Ron Seigneur's Business Valuation Update (IN PERSON ATTENDANCE)

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BV  |  In Person Training  |  Update  |  Cancelled

Special Notes

  • You may also attend this program via live webcast from your computer. Register for the live webcast option HERE.
  • IMPORTANT: ISCPA CPE course manuals are now all paperless. No printed copies will be distributed onsite. eMaterials will be available to download 5-7 days prior to the course in the My CPE Tracker section of the ISCPA website. Learn more here.
  • BONUS: Receive a $70 discount by attending this course AND the 8-9:40 a.m. session Emerging Issues in the Cannabis Industry. Use promo code BVEICI at checkout.
  • Lunch is included.

Fields of Interest

  • Business Valuation/Appraisal

Curriculum

  • Accounting
  • Business Management & Organization
  • Consulting Services
  • Specialized Knowledge
  • Taxation

Designed For

CPAs and other business professionals involved in business valuations

Objectives

To provide an update on current issues in business valuation

Highlights

Cost of capital: What’s new and what’s not new: 
This segment will focus on a number of the building blocks to cost of capital. The topics covered will include:

  • Blocking and Tackling: Revisiting the fundamentals
  • A deep dive into the new BVRs Cost of Capital Professional
  • Size premiums and weighted average cost of capital
  • Developing a framework for expressions of unsystematic risk
  • Views from the bench – perspectives of the Delaware Chancery Court

Personal vs. enterprise goodwill: The devil is in the details:
This segment will explore the current environment for segregating goodwill between personal or professional component on one end, and the enterprise or practice goodwill on the other. A respected business appraiser will offer three distinct approaches used by practitioners to allocate measured goodwill, while a seasoned family law attorney will critique the pros and cons of each approach. The topics covered include:

  • Gain an enhanced understanding of how business appraisers approach the challenge of segregating goodwill when it is required
  • Explore the strengths and weaknesses of:
    • The multi-period excess earnings method
    • The multi utility method (MUM)
    • The specific component method

Reasonable compensation for owner-employees:
This segment will focus on how analysts can enhance their analysis and opinions with respect to owner-employee compensation. This issue often arises in the context of normalizing financial activity for closely-held businesses.  

  • The strengths and weaknesses of the Multi-factor Test and the Independent Investor Test
  • Landmark case law that will provide valuable guidance
  • Useful market databases and related resource

Seigneur’s five-minute drill: 
This fast-paced session will touch on up to 15 separate issues, challenges and conundrums related to valuation and damages work.  The topics covered will include:

  • Report writing - Are calculation reports a good or bad thing and when should they be used? How to improve writing and drafting skills within staff. Where things should be located within the well drafted report. Enhancing reports with graphs and pictures. Discoverable drafts: how to play around this.
  • Discounts - 65 methods and models to derive DLOMs and counting! Using an expanded Mandelbaum model to support DLOM determinations. Is 35% the right starting point? Focusing on holding period and volatility. Applying a DLOM to a control benefit stream.
  • The Income method - Comparing the DCF method to the CCF method: It’s all future benefits! Finding the proper weighting scheme for prior period benefit streams. Finding and supporting the proper growth rate(s). Normalization adjustments: One of the big three! Adjusting the discount rate for pass-through entities (Fannon/Sellers work). Are size premiums still applicable?
  • Overtime - International cost of capital: where to look and why it’s important. Discount rates for lost profits analyses. Transactional data: what used to be simple is now complex.

Marketing, managing and making money in BVFLS services: 
This segment will provide attendees with an opportunity to give thought to a number of tactics and techniques to optimize practice management and improve productivity and profits.  Ron will offer a number of ideas from his own BVFLS practice, together with lessons learned from some of the professionals he has provided consulting support to over the years.  The session will highlight a number of key areas, including:

  • Managing the RULES and SCORE
  • Understanding attributes that assist in retaining quality, tenured staff and what chases them away
  • Considerations for a smooth exit
  • Marketing musts
  • Engagement letters: retainers, time lines, responsibilities and beyond
This event has been canceled. If you have any questions or concerns related to this event give us a call at 515-223-8161.

Instructors

Ronald L. Seigneur

Show Bio

Ron Seigneur is managing partner of Seigneur Gustafson LLP, based in Lakewood, Colorado. He specializes in business and intellectual property appraisal, economic damages, financial forensics, professional services firm consulting and taxation. Ron has served as COO and CFO for a Denver law firm and worked with over 350 professional service firms on a wide range of practice management issues. He has published over 80 articles on business leadership, succession and exit planning strategies, reasonable compensation determinations, business valuation and related subjects. Ron has developed and presented a number of management, leadership, and advanced business valuation courses for the AICPA, ASA, NACVA, Association of Legal Administrators, CLE of Colorado, the Environmental Protection Agency, state CPA Societies, and state Bar Associations.

Ron has significant experience working with complex valuation, commercial damages, forensic accounting, and related litigation support matters, and as a testifying expert. He has served as court appointed Special Master, trustee, receiver and arbitrator. As a co-author of one of the leading treatises on business valuation, he frequently speaks and writes on valuation related issues. He has experience in a wide range of industry segments, including professional practices, retail, real estate development, construction trades, auto dealerships, high tech, oil & gas, transportation, start-up entities, cannabis industry businesses and intellectual property.

Ron is a Certified Valuation Analyst (CVA) with the National Association of Certified Valuation Analysts (NACVA), a Senior Appraiser in business valuation (ASA) with the American Society of Appraisers and holds the AICPA specialty designation of Accredited in Business Valuation (ABV).

Ron is a past chair of the AICPA ABV Credential Committee, NACVA Professional Standards Committee, and has been a member of the AICPA Business Valuation Committee and the AICPA Consulting Services Executive Committee. Mr. Seigneur was the 2009-10 chair of the Board of Directors of the Colorado Society of Certified Public Accountants and was inducted in 2006 as a member of the AICPA Business Valuation Hall of Fame. Ron is a fellow of the College of Law Practice Management and is an Adjunct Professor at the University of Denver, Sturm College of Law and Daniels College of Business, where he teaches leadership and business appraisal courses.

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