BV204 Advanced Topics in Business Valuation

Class Date/Time

Thursday, September 12, 2024 - Sunday, September 15, 2024
8:00am-5:00pm Pacific Daylight Time*

*Start/end time subject to change

Class registration will close on Friday, September 6, 2024. 

Registration Includes

Virtual Attendees

• Access to virtual zoom sessions will be accessible via education dashboard (login required)
• Electronic student materials*

In-person Attendees

• AM and PM beverage breaks (on course days)
• Electrical outlet for laptops/electronic devices
• Electronic student materials*

*All course materials included with your registration are PDF Download Only items made available to students prior to the start of the class and are not for resale or distribution. All downloadable materials are accessible via your education dashboard (login required). Once eMaterials have been posted for download, the class is no longer refundable.

Class Requirement

• The Valuing a Business, 6th Edition Book is required for this class and can be purchased as an electronic pdf copy, or hard copy via the ASA Shop. If opting to order a hard copy, be sure to place order in advance to prevent shipping delays.

Class Format - Hybrid Offering!

ASA is offering the opportunity for students to attend this class in person or live via the internet as a remote participant. Virtual students share the same educational experience as the students in the classroom and can participate live just as if they were attending physically. If you plan to attend in-person, please do not purchase non-refundable airline tickets until you receive your official course confirmation from ASA. Also, be sure to review the Hybrid FAQ's before registering. 

Class Schedule

(All Times are Pacific Daylight Time - US)

• Day 1 - Thursday, September 12, 8:00am - 5:00pm 
• Day 2 - Friday, September 13, 8:00am - 5:00pm
• Day 3 - Saturday, September 14, 8:00am - 5:00pm
• Day 4 - Sunday, September 15, 8:00am - 11:00am (Final Exam)*

*The final exam will be administered and proctored as shown on the schedule. Exams are no longer provided in a written format and students MUST have a personal laptop or computer device with a camera to complete the secure online exam. For any exam questions or technical/logistic concerns, contact education@appraisers.org. More detailed information will be provided before class concludes.

Please note: Partial credit will not be awarded for this offering. Students must participate in all the live session(s) virtually or in-person to complete the course and receive full credit following successful completion of the final exam. The virtual session(s) will not be recorded and/or made available after class.

Continuing Education (CE) Credit

Class provides 28.8 ASA CE Instructional Hours and 3 Exam Hours

NASBA and Continuing Professional Education (CPE) Credit

Policies: ASA's Refund and Cancellation Policy and ASA's Complaint Resolution Policy. ASA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website www.learningmarket.org

CPE Credit: Up to thirty (30) CPE credits
Program Level: Fundamental
NASBA Knowledge Type: Specialized Knowledge
Delivery Method: Group Live
Prerequisites: None
Advanced Preparation: None

Additional Information

ASA-accredited members (AM, ASA, FASA) who would like to attend this class will receive a 50% discount. This discount will be automatically applied at checkout.

Course Description

This capstone course applies the general valuation theory and principles learned in BV201, BV202 and BV203 and introduces the student to a variety of advanced valuation applications.  This course is presented in the following chapters (see more detail below): Pass-Through Entities; Intangible Assets; Non-US Cost of Capital; Fairness Opinions; Solvency Opinions; Value Allocation in a Complex Capital Structure; Employee Stock Ownership Plan Valuation; Valuation of Debt and Preferred Stock; Litigation Services; and Advancement and Accreditation. 

• Chapter 1. Pass-Through Entities covers topics including (i) the economic and tax differences between pass-through entities and C corporations, (ii) the Tax Court cases that changed the landscape of pass-through entity valuation and (iii) the emerging valuation models used to quantify the value differential between pass-through entities and C corporations.
• Chapter 2. Valuation for Employee Stock Ownership Plans covers topics including (i) an introduction to ESOPs, (ii) various ESOP-specific engagement issues and (iii) the valuation impact of various ESOP-specific characteristics. 
• Chapter 3. Non-US Cost of Capital covers topics including (i) defining and evaluating various non-US country specific risks and (ii) an overview of several quantification methods for non-US cost of capital, including advantages and disadvantages of each. 
• Chapter 4. Valuation of Debt Securities covers topics including (i) an overview of security characteristics affecting value, (ii) fundamentals of credit analysis and (iii) adjusting a market-derived yield for company-specific issues. 
• Chapter 5. Allocating Value Across Complex Capital Structures covers topics including (i) fair value considerations, (ii) valuation methods for early-stage companies, (iii) relevant features of equity securities, (iv) primary equity allocation methods and (v) issues relating to estimating volatility. 
• Chapter 6. Fairness Opinions covers topics including (i) corporate directors’ duties, (ii) foundational issues of fairness opinions, (iii) underlying financial analyses and (iv) unique fairness-related issues. 
• Chapter 7. Solvency Opinions covers topics including (i) underlying bankruptcy and fraudulent conveyance issues, (ii) foundational issues of solvency opinions, (iii) underlying financial analyses and (iv) unique solvency-related issues. 
• Chapter 8. Litigation Services covers topics including (i) an overview of the U.S. judicial system, (ii) types of disputes requiring valuation evidence (iii) principals of evidence and testimony, (iv) the litigation process and (v) measures of economic damages and available remedies. 
• Chapter 9. Intangible Assets covers topics including (i) definition, identification and categorization of intangible assets, (ii) introduction to applicable valuation methods, (iii) issues related to goodwill and (iv) the excess earnings method. 
• Chapter 10. Writing the Business Valuation Report covers topics including (i) valuation standards pertaining to report writing and content, (ii) guidelines for writing an effective report, and (iii) common report errors and shortcomings. 
• Chapter 11. Advancement and Accreditation covers topics including (i) prerequisites for advancement, (ii) experience requirements, (iii) guidelines for submitting appraisal reports, (iv) a review of common report flaws and (v) recommendations for success.

Instructional Methods

Methods include lectures and interactive discussions  

Course Audience

BV204 is one of four Principles of Valuation (POV) courses required for those seeking a credential with ASA.  In addition, this course is also of interest to accountants, attorneys, business brokers, investment bankers, Internal Revenue Service staff and the appraisal community at large who are involved or interested in the valuation of businesses.

Learning Level 

Fundamental 

Upon completion of this course, students will be able to:

• Appropriately value pass-through entities (e.g., Subchapter S corporations, limited partnerships, and limited liability companies) in a manner that appropriately reflects any benefits associated with the tax benefits afforded to such entities.
• Recognize the differences between intangible assets, intellectual property, and goodwill, and understand methods commonly used to value intangible assets.
• Examines the difference in risk characteristics of investing in various countries, and explore the principal models used to estimate present value discount rates that incorporate country-risk premia.
• Understand the legal obligations of corporate directors in the context of control transactions, and how fairness opinions help directors manage that risk and enable directors to make better-informed decisions.
• Apply commonly used valuation and financial modelling techniques to assess the capital adequacy of companies undertaking highly leveraged transactions, and recognized how solvency opinions assist corporate boards in fulfilling their fiduciary duties.
• Recognize a complex capital structure and interpret how the various rights of each security class translates into economic value in a liquidity event or a corporate valuation.
• Identify the key aspects of Employee Stock Ownership Plan valuation, including the regulatory environment and unique attributes of ESOP-owned stock that affect fair market value.
• Distinguish between debt and equity securities, and employ credit analysis and DCF techniques to value interest-bearing debt.
• Understand generally the litigation process and how appraisers can provide vital assistance in many types of legal disputes, and explore the principal models used to assess economic damages.
• Prepare a written appraisal report in a manner consistent with relevant standards and which expresses the underlying analyses in a clear, concise, consistent, convincing, and credible manner.

eMaterials

All course materials included with you registration are PDF Download Only items made available to students prior to the start of the class and are not for resale or distribution. All downloadable materials are accessible via your education dashboard (login required). Once eMaterials have been posted for download, the class is no longer refundable.

Accessing eMaterials

eMaterials are provided electronically in PDF format and posted to the class within the education dashboard for all registrants to securely access prior to the start of class. Attendees should come to the class prepared with an electronic or printed copy of all eMaterials to use as a refence during class. PDF course materials are presented in color, are bookmarked, and comment enabled. When opting to print downloadable materials, it is recommended that settings be adjusted to print in black and white (or grayscale) and consider printing double-sided on recycled paper.

Certificate of Completion

A certificate will be available to view and/or download via your education dashboard following successful completion of the final exam and all required components post-exam. 

Please do not make hotel/travel arrangements until the class is confirmed

Hotel

Hilton Portland Downtown
921 SW Sixth Avenue
Portland, OR 97204
+1 503-226-1611

Conveniently situated in the heart of downtown, Hilton Portland Downtown is within two blocks of live theaters and outdoor markets, and a short walk from the city's best stores, restaurants, and entertainment options. Nearby attractions include the Portland Art Museum, Arlene Schnitzer Concert Hall, and upscale shopping at the three-story Pioneer Place Mall, all within a three-minute walk. Enjoy the Tom McCall Waterfront Park, less than a mile away, or Washington Park and the famed Oregon Zoo, just 10 minutes from the hotel.

Special Group Rate:
$199 single/double

Reservation Cutoff Date: Wednesday, August 21, 2024 (11:59pm PDT)

Reservations made after the cutoff date will be subject to availability and current room rate. To make hotel reservations online, visit the ASA dedicated hotel reservation site. To make reservations by phone, contact Hilton reservations at +1 800-699-1829 or +1 503-226-1611. Be sure to mention the 2024 ASA International Conference to receive the group rate.

Parking

Self Parking: Not available

Valet Parking: $55/day (rate as of March 2024).

Electric car charging available on-site.

Travel/Airport

Portland International Airport (PDX) is located approximately 18 miles from downtown Portland

Transportation

Uber and Lyft
Minimum one-way charge is approximately $25. Service can be accessed via mobile app. Be sure to check pickup locations for your specific arrival terminal. Rates will vary based on traffic conditions.

Taxi
A cab ride costs approximately $45 from the airport to the hotel. Rates may vary based on traffic conditions.

Rental Car
Portland International Airport offers on-site car rental and is serviced by most major car rental companies.

ASA's Education Foundation recognizes students who choose to invest their time in appraisal studies by providing assistance to students demonstrating a financial need. Please visit the Educational Foundation's webpage for more information and to download an application.