Join us at the signature event of CBV Institute dedicated to leadership in business valuation. Get the latest thinking and insights to advance valuation expertise and confront an ever-changing business environment. Global registration is open to CBVs and Students, other valuation professionals, business leaders and interested professional associations and organizations.
Connect 2023 will feature:
- Diverse topics, technical business valuation content and cutting-edge thinking on trends impacting business and the valuation profession
- Expert speakers, stimulating keynotes, engaging panel discussions and Q&As
- Networking with peers to make new professional connections
- Upskill opportunities to learn and ignite professional development, while earning CPD hours
June 8
Join Howard Johnson as he examines common reasons why value conclusions derived pursuant to a notional market exercise are sometimes implausible when compared to the reality of what a business could reasonably sell for in the open market. Specific topics include:
- How buyers and investors assess capital structure
- EBITDA adjustments and the influence of TTM EBITDA
- Factors driving EBITDA multiples
- Deriving the working capital “peg”
- Identifying debt-like items
- Assessing capex requirements
- Specific considerations for Canadian businesses
- How financial investors approach valuation
Dr. Howard Johnson, Managing Director and Canada Market Leader – Kroll Corporate Finance Canada Limited
Howard is a Managing Director at Kroll Corporate Finance in Toronto. He has been advising business owners and executives on acquisitions, divestitures, financing and shareholder value matters for over 25 years. Howard has often served as an expert witness on complex valuation matters before the courts. He is the author of several books on the subjects of corporate finance and valuation, including Business Valuation in Canada (CPA Canada, 2021).
Valuators have many tools in their toolkit available to use in notional valuations. But how can they best use these tools and triangulate among different valuation methods (and other data points) to arrive at the most well-reasoned analysis in the context of their assignment? This session will help practitioners of all experience levels critically reflect on their notional valuation tactics in order to arrive at the best and most defendable valuation conclusions. Attendees will explore various real-life examples throughout the session through the lens of different market participants.
Adam Johnson, Founder, Principal – Synthesis Valuations Inc
Adam is the founder and principal of Synthesis Valuations, a research-driven boutique valuation, advisory, and litigation support firm. Since 2010, Adam has worked both in the role of a notional business valuator and an investment research analyst in the Canadian public equity market. Adam’s valuation reports have been used in the context of financial reporting, tax planning and compliance, shareholder buyouts and disputes, matrimonial disputes, and strategic planning. His practice was founded with the goal of leveraging insights from his time in institutional equity research in the world of notional valuation analysis.
Join Andreana for a discussion on the valuation of convertible securities including the different valuation methods, accounting impact on valuations and how other embedded options such as calls and puts impact the valuation of such instruments.
Andreana Yang, Partner – KPMG
Andreana Yang has over 15 years of experience in public practice and co-leads KPMG Valuation Services’ financial instruments team. She has worked at two international and one national accounting firms. Andreana specializes in the valuation and financial modelling of complex financial instruments including OTC derivatives, debt with embedded features, compensation plans, contracts with optionality, risk quantification and hedging. Andreana also serves as a subject matter expert to audit.
The metaverse is an emerging domain for business, gaming and social interaction. While its capabilities are still being developed, with unique risk factors created, traditional valuation techniques remain applicable. This presentation will discuss the various factors to be considered in order to appropriately account for the unique characteristics of metaverse assets and the businesses that own them.
This presentation will utilize a case walkthrough to provide an overview of purchase price allocations in the context of fair value for financial reporting. Areas of focus will include fair value considerations in measuring purchase consideration, the determination of the internal rate of return (IRR), and a detailed review of the valuation methodologies used in measuring the fair value of common identifiable intangible assets, specifically the multi-period excess earnings, with-and-without, and relief from royalty approaches. We will also review and assessment of the reasonability of the value allocation through the weighted average returns analysis (WARA).
June 9
The valuation of intangible assets in a business combination involves a high degree of judgement and subjectivity when developing the estimates and evaluating key assumptions such as discount rates. For these reasons, the valuation of intangible assets in a PPA can sometimes be a critical audit matter. As business valuators, we are often working with our clients to support their financial reporting requirements upon an acquisition or dealing with their auditors or accountants with their assessment of the PPAs. This session is a culmination of observations from numerous PPAs, which will address trends, common issues, as well as different types of intangible assets and typical approaches considered, and issues of concern going forward.
Priscilla Leung, Partner, Deal Advisory, Valuations – KPMG
Priscilla has been practicing exclusively in valuations at KPMG since 2011 and is responsible for performing business valuations of public and private companies for various mandates including in the context of financial reporting for IFRS, US GAAP, and ASPE. Priscilla has also worked with a number of business valuators and assessed various purchase price allocations from other valuation firms. Her experience spans a broad range of industries such as technology, retail, and manufacturing sectors. Priscilla qualified as a Chartered Accountant (CA) in 2010 and a Chartered Business Valuator (CBV) in 2012 after successfully completing her professional examinations and experience requirements.
Markets for real assets are increasingly adopting automated valuation models (AVMs), with speed, cost, and the removal of ‘human errors’ among the driving factors, but adoption also comes with challenges. Many people see the term AVM and picture a fully, 100% automated process, where a valuation is produced by a computer with little or no human intervention, but the reality is a much broader spectrum of hybrids involving varying degrees of automation, digital data sources, and different levels of human involvement and interventions. Join Andrew Knight as he provides a snapshot of the current landscape of AVM adoption across all asset types based on engagement with stakeholders in all major world markets.
Andrew Knight, Global Data & Tech Lead, Thought Leadership & Analytics – RICS
Andrew has been with RICS for over eleven years, and prior to his role in leading the data and tech thought leadership and data standards function, managed RICS’ relationship with the finance and investment community working with debt and equity participants, their advisors in law and accountancy, and regulators. Andrew has also enjoyed a long career in IT starting out running programs on mainframes using punched cards, and then working through the eras of mini-computers, personal computers, and the internet – and now the world of artificial intelligence, cloud computing, the Internet of Things (IoT) and blockchain. In his current role, Andrew is responsible for data and tech thought leadership and content development, and the adoption of the RICS Data Standard (RDS) that supports valuation, property measurement, life-cycle costing, building performance, brokerage, and due diligence.
The panel will discuss growth in the context of different types of engagements, the particular dynamics of the industry the company is in, the stage of the particular business in its life cycle, the reinvestments the company will need to make to fund its growth. Specific topics will include:
- Methods to estimate growth;
- “PEG” Ratios – somewhat comparable public company analysis;
- Growth and its impact on an estimated cost of capital including multi-jurisdiction inflation considerations associated with an international cost of capital;
- Organic growth v. growth by acquisition; and,
- Growth & value creation and destruction when ROIC = WACC, ROIC > WACC and ROIC < WACC.
Stephen Kertzman, President – Kertzman Valuations Inc.
Stephen has over 20 years of experience specializing in the areas of business valuation, corporate finance and loss quantification. He is a member of the Board of Directors of the International Institute of Business Valuers. He has qualified as an expert witness at various Courts in Ontario and at international arbitrations.
Jeremy Webster, Partner – Deloitte
Jeremy is a CPA and CBV who has been providing valuation, transaction, strategy and consulting services for over 30 years. He has assisted clients in a variety of industries including: healthcare and life sciences, public sector, financial services and telecommunications. He has published articles and given presentations on valuation, licensing, partnering, alliance, and industry matters.
Working as a multi-disciplinary team results in a more credible valuation analysis. Our panel will explore business valuation in the real estate industry.
First, we will review real estate as an investment class:
- What is real estate and key factors to consider when making an investment
- Portfolio allocation, asset classes, geographies and lifecycle
- Cash flow profiles of investment types
- Governance and ownership matters
Next, we will discuss key tax-related factors in assessing the value of real estate businesses:
- Forms of ownership
- Taxes upon notional sale of real estate
- Pitfalls of non-arm’s length purchases
George Angelopolous, Vice President – Richter
Known for his engaging personality, George is adamant about building genuine connections with colleagues and clients. Since joining Richter in 2011, he has established himself as a trusted advisor to his clients. Using taxation as his foundation, George accompanies families through the challenges of entrepreneurship. He supports them in the decision-making process as it relates to the various facets of their business and guides them through introspective endeavours, such as estate planning and business transition. George is also intricately involved in providing financial literacy to the future generation of entrepreneurs through Richter’s Financial Literacy Program.
Alana Geller, Partner – Richter
Alana works closely with corporate executives, business owners and their families, as well as the broader legal community in the areas of business valuation and dispute advisory. She has valued mid-to-large-sized private companies in the context of a transition planning and transactions. She has also supported many entrepreneurs and families through the creation or modification of ownership arrangements, compensation plans for key executives as well as sensitive shareholder matters including dispute resolution, governance changes and succession planning. During the last several years, Alana has worked closely with Richter’s real estate clients in the areas of business valuation, succession planning, dispute advisory and shareholder buy-outs.
Gavin Reiff, Vice President Real Estate Advisory – Richter
An accomplished real estate professional, Gavin is known for his insightful and practical advice. Gavin understands the risks that can arise in today’s competitive and evolving real estate environment, and uses his valuable insights to ensure his clients are prepared. A thoughtful and value-driven leader, Gavin is respected amongst his colleagues as someone who is reliable, pragmatic, and collaborative. Before joining Richter, Gavin worked in both institutional private equity and public market environments, making him proficient in investment underwriting and execution for assets with income producing and development attributes across all major real estate asset classes. Gavin is also a member of advisory boards for real estate investment funds.
How do the expectations for the scope of work to be undertaken by a valuator differ between calculation and estimate valuation conclusions and reports? Are you meeting the Institute’s standards? Are you maintaining proper documentation in your files? What common issues are identified by inspectors during practice inspections, and how can the profession reach greater consistency in practice? This session will provide an update and discussion/debate on the differences between these two types of valuations, when they are used, and what the commonly encountered issues are. The session will include coverage of the proposed new Practice Standards Nos. 100, 110, 120 and 130.
Catalina Miranda, Vice President, Regulatory & Standards – CBV Institute
Catalina leads CBV Institute’s regulatory systems and processes that govern and regulate members and students – from professional standard-setting, member guidance and resources, the practice inspection program and disciplinary matters. Catalina is also involved in strategic planning and partnerships and corporate governance, and extensively collaborates with other valuation professional organizations and stakeholders. She provides leadership on emerging issues in the profession. Catalina also serves on the IVSC’s Business Valuation Standards Board.
Gordon McFarlane, Managing Director Corporate Development – FYI DOCTORS
Gord joined FYi Health Group in 2018, where he leads the Corporate Development team across all M&A streams in one of Canada’s largest and fastest growing doctor owned health care groups. Prior to this Gord spent 30 years with one of Canada’s largest professional services firms where he held senior leadership roles as a member of the firm’s executive leadership team, a member of the firm’s partnership board, regional managing partner for Western Canada as well as the managing partner for national advisory services and a member of the firm’s partnership board. Gord has been an active member of the CBV Institute including 5 years as a member of the board and chair of the Professional Practice and Standards Committee. Gord is currently one of the CBV Institute’s practice inspectors.
Time Zone: Eastern Standard
Livestreaming will give you access to all CORE BUSINESS VALUATION SESSIONS ONLY. The cost of livestreaming will also get you access to the recorded Litigation and Deals sessions, which will be available post-Congress and count as verifiable CPD hours.
The information, analysis and opinions expressed in the webinars, podcasts and/or congress presentations are solely those of the presenter/author, are not reviewed by the Institute as to content or accuracy, and are not endorsed by CBV Institute or any of its Members.