Business Valuation and Economic Damages Series

A Four-Part Seminar Series of Two-Hour Sessions

2.0 General Credit Hours each
Presented by: Garth Tebay, Managing Partner, Headwaters SC Valuation Services, LLC and Value Defined
2/9/2018 - 2/9/2018 10:30 AM

Program

   

Wednesday, 29 November 2017

 
Register for all 4 seminars - Buy 3/Get 1 Free
11/29/2017 8:30 AM - 2/9/2018 8:30 AM
8:30 AM
Held at Toledo Bar Association In Part I, the participants will consider the criteria for selecting the right expert to provide the court with business valuation or economic damage opinions. We will discuss qualifications, professional standards, and experience requirements for expert testimony. We will consider qualifying an expert using Frye, Federal Rule of Evidence 702, and the Daubert Trilogy. We will discuss the different standards of value, premise of value and methodologies generally accepted by the profession. We will identify the treaties generally accepted by the profession and the empirical studies available to the expert. Topics:  •        Purpose for business valuation and economic damage opinions  •        Credentials in business valuation, economic damage opinions, forensic analysis, fraud investigations, real estate, equipment, intellectual property, etc.  •        Professional standards  •        Experience requirements  •        Frye  •        Federal Rule of Evidence 702  •        Daubert Challenge  •        Standards of Value and Premise of Value  •        Approaches and Methodologies  •        Treaties, Studies, and Empirical Evidence  •        Experience, Industry, Type of Asset,  •        Voir Dire; Motion in Limine  •        Multiple Experts  •        Evaluate the Expert Before Engaging the Expert.
5:00 PM - 10:30 AM
5:00 PM

Friday, 15 December 2017

 
Held at Toledo Bar Association In Part II participants will understand the valuation process, documentation standards, sources of information, industry profile, economic outlook, financial analysis, approaches and methodologies, synthesize indications of value, and conclusion of value. We will discuss strengths and weaknesses of the approaches, methodologies, market data, industry data, forecasts, financial data and other information relied upon. Topics: • Purpose • Standard of Value and Premise of Value • Development Standards • Information Relied Upon • Interviews, Site Visits, Review Evidence • Industry Profile • Company Information and Background • Economic Outlook • Financial Analysis • Corporate Documents • Prior Transactions • Market Data – Guideline Completed Transaction Method, Guideline Public Company Method • Cost of Capital • Use of Specialist • Fundamental Analysis • Asset Approach – Adjusted Net Asset Method • Income Approach – Capitalization of Cash Flows Method, Discounted Cash Flows Method • Market Approach – Guideline Completed Transaction Method, Guideline Public Company Method • Rule of Thumb • Weighting and Averages
8:30 AM - 10:30 AM
8:30 AM

Friday, 19 January 2018

 
Formulating an Opinion, Testing Conclusion & Sanity Check (Held at Shumaker Loop & Kendrick) In Part III participants will understand the difference between a Conclusion of Value and a Calculation of Value. We will discuss information relied upon to form an opinion. We will consider reliability of data, scope limitations, and assumptions and limiting conditions. We will discuss the control vs lack of control interests and how the nature of the subject interest is considered when using methodologies, sources of cost of capital, discounts and premiums. We will review case law regarding Double Dip in divorce cases. We will discuss testing the valuation conclusion and we will consider a new sanity check introduced at the 2017 National Valuation Conference.  Topics: • Conclusion of Value • Calculation of Value • Expression of Value as Single Amount or Range of Value • Reliability of Data • Scope Limitations • Assumptions and Limiting Conditions • Control vs Lack of Control Interests • Marketability and Liquidity • Double Dip • Testing Theory or Technique  • Considering Alternative Methods and Concepts • Theory or Technique Subjected to Peer Review • Potential Error Rate • Sanity Checks for Reasonableness
8:30 AM - 10:30 AM
8:30 AM

Friday, 09 February 2018

 
Strength and Weakness in Expert Testimony on Business Valuation & Economic Damages (Held at Shumaker Loop & Kendrick) In Part IV we will wrap up the four-part series with identifying the strengths and weaknesses of the conclusion of value or opinion of economic damages. Participants will be able to spot errors and omissions that could result in an overstatement or understatement of value. We will discuss common errors in business valuation and the potential use of litigation waivers to cut corners on development of the expert opinion. The goal of the program is to provide the participants with an adequate understanding of the business valuation or economic damage expert opinion to identify key factors to question. Topics: • Reporting Standards • Litigation Waiver • Federal Rule of Evidence 26(a)(2)(B) – Expert Reports • Common Errors • Depositions Different than Trial Testimony • Violation in Professional Standards • Errors in the Report • Advocacy • Speculation • Failure to Document Assumptions and Process to Conclusion • Questions/Inquiry of the Expert Opinion
8:30 AM - 10:30 AM
8:30 AM

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