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.
The cost of livestreaming will also get you access to the recorded Litigation and Deals sessions (post-congress), which all count as verifiable CPD.
Connect 2025 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
tHURSDAY JUNE 12
9:00 – 10:00
Eight Billion Geniuses: Life in a Post-Anthropocentric Intelligence Paradigm examines the recent evolution of artificial intelligence and its profound implications for our lives. Through analysis of key benchmarks and milestones – from AlphaGo’s victory over Lee Sedol to recent breakthroughs in mathematics, science, and creative domains – the talk explores how AI is increasingly matching or exceeding human-level performance across diverse cognitive tasks. The presentation addresses the emergence of “commoditized intelligence” – a future where advanced AI capabilities are widely accessible – and poses a central question that invites reflection on both the opportunities and challenges ahead: “What would *you* do with an army of genius assistants?” As AI systems demonstrate unprecedented capabilities in discovering new antibiotics, solving advanced mathematical problems, and generating creative works indistinguishable from human output, we examine what this paradigm shift means for individual and collective human adaptation in a world where genius-level cognitive assistance becomes universally available.
Keynote Speaker – Mark Daley, Chief Artificial Intelligence (AI) Officer – Western University
Mark Daley is the Chief AI Officer at Western University and a full professor in the Department of Computer Science with cross-appointments in five other departments, The Brain and Mind Institute, The Rotman Institute of Philosophy, and The Western Institute for Neuroscience. He is also a faculty affiliate of Toronto’s Vector Institute for Artificial Intelligence.
Mark has previously served as the Vice-President (Research) at the Canadian Institute for Advanced Research (CIFAR), and Chief Digital Information Officer, Special Advisor to the President, and Associate Vice-President (Research) at Western. Mark is the past chair of Compute Ontario and serves on a number of other boards.
10:00 – 10:45
Join us for an insightful presentation on the evolving Canadian economic landscape, where we will explore the key trends and projections shaping Canada’s economy through 2027. Expect an in-depth analysis of Canada’s growth trajectory, the implications of increasing global geopolitical uncertainty, employment trends, and shifts in consumer confidence and business sentiment. Gain strategic insights from EY’s Economic Advisory practice on navigating the changing economic environment and making more informed decisions now and into the future.
Mauricio Zelaya, Partner & National Economics Leader – EY
Dr. Zelaya is an accomplished economist with extensive experience in econometrics and statistical modelling for both private and public sector clients He specializes in the economics of innovation, industrial organization, and more generally, the application of economic theory to real business issues. His work in this area spans across numerous industries, from oil & gas and mining to finance, automotive and advanced manufacturing. In addition to leading the National Economics Practice for EY Canada, Dr. Zelaya is also a faculty member at the Schulich School of Business, lecturing in topics related to Macroeconomics and International Business.
11:15 – 12:00
Since the introduction of ChatGPT, generative AI is at the forefront of the news. What impact will AI have on the appraisal profession and how can it be utilized in the performance of valuation work? This session will review the foundations of Artificial Intelligence (AI) and the prospective impact on our profession. It will introduce a conceptual framework to assess AI capabilities and limitations and discuss the latest developments and real world use cases. Armed with this knowledge, participants will be prepared for the future of generative AI.
Greg Endicott, Managing Director – Strategic Value Group, LLC & Valuevision, Inc.
Greg Endicott, ASA, CPA/ABV, CEIV is the Managing Director of Strategic Value Group, LLC. With nearly 30 years of experience in business valuations across diverse industries, Greg specializes in healthcare and multi-disciplinary projects. He has conducted valuations for various purposes including transactional, tax, gift and estate, financial reporting, compliance and litigation. In addition to his business valuation expertise, Greg has over 20 years experience valuing service arrangements in the healthcare space, including provider compensation. Greg is also the CEO of Valuevision, Inc., a Software as a Service company that develops technology solutions for the valuation ecosystem.
1:00 – 2:00
The experts, Jerry Lin, Michael Sherlock, and Sid Jaishankar bring a wealth of experience related to the valuation of various investments / private equity / venture capital under fair value for financial reporting. Among other things, the experts will discuss:
- The market participant perspective…and its implications
- The use of subsequent events or information to inform the fair value conclusion
- Day 1 gains/losses…how can they arise and what issues they may create
- The emergence of retail-focused private funds…and considerations related thereto
Michael Sherlock, Managing Director (Valuation & Disputes) – Kroll
Michael J. Sherlock is a managing director focused on valuation and financial loss/damages quantification. Michael specializes in business and securities valuations for various purposes, including for financial reporting, litigation support, securities litigation, and corporate finance activities. Michael’s recent engagements have included valuations across a number of industries, including but not limited to, financial services, technology, real estate/development, manufacturing, restaurants/QSR, and consumer goods and services.
Sid Jaishankar, Managing Director (Valuations & Disputes) – Kroll
Sid Jaishankar is a managing director and has more than 20 years of experience in business and securities valuation, economic loss quantification and expert testimony. Sid has prepared and critiqued numerous expert reports that have been accepted by various Canadian courts in respect of business valuation and economic loss quantification pursuant to a variety of dispute matters including, but not limited to, commercial, intellectual property, tax and securities litigation.
Jerry Lin, Director, Valuations – Sagard
Jerry Lin currently leads the valuation function at Sagard and has 18 years of experience in practicing valuation. Before joining Sagard, he worked at Big Four firms’ valuation services across three countries, specializing in financial instruments, venture capital, and private equity investments.
2:30 – 3:30
Yoram and Jacob will revisit an often overlooked topic in the application of business valuation, Betas. Understanding what Betas represent, their intended purpose, and various calculation methodologies will all be explored. The presentation will end with a case study on how Betas are applied in the real world.
Yoram Beck, Principal – Cohen Hamilton Steger & Co. Inc.
Yoram Beck has specialized exclusively in the areas of business valuation and damages quantification since 2004. Yoram holds a Masters degree in Economics and is both a Chartered Business Valuator and Chartered Financial Analyst. Yoram’s main practice areas include quantifying economic damages in complex commercial matters and shareholder disputes, along with preparing business valuations for purchase and sale transactions, fairness opinions, formal valuations (MI 61-101), corporate reorganizations and tax purposes. Yoram has authored articles and spoken frequently on a variety of topics related to business valuation and litigation support services.
Jacob Martin, Principal – Cohen Hamilton Steger & Co. Inc.
Jacob Martin has practiced exclusively in the areas of business valuation, forensic accounting, and the quantification of economic damages since 2015. Jacob was the 2017 recipient of the George Ovens Award for achieving the highest mark in Canada on the CICBV Membership Qualification Examination (MQE). He also placed on the National Honour Roll for the 2013 Uniform Evaluation Examination (UFE) for Chartered Accountants (now CPA) in Canada. Jacob has provided litigation support on a wide array of matters, including shareholder disputes, patent infringement, PMNOC Section 8 disputes, commercial damages, and forensic investigations.
3:30 – 4:30
Many transactions involving public and private companies require an independent assessment of value before proceeding. Our panel will cover a variety of situations such as going private transactions, issuer bids (share buy-backs), shareholder agreement transactions, and related party transactions, and will detail when and what type of reporting is required by independent business valuators.
Moderator – Paul Mandel, Partner – MNP
Paul Mandel is a member of MNP’s Valuations and Litigation Support Services team in Toronto. Paul assists clients with corporate valuations, including valuations for income tax, disputes, planning and regulatory purposes, delivering tailored solutions for their best interests. Paul brings more than 25 years of direct valuation experience to his role including close to 20 years at the partner level. He recently presented at national business valuation conferences on such topics as brand valuation, the impact of size on valuation and the valuation of capital-intensive businesses. Paul sits on the board of the Professional Engineers of Ontario as the only non-engineer and on several charity boards in an accounting and finance capacity.
Jay A. Lefton, Partner – Fasken Martineau DuMoulin LLP
Jay Lefton is a partner in the Toronto office of Fasken Martineau DuMoulin LLP and practises corporate and securities law, advising clients on transactions involving both public and private companies. Jay is a former member of the Ontario Securities Commission’s Securities Advisory Committee, advising the Commission on various matters, including legislative and policy initiatives, and was an adjunct faculty member at Toronto’s Osgoode Hall Law School.
Andrew Mihalik, Partner, Davies Ward Phillips & Vineberg LLP
Andrew Mihalik is a partner at Davies Ward Phillips & Vineberg LLP in Toronto, Ontario. His practice focuses on mergers and acquisitions in a wide range of industries, particularly in the mining sector, including domestic and cross-border transactions, private equity transactions, joint ventures and contested and unsolicited transactions (for both bidders and targets).
FrIDAY JUNE 13
8:30 – 9:30
This presentation will feature a comparative analysis of developments in the valuation profession amongst diverse international regions and the impact thereof on stakeholders. In particular, the role of the IVSC in promoting the valuation profession internationally shall be discussed with current examples detailed. The panel will also address specific challenges that arise for valuers when performing assignments in less-developed markets.
Moderator: Drew Dorweiler, Managing Director, Dartmouth Partners Limited, Montréal and Dubai
Drew Dorweiler has over 41 years of experience valuing businesses, securities and intangible assets for a wide range of transactional and litigation purposes. He is a Fellow of the CBV Institute and of the Royal Institution of Chartered Surveyors and has previously served as a Director of the CBV Institute, a Trustee on the Appraisal Foundation and is currently Chair of the Membership Standards and Recognition Committee of the IVSC.
Nick Talbot, Chief Executive Officer – IVSC
Nicholas Talbot is the Chief Executive of the International Valuation Standards Council (IVSC) – a position he has held since July 2016. Nick is an international expert in advising on standards and professionalism. The IVSC brings together experts from around the world to produce International Valuation Standards. It covers all asset classes and is recognized in different ways by the World Bank, IMF, UN, as well as some of the world’s biggest investors, investment banks, corporates and influential professional bodies who qualify appraisers. It engages at the highest levels with regulators in the US and around the world in order to improve and give confidence in the approach to valuation. It is overseen by an independent board of global leaders www.ivsc.org/boards/
Before working at IVSC Nick was a global director at RICS and has held various non-executive roles, having previously worked for half of his career in a variety of international roles at Ernst & Young and KPMG. Nick has featured in various documentaries, television, radio and news outlets across the world, and has received a Point of Light Award from the UK Prime Minister.
Lionel Zaba, President – Zen Valuations
Lionel Zaba brings over a decade of expertise in guiding businesses through complex financial decisions. He has provided numerous tailored valuation services to his clients internationally. In addition to his involvement with the CBV institute and with the Membership and Standards Recognition Board of the International Valuation Standards Council (IVSC), Lionel serves as the President and founder of the African Institute of Certified Valuators and Appraisers, headquartered in Burkina Faso. This organization aims to elevate valuation practices in the region by promoting the adoption of International Valuation Standards.
10:00 – 11:00
In today’s fast-paced and innovation-driven economy, intangible assets now account for more value than tangible ones, making the valuation of technology assets both a critical and complex challenge. This session will provide a comprehensive exploration of technology assets, from conventional hardware, software, algorithms, and data licenses to cutting-edge infrastructure and digital assets. Participants will gain a deep understanding of key valuation methodologies – market, income, and cost approaches – along with their practical applications and limitations. We will also delve into the impact of rapid innovation, market volatility, and regulatory shifts on valuation drivers such as asset lifecycles and competitive advantages. Through practical examples, this session aims to equip attendees with insights needed to navigate the evolving landscape of technology asset valuation.
Barbora Gaziova, Partner – PwC
Barbora Gaziova is a Valuations Partner at PwC Canada with focus on valuation of businesses and intangible assets. She is passionate about new technologies. In 2019, she participated in a specialized digital upskilling program offered by PwC Canada under the name Your Tomorrow, where she learned to work with data transformation and visualization tools, as well as about machine learning. She leads the technology transformation initiatives for the Valuations practice at PwC Canada. Barbora spent over 10 years with the Valuations team of PwC Europe in Vienna, Austria prior to joining the team in Vancouver in 2018.
Corrine Zhao, Director – PwC
Corrine Zhao is a Valuation Director at PwC Canada, specializing in the valuation of various businesses. With extensive experience in the field, Corrine has developed a keen understanding of the intricacies involved in assessing the value of technology assets. Corrine’s expertise spans across multiple industries across multiple industries. She has worked on numerous projects involving the valuation of software companies, digital platform, and emerging tech startups, which provides clients with insightful valuations that support strategic decision-making. Prior to joining valuation team, Corrine spent six years in Transaction Services, providing financial due diligence on M&A transactions. Before that, she was an auditor with PwC China.
11:00 – 12:00
There are notable trends in private company compensation towards performance incentives, many correlated to value creation and key value drivers. Effective incentive plans assist business owners and executives to attract, retain and incentivize key talent to achieve corporate and ownership objectives. Zack and Alana will discuss:
- Common goals and objectives of effective compensation programs
- Elements of compensation and best practices
- Why your clients may consider performance-based incentives
- Advantages and disadvantages of various types of performance incentives
Zachary Brzezinski, Vice President – Richter
Zack is a Vice President and Alana is a Partner at Richter, a business family office. Zack and Alana work closely with Richter’s private client base, including corporate executives, business owners and their families, as well as the broader legal community in the areas of business valuation, dispute advisory, succession planning and other ownership matters.
Zack and Alana have 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.
Alana Geller, Partner – Richter
Zack is a Vice President and Alana is a Partner at Richter, a business family office. Zack and Alana work closely with Richter’s private client base, including corporate executives, business owners and their families, as well as the broader legal community in the areas of business valuation, dispute advisory, succession planning and other ownership matters.
Zack and Alana have 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.
1:00 – 2:00
Sports teams are businesses, so it is not surprising that the value of sports teams has increased given the rising popularity and expansion into new global markets. The value of a sports team is determined based on future economic returns, which are influenced by factors such as the popularity of the sport and the team, the league’s competition structure, and team ownership structure. Additionally, certain events and factors may have a more lasting impact on the financial success of the sports team than others (i.e., technological innovations, the emerging influence of private and sovereign funds, the creation and distribution of sports content, etc.). When assessing the value of a sports team, it is paramount to identify such factors and assess their impact on the economic benefits that an investor can reap from their investment, regardless of the valuation approach employed.
Amran Nawaz, Manager – Secretariat
Amran Nawaz provides valuation and financial advisory services in the context of international arbitrations and commercial litigation. He has prepared expert opinions on valuation and economic damages issues on many continents, spanning multiple industry groups, including sports, mining, infrastructure, telecommunications, aviation, real estate, rail transportation, retail, and healthcare.
Shalabh Gupta, Associate Director – Secretariat
Shalabh Gupta provides financial analyses, economic advisory, forensic accounting, and other litigation support services to clients and their counsel. Shalabh’s work experience includes a wide range of industries, including sports, telecom, restaurant and hospitality, real estate, oil and gas, retail, banking and financial services, cannabis, pharmaceutical, manufacturing, and renewable energy.
2:00 – 3:00
Valuation standards generally require or encourage a quality control process to ensure the accuracy, consistency and reliability of business valuation conclusions, in the public interest. Why should every valuation professional have a QC process? What does a “good” QC process for a valuation practice include? What are practitioners actually doing? What does QC look like for a small boutique valuation firm? CBV Institute’s Practice Inspection Program has provided a “window” into what firms of all sizes are doing and some best practices are emerging. In a tech driven world, a robust QC process keeps the valuator in the driver’s seat and focussed on the more complex area of business valuation – professional judgments. Join us in this practical session to explore key considerations to refine your firm’s QC processes.
Catalina Miranda, Vice President, Regulatory and Standards – CBV Institute
Catalina Miranda 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.
Ron Martindale, Partner – Davis Martindale
Ron Martindale has been a Practice leader with Davis Martindale since 1996, the National Valuation Chair of DFK Canada (2008 to 2022) and the International Valuation Services Committee Chair of DFK since 2022. Ron has brought his experience 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 valuations and litigation support in the open market including merger and acquisition transactions, and management buyouts as well as in the notional world including shareholder and matrimonial disputes, tax reorganization and loss quantifications.
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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.