Tag Archives: business valuation

Philadelphia ASA hosts virtual Business Valuation Conference

The American Society of Appraisers Philadelphia Chapter was pleased to present their 2021 ASA Business Valuation Virtual Conference on Thursday, September 23, 2021.

The conference ran from 8:00am to 4:15pm Eastern Standard Time (EST) with presentations from a wide variety of presenters.

We thank all of our guest speakers and presenters for participating.

Range of Presentation Topics and Agenda

The conference agenda will feature presentations from nationally recognized speakers who are professional leaders, covering a range of topics.

Steven Juska, ASA, Managing Director, Financial & Forensic Services, CBIZ, served as the Conference MC

8:15am – 9:15am Value in M&A “in action” vs. in BV practice: Pest Control Industry Case Study

Paul Giannamore, Managing Director | Potomac Pest Control Group

Paul spoke about how market participants look at potential acquisitions and recent trends in the pest control industry as a case study as transaction multiples are at record highs.

9:15am – 10:15am Active versus Passive Appreciation in Divorce

Discounts for Lack of Marketability & Liquidity

Ashok Abbott, Ph.D., Associate Prof. of Finance | West Virginia University

Dr. Abbott’s areas of research and teaching include mergers and acquisitions, corporate valuation, and measures of market liquidity. His consulting areas are valuation discounts and premiums, valuation model validation, passive appreciation, and event studies. His presentation focused on the questions: Why do we care whether a business has active or passive appreciation during a divorce? Is there a quantitative measure to quantify passive appreciation in divorce?

Are there distinctions between marketability and liquidity? The speaker brought us empirical studies that attempted to quantify liquidity discounts.

10:30am – 11:30am Litigation Do’s and Don’ts

Sean Saari, CPA, ABV, CVA, MBA, Partner Advisory | Marcum

Robert Ranallo, CPA, ABV, JD, CVA, CFF, Partner Advisory | Marcum

Preparing a valuation analysis can be difficult enough, let alone defending it against an opposing party questioning your every move. Valuation experts need to know how their valuations may be challenged by other experts and work to effectively address these issues pre-emptively.

11:30pm – 12:15pm Automated Business Valuation and Data Resources

Paul Resch, CVA, Valutico CEO

Paul Resch provided an update on current data available and business valuation technology offered by Valutico. Vaultico is based in Vienna, Austria, and offers data and business valuation technology for all global markets.

1:00pm – 2:00pm Valuing Intangible Assets in Technology Companies

Tom Zambino, Director, MossAdams

Thomas has provided valuation consulting services since 2000 and oversees Moss Adam’s valuation services throughout the Greater San Francisco Bay Area. Thomas’s experience includes valuing intangible assets under ASC 805 and other tax reporting purposes, ASC 350 goodwill impairment analyses, and IRC 409A deferred compensation valuing common stock for privately held companies. He talked about current methods in valuing intangible assets in Technology Companies.

2:00pm – 2:45pm The New ROI

Dave Bookbinder, ASA, CEIV, Managing Director| B. Riley Financial

The speaker is the author of a book called The NEW ROI: Return on Individuals, which explores the impact that people have on the value of a business. The value of a business is a function of how well the financial capital and the intellectual capital are managed by the human capital…. you’d better get the human capital part right. Keeping this in mind can help with valuation consulting and valuation creation.

2:45pm – 3:30pm Bitcoin versus other Cryptocurrencies: Similarities and Differences

Daniel Folkinshetyn, Ph.D. Associate Professor of Accounting & Finance | Rowan University

Professor Folkinshetyn specializes in the valuation of cryptocurrencies and their strengths and weaknesses. He provide an overview of the differences between bitcoin and other cryptocurrencies currently available and factors that influence value.

3:30pm – 4:15pm NICE DLOM

William Frazier, ASA, Principal | W.H. Frazier & Co

The speaker is the developer of the Non-marketable Investment Company Evaluation (“NICE”) Method. The NICE Method is gaining acceptance in valuations of family-owned investment entities and was favorably reviewed in the 2019 U.S. Tax Court case Grieve v. Commissioner.

Sponsorship and Future Presentation or Guest Speaker Opportunities

We are always building our roster of guest speakers and presenters. If you are a specialist on a topic that may be of interest or know someone that would be a good addition as a guest presenter to future business valuation seminars or local Philadelphia ASA events, please reach out.

Questions

For more information, please contact Mike Cunningham, ASA, or Poonam Vaidya, ASA.

September Meeting: Research & Development Tax Credits

The September Chapter Meeting will be held on Wednesday, September 18, 2019, at the Doubletree Guest Suites in Plymouth Meeting, PA. The Board of Directors will meet at 5:30 pm; all ASA members are welcome. The general meeting starts at 6:30. The guest speaker will be Michael J. Procaccini CPA/Engineer, CEO and Managing Partner of the Algorithm Tax Group, headquartered in Warwick, RI. Mr. Procaccini will discuss “Research & Development Tax Credits.”

Michael holds a B.S. in Accounting from Bryant University and also a B.S. in Chemical Engineering from the University of Rhode Island. After working as a Public Accountant, including for a Regional Public Accounting Firm, he founded Algorithm Tax Group to focus on client tax benefit engagements. The firm represents clients seeking tax benefits for R&D Tax Credit, Cost Segregation and Energy Credits. Its hands-on, nuts-and-bolts approach achieves results by reviewing tax returns and performing due diligence during acquisitions, utilization, and other tax matters.

Michael’s talk will draw on his experience of over 15 years and 3000 engagements with clients, CPAs and Enrolled Agents in the USA and Canada. “Battle-tested” by numerous successfully defended IRS examinations, Michael’s understanding of R&D projects, cycles, and expenses is informed by a dual accounting and an engineering background. A business owner and strong advocate for his clients, Michael has a unique perspective to share!

Mr. Procaccini’s presentation is sure to be of value to ASA members in all disciplines. As seating for this talk is limited, please register early for this educational and productive evening which qualifies for 2 hours credit toward ASA reaccreditation.

Dinner is $35 per person for members and guests. To pay online with your major credit card or PayPal go to the ASA Philadelphia Members Page, where you can also take advantage of the reduced cost 5-Meeting Plan this month only. Otherwise please make checks payable to ASA Philadelphia Chapter 35. Please RSVP by Friday, September 21, to Executive Secretary Anita Luciani by mail to ASA Philadelphia, 7201 Frankford Ave # 6, Philadelphia, PA 19135-1010 or by email.

May Meeting: The Business of Professional Soccer

The May Chapter Meeting will be held on Wednesday, May 1, 2019, at Talen Energy Stadium, 1 Stadium Dr, Chester, PA 19013 (map), home of the Philadelphia Union, the City’s Major League Soccer team. The Board of Directors will meet at 5:00 pm in the Fearless Conference Room in the historic Wharf Building adjacent to the Stadium; all ASA members are welcome.

Chapter Meeting

The Special Chapter Meeting will be held at 6:30 pm on the Stadium’s Seaport Deck or Bridge Deck. The Guest Speaker, a Philadelphia Union Executive, will discuss “The Business of Professional Soccer.”

The MLS Game

The Philadelphia Union game begins at 7:30 pm. The Union, a member of the MLS Eastern Conference, finished as runners-up in the 2014, 2015 and 2018 U.S. Open Cup tournaments. The Union is playing well-ranked FC Cincinnati, an expansion team in its first year of MLS play.

The Cost

The subsidized cost, including a game ticket waiting for you at the will-call window, is $35 per person for members and guests. The price includes buffet style food, soft drinks, water, and domestic beers. It does not include parking, which is $20/car at the Stadium. Seating for this Major League Soccer outing is limited.

Payment

In order to take part in this exciting and educational Professional Soccer evening, you need to sign up no later than March 30, 2019 — we need to transmit payment and the list of attendees to the Philadelphia Union by April 1, 2019.

To pay online with your major credit card or PayPal go to the ASA Philadelphia Members Only page, otherwise please make checks payable to ASA Philadelphia Chapter 35 and mail — to arrive by March 30th — to Anita Luciani, Administrative Assistant, ASA Philadelphia, 1229 Chestnut St PMB 232, Philadelphia, PA 19107-4140. Email Anita with questions.

September Meeting: Minor League Franchise Valuations

The September Chapter Meeting will be held on Wednesday, September 26, 2018 at the Doubletree Guest Suites in Plymouth Meeting, PA. The Board of Directors will meet at 5:30 pm; all ASA members are welcome. The general meeting starts at 6:30. The guest speaker will be Gary Loewenstern, CPA, CVA, a Principal in the Blue Bell, Pennsylvania office of HBK CPAs & Consultants, a multidisciplinary financial services firm. Mr. Loewenstern will discuss “Minor League Franchise Valuations.”

Gary earned a B.S. in Accounting from Drexel University’s LeBow College of Business and was a Partner in Resnick, Amsterdam, Leshner, P.C when it merged into HBK in 2016. He has more than 30 years experience advising small business owners, including: minor league sports franchises, television broadcasters, government contractors, investment advisors, providers of information technology, food services and professionals in many fields.

Gary has represented more than 40 minor league baseball franchises since 1986. His experience with the franchises includes; financial statement preparation, federal, state and local tax services, business valuation, expert witness testimony, budgeting, due diligence services for the buying and selling of the franchises, concession consulting, lease evaluations, internal control evaluations, and more.

Mr. Loewenstern’s presentation is sure to be of value to ASA members in all disciplines. As seating for this talk is limited, please register early for this educational and productive evening which qualifies for 2 hours credit toward ASA reaccreditation.

Dinner is $35 per person for members and guests. To pay online with your major credit card or PayPal go to the ASA Philadelphia Members Page, where you can also take advantage of the reduced cost 5-Meeting Plan this month only. Otherwise please make checks payable to ASA Philadelphia Chapter 35. Please RSVP by Friday, September 21, to Executive Secretary Anita Luciani by mail to ASA Philadelphia, 1229 Chestnut St PMB 232, Philadelphia, PA 19107-4140 or by email.

April Meeting: Michael Jackson Estate Valuation

The April Chapter Meeting, rescheduled from March because of weather, will be held on Wednesday, April 18, 2018 at the Doubletree Guest Suites in Plymouth Meeting, PA. The Board of Directors will meet at 5:30 pm; all ASA members are welcome. The general meeting starts at 6:30. The guest speaker will be Jay E. Fishman, FASA, Managing Director and founder of Financial Research Associates, who will discuss the intriguing “Michael Jackson Estate Valuation.”

JayEFishman Awards & Appointments
Jay Fishman took his Bachelor’s and Master’s degrees at Temple, an M.B.A. from LaSalle, and soon after founded Financial Research Associates, where he specializes in the valuations of business enterprises and their intangible assets. His awards — among them our Chapter’s Sinclair Award, and the Appraisal Foundation’s Chairman’s Public Service Award — and his leadership roles, including Editor of ASA’s Business Valuation Review and Chair of it’s Government Relations Committee, membership on the Appraisal Foundations Appraisal Standards and Appraisal Practice Boards, to mention a few, are the tip of an iceberg of a lifetime of accomplishment and service.

Articles, Books & Courses
Jay is a prolific author, having written, often in collaboration, more than two dozen articles, many chapters, and half a dozen books, the most recent being The Business Valuation Bench Book with William Morrison (2017) and A Consensus View Q&A Guide to Financial Valuation with James Hitchner and Shannon Pratt (2016). Much in demand as a speaker and panelist, he has talked about business valuation from coast to coast and around the world, including in Indonesia, Spain, Hungary and most recently in Italy. Jay has also developed and taught courses on business valuation for the IRS, the AICPA, the Hong Kong Society of Accountants, and on behalf of the World Bank in St. Petersburg, Russia. He also taught courses in Moscow, Russia, and for the Slovenian Institute of Auditors in Ljubljana, Slovenia.

Expert Witness Testimony
Mr. Fishman has been court-appointed to value closely held enterprises in Pennsylvania, New Jersey and other states, and has qualified as an expert witness and provided testimony in Federal District Court, United States Tax Court and in more than a dozen state courts.

It was an expert witness called by the estate that Mr. Fishman came to testify last February in the case of the Estate of Michael J. Jackson et al. v. Commissioner of Internal Revenue in U.S. Tax Court in Los Angeles. It was there that he famously said “I call it like being in a nuclear winter.”

ASA Credit
Jay’s talk about evaluating the publicity rights in the Michael Jackson case is sure to be interesting and informative. As seating for this talk is limited, please register early for this educational and productive evening which qualifies for 2 hours credit toward ASA reaccreditation.

Payment
Dinner is $35 per person for members and guests. To pay online with your major credit card or PayPal go to the ASA Philadelphia Members Page. Otherwise please make checks payable to ASA Philadelphia Chapter 35. Please RSVP by Friday, April 12, to Chapter President Sheila Gorman by mail to 10 Presidential Blvd, Bala Cynwyd PA 19004, email, or phone (484-270-1240).

SAVE THE DATE: 2018 Business Valuation Seminar

SAVE THE DATE
The Philadelphia Chapter of the ASA will hold its 13th Annual Spring Business Valuation Seminar program on Friday, April 27, 2018, at the Doubletree Hotel in Plymouth Meeting, PA. The program will include a variety of topics presented by key thought leaders.

PROGRAM
The presenters and topics will be announced shortly.

CONTINUING EDUCATION CREDITS
The Seminar qualifies for eight (8) credit hours for ASA purposes. ASA National is a NASBA sponsor and has advised the Philadelphia Chapter that the PA Board of Accountancy and other state boards will honor CEs from our program for CPAs. In addition to NASBA, the ASA is a sponsor to other organizations, and any questions regarding CEs can be directed to Sheila K. Gorman, ASA.

INFORMATION
Sheila K. Gorman, ASA at sgorman@finresearch.com or (484)-270-1240
Frank L. Merenda, ASA at fmerenda@eacvaluations.com or (610)-687-5855

September Meeting: The Real Estate Market and Valuation Issues

The September Chapter Meeting will be held on Wednesday, September 21, 2016 at the Doubletree Guest Suites in Plymouth Meeting, PA. The Board of Directors will meet at 5:30 pm; all ASA members are welcome. The general meeting starts at 6:30. It will include the installation of the 2016-2017 Chapter Officers and presentation of the 2016 George D. Sinclair Award.

The guest speaker will be Neil F. Axler, a Director at RSM US LLP’s New York office specializing in Real Estate Valuation Services. He will talk about “The State of the Real Estate Market and Current Valuation Issues.” A graduate of Clarion University of Pennsylvania, Mr. Axler’s career path included stops at Arthur Andersen, Deloitte, Marshall & Stevens, and most recently at FMV Opinions.

With over 20 years of valuation consulting experience here and abroad, Mr. Axler’s current projects include valuations for financial reporting; trust and estate; federal government agencies; special servicers; tax appeals; litigation; bankruptcy and restructuring. A popular speaker, panelist and author, he has first-hand knowledge of the economic, financial and market factors that drive the development of public real estate policy.

As seating for this talk is limited, please register early for this educational and productive evening which qualifies for 2 hours credit toward ASA reaccreditation.

Dinner is $35 per person for members and guests. Members: Last chance this season to buy the 5 Meeting Plan for $110 – a $65 saving! To pay online with your major credit card or PayPal go to the ASA Philadelphia Members Page, otherwise please make checks payable to ASA Philadelphia Chapter 35. Please RSVP by Friday, September 11, to Executive Secretary Joanne Paciello by mail to 8 Terrace Rd, Plymouth Meeting, PA 19462, email, phone (610-277-1366) or fax (610-277-1366).

SAVE THE DATES. This is the first meeting of the 2016-2017 season. Other meetings, all at the Doubletree, are November 16, January 18 (Breakfast) and March 15. A May dinner meeting at a special venue is also planned but not finalized.

SAVE THE DATE: 2016 Business Valuation Seminar

042916Seminar The Philadelphia Chapter of the ASA will hold its 11th Annual Spring Business Valuation Seminar program on Friday, April 29, 2016, at the Doubletree Hotel in Plymouth Meeting, PA. The program will include a variety of topics presented by key thought leaders.

· Russell T. Glazer, ASA on Valuing Real Estate Holding Companies

· Nathan DiNatale on Purchase Price Allocation

· Courtney S. White, ASA on Craft Brewery Valuation

· Glen Birnbaum, AM on Working Capital And Value

· Mark S. Gottlieb on Advanced Risk Issues In Business Valuation.

For more information, please contact the seminar organizer, Bob Haas at rhaasjr@rmha.com or (215) 887-6500, or Joanne Paciello at asaphiladelphia@verizon.net.

September Meeting: Accounting Standards Updates

The September Chapter Meeting will be held on Wednesday, September 16, 2015 at the Doubletree Guest Suites in Plymouth Meeting, PA. The Board of Directors will meet at 5:30 pm; all ASA members are welcome. The general meeting starts at 6:30. It will include the installation of the 2015-2016 Chapter Officers and presentation of the 2015 George D. Sinclair Award.

Albert Lazo, CVA The guest speaker will be Albert A. Lazo, Director of Valuation Services at Brinker Simpson & Company, headquartered in Springfield PA. Mr. Lazo will review recent Accounting Standards Updates (ASUs) and their impact on business valuation.

Mr. Lazo is a Certified Valuation Analyst (CVA) with more than 15 years business consulting experience, including 10 in valuation services. A graduate of the University of Vermont with a BA in Mathematics, he took his MBA in International Business & Finance at Virginia Tech. Before joining Brinker Simpson & Company, he worked in valuation at KPMG and BDO.

With Michael Simpson, Al leads his firm’s valuation practice , which serves Fortune 500 and middle market clients, including energy, oil, chemical, retail, and manufacturing companies. Their practice ranges from business, gift and estate tax valuation to purchase price allocation and goodwill impairment.

As seating for this talk is limited, please register early for this educational and productive evening which qualifies for 2 hours credit toward ASA reaccreditation.

Dinner is $35 per person for members and guests. Members: Last chance this season to buy the 5 Meeting Plan for $110 – a $65 saving! To pay online with your major credit card or PayPal go to the ASA Philadelphia Members Page, otherwise please make checks payable to ASA Philadelphia Chapter 35. Please RSVP by Friday, September 11, to Executive Secretary Joanne Paciello by mail to 8 Terrace Rd, Plymouth Meeting, PA 19462, email, phone (610-277-1366) or fax (610-277-1366).

SAVE THE DATES. This is the first meeting of the 2015-2016 season. Other meetings, all at the Doubletree, are November 18, January 20 (Breakfast) and March 16. A May dinner meeting at a special venue is also planned but not finalized.