All Events

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

BDC Economic Outlook: What’s in store for 2023?

Join Pierre Cléroux, Vice President, Research and Chief Economist at BDC – Canada’s development bank – for an overview of the economy, here and abroad. Learn how inflation, the rise of interest rates and the resulting economic slowdown are changing our business environment. You’ll also discover how entrepreneurs can forge a path forward in a context marked by labour shortages and global uncertainties.

Pierre Cléroux, Vice President, Research and Chief Economist – BDC

Pierre Cléroux was appointed Vice President, Research and Chief Economist at BDC in 2012.

Pierre leads a team of experts who analyze economic data to identify business and sector trends impacting Canadian entrepreneurs. A seasoned speaker, he helps business owners understand the risks and opportunities presented by the economic environment.

Pierre is also responsible for providing economic analysis and advice to the Bank’s senior management team, and supervises all marketing and industry research activities. Over his 25-year career as an economist, he has held several influential positions that had a direct impact on entrepreneurs in Canada and abroad.

10:00 AM – 11:00 AM

Bridging the Chasm Between Notional Market Valuations and Open Market Reality

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).

“Who Needs the Law?!”– Curated Cases and Practical Tips for CBVs

This presentation will review leading commercial and matrimonial cases to keep in mind when engaged in litigation support.  Roslyn Tsao and Angelo D’Ascanio, will share insights and practical advice to CBVs who are providing support, as experts, to litigators in family and commercial matters.

Louise Poole, Partner – Davis Martindale

Louise specializes in business valuations for matrimonial and litigation support, expropriation, tax and estate planning, mergers and acquisitions, financial reporting and economic loss quantifications. Louise has presented several seminars on business valuation topics to lawyers, bankers and business professionals. In 2021, Louise was awarded Top CBV Under 40 In Memory Of David Cornfield CA, CBV.  In 2021, she was also the recipient of a Top 20 Under 40 Award through London Inc. Magazine, recognizing her business achievement, growth and development, industry innovation and community involvement.

Roslyn Tsao, Managing Partner – Epstein Cole LLP

Roslyn is the Managing Partner at Epstein Cole.  Roslyn practices family law in complex financial and jurisdictional matters.  Roslyn is also a mediator/arbitrator. She is an associate editor of the Reports of Family Law, Fellow of the International Academy of Family Lawyer and Band 1 ranked in the Chambers & Partners Global High Net Worth Guide in Family/Matrimonial (Canada).  Roslyn is the 2022 recipient of the Award of Excellence in Family Law from the Ontario Bar Association.

Angelo C. D’Ascanio, Partner – Scott Petrie LLP

Angelo practices law in all areas of business and commercial litigation, with an emphasis on shareholder and partnership disputes, construction litigation, and bankruptcy and insolvency law. Angelo is adept at dealing with complex factual and legal cases and at developing appropriate and effective strategies for protecting and promoting his clients’ interests. He earned an LL.B. from Queen’s University in 1989 and an LL.M. from Western University in 2010 and sits on the board of various charitable organizations in London.

Moderator: Ron Martindale, Partner – Davis Martindale

A practice leader with Davis Martindale since 1996 and the National Valuation Chair of DFK Canada since 2008, Ron has brought his expertise to the judicial system, appearing as an expert witness in the Federal Court, the Ontario Superior Court, the Supreme Court of British Columbia, and at the Ontario Energy Board. His practice specializes in business valuations and litigation support to assist business owners in their pursuit of buying or selling businesses and/or supporting them with the resolution of litigation issues.

Private Equity Perspectives in the Current Environment

This panel session will cover the topics of investing and valuations in the current economic environment as well as other trends impacting deal activity, pricing/valuation, portfolio management, etc.  across various asset classes including private debt, private equity and infrastructure.

Ivan Peytchev, Senior Vice President, Private Equity – Brookfield Asset Management

Ivan focuses on Brookfield’s Long-Term Equity strategy. In this role, he is responsible for investment origination and execution as well as portfolio management. Prior to joining Brookfield in 2021, Ivan was a Senior Principal at Onex Partners where he focused on transactions in the industrial and consumer sectors. Prior to Onex Partners, Ivan worked in the investment banking division of Citigroup Global Markets, focusing on leveraged buyouts and acquisition financings across a variety of industries.

Chris Marques, Partner, Valuation Services – KPMG LLP

Chris is passionate about helping his clients make informed decisions by providing insights on business valuations implications for reporting, transaction, and strategic reasons.  Chris specializes in serving the private equity and pension plan space, and has significant experience in a wide range of industries including infrastructure, renewables, hospitality, industrial, manufacturing, and business services.

11:30 AM – 12:30 PM

Triangulation: The Art of Getting to the Right Answer

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. 

Amalgamation of Professional Practices – Valuation and Potential Litigation Issues

Join our industry experts for a panel discussion on the valuation and consolidation of professional practices, including a general discussion on how practices are valued, roll-ups, synergies and potential litigation issues. We will explore the key differences between platform versus individual practice valuation, discuss the impact of leverage, special purchaser premiums and information asymmetry.

Kieran Atkinson, Senior Director, Corporate Development & Integration – dentalcorp

Kieran has spent the last seven years helping dentalcorp grow to over 500 locations across Canada. From Analyst to Senior Director he has overseen every aspect of the professional practice acquisition life-cycle from deal origination, to normalizations, negotiations, and post-closing integration.

Ariane Babin, Partner – MNP

After some ten years of practical experience in the field of dental medicine, in turn as dentist, lecturer and consultant, Ariane Babin founded Babin Consultants in 2017. The firm provides business valuation services and support in the area of mergers and acquisitions.  Since January 2022, Babin Consultants has been part of MNP’s expanding network, with Ariane acting as a partner within the firm’s Valuation Services Division in the Quebec office. Her role includes overseeing the management and delivery of mandates of every size, primarily in the fields of financial analysis, business valuation and transaction support. Ariane is also a conference speaker in various health sectors.

Adam Foley, Chief Financial Officer, VetCare Canada

VetCare Canada is privately-owned network of small companion animal hospitals across Canada. Adam leads VetCare’s finance and corporate development functions and VetCare’s overall acquisition strategy. Prior to joining VetCare, Adam spent 15 years in professional practice.

Moderator: Natalia Raimondi, Senior Manager, Dispute Advisory Services – Deloitte LLP

Natalia Raimondi is a Senior Manager in Deloitte’s Dispute Advisory practice. Natalia has over 7 years of experience working on engagements involving the quantification of economic losses for lawsuits and insurance claims across various industries in Canada and abroad. Her practice focuses on general commercial litigation, expropriation, business interruption, class actions, personal injury and shareholder disputes. She has authored numerous expert reports, has provided expert advice and has attended various settlement forums including arbitration, pre-trial and trial.

1:30 PM – 2:30 PM

Convertible Securities Valuation

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.

Joint Retainer – the good, the bad, and the ugly

Learn how and when to use this effective tool in litigation disputes. Find out best practices and the pitfalls to avoid.

Yoram Beck, Principal, Cohen Hamilton Steger & Co. Inc.

Yoram has focused on litigation support and contentious valuations for nearly 20 years.  In these cases, Yoram has quantified economic damages in the context of shareholder disputes, dissent and oppression remedies, breach of contract, securities violations, expropriation related matters, business interruption and economic loss. He has been qualified as an expert, authored numerous expert reports and attended mediations, settlement discussions, concurrent evidence, and provided assistance at trial.  Yoram has also performed numerous valuations for stakeholders in the context of transactions (i.e., fairness opinions and MI 61-101s), corporate reorganizations, and tax valuations. 

Matthew Krofchick, Principal – Krofchick Valuations

Matthew specializes in forensic accounting, damage quantification, and business valuations. He sits on the board of the Family Dispute Resolution Institute of Ontario (FDRIO) a non-profit organization dedicated to promoting alternative dispute resolution in family and estate law. Matthew has also authored a number of articles dealing with financial issues surrounding marital breakdowns, the use of joint retainers, and issues when valuing a business

Canadian Public M&A Update

Shez Bandukwala, Partner, KPMG Canada

Shez is a Partner in Deal Advisory, KPMG Canada. Shez has been an investment banker since 1992 and prior to joining KPMG Canada was previously a Managing Director in the corporate finance practice of KPMG US. As a leader in Corporate Finance, he focuses on both sell-side and buy-side M&A advisory services in addition to recapitalizations, minority equity and debt capital raises. Shez advises publicly traded companies and their Boards as well as privately-owned companies, their founders and private equity/venture capital firms.

Valuation in the Metaverse – Is There Real Value in Virtual Reality?

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.

Drew Dorweiler possesses 40 years of professional experience, having valued several thousand companies for business valuation, mergers and acquisitions, corporate finance and litigation-support mandates on a global basis. He has also testified as an expert witness in over three dozen cases before Canadian and U.S. courts and arbitration panels, as well as the Parliament of Canada. Drew has served on the Board of Directors of The CBV Institute (he was named a Fellow in 2018) and on the Board of Trustees of The Appraisal Foundation. He was named a Fellow of the Royal Institution of Chartered Surveyors in 2013. Drew was appointed to the Membership and Standards Recognition Board of the International Valuation Standards Council in 2021 and named MSRB Chair in 2022.
Crawford Boyce is an Associate at IJW & Co. where he is in the Business Valuation practice and assists the firm’s M&A Practice. He is a Chartered Business Valuator and provides business valuation and strategic advisory services to clients operating in a variety of industries including software, blockchain, and consumer products, among others.
Lorne Sugerman is CEO and Director of the Metaverse Group. Prior to the Metaverse Group, Lorne was previously the CEO of Wellpoint Health Services for 9 years where he grew the business to over 250 employees, completed and integrated seven acquisitions and ultimately was sold to CloudMD.

3:00 PM – 4:00 PM

The Unfriendly Shareholders: Common Issues and Disputes Arising from Shareholders’ Agreements

A shareholders’ agreement is intended to help minimize or address dispute amongst shareholders at the outset of a business arrangement. Notwithstanding these well-meaning intentions, the shareholders’ agreement is often the backdrop for many business disputes. This presentation will explore issues that often arise in disputes stemming from the provisions set out in shareholders’ agreements. It will explore common provisions in shareholders’ agreements, particularly as they relate to valuation professionals. For example, what are the various definitions of value included in shareholders’ agreements and what are the implications of each? Hear from Counsel about the types of contractual provisions that work and those that can make sticky situations even more difficult to grapple with.

Tara Singh, Managing Director – FTI Consulting

For over 15 years, Tara has specialized in the assessment of economic damages and the valuation of businesses and other assets, particularly in the context of complex commercial litigation including breach of contract matters, intellectual property and securities fraud litigation, class actions, and other financial disputes.  Her casework has covered a wide range of industries including manufacturing, real estate, energy, telecommunications, pharmaceuticals, financial services and construction.  Tara was a winner of the CICBV’s Ian R. Campbell Research Initiative and received global recognition for the resultant research paper on blockchain and cryptoassets. She frequently presents at industry conferences and to the legal community and has participated as an expert witness in numerous trial advocacy workshops.

Aaron Bains, Partner – Aird & Berlis

Aaron Bains is a capital markets partner at Bay Street law firm, Aird & Berlis LLP.  He practices corporate law with an emphasis on venture capital financing and domestic and international M&A.  In addition, Aaron sits on numerous legal and non-legal non-profit executive committees and boards including as the President of the Toronto Chapter of the South Asian Bar Association, the President of the St. George’s Society of Toronto, board member of the Toronto Chapter of the Canadian International Council, and a regional advisory to the World Sikh Organization of Canada.  In 2020 Aaron was recognized as a Precedent Setter by Precedent Magazine, an award granted to six young lawyers in Toronto and he was named as one of the 2020 Top 25 Most Influential Lawyers in Canada by the Canadian Lawyer Magazine.  Most recently, Aaron was named as Man of the Year by the Leukemia & Lymphoma Society of Canada in recognition of his fundraising in support of blood cancer research.

Family Offices in M&A

Join our panel as they discuss:

  • Family office vs. other investor types – what’s the difference?
    • Unique aspects of family offices and impact of on their approach to M&A
    • How are family offices structured and how do they think about their investments
  • Review of current M&A trends / landscape and primary considerations when thinking about short-term and long-term strategies
    • Macro-volatility
    • Geopolitical instability
    • Increasing financing costs
    • Growing importance of impact investing, focus on sustainability and long-term value
  • 12-month outlook and predictions

Andrea Nickel, Managing Director – Celina Capital

Andrea has more than twenty years of experience in private equity, mergers and acquisitions, and strategic planning. Most recently, she was a partner at the private equity fund Beringer Capital. She was also CFO of one of the largest independent marketing services companies in North America and a consultant at Bain & Company. At Celina, she is responsible for making direct investments in private companies and building value in portfolio companies.

Shane McAdam, Vice President, Business Development – Kilmer Capital Partners Limited

Shane joined Kilmer Capital Partners Limited in 2021 as Vice President, Business Development and is responsible for originating and analyzing acquisition opportunities that align with KVN’s investment philosophy. Shane comes to Kilmer from Capitalize for Kids, a not-for-profit that builds capacity in the kids’ mental health sector where he was Director of Business Development, leading all revenue-generating activities for the organization. Prior to Capitalize for Kids, Shane was part of a mid-market private equity firm where he led the sourcing and origination of Canadian investment opportunities.

Stephen Denton, Partner – SeaFort Capital Inc.

Stephen co-founded SeaFort in 2012. He was previously Director of Research at Clarke Inc., a TSX-listed investment company and prior to that worked in commercial banking for CIBC. Stephen holds a BComm from Dalhousie University, an MBA from Dalhousie University, and is a CFA Charterholder. Stephen also serves on the board of directors of the Canadian Venture Capital & Private Equity Association (CVCA).

Moderator: Jennifer Chasson, Founder & President – Springbank Capital Corp.

Jennifer is the founder and President of Springbank Capital Corporation (previously Chasson Financial) and a partner at Zeifmans LLP.  Established in 2004, Springbank Capital is a boutique corporate finance advisory firm bringing investment banking to entrepreneurs in the Canadian mid-market. Having led and advised on more than 100 financings and corporate sale transactions, Jennifer brings a wealth of experience in business valuation, strategy, structuring and negotiation, navigating clients from the planning stage through to close.

4:05 PM – 5:05 PM

Purchase Price Allocation – Case Walkthrough of Methodologies

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).

Brittany Dela Rosa, Partner, Valuations and Litigation Support – MNP

Brittany leads the audit assist and financial reporting portion of MNP’s valuations practice in Calgary, working with internal and external clients to review and prepare fair value analysis, impairment assessments, and purchase price allocations as required for financial reporting purposes.  Brittany has significant experience in preparation of fair value analysis for public and private companies reporting under IFRS, US GAAP, and ASPE.

Quinn McDermid, Partner, Valuations and Litigation Support  – MNP

Quinn practices in the area of financial reporting analysis, both as preparer and reviewer, under IFRS, U.S. GAAP, and ASPE. His practice at MNP concentrates on purchase price allocations, impairment testing and the fair value of private investments, for a diverse set of industries for both public and private clients. He has presented webinars on the valuation of contingent consideration in a fair value setting for both the CBV Institute and the ASA. Prior to joining MNP, Quinn worked at Empire Valuation Consultants for five years preparing PPAs, 409As, and tax valuations in New York City. He holds a MBA from the NYU Stern School of Business and a BMath in Computer Science from the University of Waterloo.

An In-Depth Review of Estate Litigation: What a CBV Needs to Know

In this session, Nyla and Ian will explore the ways in which CBVs are retained in Estate Litigation matters. Join in the conversation between an esteemed Estate litigator and CBV where they hone in on past, present and future issues in Estate matters and how the CBV role is evolving in this area of litigation.

Ian Hull, Co-Founder – Hull & Hull LLP

Ian Hull is one of Canada’s leading estate litigators. He has successfully represented clients at every level of court, including the Supreme Court of Canada. He was the Toronto Lawyers Association Honsberger Award Winner in 2018 and received the Ontario Bar Association award for distinguished service in 2020.  His work has been recognized internationally at the highest levels. And in North America, he is a fellow of the American College of Trial Lawyers, an invitation only fellowship of exceptional trial lawyers of diverse backgrounds from the United States and Canada.   Ian and Jordan Atin co-founded Hull e-State Planner, a software designed to make the estate planning process simple, efficient and client friendly

Nyla Roopnarinesingh, Senior Manager – Crowe Soberman LLP

Nyla is a Licensed Paralegal, Chartered Business Valuator, Certified Divorce Financial Analyst and is also trained in Collaborative Practice.  Nyla specializes in family law, forensic and litigation matters.  She provides services for an array of clientele for the purposes of financial reporting, tax planning and litigation support. Nyla’s unconventional legal background gives her a unique perspective in business valuation and litigation matters.

Private Equity Secondaries – Providing a Market to a Private Asset Class

This presentation will provide an overview of the private equity secondaries market including an evolution of the asset class and current state today. The presenters will describe the various types of secondaries and how each type requires a different approach to diligence and underwriting. Finally, the presenters will discuss how general partner valuations shape the diligence process. 

Tori Buffery, Partner – Morningside Capital Management

Ian Hull is one of Canada’s leading estate litigators. He has successfully represented clients at every level of court, including the Supreme Court of Canada. He was the Toronto Lawyers Association Honsberger Award Winner in 2018 and received the Ontario Bar Association award for distinguished service in 2020.  His work has been recognized internationally at the highest levels. And in North America, he is a fellow of the American College of Trial Lawyers, an invitation only fellowship of exceptional trial lawyers of diverse backgrounds from the United States and Canada.   Ian and Jordan Atin co-founded Hull e-State Planner, a software designed to make the estate planning process simple, efficient and client friendly

George Weekes, Partner – Morningside Capital Management

George Weekes is a Partner at Morningside Capital and is involved with all aspects of the firm’s investment process.  Prior to joining Morningside in September 2018, George worked at Citadel LLC in London, focusing on equity investing in the industrials sector across European and North American markets.

June 9

9:00 AM – 10:00 AM

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.

Prejudgment interest: The law, the theory, and implications for practice

Prejudgment interest can represent a significant component of damage awards in commercial disputes. Join Zachary Huxley and Guillaume Lafrance as they discuss the nuances of prejudgment interest theory and practice. Moderated by Jake Dwhytie, the presentation will address the relevant statutes in Canadian law, considerations in selecting an appropriate rate, illustrative cases involving CBVs, and implications for practice.

Zachary Huxley, Professor of Accounting – Université du Québec à Trois-Rivières

Zachary is a professor of accounting at Université du Québec à Trois-Rivières. His Ph. D. work, which is ongoing, relates to valuation work, professional judgment, and regulation.

Guillaume Lafrance, Partner – MNP LLP

Guillaume is a partner in business valuation and forensic accounting at MNP. During the past 15 years, Guillaume has been involved in various large-scale mandates for several organizations in Canada, the United States, Europe and Africa. Guillaume was recognized as an expert witness many times for different courts in the province of Quebec. He has also carried out complex business valuations in a variety of business sectors.

Moderator: Jake Dwhytie, Managing Director, Forensic & Disputes – PwC Canada

Jake is an economist and business valuator with more than 10 years of experience in economic, financial, and litigation consulting and business valuation. Jake specializes in the preparation of expert witness reports for complex commercial and securities disputes, as well as providing advice related to economic issues and business valuations.

Cross-Border M&A: Considerations and Challenges

Join our esteemed panel as they discuss the complexities of structuring, negotiating, and executing North American cross-border transactions. Topics will include recent M&A trends, key differences in buyer and seller behaviour in Canada versus the U.S., purchase and sale agreement considerations and general market outlook.

Andy Chan, Senior Partner – Miller Thomson

Andy is the Chair of the firm’s International Business Group and his cross-border transactional and advisory practice ranges across all areas of business and law, including strategic acquisitions, investment structures and contested corporate transactions.  Andy’s industry experiences encompasses the provision of legal advice in a variety of sectors, such as manufacturing, logistics, real estate development and healthcare.

Mario Nigro, Partner – Stikeman Elliott LLP

Mario is a partner at Stikeman Elliott in the Mergers & Acquisitions and Private Equity & Venture Capital Groups. His practice focuses on M&A, financings and complex corporate reorganizations, and general business law. Mario has extensive experience working with Canadian, U.S. and European private equity firms, search funds, independent sponsors, and venture capital firms on sophisticated transactions including acquisitions and dispositions. He has also worked on a variety of cross-border private equity fund transactions including buyouts, leveraged buyouts, and secondaries, for leading private equity firms.

Moderator: Devin Kennealy, Director, M&A Investment Banking – Kroll Corporate Finance Canada Limited

Devin has over 15 years of experience in corporate advisory and capital markets, and has worked closely with both public and private companies, private equity sponsors and institutional investors to execute M&A and financing strategies across several sectors including Consumer Products, Industrials and Business Services. Prior to Kroll, he worked in corporate finance roles at Macquarie Group, Eight Capital and Dundee Agriculture.

10:30 AM – 11:30 AM

Automated valuation models (AVMs): implications for the valuation profession and their clients

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.

Bitcoin mining and the energy industry

Join Stephen Barbour as he explores the impact of bitcoin mining on energy projects and companies, with real-world applications highlighting economic trends and opportunities.

Steve Barbour, President – Upstream Data Inc.

Steve is an oil and gas facilities engineer and the founder of Upstream Data Inc., an energy services company focused on integrating bitcoin mining with unmarketable energy. Steve holds numerous patents relating to oilfield production tools and has a deep passion for improving oil and gas production efficiency. Steve lives in Calgary, Alberta with his wife Morgan and son Benjamin.

11:35 AM – 12:35 PM

Are You Considering Growth Properly in Your Valuation

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.

Expectation Damages vs. Reliance Damages: Perspectives from a Lawyer and Financial Expert

When calculating the losses incurred in breach of contract disputes, determining an appropriate financial damages approach is not always straight forward. A loss of profits claim (i.e., expectation damages) is compensatory in nature and intended to place the injured party in the same economic position as it would have been in had the contract been performed. What if it is difficult to calculate expectation damages with reasonable certainty? What if the alleged breach implicates some form of misrepresentation which caused a party to enter a contract that it otherwise would not have entered (i.e., a reliance damages claim)? Join Ivy and Zain as they explore the two types of damages and review their application in various relevant judicial decisions.

Ivy Tse, Director – Secretariat

Ivy has practiced exclusively in litigation support, business valuation, damages quantification and forensic accounting since 2012. She works with privately-owned and publicly traded companies on matters relating to breach of contract, post-transaction disputes, business interruption, breach of fiduciary duties, and suspected corporate and employee wrongdoing. She also performed extensive forensic accounting investigations and business valuations for companies with complex organizational structures.   Ivy’s casework covers a broad range of industries including retail/distribution, information technology, professional services, pharmaceutical, agriculture, manufacturing, construction, transportation, and telecommunications.

Zain Naqi – Lax O’Sullivan Lisus Gottlieb

Zain’s experience includes oppression claims, contract and real estate disputes, director and officer liability, enforcement of indemnities and guarantees, arbitrations and injunctions. Zain has acted in precedent-setting decisions, among them, the leading case on directors’ liability for corporate oppression. Zain has represented clients at all levels of court in Ontario, the Federal Court, and the Supreme Court of Canada. His experience also extends to constitutional and public-interest litigation for the Canadian Civil Liberties Association.  

Zain has been recognized by his peers in the 2022 Edition of The Best Lawyers in Canada “Ones to Watch” in the fields of corporate/commercial litigation and administrative/public law. He is a co-author of the Chambers Global Practice Guide for Litigation in Canada.

How current markets are impacting venture funding, VC growth, and pricing considerations

Canadian venture capital wrapped up 2022 with a surprising finish – the second-highest record in both deal count and total deal value compared to recent years. However, the outlook for deal-making in the current year remains challenging given macroeconomic pressures such as rising interest rates and tightening monetary policies. In this presentation, Christiane Wherry, Vice-President of Research & Product at the Canadian Venture Capital & Private Equity Association (CVCA) will share insight on the most recent Canadian venture capital activity against the historical context, identifying trends in the venture capital asset class across various stages, geographic and sectoral hotspots, and how VC investors are shifting their strategies in response to the current market dynamics.

Christiane Wherry, VP of Research + Head of Diversity & Inclusion – Canadian Venture Capital & Private Equity Association (CVCA)

Christiane is the Vice President of Research & Product and Head of ESG at the Canadian Venture Capital & Private Equity Association (CVCA), a voice for Canadian Private Capital.  A trained economist with deep experience funding Canada’s innovation sector, she has contributed to building multiple companies and to driving change across technology, government, and non-profit domains in Canada and globally. Prior to joining the CVCA, she was a Principal at Quantius, an IP-based lender focused on Canadian Small- and Medium-sized Enterprises (SMEs) in knowledge-based sectors. She holds advanced degrees from the London School of Economics and University of Toronto, Faulty of Law.

1:30 PM – 2:30 PM

Real estate business valuation concepts: exploring perspectives from industry, tax and valuation professional

  • 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
  • Forms of ownership
  • Taxes upon notional sale of real estate
  • Pitfalls of non-arm’s length purchases

Jenna Schwartz, Partner – Richter

Jenna Schwartz has a keen legal eye coupled with a love of numbers. Her diligent and holistic approach to her work, all with a sprinkle of humor, has positioned her as a trusted advisor to her clients and colleagues.  For over ten years, Jenna has been advising families throughout their lives on a variety of tax matters, including corporate reorganizations, mergers and acquisitions, tax audits and objections and succession planning.

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.

Ladies of Litigation: Common Concepts in Damage Quantification

Join our panel for a round table discussion as we explore the commonalities of damage quantification across a variety of practice areas. In this session, the panelists will discuss the following topics:

  • Recent developments and ‘hot topics’ in economic damage quantification for personal injury and commercial disputes.
  • Current considerations in quantifying and modelling economic damages, including but not limited to, the impacts of COVID-19 and market factors.
  • Past, present and future considerations for striking a balance when collaborating with opposing experts.

Join Stella, Yvonne and Kateryna as they explore these ideas and provide best practices in the ever-changing world of damage quantification.

Kateryna Shpir, Director – RSM Canada

Kateryna is an experienced professional in the field of tort litigation, specializing in personal injury damage quantification. For over 10 years, she has provided consulting services in a wide range of personal injury cases, including motor vehicle accidents, slip and falls, sexual assault and medical malpractice cases, for both Plaintiff and insurance/Defense clients.

Yvonne Kitkarska, Senior Manager / Vice President – MDD Forensic Accountants

Yvonne specialises in the areas of business valuation, economic loss quantification and investigative accounting in a variety of contexts, including contractual and shareholder disputes, post-acquisition disputes and representations and warranties claims, professional negligence, physical damage and defamation. She manages MDD’s Montreal office, and is fluent in both French and English. She has provided expert testimony in Quebec Superior Court.

Stella Chen, Senior Manager – Cohen Hamilton Steger

Stella’s accounting practice is focused on commercial disputes, class actions, expropriations and forensic investigations. Within those fields, her casework included matters involving fraud, contractual rights, investigations, patent infringement, PMNOC Section 8 disputes and more. She has experience in a broad range of industries including mining and forestry, real estate, financial services, automobiles, pharmaceuticals, and technology.

Moderator: Dawn Ellis, Manager, Litigation & Valutation – RSM Canada

With over 8 years of experience, Dawn’s breadth of services includes the quantification of economic damages and business valuations in the context of expropriations, insurance matters, construction disputes, intellectual property disputes and breach of contract disputes. Dawn’s experience spans a wide range of industries including, franchise operations, mining, real estate, hotel and hospitality, retail, construction, health care, agriculture, not-for-profit, financial services, and professional services.

Strategic Buyers – Acquisitions in a Volatile Market

In a volatile and challenging macroeconomic environment, strategic acquirers are adjusting their approach to acquisitions. Join the discussion with two of Canada’s active strategic buyers to better understand how they are approaching acquisitions in 2023 and beyond.

Bryce Cooper, VP M&A – Constellation Software Inc.

Bryce has over 20 years of buy-side acquisition experience throughout his career with Constellation Software and it’s major operating subsidiary, Harris Computer Systems. Constellation Software and its operating subsidiaries are serial acquirers, completing hundreds of transactions per year worldwide. Bryce has been directly involved in over 80 transactions with owner/operators, private equity firms, and corporate sellers.  Prior to joining the Constellation family, Bryce worked as an engineer for a major Canadian oil and gas company.

Greg Skotnicki, President – Market Maker Agriculture

As president, Greg leads the Market Maker Agriculture team in its mission to support owner-operators who are transitioning their agribusinesses. He came to Market Maker from an executive role at Manderley Turf Products Inc., Canada’s largest sod producer. Under his leadership, Manderley was named one of Canada’s 50 Best Managed Companies in 2011.

Moderator: Adam Nihmey, Managing Director, Valuations – Welch Capital Partners

Adam joined Welch Capital Partners in 2018 as Managing Director, Valuations.

Adam is CFA and CBV and previously was President of Capacity Financial Consulting Inc., a boutique business valuation and transaction advisory firm (which was acquired by Welch Capital Partners in 2018).  Adam’s expertise in business valuations and M&A spans close to 20 years, working previously at PricewaterhouseCoopers and various other firms with the focus on valuations and strategic acquisitions. Adam has also acted as virtual CFO for various start-up companies.

2:35 PM – 3:35 PM
Calculation v Estimate Valuation Conclusions – Standards and Practice

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.

A Picture is Worth a Thousand Words: Data visualization in expert reports

While words can be powerful, sometimes they’re not the best way to get your point across. Visuals can aid in distilling a complex message. In our role as independent experts it is our duty to assist our clients, opposing experts, and ultimately the triers of fact in understanding our evidence. In this presentation we will provide strategies to optimize the design of visualizations to help increase the speed at which your message is comprehended and retained. Our goal is to help you leverage data visualization to improve the effectiveness of your expert reports and testimony.

Rachel Ryman, Director, Dispute Advisory Services – Deloitte Canada

Rachel is a Director in Dispute Advisory Services. Rachel has over 12 years of experience working on engagements involving business valuations and the quantification of economic losses for lawsuits and insurance claims across various industries in Canada and abroad. Her practice focuses on commercial litigation, expropriation, business interruption, class actions, and personal injury. Her clients include litigators, insurance adjusters, and business owners. She has authored hundreds of expert reports and has provided expert evidence at arbitration. In 2018, she was selected for the CBV Institute’s Ian R. Campbell Research Initiative to research discounting conventions in economic damages claims, and in 2019, she received Chartered Professional Accountants Ontario’s Emerging Leaders Award after being nominated by her peers for making significant contributions to both their workplace and the community.

Katherine Furlan, Senior Manager, Dispute Advisory Services – Deloitte

Katherine is a Senior Manager in Deloitte’s Dispute Advisory Services practice. Katherine has over 10 years of experience working on engagements involving the quantification of economic losses for lawsuits and insurance claims across various industries in Canada. Her practice focuses on commercial litigation, business valuation, expropriation, business interruption, and personal injury. Her clients include litigators, insurance adjusters, and business owners. She has authored numerous expert reports and is qualified as an expert witness in small claims court.

Time Zone: Eastern Standard

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.

Registration Closed

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