Archive 2015-90: Hardball with Hitchner, Pratt, and Fishman – They Tackle the Tough Issues and Present a Consensus View
**Webinar90 Live Broadcast Date: September 22, 2015**
VPS StraightTalk Webinar Series: Hardball with Hitchner, Pratt, and Fishman – They Tackle the Tough Issues and Present a Consensus View. Moderator – Jim Hitchner, CPA/ABV/CFF, ASA with panelists Shannon Pratt, DBA, CFA, ABAR, FASA, MCBA, ARM, CM&AA and Jay E. Fishman, FASA, FRICS
In this webinar, Hitchner, Pratt, and Fishman tackle these five major topics: cost of capital, discounts for lack of marketability, S corps, transaction databases, and reports. They give straightforward answers to your most complex questions about them.
Cost of capital questions
- Should I use Duff & Phelps CRSP supply-side or historical/traditional equity risk premiums (ERPs)?
- Should I use D&P adjusted, unadjusted, conditional, or unconditional ERPs?
- Should I normalize the risk-free rate?
- Does the addition of a size premium preclude the use of a discount for lack of marketability/liquidity?
- Can I use Ibbotson 10b, 10w, 10x, 10y, or 10z?
- How do I use industry risk premiums?
Discounts for lack of marketability (DLOM) questions
- Should I be using restricted stock databases such as FMV Opinions or Pluris?
- Can I still rely upon traditional restricted stock “benchmark” studies?
- Should I be using pre-IPO databases such as Valuation Advisors?
- What is the best way to use the QMDM?
- Has the IRS DLOM Job Aid changed the landscape for calculating DLOMs?
- Can you apply a discount for lack of marketability/liquidity to a 100% control interest?
- Should I be using option models in calculating a DLOM?
S corp questions
- What is the current thinking in valuing S corps?
- Are the older S corp models still relevant?
- Are there any new models/studies on valuing S corps?
- Do the differences in public company tax rates vs. private businesses affect the valuation of S corps?
- Has the new IRS S Corp Valuation Job Aid changed the landscape for valuing S corps?
Transaction databases questions
- What is the best way to use guideline company transactions from the various databases, particularly Pratt’s Stats?
- Are these transaction databases reliable?
BV report questions
- When can I use calculation engagements and reports and summary reports?
- What’s the best format for a report?
- How do I adhere to BV reporting standards (AICPA, ASA, IBA, NACVA, and USPAP)?
- How do I cite references for definitions, concepts, and applications?
- Are there any problems in the use of canned economic data?
- Am I okay when relying on RMA and other types of benchmark
- The participant will learn what three of the leaders in the valuation profession think are the proper and practical ways to prepare a valuation
- The participant will learn how to wade through all the confusion in estimating cost of capital and capitalization rates
- The participant will learn about the proper application of discounts and premiums
- The participant will learn what is going on in the S corp valuation area
- The participant will learn the best way to use transaction databases
- The participant will learn how to prepare the right report for the right situation
- The participant will be able to ask and listen to tough questions and direct answers
This downloadable archived webinar package is an interactive video of the webinar with the original webinar handouts.
The format of the archived webinar package is an Adobe Presenter PDF file that allows you to view the video of the webinar with the synced audio so that you see the presentation just as it was presented “live.” The Presenter format also allows for easy navigation through the webinar so you can quickly go to a specific section in the presentation. The handout materials are included in the file. To view the Webinar Presenter file, you must have the current version of Adobe Reader. You can download the free Adobe Reader at http://get.adobe.com/reader
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