BV192 The Finer Points of Projecting Cash Flows
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The importance of developing thoughtful and supportable cash flows cannot be overstated. This webinar will address the necessary factors to consider when projecting cash flows. The different categories of normalization adjustments will be discussed, with examples. The discussion will address the review of historical trends and what they mean for the future. We will also explore the importance of projecting a balance sheet in conjunction with an income statement. Different projection methods will be discussed, as well as how to handle projections from management that may lack credibility. The special circumstances of a stub period valuation also be part of the discussion.
Valuation practitioners of fundamental and intermediate skill levels
Russell T. Glazer, ASA | Gettry Marcus CPA, P.C.
Russell Glazer, CPA/ABV, MCBA, ABAR, ASA, CVA, MBA, is a Partner with Gettry Marcus CPA, P.C. and is a member of the firm’s Business Valuation & Litigation Services Group. Russ has lectured on a variety of business valuation topics nationally, and is a multiple recipient of IBA’s Instructor of Great Distinction Award and NACVA’s Instructor of Exceptional Distinction Award. He has authored several articles in peer-reviewed business valuation publications, and is a contributing author for business valuation courses. He has developed and delivered a number of presentations to CPA Societies and business valuation professionals across the country. He twice received the Jeffrey R. Salins Report Writing Award from NACVA in acknowledgement of superior work in preparing a business valuation report. He also serves as a member of the Business Valuation Education Sub-Committee of the American Society of Appraisers, and is on the ASA's Board of Examiners.
Upon webinar completion, the participant will be able to:
- Review historical financial statements for clues that can be used in projecting cash flow;
- Understand the different categories of normalizing adjustments and their impact on projections;
- Critically assess the reasonableness of projections prepared by management;
- Explain and support the projections relied upon as the foundation for the valuation conclusion; and
- Identify and successfully navigate the special considerations surrounding a stub period valuation date.