Exits of private equity firms from investments fell 67 percent by volume and 81 percent by dollar value.
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Valuation professionals must continually keep abreast of the latest news and developments. Whether it’s the latest Internal Revenue Service (IRS) ruling, a new, wide-ranging court decision, or newly issued standard, trying to stay on top of it all—while managing a practice—can pose a significant challenge. But as Nancy Gault recently learned at NACVA’s Annual Consultants’ Conference, Around the Valuation World in 90 Minutes, offers time-strapped practitioners an ideal solution: a monthly webzine-style summary of the latest news, trends, and issues in the BV and financial forensics profession delivered in 90 minutes. Learn more.
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How Forensic Accountants Can Aid Auditors in Risk Assessment Should an assessment of corporate culture be a factor auditors should consider as part of a risk assessment process? These authors think so. Find out why.
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One Medical Practice Could—Depending on How Rules of Thumb are Applied—be Valued at Several Radically Different Prices. Find Out Why! Paul Hyde, in a recent Around the Valuation World™ in 90 Minutes webinar, explained why rules of thumb are dangerous to rely on for valuation. The focus of his argument relied on six simple graphics that illustrated how the value of one hypothetical medical practice could—depending on how a rule of thumb is applied—be assessed at either $800,000 or $200,000 . . . or any number of different variations in between!
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There Has Been a Drop in Deal Volume, per GF Data. But Here’s Why it Hasn’t Affected Prevalent Values. Bob Wegbreit offers data confirming what private equity buyers and financial professionals have sensed since the beginning of the year—that the explosion in deal activity heading into the end of 2012 carried no momentum into 2013. Still: while deal volume has declined, valuations haven’t. Find out more.
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How to Work with Generation Y Lawrence Horwich explains what interests Gen-Y employees and how to create an environment within your firm to engage their interests. Find out more.
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A Calculation of Value is Not an Opinion or a Conclusion Dave Cooper and Bob Brackett answer common questions about standards and compare calculations of value to other services provided by valuators. Read more.
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California Sanctions Husband for Hidden Account. Wisconsin Finds ESOP Was Properly Governed In White v. Marshall & Isley Corporation, the U.S. District Court for the Eastern District of Wisconsin dismisses a case asserting that employee stock ownership plan (ESOP) fiduciaries violated their duty of prudence. In re: Simmons, tried in the Court of Appeals of California, found the husband subject to additional sanctions for his failure to disclose a separate property savings account. Find out more.
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The Most Critical Challenges Confronting Medical Practices Physician practices face a common set of challenges today, and Reed Tinsley explains key issues that practice owners, valuators, and financial consultants should focus on together in order to control costs, build incentives, ease management, and strengthen growth.
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Over 85 Percent of the World’s Information is Stored Electronically, and Over 50 Percent of that Information is Never Printed Out With over 85 percent of the world’s information stored electronically, and over 50 percent of that information never printed out, it’s more important than ever to make sure that electronic discovery related to pending litigation is performed thoroughly—and tracks information on multiple mobile devices, as well as desktop computers. Karl Epps explains how a forensic technologist can help.
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It’s Responsible and Efficient to Begin Appraisals by Granting Certain Assumptions and Respecting Precedent. Here’s Why. All kinds of news, findings, and rulings come out that might affect the work of financial consultants and appraisers every day. When can you know when a precedent is important or something you can ignore? Or, put another way: what information is most important to pay attention to? Rand Curtiss explains.
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Case Summaries from the U.S. Court of Federal Claims and the Appeals Courts of the Sixth and Seventh Circuits A corporation lies in applying for federal loan guarantees—and faces treble damages in United States v. Anchor Mortgage. In Naylor v. Invacare, plaintiff’s request for information plays a key role. Find out more.
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There’s an Important “Crime-Fraud Exception” to Attorney Privilege Experts Need to Be Aware of. Here are Some Key Legal Guidelines to What Is and Isn’t Legally Protected Communication When experts counsel business owners and represent them legally, what is the legitimate scope and possible limits of attorney-client privilege? Jim Hitchner reviews the findings of a key 2009 decision by The New York Supreme Court, Appellate Division, Sieger v. Zak, that provided a useful summary of clear precedents and set clear guidelines that that all experts should be aware of.
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Tricky Problems Must be Shaped Before they Can be Solved. To Start That Process, and Stimulate Novel Thinking, Leaders Should Look Through Multiple Lenses In the April 2013 edition of McKinsey Quarterly, Olivier Leclerc and Mihnea Moldoveanu outline an approach for taking a number of different approaches simultaneously to solving difficult problems. These involve flexible approaches using team expertise. Find out what “flexons” are, and how they offer a uniquely helpful approach to problem solving in today’s organizations.
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Held at the Hilton Hotel in Washington, DC, the Annual Consultants’ Conference Will Feature 57 Sessions Covering the Highest-Demand Specialty Areas in Financial Consulting The National Association of Certified Valuators and Analysts (NACVA) and the Consultants’ Training Institute (CTI) will collaborate to host the 2013 Annual Consultants’ Conference, June 5–8, 2013, in Washington, DC. Themed “Innovate. Collaborate. Succeed.,” the four-day conference will serve as a forum where ideas, marketplaces, and professionals from around the globe intersect to expand their networks, explore concepts, and share ideas on how to meet the demands of the dynamic and unpredictable world economy. Find out…
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Recent Cases Consider: Fair Market Value in Arkansas, Equalization Payments and Healthcare Credits in Iowa, and Valuations Based on Future Cash Flow in Louisiana Judge Wiggins in Iowa rules In re Marriage of McDermott on equalization payments and tax credits for health insurance payments. In Louisiana, Judge Williams finds a valuation in Fancher v. Prudhomme invalid since it was based on assumed cash flow—and a withdrawing member was the source of almost all the company’s business. Instead, current asset value is key. Find out more.
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Physicians Practices are Undergoing Consolidation. Most Often, Practices are Acquired by Hospitals—and a Prerequisite to Acquisition by a Hospital is Having a Practice Valuation Performed. Here’s Why. Physician practices are increasingly undergoing consolidation, and any acquisition requires a valuation performed by an independent third-party valuator. Here’s the low down on what valuators need and why they need it.
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A Quick Initial Assessment of an Appraisal Assignment Can Help Determine Which Approach and Which Tools to Use. Here’s Why That Matters. Appraisers have a large toolkit. When we pursue certifications, the tests we have to pass and our demonstration reports show that we know how to use tools properly, and certifications demonstrate our competency. In the real world, we are also in this profession to make a profit. Profits reward us for both competency and efficiency. Rand Curtiss explains how to be both effective and efficient.
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Case Studies, Strategies for Detecting Fraud, and a Framework for Prevention Corporate governance legislation has become increasingly concerned with the ongoing resilience of organizations, and, particularly, with their ability to resist corporate fraud from the lowest levels to the upper echelons of corporate management. These titles offer both case studies on recent fraud cases as well as guidance for strategies on fraud detection and prevention.
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Both Buyers and Sellers Should Follow a Careful Process to Realize a Successful Transaction. Here are Some Tips A successful business sale will ideally leave both the buyer and seller feeling the transaction was a success. Charles Andrews recaps questions that he asks sellers before accepting an engagement as a transaction advisor and lists ten steps defining a business sale process most likely to satisfy both buyer and seller.