BV204 Advanced Topics in Business Valuation

Includes Multiple Live Events. The next is on 01/17/2023 at 10:00 AM (EST)

Class Date/Time

Tuesday, January 17, 2023 - Friday, January 20, 2023

10:00am-6:00pm Eastern Standard Time

Class registration will close on Friday, January 13, 2023. 

Registration Includes

  • Access to virtual zoom sessions will be accessible via education dashboard (login required)
  • 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 Requirement

  • The Valuing a Business, 6th Edition Book is required for this class and can be purchased as an electronic pdf copy, or hard copy via the ASA Shop. If opting to order a hard copy, be sure to place order in advance to prevent shipping delays.

Class Schedule

(All Times are Eastern US)
  • Day 1 - Tuesday, January 17, 10:00am - 6:00pm 
  • Day 2 - Wednesday, January 18, 10:00am - 6:00pm
  • Day 3 - Thursday, January 19, 10:00am - 6:00pm
  • Day 4 - Friday, January 20, 10:00am - 1:00pm (Final Exam)*

*The final exam will be administered and proctored as shown on the scheduled date. 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 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

A certificate will be available to view and/or download immediately via your education dashboard following successful completion of the final exam and all required components are completed. 

Jeffrey S. Tarbell, ASA, CFA

Director

Houlihan Lokey

Jeffrey S. Tarbell, ASA, CFA, is director of financial and valuation advisory at Houlihan Lokey. He has over 30 years of experience in valuation and financial opinions. Mr. Tarbell has been a designated member of ASA for 25 years, and an active volunteer with numerous leadership positions, including most notably serving as the current Region 5 Governor of the ASA Board of Governors Committee and the past Chair of ASA’s Business Valuation Discipline Committee. He is also an expert witness, instructor, author and frequent speaker. 

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.

Key:

Complete
Failed
Available
Locked
Session 1 - January 17
Zoom Session #1
01/17/2023 at 10:00 AM (EST)   |  480 minutes
01/17/2023 at 10:00 AM (EST)   |  480 minutes Join link will be active 10 minutes before the scheduled live event. Once you click on the join link, you will be re-directed to the zoom event and the host will allow you to join shortly. If you experience technical issues joining via the link, we highly recommend to dial-in via a telephone until you are able to troubleshoot your access issue that may be related to personal settings, pop-up blockers, firewall etc. In addition, refreshing or logging off and re-joining typically resolves access issues. Please email education@appraisers.org if you've exhausted all recommended troubleshooting tips. Thank you.
Session 2 - January 18
Zoom Session #2
01/18/2023 at 10:00 AM (EST)   |  480 minutes
01/18/2023 at 10:00 AM (EST)   |  480 minutes
Session 3 - January 19
Zoom Session #3
01/19/2023 at 10:00 AM (EST)   |  480 minutes
01/19/2023 at 10:00 AM (EST)   |  480 minutes
Session 4 - January 20 [FINAL EXAM]
Zoom Session #4
01/20/2023 at 10:00 AM (EST)   |  180 minutes
01/20/2023 at 10:00 AM (EST)   |  180 minutes
BV204 Final Exam - Do Not Open Until Instructed By Proctor
100 Questions  |  1 attempt  |  180 minute limit  |  75/100 points to pass  |  Graded as Pass/Fail
100 Questions  |  1 attempt  |  180 minute limit  |  75/100 points to pass  |  Graded as Pass/Fail This exam is timed and must be completed within three (3) hours. ASA course exams consist of multiple choice only questions. Record your answers and all calculations on your personal supplemental work paper and keep them for your records in the event there is an unlikely technical issue with the system recording your answers. It is recommended that you do not spend too much time on any one question until all questions have at least been attempted. Grades are provided to students as “Pass/Fail” only and course examinations are not returned to students after grading. Good luck!
Course Wrap-Up
Exam Acknowledgement
BV204 Course Evaluation
15 Questions
15 Questions We appreciate you taking the time to complete this course evaluation. Your feedback is vital to ASA to provide quality education and courses. Thank you in advance for your valuable feedback as it will continue to help ASA shape future educational initiatives. Sincerely, The ASA Education Team
BV204 Course Certificate
31.80 CPE credits  |  Certificate available
31.80 CPE credits  |  Certificate available