2017 ASA Advanced Business Valuation Conference Wrap-Up

The American Society of Appraisers recently held its 2017 Advanced Business Valuation Conference on October 7-10, 2017 in Houston, Texas at the Hilton Americas.

This conference presented the most comprehensive Business Valuation educational programming available, taught by the world’s top Business Valuation professionals. This three-day event offered attendees with three distinct educational tracks with highly focused educational sessions in areas of business valuation, fair value and a variety of specialized topics. The 2017 Advanced BV Conference was held in conjunction with ASA’s 2017 International Appraisers Conference, allowing a unique opportunity for attendees to expand their global professional network and interact with attendees and exhibitors. The conference kicked off Saturday night at the Welcome Reception giving attendees the opportunity to mingle and network with one another.

The conference began Sunday morning with introductions and welcome remarks from International President, Sharon A. Desfor, ASA. Following the opening remarks was a keynote presentation by Tom DeLuca, whose approach of education through entertainment, taught us how to overcome obstacles to success. Breakout sessions followed the keynote and included topics such as Cash and Working Capital in the DCF Method; Regression Analysis: Construction and Interpretation; PCAOB Current Topics: Auditing Standards Update; Case Study: Calculating the WACC; Methodologies for Calculating Personal Goodwill Gain Traction in Marital Dissolution Proceedings; and Maintaining Your Sanity Throughout the Audit Review Process for Valuations for Financial Reporting by Trey Stevens, ASA; Mark Shirley; Adam Smith, ASA; Travis Harms; Robert B. Morrison, ASA; Keith Konen, ASA; and Shlomo Lang, ASA.

Sunday afternoon consisted of 9 sessions discussing topics of Normalizing Owner Compensation; Options-Based Techniques for the Valuation of Complex Debt and Equity Instruments; Latest Developments in Contingent Consideration Valuation; Pitfalls in Determining Terminal Value in the DCF Model; Using New REIT Data to Value FLPs: Theory and Application; Performing Purchase Price Allocations for Financial Reporting Purposes; Forecasting Balance Sheets and Cash Flow Statements for DCF Analyses; Evidence of DLOMs for Controlling Interests; and Valuation Dilemma for Preferred Warrants: BSO vs. OPM. These presentations were taught by Stephen Kirkland; David C. Dufendach, ASA; Alok Mahajan; Gilbert Matthews, FASA; Spencer Jefferies; James R. Park, ASA; Shlomo Lang, ASA; Joseph Emanuele, ASA; Ronald DiMattia; and Keith Konen, ASA.

Sunday evening was the Educational Foundation Auction and the President’s Networking Reception. There was a silent auction, which was a huge success due to over 60 items being donated. Items in the silent auction included jewelry, wine, books, classes and even liquor. The auction and President’s Networking Reception concluded the first full day of the conference.

Monday began early with a second keynote presentation by Donna J. Walker, FASA, ARM-BV, Carla Glass, FASA, Sheryl Gillett, FASA, and Richard W. Gilmore, FASA on Changing Perceptions of Value. Breakout sessions followed with presentations by Bethany Hearn on DCF Case Study; Michael A. Paschall, ASA on Critiquing a Valuation Report: The Top 20 Errors; Oksana Westerbeke on ASC 805/ASC 718 Reconciliation Dilemma: Control Purchase vs. Minority Backsolve Value; Jefferson Davis on Financial Institutions – Black Holes of Valuation; David Aughtry, Esq. on Bulletproofing Your Valuation for Tax Court; William A. Johnston, ASA on How to Obtain Your CEIV Designation; William H. Frazier, ASA on Update on IRS Regulations Including S Corp Tax Affecting; Joseph Leauanae, ASA and Jennifer Allen on BV and Forensic Accounting: Navigating the Intersection of Fact and Fiction; Nathan DiNatale on Purchase Price Allocations: ASC 805 Application and Best Practices; Neil J. Beaton, ASA on Valuing Biotechnology Companies; Jim Andersen, ASA on Maintaining Objectivity in Your Adjustments and Normalization; Joseph W. Mease, ASA on Economic Obsolescence in Purchase Price Allocations. The last session of the day was a general session for all BV attendees — Ask the Experts with moderator Nathan DiNatale and experts Michael A. Paschall, ASA; Adam M. Smith, ASA; and Oksana Westerbeke. Tuesday evening was the inaugural Women’s Networking and ASA’s Rising Stars Receptions. These receptions gave attendees the opportunity to meet and network with prominent women across all of ASA’s appraisal disciplines as well as rising professionals in the appraisal industry.

Wednesday was the last day of conference and included 8 educational sessions taught by 12 experts in the field. Topics of discussions included Practice Growth 102: An Integrated Approach by Evan Tierce and Catherine Seitz; Valuing Right of Publicity: Rock Stars, Movie Stars and Other Famous People by Mark Roesler and Audrey Wessel; Valuing Companies Owning Real Property by Alan Kaplan and Keith J. Klemowits, ASA; Valuation of Winery Brands and Operations by Jim Andersen, ASA; Valuation of Options and Option-Like Instruments by Oksana Westerbeke; Market Participant Acquisition Premiums (MPAP): The Final Word by Andrew Fargason; Toy Story: Forensic Files EditionReal Life Litigation Case Study – Opposing Experts Face Off by Marie Ebersbacher and Kim Onesko; and Applications of the Market Approach Relief from Royalty (RFR) Method to Value Intellectual Property by Robert F. Reilly, ASA.

Those unable to attend the conference in person were able to sign up and view key sessions from the conference via live streaming online.

ASA hosted a series of pre-conference educational courses in Houston prior to IAC2017. The given courses were BV202 – Introduction to Business Valuation, Income Approach; BV204 – Advanced Topics in Business Valuation; BV401 – CEIV Course – Valuation for Financial Reporting; MD220 – Ethics and the Appraiser.

The American Society of Appraisers would like to thank HeliValue$, Inc.; Knowcraft Analytics; Trugman Valuation; Business Valuation Resources; Sweeney & Bartlett; MG Valuation; Kersten’s Antiques; ASA Houston Chapter; The MTS Journal; ASA PAC; BV Review; Valuation Review; Borrowman; Veristrat, Inc.; New Orleans Auction Gallery; TagnFi; RCReports; American Business Appraisers; International President and Conference Chair Sharon A. Desfor, ASA; and the planning committee and advisors Matthew Kaufman, ASA; Juanita E. Addeo FGA GG, ASA, MGA; Paul R. Cogley, Jr., ASA; Melanie Modica, ASA, ARM-PP; Ronald E. Prat, ASA; William M. Engel, ASA; Bruce A. Johnson, ASA; Rosanne Aumiller, ASA; Jaclyn Burket, ASA; Jay E. Fishman, FASA; George Hawkins, ASA; Kevin M. Janke, ASA for all of their hard work and support. Photos from the 2017 International Appraisers Conference can be viewed here.

Save the Date! Make plans to attend the 2018 Advanced Business Valuation Conference at Anaheim, CA on October 7-10, 2018.

Thank you again to all of our sponsors for making ASA’s 2017 Advanced Business Valuation Conference a great success!

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