BV560 NICE for Operating Companies

Webinar Description

This webinar will provide appraisers of equity interests and closely held operating companies a quantitative method of determining discounts for lack of control and lack of marketability. The Tax Court has recently been receptive to discounts determined quantitatively. We provide an excel based model which will calculate results but the user needs to understand the parameters by which the required inputs are selected. Like the original NICE, this model is based on academic research tied to empirical studies. Participants will be provided the NICE for Operating Companies model. 

Recommended Pre-Reading

Review NICE materials in NICE Users Group of ASAConnect. 

ASA has established a dedicated advisory team for NICE model users, aiming to offer comprehensive support and guidance. To remain informed and engaged, individuals are encouraged to join ASAConnect. To do so, follow these steps: 

1. Log in to Home (appraisers.org)
2. Navigate to ASAConnect, found in the top right-hand corner of the website 
3. Go to ‘Groups’ along the top bar
4. Select the ‘NICE Method Users Group’ 

This initiative intends to enhance user experience and facilitate efficient utilization of the NICE model. If you have any trouble accessing or have any questions, please contact member services at [email protected] 

Learning Outcomes

Upon webinar completion, the participant will be able to:

• Recognize factors which affect discounts;
• Explain why such factors affect discounts; 
• Test the effect of the factors by varying assumptions; and 
• Communicate the results of the analysis by utilizing provided report summary.

Course Audience

Business appraisers who value equity interests in operating purposes for tax purposes

Instructor Information

William H. Frazier, FASA | AltaView Advisors, L.L.C.

William H. Frazier, FASA, has been a senior member of the American Society of Appraisers since 1987 serving on various boards and committees over the years. In 2025, he was awarded the ASA’s highest recognition: the Fellow (FASA) designation. He has participated as an appraiser and/or expert witness in several U.S. Tax Court cases, including Grieve, Steinberg, Hendrix, Jelke, McCord, Dunn, and Gladys Cook. Will has written numerous articles on the subject of business valuation appearing in Trusts & Estates, Business Valuation Review, ABA Probate and Property, Valuation Strategies, BV E-Letter, and Estate Planning. He is the senior contributing author to the chapter on discounts for lack of marketability in Valuing A Business (6th ed.) and co-authored a chapter on this same topic in The Lawyer’s Business Valuation Handbook (3rd ed.) Will is the creator of the Nonmarketable Investment Company Evaluation (“NICE”) method of valuing family investment holding entities. The method is the only chapter on FLP valuation in the Cost of Capital textbook. Will served on the Internal Revenue Service Advisory Council (IRSAC) from 2009-2011 working on appraisal matters related to the Office of Professional Responsibility. He currently is on the Trusts & Estates – Valuation Advisory Editorial Board.

Continuing Education

Review of this session recording will award 2.4 CE hour(s). 

CPE credit is not awarded for this pre-recorded offering.