Agenda - Helping Business Valuation

Agenda - Helping Business Valuation

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Tomorrow’s Agenda



Business Valuation, Taxes & Everything In Between – What You Need To Know

In today’s business climate, understanding value and the factors that contribute to it are critical for companies regardless of size or industry, as well as their stakeholders and their trusted advisors. Ongoing changes in financial reporting standards, tax legislation and policies, legal and regulatory requirements (e.g., family law, shareholder remedies, securities, probate, etc.), debt and equity markets, the business law framework and case law have brought business valuations to the core of corporate decision making.

Spend a worthwhile PD Day with Melanie Russell to hear how and why her and her team of valuation specialists determine the value of business interests including various types of securities, derivatives and various ownership interests, as well as tangible and intangible assets and liabilities.

Melanie's approach is practical, efficient, insightful and logical, reflecting her team’s extensive experience in a variety of valuation situations including:


  • Tax-related valuations (planning and disputes): corporate reorganizations; income tax planning, filings and compliance; tax disputes; intellectual property migration; allocation of value on asset purchases; ESOPs
  • Financial statement measurement, disclosures and reserves; purchase price allocation; impairment testing; contingent tax liability estimates; financial instruments; ESOPs and restricted shares
  • Transaction-related valuations: corporate reorganizations; acquisitions/divestitures; evaluation of financing; Formal Valuations (MI 61-101); fairness opinions; pricing analyses; quality of earnings; disputes arising from transactions
  • Dispute-related valuations: matrimonial/family disputes (whether in litigation, alternative dispute resolution, or “kitchen table” negotiations); corporate/commercial disputes (e.g., contract disputes); shareholder/partner disputes; estate disputes; second opinions and critiques of other valuation reports; expropriations
  • Strategic valuations: succession/estate planning; income tax planning; estate planning; shareholders' agreement development and compliance; establishing management / employee remuneration; co-habitation agreements; business modelling.


Seminar Outline:      

 Valuations 101:

  1. Purposes of valuations
  2. Value definitions/reference points
  3. Generally accepted valuation principles
  4. Overview engagement considerations
  5. Basic valuation steps
  6. Valuation basics
      1. Principles
      2. Approaches and methods
      3. Common valuation adjustments
      4. Value components
        1. Cash flow
        2. Discount / Cap rates
        3. Redundancies
  7. Valuing equity directly vs. indirectly
  8. Case study

Valuations 201

  1. Issues specific to private companies
  2. Critical engagement issues
  3. Various key valuation issues
    1. V-date selection
    2. Reliability of financial info
    3. Projections/forecasts
    4. Personal goodwill/key person
    5. Economic value added
    6. Minority/lack of control discount
    7. Marketability discount
    8. Special securities
    9. Contingent liabilities
  4. Disclosure/required documents
  5. Valuation standards & levels of assurance
  6. Key valuation issues & common errors
  7. Expert reports
  8. Common problems with DCF
  9. Valuation issues relating to shareholders’ agreements
  10. Maximizing values
  11. Dealing with disputes

FMV from a Tax Perspective

  1. Purposes of valuation
  2. Keeping it simple - the basics of valuation
  3. FMV means what, exactly?
  4. Generally accepted valuation principles
  5. A brief technical review:
    1. Valuation approaches and methods
    2. Common valuation adjustments
  6. Valuation standards and levels of assurance
  7. Key valuation issues and common errors
  8. The practical side - is a formal valuation and/or an external valuator always required?


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