who embodies the drive, motivation, and courage needed to be part of the next generation of industry mavericks. Nominees do not need to be affiliated with NACVA/CTI to qualify.

For further details, and to submit your nomination, please visit www.NACVA-CTI.com/forty. Submission deadline is April 22, 2016.

2016 Annual Consultants’ Conference

Case Analysis in Person (CAP) Additional Registration Fee: Members: $225/Non-Members: $250.

Early Registration or Multipleattendee discounts do not apply.

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

Wednesday, June 8 6:30 a.m.–8:15 a.m.

Business Valuation

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

Join this panel of NACVA’s finest— our Current Update in Valuations faculty—as they collaborate to deliver training and tools that will assist you in producing a strong, defensible work product that will lead to increased confidence in your opinions.

CUV Faculty: Peter Agrapides, Marc Bello, Robert Grossman, Garth Tebay, and Courtney Sparks White

CUV is available either live or as an online broadcast!

Wednesday, June 8 8:30 a.m.–10:15 a.m. Broadcast Live

Business Valuation

Federal and State Case Law Update

Numerous court cases have furnished guidance on tax valuation issues and assistance with navigating the numerous minefields. State-level valuation case law should be of interest to any practitioner in the litigation support arena.

This practical review of court cases and valuation issues deals with various types of clients and situations, providing guidance in resolving valuation issues and maintaining compliance with tax code, regulations, and court decisions.

10:30 a.m.–12:15 p.m. Broadcast Live Impact of the IRS Job Aids

Business Valuation

The IRS has released several Job Aids of particular importance to the business valuation profession. The first Job Aid came out in September of 2009 and addressed the Discount for Lack of Marketability. The second and third were released in October of 2014 and addressed the Valuation of Non-Controlling Interests in Business Entities Electing to be Treated as S Corporations for Federal Tax Purposes and Reasonable Compensation.

1:30 p.m.–3:15 p.m. Broadcast Live

Business Valuation

The Three Valuation Approaches— Challenges and Issues

San Diego

Additional Registration Fee: Members: $540/Non-Members: $600.

Early Registration or Multipleattendee discounts do not apply.

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

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Current Update in Valuations (CUV) Pre-Conference Symposium

Navigating through the proper application of the Income, Market, and Asset Approaches can pose technical issues for practitioners on a daily basis. Among them being: discounted future economic benefits, tax affecting, constructing a discount rate, size industry and company specific risk premium, and market/industry volatility.

3:30 p.m.–5:15 p.m. Broadcast Live

Business Valuation

Trending Matters in Business Valuation

In today’s world, efficient practice management can be the difference between landing or losing opportunities.

This session will dig into practice management, currently debated specialized topics, and will assess various tools all valuators should have in their tool chest to help meet the challenges in developing a business valuation analysis.

The panel will provide tips on practicing solo and how a business valuation practice thrives in a CPA firm.

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San Diego

I 2016 Annual Consultants’ Conference

Litigation Report Writing Workshop Additional Registration Fee: Members: $540/Non-Members: $600. Early Registration discounts available. Multiple-attendee discounts do not apply. This course qualifies for 12 bonus points toward NACVA-credentialed member recertification, in addition to course CPE.

Wednesday, June 8 8:30 a.m.–5:15 p.m.

Financial Forensics/Expert Witness

(Howard Zandman)

In this Litigation Report Writing Workshop, attendees will learn effective approaches to writing an expert report for use in a litigation matter. The workshop 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.

#NACVANation

Let’s Get Connected!

Social media is an essential part of doing business today and for building your online brand.

Connect with and follow us to stay informed, and to share, co-create, discuss, and exchange information.

LinkedIn.com/company/NACVA 18

Twitter.com/NACVA

YouTube.com/CTI2020

THURSDAY, JUNE 9 – Track One 10:10 a.m.–11:50 a.m. Advanced

3:55 p.m.–4:45 p.m. Broadcast Live Business Valuation

DLOM Using Path Dependent Options Corrected for Imputed Value Bias (Dr. Ashok Abbott)

Longstaff and Finnerty Models have been used to model the discount for lack of marketability/liquidity, and have been the subject of substantial controversy.

A considerable part of this confusion arises from a failure to distinguish between the premium for liquidity and the discount for lack of liquidity. This session makes the distinction clear and explains how removing the imputed value bias can lead to results that are clean and defensible.

Business Valuation

(C. Fred Hall, III)

Attendees will learn how to use Excel’s regression analysis and to apply it to Market Approach methodologies. Learn how regression analysis can filter a sample of comparables to statistically identify outliers that are skewing your data significantly. Attendees will be shown how to use regression to statistically predict the proper revenue multiplier and cash flow multiplier for the subject, thus, eliminating the messy subjective selection process.

2:00 p.m.–3:40 p.m. Broadcast Live

Business Valuation

How to Objectively Support Discounts for Lack of Marketability— The Empirical Method (Bruce Johnson)

In the middle of the ongoing debate of how to best quantify and support discounts for lack of marketability (DLOM), a crucial point is often overlooked. The purpose of the session will be on how this fundamental concept can effectively be put to use to objectively determine a DLOM using three published studies that quantify the differences between public and private investments.

(Melissa Gragg)

As a valuation expert, we understand there are subjective assumptions we must make in any valuation. Whether we are working to support growth rates, risk factors, market multiples or other industry data, it is helpful to be resourceful and seek out reliable sources for this data in order to build a sturdy foundation for the valuation. This session will facilitate a discussion about the ways we can move toward irrefutable assumptions and stop having to rely solely on our “experience and expertise” as the answer to why we selected a particular number.

FRIDAY, JUNE 10 – Track One 10:10 a.m.–11:50 a.m. Broadcast Live

Business Valuation

EBITDA Single Period Income Capitalization for Business Valuation (Z. Christopher Mercer)

San Diego

The Use of Regression Analysis in the Market Approach

How to Defend 90%+ of Your Valuation Assumptions with Excellent Research—In and Out of Court

I

12:50 p.m.–1:45 p.m. Broadcast Live

Business Valuation

2016 Annual Consultants’ Conference

Business Valuation and Financial Forensics—How to Do It: From Foundations to Advanced Track

This session addresses the relationship between depreciation (and amortization) and EBIT as one measure of relative capital intensity. This relationship is then used to convert debt-free pre-tax multiples into corresponding multiples of EBITDA. Mercer presents analysis that illustrates why rules of thumb suggesting 4x-6x EBITDA for many private companies have such stickiness. A methodology is then suggested based on the Adjusted Capital Asset Pricing Model, whereby appraisers can develop EBITDA enterprise value multiples.

12:50 p.m.–1:45 p.m.

Financial Reporting

Practical Application of ASC-350—A Case Study in Goodwill Impairments (Nathan DiNatale)

Goodwill impairment engagements are a great area for practitioners to focus on if they have the right training. This session will review the applicable fair value standards as they apply to goodwill impairments, specific guidance of ASC 350, recent developments in fair value, and a practical application of these concepts through a case study.

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San Diego

I

Preparing Defensible Forecasts

2016 Annual Consultants’ Conference

Business Valuation and Financial Forensics—How to Do It: From Foundations to Advanced Track 2:00 p.m.–3:40 p.m. Broadcast Live

Business Valuation

Valuation is based on the Principle of Future Benefits. As such, the preparation of a forecast that is well supported and defensible is the key to a proper valuation. This session will provide an overview of the different types of proforma and prospective financial information used in a valuation, a documented process a responsible party should use in preparing prospective financial statements, and the process an appraiser can use to test the reasonableness of the prospective financial statements.

Business Valuation

Size and Leverage Adjusting Volatility This session will show how to calculate a stock return volatility using commonly available data, as well as volatility of other metrics used for earnouts valuation (such as asset, revenue, EBITDA volatilities). It will cover historical and implied volatility, historical lookback period determination, leverage (Merton Model suggested in the AICPA Cheap Stock Guide), and size adjustments. Several full examples will be provided.

THURSDAY, JUNE 9 – Track Two

Use of the Internet and social media has become an increasingly essential element of conducting business in the United States and globally, which in turn, raises new issues for calculating damages and performing valuations. This session will discuss the Internet and social media tools available to valuation consultants and provide examples of how these tools have contributed to valuation and damages assignments.

2:00 p.m.–3:40 p.m. Broadcast Live

Financial Forensics/Expert Witness

(Alan Zipp)

Some states treat personal goodwill as a non-marital asset while other states treat both personal and enterprise goodwill as marital property. Under Federal tax law, corporations do not own the personal goodwill of its shareholders. In a divorce valuation of a corporation which involves personal goodwill, what is the appraiser to do? How should personal goodwill be treated in a business valuation for divorce purposes? This session will discuss these issues and provide guidance for the valuation analyst.

3:55 p.m.–4:45 p.m. Advanced Financial Forensics/Expert Witness

Advanced Issues in Damages Analysis (Jonathan M. Dunitz, Nancy Fannon)

Damages experts should understand what is an appropriate remedy for a particular action. For example, damages for intellectual property infringement may be different than that which is appropriate for breach of contract or tort actions. Further, jurisdictional differences can affect how a claim is calculated.

Attorneys expect experts to know what methodologies are available, and to be conversant in the benefits and detriments of the various options for the claim, as well as how a particular methodology should be carried out for the matter and jurisdiction the case is in.

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(Doug Bania, Brian Buss)

Divorce Valuations—Who Owns the Personal Goodwill?

(Dr. Vincent Covrig)

10:10 a.m.–11:50 a.m. Advanced I Broadcast Live

Financial Forensics/Expert Witness

Employing Internet and Social Media Analytical Tools in Valuation and Damages Calculations

(Chris Best)

3:55 p.m.–4:45 p.m. Advanced

12:50 p.m.–1:45 p.m.

Financial Forensics/Expert Witness

Passive Appreciation of Non-Marital Estate—Quantitative Analysis (Dr. Ashok Abbott)

Dumb luck or blood, sweat, and tears is often the question when a passive component of the change in value of an asset over a period of time needs to be determined. This session walks the attendee through the maze of the correlation vs. causation debate and presents a road map to successfully navigate the process from observing correlations to establishing causation, and estimating contribution of passive factors to the change in value of the business or other assets.

FRIDAY, JUNE 10 – Track Two 10:10 a.m.–11:50 a.m. Broadcast Live

3:55 p.m.–4:45 p.m. Broadcast Live Forensic Accounting in a Business Divorce Financial Forensics/Expert Witness

Avoid the Hot Seat—11 Common Pitfalls in Lost Profits and Business Damages Analysis (Lari Masten)

Mistakes happen. Some are forgivable, but there is no place for technical or methodological mistakes by experts. This session reviews 11 major technical and methodological errors in lost profits calculations and business damages analyses that can render an expert’s report and testimony useless to the court and possibly inadmissible under Federal Rules of Evidence (FRE) 702. Actual case examples are provided where relevant.

This session will cover the procedures and techniques used by forensic accountants in a business divorce and not on valuation other than forensic adjustments. Topics to be covered include: identifying relevant issues requiring in-depth analysis, techniques used to review and evaluate allegations, how to deal with the disorganized data dump, how to deal with unexpected findings, reconciling issues raised in counter claims, discussion of True-Up calculations, and analysis of unpaid distributions or allocation of income.

(Christina Chard)

Problem: Today, forensic accountants are bombarded with technical terms (i.e., cyber, cloud, software as a service) related to technology in this digital age. It is difficult to keep current in the field being that our core business is not information technology. This session serves as a tech talk for forensic accountants; breaking down those mystical terms, discussing their relevancy to forensic accounting, and identifying tech trends in the world of fraud.

San Diego

Financial Forensics/Expert Witness

Forensic Accounting 2.0—The Digital Age

2:00 p.m.–3:40 p.m.

(Hubert Klein)

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12:50 p.m.–1:45 p.m.

Financial Forensics/Expert Witness

2016 Annual Consultants’ Conference

Business Valuation and Financial Forensics—How to Do It: From Foundations to Advanced Track

Financial Forensics/Expert Witness

A Compensation Specialist Discusses Reasonable Compensation in Closely Held Companies (Edward Rataj)

Many areas of litigation are impacted by reasonable compensation in closely held businesses. Specifically, family law, minority shareholder disputes, bankruptcy, and business valuation cases can all hinge on a determination of reasonable compensation. This session will cover the proper way to assess reasonable compensation while identifying the problematic “quick and dirty” compensation assessments used far too often in litigation.

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THURSDAY, JUNE 9 – Track Three

3:55 p.m.–4:45 p.m.

2016 Annual Consultants’ Conference

10:10 a.m.–11:50 a.m. Broadcast Live

Business Valuation

New Developments in Cost of Capital—Beyond CAPM, APT, and Black Scholes (Roger J. Grabowski) CAPM predicts that differences in returns on stocks are a function of differences in beta estimates. Researchers have found that variation in returns are not explained by differences in market betas, but by a “zoo of new variables” and multiple betas (such as hypothesized by APT). What should we as practitioners do? In the end, do the results of any “new” model really give a “better” estimate of the cost of capital than we get from MCAPM or Build-up method? In this session, we will explore this research, better ways of estimating betas, the IPCPL, and the consequences for developing cost of capital estimates.

12:50 p.m.–1:45 p.m. Broadcast Live

Business Valuation

Valuing Pass-Through Entities—Approach Clarity (But Not Consensus) (Eric Barr) Valuing pass-through entities (PTEs) has long been recognized as one of the most contentious areas in which the courts, appraisers, and the IRS have not always agreed. When valuing PTEs, employing the correct Federal, state, and local income tax rates is critical when applying the Income and Market Approaches. This program provides clarity on how to address the most controversial issues when valuing PTEs, and provides usable templates for the valuation analyst.

2:00 p.m.–3:40 p.m.

(Michael Cheng) In this session, a FASB staff member will discuss upcoming accounting standards that may affect business valuations. The presenter will cover the Private Company Council and the Board’s latest efforts related to business combinations.

FRIDAY, JUNE 10 – Track Three 10:10 a.m.–11:50 a.m. Advanced Business Valuation Understanding the Size Premium—What it Is, What it Isn’t, and What’s Next (James Harrington) In this session, the presenter will discuss: 1) the historical (and ongoing) evolution of developing discount rates, including the development of the size premium; 2) criticisms of the size premium; 3) analyses that demonstrate why the size premium is a valid adjustment when doing valuation analysis; and 4) how much, if any, does the size premium relate to liquidity. The presenter will conclude with a discussion of new research that may shine a light on “what’s next” in this ongoing evolution.

12:50 p.m.–1:45 p.m. Broadcast Live Practice Management

Data Visualization—What Really Works?

(Randall Bolten) Data visualization is one of today’s hottest buzzwords in financial analysis. The conventional wisdom is that pictures and graphs always work better than tables.

Not true! Done poorly, graphical numbers presentations not only fail to get your most important points across, but may cause your audience to question your professionalism and even your integrity. This session will provide deeper insights into using this powerful analytical tool effectively.

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Financial Reporting

FASB Update on Issues Impacting Business Valuation

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San Diego

Current Trends in Business Valuation and Financial Forensics Track

Financial Forensics/Expert Witness

Collaborative Law—What is It, and Should I Consider Adding This to the Services I Offer?

(Jeffrey D. Urbach) The presenter will discuss the origin and current practice of collaborative law as an ADR method in matrimonial cases.

The International Academy of Collaborative Practitioners (the IACP of which the presenter is a member) defines the basics of the collaborative divorce. The presenter will discuss six unique facets of the practice so attendees can make an informed decision about pursuing this niche.

2:00 p.m.–3:40 p.m. Advanced

Practice Management

3:55 p.m.–4:45 p.m. Broadcast Live

Practice Management

Human Capital—Is it Hidden in Plain Sight?

Making Generational Differences Work—Aligning for a Bright Future

(Carl Sheeler)

(Melissa Bizyak, Rebekah Smith)

Consider the abysmal stats: Few businesses exceed five million dollars in sales.

Few families maintain post-liquidity wealth when successful companies are sold.

Few M&A transactions achieve synergies they had intended, and few Private Equity groups achieve above the market index. We’re often expected to be paid less, yet, perform more. What if we could dismantle the Value = Income/Risk equation to better identify and manage risk elevating practitioners from valuator to value creator where fees are much higher?

The accounting and consulting industry is in a period of significant change. The “war on talent” is at an all time high, technology and innovation are changing the way we do business, our clients expect a great deal, and it seems as if everyone is increasingly busy. This panel of Millennials, Gen-Xers, and Baby Boomers will address hot topics from a multi-generational perspective such as: growing a practice, developing a consulting career, attracting and retaining talent, the use of technology, trends in the industry, and many more!

2016 Annual Consultants’ Conference

Current Trends in Business Valuation and Financial Forensics Track

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WEDNESDAY, JUNE 8

12:50 p.m.–1:45 p.m.

2016 Annual Consultants’ Conference

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San Diego

Business Applications, Communication, and Practice Management Track 7:00 a.m.–7:50 a.m.

Practice Management

Healthcare

The Healthcare Consulting Landscape— How It has Changed and Why It’s Important to You

Industry Standards Update

(Cristine Miller)

(Mark Hanson, Mark Kucik, Carl Steffen)

Healthcare providers are under attack by the Federal Government and experts are needed to provide litigation support in multiple fields. Requirements include forensic accounting, sampling and extrapolation methodology, research expertise, and many others. The industry is in a huge state of flux as large insurance companies merge, individual entities are being targeted, billing methodologies are going through radical adjustment, and payments are questionable. When there are periods of great change, opportunities abound.

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

THURSDAY, JUNE 9 – Track Four 10:10 a.m.–11:50 a.m.

2:00 p.m.–3:40 p.m.

Practice Management

Think of a Business as an Engine (Chuck Richards) This session will teach attendees how to help private business owners and executives understand, grow, and capture the value of their largest asset—their company. Learn to easily and effectively communicate the building blocks of enterprise value in minutes, not hours. This expertise can help build immediate trust and confidence, allowing for connections with clients and prospects quickly and easily; accompanied by helping them understand their business as an “Engine”—generating predictable growth, revenues, and profits. Learn the macroeconomic trends that will get people’s attention.

Business Valuation

The Incredible, Useful Balance Sheet (Steve Egna, Ronald D. Rudich) Integrating the balance sheet into the analysis is a critical component of a complete valuation engagement. This session will describe the major pieces of the balance sheet and how they relate to valuation work in order to develop better reports and results. Working capital, capital structure, excess assets, and non-operating assets will be reviewed in the context of examples to illustrate their importance in the valuation process. The attendees will walk away with an appreciation, and tools, for how the balance sheet should be used with other analyses to improve and support their opinions.

3:55 p.m.–4:45 p.m. Broadcast Live

Practice Management

Fast and Powerful Operational Diagnostics Provide Transparency Into Enterprise Value (Chuck Richards) The value of the business is its ability to deliver revenue and profit in the future.

The best way to understand and ensure that future is to have transparency into the operational strengths and weaknesses of the business through a fast and powerful diagnostic tool. This session is about having that tool, one that will provide operational transparency for valuations, and open up a world of possibilities for delivering new value to your clients. Helping business owners build enterprise value is the hottest and most important service opportunity in the market today.

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FRIDAY, JUNE 10 – Track Four 10:10 a.m.–11:50 a.m.

3:55 p.m.–4:45 p.m.

Financial Forensics/Expert Witness

Expert Witness Testimony—Views from the Bench, the Bar, and the Witness Stand (Michael G. Kaplan, Carlton R. Marcyan, Honorable Christopher P. Yates)

Practice wManagement

Malpractice Litigation and Analysis of Professional Standards

(Tony Wayne) This session will introduce and explore how to effectively access and search various electronic public records sites. The presenter will show attendees how to compile, cross-reference, index, and summarize findings and will introduce techniques to provide powerful visuals within the reports. Lastly, he will review Outlook e-mail search techniques that can efficiently and effectively review e-mail communications, capture critical documents, and links to other evidence such as Board conference call website hosts. The session will focus on a series of live, sanitized case study examples.

SATURDAY, JUNE 11 8:00 a.m.–8:50 a.m.

Practice Management

The Engagement Letter—It All Starts Here (And Could End Here)

(C.P. “Salty” Schumann)

(Martin Abo)

This session will focus on CPA malpractice issues from both the defendant and expert witness point of view. It will cover professional liability issues, professional standards, common sources of liability, how to respond to a claim, how to mitigate, computation of damages, and conflicts of interest.

It is not just what you did, it is what you said you would do. This session is full of essential, highly practical, and easy to understand pieces of information to help you communicate with the client through the ever so critical engagement letter, help get you paid, and help keep you out of trouble. It will provide detailed guidance in easy-to-follow language to CPAs and other specialists who provide litigation services as consultants, experts, or other roles.

2:00 p.m.–3:40 p.m. Broadcast Live

Financial Forensics/Expert Witness

Explaining Damages to Juries and Others (Chris Hamilton) The ability to “tell the story” to the trier of fact is what sets some financial experts apart. The inability to tell the story sinks the case. This session will take the concept of economic damages from the conceptual level down to the story level and the pictures that are worth 1,000 words. Temporary loss periods and permanent loss of value damages will be presented and discussed.

8:00 a.m.–8:50 a.m.

San Diego

12:50 p.m.–1:45 p.m. Broadcast Live

Sifting Through Electronic Trash—Public Records and Electronic Communications Searches to Gather Evidence and Roadmap Related Party Relationships

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Serving as an expert witness can be a daunting challenge for even the most experienced professional. In this session, we explore the world of expert testimony from the perspective of the expert witness, the attorney, and the court. We will focus on the legal parameters governing expert witnesses, and the communication and persuasive skills necessary to be an effective expert witness. We will focus on the skills necessary to become a credible expert, the dynamics between the expert and retaining and opposing counsel, and the strategies and tactics employed by the most successful experts.

Financial Forensics/Expert Witness

2016 Annual Consultants’ Conference

Business Applications, Communication, and Practice Management Track

Practice Management

Efficient Engagement Practices for Valuation (Mark Hanson) This session will cover how valuation practitioners can be cost-effective and timely with valuation engagement administration while still exercising proper due diligence.

The session will take participants from engagement acceptance to report delivery, and cover efficient tools available through the use of templates, research resources, and checklists. Effective engagement letter provisions, appropriate uses and examples of calculation reports, and valuation engagement issues will be discussed.

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San Diego

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Practice Builder Immersive Lab—Concept to Concrete: 3 Tactics That Will Move the Needle on Your Practice Further and Faster

Tips for Practitioners—Writing as Part of Your Practice

(Mel Abraham, Rod Burkert)

This session will help attendees understand the benefits of contributing written material—be it blogs, articles, newsletters, etc.,—to professional journals, social media, and other outlets. Over the course of the session, we will demonstrate what constitutes good writing and how it translates into better visibility for the attendee. It will provide easy to follow tips and suggestions for submissions to media outlets.

2016 Annual Consultants’ Conference

Business Applications, Communication, and Practice Management Track

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8:00 a.m.–12:45 p.m.

Practice Management

The path to growing a professional practice is changing. But in our current digitally connected economy, those who learn how to effectively target their audience of prospects, clients, and referral sources (and find ways to creatively interact with them) will thrive. In the short time you will be together, the presenters will give you three specific tactics they have used to grow and differentiate their practices. They will teach you WHAT to do, HOW and WHY to do it, and be there for you WHILE you do it. The interaction promises to be thoughtprovoking, action-oriented, and results-driven.

9:00 a.m.–10:45 a.m. Advanced

Financial Forensics/Expert Witness

Thriving in Forensics—Practice Instructions for Forensic Operators© (Darrell D. Dorrell) Do you want to start/grow/expand/enhance your forensic assignments?

This session tells you how to find, connect with, and deliver to clients who require forensic skills. It also explains the principles, identifies the necessary actions, and provides auxiliary materials that make forensic assignment generation nearly seamless. The profiled methodologies range from simple to more powerful approaches, and will be augmented by up to one hour of post-webinar, no-charge, personal consultation with the presenter to support implementation.

11:00 a.m.–12:45 p.m.

Practice Management

(John DeRemigis, Nancy McCarthy, P. Dermot O’Neill)

11:00 a.m.–12:45 p.m.

Practice Management

The Five Reasons You Should Use Valuation Software and What You Miss If You Don't (Dave Miles, Frank Wisehart) Business Valuation Manager™ Pro will be used to demonstrate the five reasons you should use valuation software: 1) Guides you through valuation BEST practices; 2) The MOST automatic database integration; 3) Generates comprehensive, intelligent, and automatic standards-based written reports; 4) Hundreds of pages of SMART and flexible content; and 5) The MOST comprehensive valuation methodologies and schedules. Discover the real world problems and issues that occur if you are not using valuation software.

THURSDAY, JUNE 9 – Track Five 10:10 a.m.–11:50 a.m.

3:55 p.m.–4:45 p.m.

Exit Planning/Mergers and Acquisitions

(Melissa Bizyak, Robert Grossman)

Thinking Like Angel Investors—Creative Approaches to the Valuation of Emerging Technology Companies (Michael Blake)

FRIDAY, JUNE 10 – Track Five 10:10 a.m.–11:50 a.m.

Financial Reporting

Intangible Asset Valuation—Illustrative Case Study for Financial Statement Reporting

San Diego

Business Valuation

As a consultant, you deal constantly in matters of transition. Working with clients and business owners, you assess ranges of value, recommend growth strategies, identify saleable opportunities, and often close buy-sell transactions on their behalf. The presenter will share proven models and concrete transition strategies utilized by both a practitioner helping business owners and a practitioner transitioning his or her own firm. He will also release results of the 2015 State of Owner Readiness Survey outlining the vast opportunity and needs of the Baby Boomer business owner market.

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Valuing companies owned partly, or wholly, by ESOPs present valuators with a number of challenges. These nuances are critical to meeting the expectations of the Department of Labor (DOL) and ensuring that Trustees of the plans meet their fiduciary responsibility. These expectations are set forth, for the first time, in an important recent case settled by the DOL against independent fiduciary Great Banc. Still evolving, the case has resonated within the ESOP community and not only sets the standard for all future ESOP valuations, but could very possibly drive expectations by the Internal Revenue Service, as well.

(Rick Gray)

The presenter will share alternative methodologies as well as alternative applications of conventional methodologies for valuing emerging technology companies. His approach will be to put the attendees in the place of the investor—how do investors think about value?

2:00 p.m.–3:40 p.m.

Managing Economic Volatility—Creating Valuable Transitions in Your Practice and Your Career (Christopher Snider)

Valuation of Companies Owned by Employee Stock Ownership Plans After Great Banc

12:50 p.m.–1:45 p.m.

Exit Planning/Mergers and Acquisitions

2016 Annual Consultants’ Conference

Specialty Areas of Practice Track

Healthcare

The session will discuss current methodologies and resources related to the valuation of intangible assets in the context of a fair value engagement for financial statement reporting purposes. Particular emphasis will be placed on planning and performance of such an engagement. The session will provide the attendee a practical application example with deliverables in the form of analysis tools (i.e., Excel templates) as well as a report template.

Can’t See the Forest for the Trees—Misapplication of Economic Theory to the Increasing Regulatory Trend Against Vertical Healthcare Integration

12:50 p.m.–1:45 p.m. Advanced

(Robert J. Cimasi, Todd A. Zigrang)

Resolving the Debate About the Valuation of Physician Practices

Despite the indicated benefits from healthcare economic studies regarding the coordination of healthcare services throughout the continuum of care, recent regulatory actions have challenged the legal permissibility of numerous integration platforms and the transactions forming them. This session will examine the current regulatory environment surrounding vertical integration transactions in the healthcare industry, and detail the flawed premises that have ignored the economic principles in healthcare system delivery realities, and resulted in increased scrutiny.

(Mark Dietrich, Timothy Smith)

Healthcare

The healthcare valuation community has been deeply divided for several years about the appropriate methodology for valuing physician practices. With the publication of new texts on valuing intangible assets in 2014, it is time to re-examine the critical issues in the debate. These texts present an understanding of the Cost Approach that will surprise many practitioners. They also point to the essential need to analyze post-transaction compensation and premise of value correctly.

27

San Diego

I 2016 Annual Consultants’ Conference

Specialty Areas of Practice Track 2:00 p.m.–3:40 p.m.

Valuation Databases Track Healthcare

Healthcare Valuation—Are Your Fair Market Value Opinions Worth Anything?

8:00 a.m.–10:45 a.m.

Business Valuation

(Joi-lee Beachler, William Hoffman)

Intermediate Market Methods Using the Top 3 Databases with Case Studies

Within the past few years, various government agencies and reviewing courts have provided varying definitions of the terms “fair market value” and “commercially reasonable.” These discrepancies have made it challenging for fair market valuation consultants to provide consistent and useful advice for their clients. The purpose of this session is to provide an update of the current regulatory climate, synthesize these interpretations, and give practical advice to valuators in order to enable them to better serve their clients.

(Dave Miles, Frank Wisehart)

3:55 p.m.–4:45 p.m. Advanced

Business Valuation

Current Trends and Hot Topics in Portfolio Valuation

Take the basic market method to the next level. This session will assess the assumptions made in the market method, and discuss tips and traps of using the databases IBA, BIZCOMPS, and Pratt’s Stats to value a business of around a million in revenue. The presenter will explain the risks and rewards of using these datasets in a market method, along with the history and compilation of these databases and how that affects your credibility (helps or hurts). Case studies will examine how many different ways it’s possible to develop a multiple using these datasets.

11:00 a.m.–12:45 p.m.

Practice Management

(Karl D’Cunha)

The Five Reasons You Should Use Valuation Software and What You Miss If You Don't

This session covers recent trends and issues impacting the world of portfolio valuation. Valuation methodologies and models addressing hard-to-value and other complex assets will be discussed, including: private debt (senior, mezzanine, convertible, other subordinated debt), distressed debt, emerging market debt, certain structured products, ABL and private equity investments.

A very informative session for back-office/accounting departments of hedge funds, private equity groups, and other institutional investors that hold illiquid assets.

(Dave Miles, Frank Wisehart)

Hardball with Hitchner— Solid Answers to Your Tough Questions

Thursday, June 9 I Friday, June 10 5:00 p.m.–5:50 p.m.

(Jim Hitchner) 28

SATURDAY, JUNE 11

Business Valuation Manager™ Pro will be used to demonstrate the five reasons you should use valuation software: 1) Guides you through valuation BEST practices; 2) The MOST automatic database integration; 3) Generates comprehensive, intelligent, and automatic standards-based written reports; 4) Hundreds of pages of SMART and flexible content; and 5) The MOST comprehensive valuation methodologies and schedules. Discover the real world problems and issues that occur if you are not using valuation software.

You ask the tough questions. Industry titan, Jim Hitchner, will moderate a panel of our Conference faculty who will provide solid answers. In this lively and interactive discussion, the profession’s leading experts and emerging leaders will share their insights and practical guidance on a range of topics, including: the current issues surrounding discount rates and growth rates, malpractice litigation, professional standards, DLOMs, control premiums, minority discounts, how to excel in financial litigation and expert witnessing, emerging industries, best practices and common mistakes to avoid, generational differences in the workplace, and much more. Receive cutting-edge information on an array of topics and walk away with answers to your burning questions. Go to www.

HardballwithHitchner.com to submit questions for the panel.

Program Content

Training Center Curriculum

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

The Business Valuation Certification and Training Center (BVTC) is the most comprehensive and complete foundational training program teaching to the body of knowledge on how to value private business enterprises. 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™).

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

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Post Training Live, Online Six-Part Webinar Series: Online Case Study Report Writing Clinic

Non-Member Package Pricing (Before Early Registration Discount) Days 1 and 2: Business Valuations (BV)—Fundamentals, Techniques & Theory

$1,200

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

$600

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

$600

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

$600

First-year NACVA Membership (Practitioner)

$495

CVA/CBA Certification Exam

Certified Valuation Analyst® (CVA®)

Certified Business AppraiserTM(CBATM)

San Diego

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Taught by a team of seasoned valuation practitioners, the compact five-day curriculum, and six-part online report writing training, 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.

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Essential Business Valuation Training for Financial Consultants

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2016 Annual Consultants’ Conference

June 6–11, 2016

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Business Valuation Certification and Training Center

$595

Total Retail Cost for Five-Day BVTC

$4,090

PACKAGE PRICE

$3,490

Package Price after 10% Early Registration Discount

$3,141

Early Registration Discounts: Register and pay by March 31, 2016, and receive a 10% discount. Register and pay by April 30, 2016, and receive a 5% discount.

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Foundations of Financial Forensics Workshop

Report Writing: Review and Analysis

Certificate in Exit Planning

June 6–11, 2016

June 6–7, 2016

Co-Sponsored by the Exit Planning Institute™

2016 Annual Consultants’ Conference

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San Diego

Concurrent Training Courses

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Additional Registration Fee: Members: $2,700/ Non-Members: $3,000. MAFF certification exam fee: $595 for Members and Non-Members. Package option, which includes a discount on the MAFF certification exam, is also available.

Early Registration discounts available.

Multiple-attendee discounts do not apply.

Unlike most financial forensics training that tends to be general in scope, the Foundations of Financial Forensics Workshop provides attendees with an understanding of the professional responsibilities and legal underpinnings necessary to providing credible financial forensics services along with an overview of the highest growth areas of financial forensics practice. The nationally recognized and seasoned financial forensic experts who teach the program also dive into the methodologies and approaches for calculating damages, financial investigative and forensic accounting techniques, skills development for communicating with judges, attorneys, and juries, and practice building strategies that are being employed by successful and emerging financial forensic analysts. Training and certification in this field will greatly assist CPAs and other financial experts to build their practice in this rapidly growing financial consulting niche. The workshop teaches to the body of knowledge for financial forensics and prepares attendees to achieve the Master Analyst in Financial Forensics™ (MAFF®) credential. The MAFF certification exam will be administered on Saturday, June 11, 2016 following the five-day workshop.

MAFF candidates can fulfill the foundational experience prerequisite with attendance at this workshop.

Additional Registration Fee: Members: $1,080/NonMembers: $1,200. Early Registration discounts available.

Multiple-attendee discounts do not apply. This course qualifies for 12 bonus points toward NACVA-Credentialed member recertification, in addition to course CPE. 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. The Report Writing: Review and Analysis course meets part of the requirement to obtain the Accredited in Business Appraisal Review™ (ABAR™) credential.

Valuing Family Limited Partnerships Workshop June 9, 2016 Additional Registration Fee: Members $540/Non-Members: $600. Early Registration discounts available.

Multiple-attendee discounts do not apply.

This workshop will introduce attendees to current methodologies and resources relating to the valuation of Family Limited Partnerships (FLPs) and similarly organized asset-holding companies. The workshop will focus on engagements for gift and estate tax as well as income tax planning. Attendees will be introduced to the empirical data, statutes, and case law that will help them form a solid discount conclusion in their valuations.

June 10, 2016 Additional Registration Fee: Members: $495/ Non-Members: $595. Multiple-attendee discounts do not apply.

This one day course is designed to take professional advisors through the Exit Planning Institute Value Acceleration Methodology™, a process taught at the CEPA Program. This course concentrates on the organizing principle of the methodology called the “Master Plan” consisting of three critical components which make a successful transition for a business owner possible: 1) maximizing business value, 2) personal financial planning, and 3) life after business planning. Attendees will learn how to describe the deliverable at each of the three major methodology gates and understand how the exit planner as well as the “triggering event” create action and generate business opportunity and deal flow for other professional advisors while significantly improving value and probability of a successful transaction.

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t $345 $555

$645 $1,035

$1,445 $2,315

$2,645 $4,235

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7 Unlimited 10

10 Unlimited Unlimited

10 Unlimited Unlimited

$795 5%

$595 10%

$295 15%

$195 N/A

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BIZCOMPS® (downloads per year) IBA Market Data (downloads per year) Guideline Public Company Database (downloads per year) RMA Valuation Edition (Includes 10 years of RMA data) Duff & Phelps Valuation Handbook + Decile Data + Cost Of Capital Analyzer Pluris DLOM DatabaseTM DoneDeals® Mergerstat Review Premiums & Discounts Mergerstat Review Price To Earnings Ratios IRS Corporate Ratios Database Around The Valuation World ® Business Appraisal PracticeTM - Quarterly National Economic Reports - Monthly & Quarterly Reports Valuation Reports Library Archived Industry & Metro Reports (1,000+ reports) Business Valuation Articles (5,000+ articles) Federal & State Law Cases (2,000+ cases) Conference Presentations (550+ presentations) Compensation Data S-1 Filings (60,000+ filings) Expert Witness Profiler Unlimited CPE On-Demand Webinars (additional fee required) A La Carte Data Sources Discounts 25% Off Valuation Software Plus Free Technical Support

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Subscription access varies by level:

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$245

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

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San Diego

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

Why choose KeyValueData®?

2016 Annual Consultants’ Conference

FIVE subscription levels to choose from!

$995 none

EconAssistTM is only available as a benefit of NACVA membership or purchase of a standalone database. You can add unlimited BIZCOMPS to Silver, Gold, Platinum, or Titanium for $295 for single-users and $475 for multi-users. Some exclusions apply to Unlimited CPE On-Demand Webinars. A La Carte discounts do not apply to Duff & Phelps or Ibbotson® SBBI® Classic Yearbook products. Titanium level subscribers receive 25% off valuation software, including: ValuSource Pro, Business Valuation ManagerTM Pro, Express Business Valuation, and Business Valuation Report WriterTM, plus a free year of technical support. Multi-user pricing is for multiple users in the same physical office. Call for terms and conditions of single and multi-user licenses. Prices are subject to change. Subscription fees are nonrefundable.

The Leader in Valuation Data and Research

(800) 246-2488

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www.KeyValueData.com

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San Diego

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2016 Certification and Training Schedule Chicago, IL May 16 May 16 May 16–21 May 23–26

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

San Diego, CA June 6–7 June 6–11 June 6–11 June 8 June 8 June 8 June 8–11 June 9 June 10

August 23

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

September 12 September 12 September 12–17 September 12–17

September 19 September 19 September 19–24 September 20 September 20–21 September 20–22

July 11 July 11 July 11–16

September 20–23

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

Columbus, OH Case Analysis in Person Current Update in Valuations Business Valuation Certification and Training Center Certificate in Exit Planning

San Antonio, TX August 8 August 8 August 8–13

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

September 20–24 September 22–23 September 22–26

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

September 26 September 26 Sept. 26–Oct. 1 September 27–28

October 17 October 17 October 17–22

Case Analysis in Person Current Update in Valuations Business Valuation Certification and Training Center International Business Valuation Conference Report Writing: Review and Analysis

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

New Orleans, LA October 24 October 24 October 24–29 October 25 October 25-26

October 25–28 October 26 October 27–28 October 27–29

Case Analysis in Person Current Update in Valuations Business Valuation Certification and Training Center Valuing Family Limited Partnerships Workshop Exit Planning, Mergers and Acquisitions, and Transaction Advisory Services Conference Transaction Advisory Services Workshop Certificate in Exit Planning Report Writing: Review and Analysis Advanced Mergers and Acquisitions Workshop

Chicago, IL November 14 November 14 November 14 November 14–17 November 14–19 November 14–19 November 15–16 November 15–17 November 15–17

Toronto, ON

September 29–30

32

Case Analysis in Person Current Update in Valuations Business Valuation Certification and Training Center Foundations of Financial Forensics Workshop and MAFF credential exam

Washington, DC

Ft. Lauderdale, FL

July 25 July 25 July 25–30 July 26

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

Atlanta, GA Report Writing: Review and Analysis Business Valuation Certification and Training Center Foundations of Financial Forensics Workshop and MAFF® credential exam Case Analysis in Person Current Update in Valuations Pre-Conference Symposium Litigation Report Writing Workshop Annual Consultants’ Conference Valuing Family Limited Partnerships Workshop Certificate in Exit Planning

Philadelphia, PA June 13 June 13 June 13–18

August 22 August 22 August 22–27

Salt Lake City, UT

November 17–19

Case Analysis in Person Current Update in Valuations Litigation Report Writing Workshop Certified Exit Planning Advisor (CEPA) Credentialing Program Business Valuation Certification and Training Center Foundations of Financial Forensics Workshop and MAFF credential exam Financial Forensics and Expert Witness Conference Litigation Bootcamp for Financial Experts Advanced Valuation: Applications and Models Workshop Expert Witness Bootcamp & Matrimonial Expert Witness Bootcamp

December 5 December 5 December 5 December 5–10 December 6–7 December 6–8 December 6–8

December 10

2017 Training Schedule Scottsdale, AZ January 23, 2017 Case Analysis in Person January 23, 2017 Current Update in Valuations January 23–28, 2017 Business Valuation Certification and Training Center

Chicago, IL May 1, 2017 May 1, 2017 May 1–6, 2017

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

Recertification

Advanced Comprehensive CBA Clinic

Around the Valuation World ®

October 17–20

Business Valuation Certification and Training Center (broadcast from a live training event) May 16–20 August 8–12 October 17–21

November 14–18 January 23–27, 2017

Mastering the Six Pillars of Business Appraisal Review April 18–21

Oct. 31–Nov. 3

Foundations of Financial Forensics Workshop Part 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 27–July 1 Part 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 18–22 Part 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 28–Dec. 2 Part 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . December 12–16

Financial Forensics Specialties Fraud Risk Management. . . . . . . . . . . . . . . . . . . . . . . . . . . November 7–11 Business Valuation in Litigation. . . . . . . . . . . . . . . . . . . . Feb. 29–March 4 Bankruptcy, Insolvency, and Restructuring . . . . . . . . . March 28–April 1 Commercial Damages and Lost Profits . . . . . . . . . . . . . May 9–13 Business and Intellectual Property Damages. . . . . . . July 25–29 Matrimonial Litigation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . August 8–12 Forensic Accounting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . September 26-30

Transaction Advisory Services Part 1: Fundamentals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . August 15–19 Part 2: Intermediate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . September 12–16 Part 3: Advanced . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31–Nov. 4

March 21 April 18 May 16 June 20 July 18 August 15

September 19 October 17 November 14 December 19 January 23, 2017

Litigation Report Writing Workshop May 2–5

October 10–13

Report Writing: Review and Analysis May 16–19 August 1–4 October 17–20

December 12–15 January 23–26, 2017

San Diego

December 8–9 December 8–10 December 8–10

December 8–12

2016 Online Training Schedule

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December 6–9 December 6–9 December 6–10

Case Analysis in Person Current Update in Valuations Litigation Report Writing Workshop Business Valuation Certification and Training Center Financial Consultants’ SuperConference Litigation Bootcamp for Financial Experts Advanced Valuation: Applications and Models Workshop Intermediate Business Valuation Training Center Transaction Advisory Services Workshop Comprehensive Certified Business Appraiser (CBA) Workshop Report Writing: Review and Analysis Advanced Mergers and Acquisitions Workshop Expert Witness Bootcamp & Matrimonial Expert Witness Bootcamp Accredited in Business Appraisal Review (ABAR) Workshop Certificate in Exit Planning

2016 Annual Consultants’ Conference

Las Vegas, NV

Case Analysis by Webinar July 20 August 17 September 14 October 26

November 16 December 14 January 11, 2017

Industry Standards Update July 15 October 14

November 18 January 13, 2017

Early registration discounts available.

Discounts may not apply to all training programs.

Dates and locations are subject to change.

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San Diego

I 2016 Annual Consultants’ Conference

Conference Registration Fees:

Online Conference Registration Fees:

Full Conference Registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,435

Thursday, June 9, 2016 & Friday, June 10, 2016

June 9–11, 2016

for NACVA, KVD, or IBA Members. $1,595 for Non-Members. Deduct $20 per day from registration fee if you opt out of luncheon. Two-day total of $40 deduction available.

Case Analysis in Person (CAP)*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $225 Wednesday, June 8, 2016, 6:30 a.m.–8:15 a.m.

for NACVA, KVD, or IBA Members. $250 for Non-Members.

Current Update in Valuations (CUV) Pre-Conference Symposium*. . . . . . . . . . . . $540 Wednesday, June 8, 2016, 8:30 a.m.–5:15 p.m.

for NACVA, KVD, or IBA Members. $600 for Non-Members.

Available either live or as an online broadcast.

Special Diamond Webinar Series pricing available to allow multiple people in the same office to attend for one low price per office/location.

1–5 Registrants Per Day (same office/location). . . . . . . . . . . . $540 for NACVA, KVD, or IBA Members. $600 for Non-Members.

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

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

Litigation Report Writing Workshop‡. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $540 Wednesday, June 8, 2016, 8:30 a.m.–5:15 p.m.

for NACVA, KVD, or IBA Members. $600 for Non-Members.

Spouse/Guest Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $350 34

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

Early Registration Discounts: $150 if paid by 2/29/16 $100 if paid by 3/31/16 $50 if paid by 4/30/16

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

2016 Annual Consultants’ Conference

I Business Valuation Certification and Training Center. . . . . . . . . . . . . . . . . $3,490 Valuing Family Limited Partnerships Workshop. . . . . . . . . . . . . . . . . . . . . . . . $540 June 6–11, 2016

San Diego

Concurrent Training Courses‡: June 9, 2016

Non-Member package pricing.

for NACVA, KVD, or IBA Members. $600 for Non-Members.

Foundations of Financial Forensics Workshop & Master. . . . . . . . . . . . . . $2,995 Certificate in Exit Planning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $495 Analyst in Financial ForensicsTM (MAFF®) Proctored Exam Package June 10, 2016 June 6–11, 2016

for NACVA, KVD, or IBA Members. $595 for Non-Members.

for NACVA, KVD, or IBA Members. $3,295 for Non-Members.

Report Writing: Review and Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,080 June 6–7, 2016

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

* No early registration or multiple-attendee discounts apply. † Same firm in same physical office and paying together. Discount is per registrant.

Call Member/Client Services to register multiple-attendees. ‡ No multiple-attendee discounts for this course. Early registration discounts available (10% if paid by 3/31/16; 5% if paid by 4/30/16).

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

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

Set yourself apart from the slew of credential holders practicing in financial forensics.

Achieve the Master Analyst in Financial Forensics certification and make the statement that when it comes to financial forensics, you are the “Master” of the field.

Master Analyst in Financial Forensics™

To learn more, visit www.NACVA.com/MAFF or call Member/Client Services at (800) 677-2009.

National Association of Certified Valuators and Analysts (NACVA), Consultants’ Training Institute (CTI) Publication Date: February 2016