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The National Association of Certified Valuators and Analysts® (NACVA®) has been educating and credentialing CPAs and other financial advisors to support business owners in understanding the value of their business for the past quarter century. NACVA’s  global Certified Valuation Analyst® (CVA®) designation is the most widely recognized valuation credential and the only business valuation credential accredited by the National Commission for Certifying Agencies® (NCCA®).

Book Review—A Consensus View Q&A Guide to Financial Valuation

Hitchner, Pratt, and Fishman Answer the Call In the past month, business valuation professionals have read reviews from a number of practitioners serving as reviewers for the Q&A Guide. All of them are positive. In this book review, we go into a little more detail and discuss what these established and accomplished business valuation professionals and leaders answer in the Q&A Guide. So, what does t ...

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WikiLeaks Delivers—Valuation Reports From Top Firms (Deloitte, KPMG, E&Y, Houlihan & SVB)

Benchmarking Your Reports and Examining What Hypothetical Conditions and/or Extraordinary Assumptions You Have Made! However, thanks to WikiLeaks, “The Interview”, and Sony Pictures, a rather sizeable repository of sample reports exist free of charge. These reports, as you might expect, are from the transaction arms of Big Four firms as well as leading national shops. Anyone who has been doing this for a wh ...

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Consider Market Approach Intellectual Property Valuation Methods

IP Valuation—Beyond the Income and Cost Approach Valuation analysts (“analysts”) are often asked to value debtor company intellectual property (IP) within a business bankruptcy context. Some of the bankruptcy reasons to value IP include the assessment of the following: the debtor’s solvency, a secured creditor’s collateral and protection, the fairness of a Section 363 IP asset sale or license, the debtor’s ...

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When Should an Appraisal be Attached to a Return?

Disclose Now or Later? There is no requirement to attach an appraisal for an estate of gift tax return, but having been involved with the classification of returns at the Cincinnati Service Center located across the river in Covington, Kentucky, I want to share my thoughts on when it is appropriate to attach an appraisal done for gift and estate tax purposes. ...

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Financial Reporting Blog: Best of 2015

With the New Year just around the corner, Mercer Capital is beginning their countdown a little early.  Here are this year’s 10 most popular posts from The Financial Reporting Blog.  Happy New Year 2016! To read the full article in Mercer Capital's Financial Reporting Blog, click: Financial Reporting Blog: Best of 2015. This article is republished from Mercer Capital's Financial Reporting Blog.  It is reprin ...

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Discounts on Family Limited Partnership

The IRS is Challenging the Appropriateness of Discounts when Preparing a Valuation The current regulations, Revenue-Ruling 93-12, allow for discounts when valuing a Family Limited Partnership (FLP). The proposal is expected to potentially limit the allowed discount and consequently raise the taxable portion of the trust or estate structures. This article reviews the current requirements for FLPs, their hist ...

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Goodwill Impairment Study 2015

Duff & Phelps has released its 2015 U.S. Goodwill Impairment Study.  This is prepared in partnership with the Financial Executives Research Foundation, analyzing the general and industry trends of goodwill impairment of over 8,700 U.S. publicly-traded companies. To download your complimentary copy, click: Goodwill Impairment Study 2015. ...

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Single-Serve Control Premium?

Buyers do not offer premiums simply for the sake of gaining control, but rather, through exercising the prerogatives of control, those buyers expect to generate economic benefits.  Travis W. Hams, leads Mercer Capital’s Financial Reporting Valuation Group, looks at the Appraisal Foundation’s white paper on the subject of JAB Holdings’ acquisition of Keurig Green Mountain. To read more about the results of t ...

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Complex Valuation Engagements

How to Account for Current or Proposed Legislation in the Business Valuation Engagement Oftentimes a valuation engagement presents a unique set of challenges for the appraiser. For instance, a particular engagement may be the first look at how companies in a particular industry operate. Other times, it may be a look at a company experiencing a downturn, and the appraiser must determine how to properly deter ...

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What Drives Business Value?

SPARC the Analysis and Shine Have you ever asked your clients what drives the value of their businesses? If they feel comfortable that they know what drives their business’ value, have you ever asked them why it does? In this article, first of a two part series, Sarah von Helfenstein shares her thoughts on the kinds of things that we, as business analysts and appraisers, should consider when assessing busin ...

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Dissenting Shareholders and Bank Appraisals: Speak Now or Forever Hold Your Peace

Being on the rise, dissenting actions are catching the eye of investors, attorneys, and other deal makers.  Jay D. Wilson, Jr., senior member of Mercer Capital’s Depository Institutions practice, takes a look at why it is important an appraiser preparing a valuation of a bank in an appraisal action understand both valuation techniques and the banking industry. To read more about the results of this report i ...

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Separating Personal Goodwill from Entity Goodwill in the Closely Held Company Valuation

Guidance from Bross Trucking v. Commissioner (2014) Valuation analysts often have to separate company-owned entity goodwill from shareholder-owned personal goodwill in the valuation of closely held companies. These valuations may be performed for family law, shareholder dispute, breach of contract, or other litigation purposes; for transaction structuring and sale consideration allocation purposes; and for ...

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Are IPOs the New Down Round?

There seems to be an imbalance between the public and private markets.  Holding private capital markets more desirable than public markets expresses and illiquidity preference.  Madeleine L. Harrigan, financial analyst with Mercer Capital, notes this is at odds with basic investment logic and the requirements of portfolio management and why it cannot continue. To read more about the results of this report i ...

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Digital Currencies

Your Next Engagement Currency has played a central role in most business valuation and financial forensic engagements since the origination of the two terms. What has not been so clear lately is the changing nature of currency and for that matter, the very definition of money itself. This article explores how digital currencies originated, their attributes, and how they should be considered for your next va ...

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The IRS Equity Compensation Audit Guide

Obviously, every equity compensation plan is different and the particular tax treatment of a given security depends on the facts and circumstances of the arrangement.  Samantha L. Albert, senior financial analyst with Mercer Capital, examines equity-based compensation and the tools available when examining these arrangements. To read more about the results of this report in the Mercer Capital's Financial Re ...

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