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National Association of Certified Valuators and Analysts

The National Association of Certified Valuators and Analysts (NACVA) supports the users of business and intangible asset valuation services and financial forensic services, including damages determinations of all kinds and fraud detection and prevention, by training and certifying financial professionals in these disciplines.

Number of Entries : 2181

Lessons from the High Growth Accounting and Financial Services Firms

Four Key Differentiators that Lead to Success Hinge Research Institute conducted a study that involved 230 accounting and financial services firms. This 2020 High Growth Study includes extensive information on what sets apart high growth firms from its competitors in the study. It focused on those that had experienced 20% or greater compound annual growth in revenue over a three-year period. This article pr ...

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Valuation of Ambulatory Surgery Centers

Regulatory (Part IV of V) As noted in the first installment of this five-part series, an ambulatory surgery center (ASC) is a distinct entity that primarily provides outpatient surgical procedures to patients who do not require an overnight stay after the procedure. ASCs typically provide relatively uncomplicated surgical procedures in a non-hospital, outpatient setting, and most ASC cases are non-emergency ...

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The Valuation Impact of Using the Wrong Leverage Ratio to Unlever Betas

Recognize and Avoid Substantial Valuation Differentials One of the critical inputs in the capital asset pricing model (CAPM) is beta. In practice, there are two typical ways beta is estimated. Making an incorrect assumption could lead to substantial valuation differentials of over 10% in many cases and can lead to valuation differentials of over 50% in some instances. In addition, our analysis indicates tha ...

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Valuation of Ambulatory Surgery Centers

Reimbursement (Part III of V) As noted in the first installment of this five-part series, an ambulatory surgery center (ASC) is a distinct entity that primarily provides outpatient surgical procedures to patients who do not require an overnight stay after the procedure. The facilities typically provide relatively uncomplicated surgical procedures in a non-hospital, outpatient setting, and most ASC cases are ...

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Impact of COVID-19 to Global Business Valuation and Appraisal

On April 8, 2020, the American Society of Appraisers (ASA), CBV Institute, Global Association of Certified Valuators and Analysts (GACVA), National Association of Certified Valuators and Analysts (NACVA), and The Royal Institution of Chartered Surveyors (RICS) collaborated to host a free virtual town hall to discuss how the COVID-19 pandemic will impact business valuation analysts and appraisal titled “Impa ...

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Valuation of Ambulatory Surgery Centers

Competition (Part II of V) This second installment in this five-part series on the valuation of ASCs will discuss the competitive environment of ASCs, by competitor type. As noted in the first installment of this five-part series, an ambulatory surgery center (ASC) is a distinct entity that primarily provides outpatient surgical procedures to patients who do not require an overnight stay after the procedure ...

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Valuation of Ambulatory Surgery Center

Introduction (Part I of V) Ambulatory surgery centers (ASC) grew dramatically until 2008 and during the growth period provided services previously only available at hospitals. In this five-part series, the authors first discuss the emergence and decline of ASCs, the forces driving growth and contraction, and how the ASC business model differs from that of hospitals. The remaining articles in this series dis ...

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When a Purchase Involves Both Cash and Stock

Buyer and Seller Beware When a privately-held acquirer uses its stock to partly purchase a company, it is imperative that both the acquirer and the target in a transaction have support for, and a level of comfort with, the value assigned to the acquirer’s shares if they are being issued as part of the deal. It is especially important for the seller to conduct its own due diligence to better assess its risk ...

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Operating in the Post-Coronavirus Period

What Do We Do Moving Forward in Time? The coronavirus and the events unleashed by the outbreak were unforeseeable to professionals preparing reports as of the end of 2019. What do we, as valuation and litigation support professionals, do moving forward in time when we are engaged to value a business? Here, the author, Ron Rudich, answers these questions. Gary R. Trugman wrote in his tome, Understanding Busi ...

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Five Forces Influencing Your BVFLS Marketing in 2020

Opportunities Available to Drive Revenue and Remain Relevant Q1 2020 is already in the books. If you are thinking about your practice development goals, strategies, and tactics for the rest of the year, Rod Burkert has some ideas regarding what to do and identifies the opportunities associated with five options. Hard to believe that Q1 2020 is already in the books. And you might be thinking about your pract ...

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Should the Discount Rate for Contingent/Unliquidated Liabilities be Low, Medium, or High?

Valuing Liabilities Differs from Valuing Assets Valuing contingent/unliquidated liabilities raises some interesting questions. Do contingent/unliquidated liabilities have liability-specific risk? If yes, does liability-specific risk result in lower or higher obligations? Why do contingent/unliquidated liabilities related to lawsuits tend to settle as opposed to go through verdict and appeals? This article a ...

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Does the Rainmaker Model Still Work?

Relevance and Alternate Approaches to Succeed Traditionally, accounting and financial services organizations have relied on their firms’ partners to “make it rain” or by using their connections, both personal and professional, along with a sprinkling of charisma, to bring in new business and revenue. How effective is this traditional model in a technology driven world where buyers of services can now access ...

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“Little Big Data”

Get Clients to Count on Your Accounting Is it the valuation of a small privately held company with three employees? Or a large multi-national with employees in the thousands? Perhaps it is reviewing assets in a highly contested divorce. One way or another, you are trying to reach a decision, an opinion, or a conclusion from the data in front of you. Using big data, you must compose a story and present the d ...

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The Land Estate

Valuation Issues for Wind and Mineral Surface Development Rights As wind energy has emerged as a leading source of energy, several issues have arisen with respect to the rights of parties holding surface and mineral rights. There are important legal issues that need to be explored to assess whether to develop a wind energy farm. This article provides a historical and brief legal overview of the issues. By t ...

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Economic Damage Measurements

Lost Profits and Loss of Business Value—Differences and Correlation in Terms of the Harmful Impact to Plaintiff’s Claims When a plaintiff suffers, or believes to have suffered, economic damages as a result of a defendant’s actions in a civil matter he/she and their attorney are faced with determining the amount of economic damage suffered. A damages remedy is provided to restore the plaintiff to the same ec ...

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This is How I Vet my BVFLS Prospects

You Can Do It, Too How should a BVFLS practitioner first engage a prospective client? In this article, the author discusses how he engages prospects and the fee questions. It all starts with a phone call and the much-dreaded question: How much would you charge to value ABC Industries, Inc.? I don’t know … would you like me to guess? I mean, how could I possibly know without more details? For more years than ...

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Lost Profits and Discount Rates

What Do the Courts Want? Finding the methodology for determining the appropriate discount rate in a lost profits case can be a convoluted journey. The numerator (the lost profits) may be adjusted through modeling. The denominator (the discount rate) may be a risk-free rate, a rate of return on investments, or the rate of return commensurate with generating the lost profits had no wrongful act occurred. And, ...

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The Impact of the Coronavirus

On the Valuation of Small Businesses What is the impact of coronavirus on small businesses? What should valuation analysts consider in light of the stock market downfall when valuing a small business. The author shares his thoughts on the impact of coronavirus when valuing small businesses. The coronavirus pandemic is wrecking havoc on the global economy as we have seen last week with the stock market crash ...

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Application of Scenario Analysis for Computing Discount Rates

In Related-Party Cost Sharing Arrangements (Part II of II) This two-part paper demonstrates how the discount rate associated with the investment in intangibles developed under a cost sharing arrangement can be calculated using an analytical framework that explicitly considers variability of outcomes in profitability of the intangibles to be developed. Such framework is the probability-weighted scenario anal ...

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How to Grow 3X Faster

New Study Spotlights Five Proven Strategies There is an easy way to identify the most effective strategies for rapid growth. For the fifth year in a row, the Hinge Research Institute conducted a comprehensive study of more than 1,000 professional services firms. Specifically, Hinge looked at what “high-growth” firms (those with at least three years of 20% compound annual growth) do differently than firms th ...

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