This conference is presented by the Virginia Society of CPAs (VSCPA) in cooperation with the NJCPA.
Tuesday, September 26 Agenda
8-9:45 a.m.
Economic Overview
Dr. Christine Chmura,Ph.D., CEO - Chmura Economics & Analytics
This presentation will highlight current and expected conditions for the economy including, labor market tightness, inflation, interest rate trends, and the possibility of recession.
10:05-11:45 a.m.
Valuation Update
James Hitchner, CPA, ABV, CFF, ASA - Financial Valuation Advisors, Inc.
This session will provide a comprehensive business valuation updates, including:
- The guideline company transactions method
- The guideline public company method
- Grabowski's new research on whether long-term growth rates are too high
- Bad vs. good language in reports
- How to use both the new and old glossaries of business valuation terms
- The IRS, appraisers and penalties
- Advanced expert testimony
11:45 a.m.-12:45 p.m.
Lunch Break
12:45-2:25 p.m.
Goodwill in Professional Practices & the Excess Earnings Method
Kevin Yeanoplos, CPA, ABV, CFF, ASA - Brueggeman and Johnson Yeanoplos, P.C.
Ron Seigneur, CPA, ASA, ABV, CVA - Seigneur Gustafson LLP
This session will focus on the law relating to the identification and valuation of personal goodwill in professional practices, including the use and abuse of both the excess earnings method and “MUM” analytical framework for estimating the existence and value of professional goodwill in some jurisdictions. The session will examine a working example of the excess earnings method, which has been described by some as “the most used and abused” business valuation method in common use.
2:45-4:30 p.m.
Understanding and Valuing Medical Practice Specialties
Mark Dietrich, CPA/ABV, MBA, MST
Recently retired and devoted to writing new books, including the Engagement Guide to Understanding and Valuing Medical Practice Specialties, Mark shares his “trade secrets” from a 45-year career with valuation engagements in 46 states, as well as consulting in England and Scotland.
Wednesday, September 27 Agenda
8-9:45 a.m.
Reasonable Compensation
Neil Beaton, CPA/ABV/CFF, CFA, ASA, CFF - Alvarez & Marsal Valuation Services, LLC
This session will cover the definition of reasonable compensation, when and how to adjust for reasonable compensation in a divorce or other engagement, sources for reasonable compensation data and a discussion on whether business valuation experts are qualified to provide reasonable compensation testimony. The session will also cover unique areas that may arise when making reasonable compensation adjustments.
10:05-11:45 a.m.
Surviving Cross Examination Panel
Moderator: Harold Martin Jr., CPA/ABV/CFF, ASA, CFE - Keiter's Valuation and Forensic Services Group
Kristopher Boushie, CPA/ABV/CFF, CVA, CFE - NERA Economic Consulting
Ron Seigneur, CPA, ASA, ABV, CVA - Seigneur Gustafson LLP
Neal Beaton, CPA/ABV/CFF, CFA, ASA, CFF - Alvarez & Marsal Valuation Services, LLC
Kevin Yeanoplos, CPA, ABV, CFF, ASA - Brueggeman and Johnson Yeanoplos, P.C.
Martin Cuniff, J.D.
This panel discussion on expert witness testimony in valuation matters will address preparation for cross-examination testimony, how to answer difficult questions, hints for survival and tips on rehabilitation
11:45 a.m.-12:45 p.m.
Lunch Break
12:45-2:25 p.m.
Best Practices in Valuing Small, Closely Held Businesses and Professional Practices
Gary Trugman, CPA/ABV, MCBA, ASA, MVS - Trugman Valuation Associates, Inc.
This session will include a practical discussion about the issues that we all run into when valuing small businesses and professional practices. It will include common errors made, and more importantly, how to avoid them while complying with professional standards. The goal is to make sure that you know when you need to consider not doing the engagement rather than always saying yes!
2:45-4:30 p.m.
Valuation of Options for Stock-Based Compensation and Discount for Lack of Marketability
Asif Charania, CPA/ABV, ASA - Keiter's Valuation and Forensic Services Group
Gregory Saunders, CPA/ABV, Asa - Keiter's Valuation and Forensic Services Group
This session will explore the usage of option pricing models (OPMs) to value securities in a complex capital structure (e.g., in a stock-based compensation engagement), as well as their application for estimating discounts for lack of marketability.