BV204 Advanced Topics in Business Valuation

Class Date/Time

Wednesday, September 7, 2022 - Saturday, September 10, 2022
9:00am-6:00pm Eastern Standard Time

Class registration will close on Friday, August 26, 2022. 

Registration Includes

Virtual Attendees

• Access to virtual zoom sessions will be accessible via education dashboard (login required)
• Electronic student materials*

In-person Attendees

• AM and PM beverage breaks (on course days)
• Electrical outlet for laptops/electronic devices
• Electronic student materials*

*All course materials included with your registration are PDF Download Only items made available to students prior to the start of the class and are not for resale or distribution. All downloadable materials are accessible via your education dashboard (login required). Once eMaterials have been posted for download, the class is no longer refundable.

Class Format - Hybrid Offering!

ASA is offering the opportunity for students to attend this class in person or live via the internet as a remote participant. Virtual students share the same educational experience as the students in the classroom and can participate live just as if they were attending physically. If you plan to attend in-person, please do not purchase non-refundable airline tickets until you receive your official course confirmation from ASA. Also, be sure to review the Hybrid FAQ's before registering. 

Class Schedule

(All Times are Eastern US)

• Day 1 - Wednesday, September 7, 9:00am - 6:00pm 
• Day 2 - Thursday, September 8, 9:00am - 6:00pm
• Day 3 - Friday, September 9, 9:00am - 6:00pm
• Day 4 - Saturday, September 10, 9:00am - 12:00pm (Final Exam)*

*The final exam will be administered and proctored the day after the last class on Saturday, September 10. Exams are no longer provided in a written format and students MUST have a personal laptop or computer device to complete the secure online exam. For any exam questions or technical/logistic concerns, contact education@appraisers.org. More detailed information will be provided before class concludes.

Please note: Partial credit will not be awarded for this offering. Students must participate in all the live session(s) virtually or in-person to complete the course and receive full credit following successful completion of the final exam. The virtual session(s) will not be recorded and/or made available after class.

Continuing Education (CE) Credit

Class provides 28.8 ASA CE Instructional Hours and 3 Exam Hours

NASBA and Continuing Professional Education (CPE) Credit

ASA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.  State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit.  Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website www.learningmarket.org.

CPE Credit: Up to thirty (30) CPE credits in Specialized Knowledge
Program Level: Fundamental
Delivery Method: Only group-live courses are approved for CPE
Prerequisites: None
Advanced Preparation: None
Policies: ASA's Refund and Cancellation Policy and ASA's Complaint Resolution Policy 

Additional Information

ASA-accredited members (AM, ASA, FASA) who would like to attend this class will receive a 50% discount. This discount will be automatically applied at checkout.

Course Description

This capstone course applies the general valuation theory and principles learned in BV201, BV202 and BV203 and introduces the student to a variety of advanced valuation applications.  This course is presented in the following chapters (see more detail below): Pass-Through Entities; Intangible Assets; Non-US Cost of Capital; Fairness Opinions; Solvency Opinions; Value Allocation in a Complex Capital Structure; Employee Stock Ownership Plan Valuation; Valuation of Debt and Preferred Stock; Litigation Services; and Advancement and Accreditation. 

• Chapter 1. Pass-Through Entities (2 hours) covers topics including (i) the economic and tax differences between pass-through entities and C corporations, (ii) the Tax Court cases that changed the landscape of pass-through entity valuation and (iii) the emerging valuation models used to quantify the value differential between pass-through entities and C corporations.
• Chapter 2. Intangible Assets (4 hours) covers topics including (i) definition, identification and categorization of intangible assets, (ii) introduction to applicable valuation methods, (iii) issues related to goodwill and (iv) the excess earnings method.
• Chapter 3. Non-US Cost of Capital (2 hours) covers topics including (i) defining and evaluating various non-US country specific risks and (ii) an overview of several quantification methods for non-US cost of capital, including advantages and disadvantages of each.
• Chapter 4. Fairness Opinions (1.5 hours) covers topics including (i) corporate directors’ duties, (ii) foundational issues of fairness opinions, (iii) underlying financial analyses and (iv) unique fairness-related issues.
• Chapter 5. Solvency Opinions (1.5 hours) covers topics including (i) underlying bankruptcy and fraudulent conveyance issues, (ii) foundational issues of solvency opinions, (iii) underlying financial analyses and (iv) unique solvency-related issues.
• Chapter 6. Value Allocation in a Complex Capital Structure (5 hours) covers topics including (i) fair value considerations, (ii) valuation methods for early-stage companies, (iii) relevant features of equity securities, (iv) primary equity allocation methods and (v) issues relating to estimating volatility.
• Chapter 7. Employee Stock Ownership Plan Valuation (1.5 hours) covers topics including (i) an introduction to ESOPs, (ii) various ESOP-specific engagement issues and (iii) the valuation impact of various ESOP-specific characteristics.
• Chapter 8. Valuation of Debt and Preferred Stock (1.5 hours) covers topics including (i) an overview of security characteristics affecting value, (ii) fundamentals of credit analysis and (iii) adjusting a market-derived yield for company-specific issues.
• Chapter 9. Litigation Services (1.5 hours) covers topics including (i) an overview of the U.S. judicial system, (ii) types of disputes requiring valuation evidence (iii) principals of evidence and testimony, (iv) the litigation process and (v) measures of economic damages and available remedies.
• Chapter 10. Advancement and Accreditation (1 hour) covers topics including (i) prerequisites for advancement, (ii) experience requirements, (iii) guidelines for submitting appraisal reports, (iv) a review of common report flaws and (v) recommendations for success.

Instructional Methods

Methods include lectures, discussions and individual/ group exercises and assignments.  

Course Audience

BV204 is one of four Principles of Valuation (POV) courses required for those seeking a credential with ASA.  In addition, this course is also of interest to accountants, attorneys, business brokers, investment bankers, Internal Revenue Service staff and the appraisal community at large who are involved or interested in the valuation of businesses.

Learning Level 

Fundamental 

Upon completion of this course, students will be able to:

• Identify the primary attributes of a pass-through entity (PTE);
• Understand how PTEs differ from C corporations:
• -corporate-level income taxes
• -shareholder-level taxes
• -shareholder tax basis
• Describe how PTEs have historically been valued by appraisers;
• Recognize the major Tax Court cases relating to valuation of pass-through entities (PTEs);
• Identify the major arguments for and against tax-affecting the earnings of PTEs;
• Identify the key factors affecting the value of PTEs;
• Understand how distribution policies affect the advantages/disadvantages of being a PTE shareholder; and
• Recognize the emerging theory regarding PTE Valuation and leading practitioner models:
• -Delaware Chancery Court Method;
• -Roger Grabowski Method;
• -Dan Van Vleet (SEAM) Method;
• -Chris Treharne Method;
• -Chris Mercer Method; and
• -Nancy Fannon Method.

eMaterials

All course materials included with you registration are PDF Download Only items made available to students prior to the start of the class and are not for resale or distribution. All downloadable materials are accessible via your education dashboard (login required). Once eMaterials have been posted for download, the class is no longer refundable.

Accessing eMaterials

eMaterials are provided electronically in PDF format and posted to the class within the education dashboard for all registrants to securely access prior to the start of class. Attendees should come to the class prepared with an electronic or printed copy of all eMaterials to use as a refence during class. PDF course materials are presented in color, are bookmarked, and comment enabled. When opting to print downloadable materials, it is recommended that settings be adjusted to print in black and white (or grayscale) and consider printing double-sided on recycled paper.

Certificate of Completion

Please allow 10 business days following successful completion of the course and final exam to receive a formal status notification and access to a certificate of completion. The certificate will be available to view and/or download via your education dashboard once all required components are completed. 

Please do not purchase non-refundable airline tickets until you receive your official course confirmation from ASA.

Hotel

JW Marriott Tampa Water Street
510 Water St, Tampa, FL 33602
+1 (813) 221-4950

Located in the vibrant Water Street neighborhood of downtown Tampa, JW Marriott Tampa Water Street offers an elevated hospitality experience for the 2022 ASA International Conference (ASAIC22) attendees. Luxurious guest rooms and suites provide stunning cityscape and water views, featuring modern décor and elegant touches.

And just steps outside the hotel enjoy beautiful waterfront views and feel the warm sun along the Tampa Riverwalk. This 2.6-mile walk runs along the Hillsborough River to the Garrison Channel. From the bustling Heights Market at Armature Works, to the Sparkman Wharf, visitors can walk, bike, or take a scooter down the Riverwalk stopping at one of the many attractions, bars, or restaurants. At night, witness the colorful lights that bring the Riverwalk to life.

Special Group Rate:
$199 single/double

Reservation Cutoff Date: Tuesday, August 16, 2022 (11:59pm ET)

Reservations made after the cutoff date will be subject to availability and current room rate. To make hotel reservations online, visit the ASA dedicated hotel reservation site. To make reservations by phone, contact Marriott reservations at 1 888 789-3090 or +1 813-221-4950 . Be sure to mention 2022 ASA International Conference to receive the group rate.

Parking

Valet Parking: $32/day (rate as of March 2022). Attendees receive a 20% discount on parking.

Travel/Airport

Tampa International Airport services Tampa, FL.

Transportation

Uber and Lyft
Approximate minimum one-way charge is $24. Service can be accessed via mobile app. Be sure to check pickup locations for your specific arrival terminal. (Rates will vary based on traffic conditions).

Taxi
There is a flat rate of $30 from Tampa International Airport to all downtown properties. Approximate charge from JW Marriott to Tampa International Airport is $24. (Rates will vary based on traffic conditions.)

Rental Car
All major rental car companies are located at on-airport or at remote facilities. Access to on-airport rental car providers is available by taking the SkyConnect train from the Main Terminal. Remote bag check is available for most domestic passengers. Service is available daily from 5 a.m. until 7 p.m.; must arrive at least 90 minutes prior to scheduled departure. Please note hotel parking charges are not included with guest room fees.

ASA's Education Foundation recognizes students who choose to invest their time in appraisal studies by providing assistance to students demonstrating a financial need. Please visit the Educational Foundation's webpage for more information and to download an application.