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Transition Planning Revisited

Improving the Business and Positioning it for Sale An exit plan must be fluid and flexible. This article provides readers a summary of the standard processes followed by the author and potential pitfalls. You say succession, I say exit; you say leadership change, I say transition—at the end of the day does it really matter? Change is coming and time waits for no one. Perhaps the following Mark Twain quote s ...

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Data Reliability Issues

When is there a Duty to Corroborate Data? NACVA’s Standards Board (SDB) was formed in 2016 with the purpose to promulgate NACVA’s Standards, including the development of interpretations, amendments, restatements, and new releases of NACVA’s Standards as deemed necessary and prudent. While being able to influence the very rule governing one’s profession is an astute honor, the most rewarding role performed b ...

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The Changing World of Business Development

Turning Traditional Business Development on Its Head (Part I of II) Business development (BD) used to be simple: do good work for existing clients, be active in your local community, and watch the referrals roll in. To be a successful rainmaker for a firm, all a professional needed was a little confidence, some networking skills, and perhaps the occasional educational presentation. But BD has changed, drive ...

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NACVA Standards Board

Litigation and Non-Litigation FAQ Interpretations Initiative Business valuation/appraisal standards are promulgated by different business appraisal organizations. The NACVA’s Standards Board was formed to continually review the organizations standards and to ensure that the NACVA’s Professional Standards remain up to date, relevant, and relatively consistent with the standards of the other professional orga ...

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Book Review

Finance & Accounting for Lawyers, Second Edition, by Brian Peter Brining, JD, CPA BVR has just released Finance & Accounting for Lawyers, Second Edition, by Brian Peter Brining, JD, CPA. The purpose of this edition is to provide the reader, lawyers particularly, with a technical overview of accounting principles and methods so the knowledge can be applied in the practice of law. In the finance and v ...

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The Internal Revenue Code’s §170

Charitable Contribution Deductions (Part II of II) The Tax Cuts and Jobs Act of 2017 and subsequent tax acts, such as the CARES Act, have complicated charitable giving and estate planning. This second part of this two-part article provides an overview of the limits placed on conservation easements. (Read Part I here.) In this second of a two-part article, the limits on the value and legality of conservation ...

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Planning and Conducting a Management Interview

Relating to a Business Interruption Claim (Part II of II) It remains unclear whether business interruptions caused by the current novel Coronavirus pandemic will be covered under business interruption insurance policies because insureds and insurance companies are still arguing whether the pandemic and/or related state and/or local government shutdown orders qualify as “physical damage.” While litigation on ...

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Planning and Conducting a Management Interview

Relating to a Business Interruption Claim (Part I of II) It remains unclear whether business interruptions caused by the current novel Coronavirus pandemic will be covered under business interruption insurance policies because insureds and insurance companies are still arguing whether the pandemic and/or related state and/or local government shutdown orders qualify as “physical damage.” While litigation on ...

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The Internal Revenue Code’s §170

Charitable Contribution Deductions (Part I of II) The Tax Cuts and Jobs Act of 2017 and subsequent tax acts, such as the CARES Act, have complicated charitable giving and estate planning. This two-part article provides an overview of the current state of the law as it concerns both. In this first part, the author focuses on charitable deductions. A charitable contribution deduction is allowable for a contri ...

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Is There an Ability to Recover for Business Losses

Related to Property Contaminated by COVID-19 Not only has the COVID-19 pandemic impacted the health of hundreds of thousands of people globally, but the government response to this health crisis has also created a significant financial burden on businesses across the country. State and local officials issued “stay at home” orders which required the majority of residents to stay at home in states and countie ...

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Accounting for COVID-19 in Valuation

The Bankruptcy Court Weighs-in In Re: Body Transit, Inc. The Bankruptcy Court of the Eastern District of Pennsylvania In re: Body Transit, Inc. addressed how COVID-19 impacts valuations. On August 7, 2020, the Court heard and decided the case. This case proceeded under the Small Business Reorganization Act (SBRA) whereby the debtor’s objection to a creditor’s election to have its claim treated as fully secu ...

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COVID-19

An Opportunity for Gift and Estate Planning at Low Valuations The disruption brought about by COVID-19 created certain industry “winners” and “losers.” Many of those that emerged as losers are small and medium-sized privately held businesses such as restaurants, bakeries, gyms, hair salons and spas, and the corresponding real estate holding entities that leased to such businesses, held retail and office spa ...

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What Professional Services Firms’ Websites Get Wrong

The Marketing Funnel (Part II of II) In the August 2020 article, the author discussed five basic ways website planning and organization can result in sub-optimal results. In this article, the author drills down and looks at ways a website can fail to support a firm’s marketing funnel. The author explores the three key parts of the marketing funnel and shares where poorly designed websites come up short in e ...

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Back to Basics

COVID-19’s Impact on Micro and Small Business Valuation As summer comes to an end, while COVID-19 remains a concern, business owners have resumed contemplating their succession and growth strategies. What have valuation analysts learned? In this article, the author shares additional questions that business valuation practitioners should be asking. The hysteria from the huge unforeseen social and economic ch ...

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Bilingual Skills

Speaking Our Client’s Language How many times have readers started reading an e-mail from a colleague or peer with questions on a valuation you performed and been simply lost as to why they are asking? As you re-read the e-mail time and time again, you cannot understand where their questions are coming from. You feel confused, frustrated, and lost. In this article, the author proposes that we reflect on the ...

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Common Adjustments in the Due Diligence Process

Conducting Financial Due Diligence and Quality of Earnings Analysis Financial due diligence and quality of earnings reports provide a third-party analysis of a target company’s current financial position and historical financial performance. When evaluating a potential business acquisition, it is crucial to understand the nature and magnitude of the business’ cash flows. Whether from the perspective of the ...

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Pay for Delay

Quantifying the Lost Opportunity of Being First (Generic Entrant) to Market The authors in this article explore the scale of first mover advantage in generic pharmaceuticals and the methods behind quantifying the value of being first generic to market, or the loss when being prevented from doing so. They discuss, how much is it worth to be the first generic entrant to the market? Introduction The recent Eur ...

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Task List

For When a Client Wants to Buy a Business The authors in this article share a checklist developed and provided to firm clients contemplating buying a business. The following are key steps involved when a client wants to buy a business. Buyers and their advisors can use this list as a timeline and road map of the steps that are expected to occur, and what they should plan on doing. A companion posting for cl ...

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How Do You Recover

the Cost of Your Reference Library? Now, there is an abundance of print and online resources that have greatly improved both our report preparation efficiency and effectiveness. Simply put, we have access to better information and are more productive in our engagements. Certainly, clients benefit from that increased access and productivity, but it comes at our ever-growing out-of-pocket library expense. So ...

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The Internet is Growing Up

The Future is Here This article describes the background, concepts behind, and implications of blockchain technology deployment for commercial, governmental, and personal use. QuickRead readers are aware of proposals to move entirely away from cash (bills and coins) for daily transactions. Such a move is expected to create a major inconvenience for those without access to credit cards and basic banking ...

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