Most businesses are started by individuals that work hard to grow them. When these businesses are successful and wealth is accumulated, managing the wealth to preserve it for retirement and pass the excess capital to the next generations becomes an important priority. Many families find convenient the establishment of a single-family office while others prefer
Accounting and valuation language in agreements can often be subject to multiple interpretations, leading to bad outcomes for the parties. Join Barbara Morton and Terence Crohn from E&Y as they review four case studies of transactions resulting in disputes or litigation where the accounting and valuation language was at the heart of the disagreement. Tips,
Join Roslyn Tsao (Managing Partner – Epstein Cole LLP), Kristy Warren (Associate – Epstein Cole LLP) and Louise Poole (Partner – Davis Martindale LLP) as they highlight recent caselaw for valuators to keep in mind in carrying out their retainers. Practical commentary on the application of caselaw to your practices will be provided.
This presentation will focus on financial instruments and embedded derivatives that are frequently valued for financial reporting purposes. Join Oksana Westerbeke, Principal, Forensic Advisory Services – Grant Thornton LLP (Boston) as she discusses an overview of the financial instruments, appropriate valuation methodologies, and latest developments in the valuation industry relevant to these financial instruments. The
Join Susan Glass as she address the new lease standards, including both IFRS 16 and ASC 842. She will begin by briefly reviewing the new standards, including how the international and U.S. standards differ from each other and from current standards, considering the impact on the income statement, balance sheet, cash flow and key ratios/metrics.
When it comes to venture investing, investors look for three things (1) massive market opportunity (2) strong team and (3) differentiated technology. At the early stage, historical financial metrics often don’t exist, so investors must come up with alternative methods to determine the value of a company or price to pay to invest. Join Michelle
Financial service professionals and investigators will learn how to conduct business intelligence investigations, due diligence, asset and enhanced background checks using the latest and most effective cybertools. Join Cynthia Hetherington, Founder & President of the Hetherington Group as she takes attendees through the following learning objectives: Identifying the latest cyber investigative resources accessible to the
Our workday routine has crumbled. We have been thrown into a new way of life without time to prepare, adjust or plan. Many are trying to care to the needs of others while struggling with little emotional energy in their tank. With so much uncertainty, no one knows if or when life as we know it will resume. This has left many of us feeling overwhelmed, scared and stressed!
In this 1 hour interactive webinar, Cindy Gordon, CPA, CA, CPCC, founder of Business Rescue Coaching, will provide tools to help you feel more stable in your new norm; take back control of your productivity; and shift your mindset to better cope and adapt to these times of uncertainty.
You’ll learn:
- A technique to feel more grounded and emotionally stable to successfully deal with unexpected curve balls or ambiguity.
- How to structure your day to enhance productivity and feel more in control.
- How to shift the inner voice that fuels the fire of negativity and stress to an attitude that is more empowering.
Join Andrea Pontoni, CPA, CA, CBV, ASA, CFF for this webinar as he focuses on valuation issues specific to farm producers and agribusiness as well as their marketing and sales divisions. In particular, his presentation will focus on the following issues:
• Factors to consider when deciding on the valuation approach or methodology;
• Adjustments in normalizing earnings or cash flow;
• Issues to consider in selecting sustaining capital reinvestment;
• Specific risk issues to consider in your cost of capital;
• Issues between the farm producer and their marketing affiliates;
• Calculating disposition costs in particular corporate taxes (cash vs accrual basis),
• Questions you may want to ask your real estate appraiser,
• Adjustments to the financial statements of the farm producers;
• Maximizing after tax value on a divestiture to the farm owner; and
• Issues to consider in qualifying for the enhanced capital gains exemption.
Join Nicholas Correia, CBV; Trevor Williams, CBV; and David Feher, CBV, as they discuss:
• The Price Adjustment Clause (PAC) as it relates to valuations for income tax purposes. He will discuss jurisprudence surrounding the PAC, requirements for recognition of a PAC and hypothetical examples involving the PAC
• Fair Market Value and Trapped in Capital Gains. He will cover current practice, cases and what to expect from a CRA valuator
• Issues that CRA valuators have encountered when reviewing valuation reports. He will give examples of practices that may be viewed as increasing the risk to the CRA, as well as others that could be viewed as best practices
This webinar will not be recorded for archived purposes. This is an informational session only and questions will not be taken.
CBV Institute, in conjunction with the Young Professionals in Valuation committee, is proud to host its first “Women in Valuations” luncheon in Vancouver. Join Eleanor Joy, FCBV (retired PWC Partner and British Columbia’s only female FCBV), Jocelyn Cruickshank (Partner at KPMG in Corporate Finance) and Laura Morgan (Director at Grant Thornton in Transactions & Valuations) in an informal discussion, as they share their experiences and impart valuable wisdom. This luncheon will provide attendees with an opportunity to connect with their peers and also share their experiences, challenges and successes.
Attendance at this event is free of charge to CBV Institute members and students courtesy of Blair Mackay Mynett Valuations Inc. and KPMG LLP.We extend our sincere appreciation to our sponsors, without whom this event would not be possible. Thank you sponsors!
Registration is limited to 35 attendees. Register now to secure your spot.
Continuing Professional Development hours – 14 hours
Keynote Speakers
- Strategy in a World of Disruption – Shawn Kanungo
- IVS – Canada’s leadership role in recognition of International Valuation Standards – a conversation with IVSC CEO Nick Talbot
Congress Streams and Topics
CORE BUSINESS VALUATION
DEALS
LITIGATION
- Leases: IFRS 16 & ASC 842
- Are You Considering Growth Properly in Your Valuation
- Introduction to the Valuation of Complex Financial Instruments
- Crowdsourced Information and Valuation
- Cybertools for Forensic Accountants
- What’s It Worth? Overcoming the Challenges in Valuing Biotechnology Assets and Companies
- Climate Change and Valuation
- Calculation vs Estimate Reports: Are you doing too little or too much?
- Bloodsport of M&A
- Deal Structuring and Negative Working Capital
- An Owners Perspective on Investing in Private Infrastructure
- Driving Transformative Value Creation Through Deal Making
- Insights from a Sale to a PE Firm
- The Art and Science of Early Stage Financing
- The Rise of Family Offices – Investment Processes and Valuation Governance
- The Evolution of Diligence – Current Trends and Practices
- Role of the Litigation Expert in Mediations
- Litigation Support in the Age of Artificial Intelligence and Data Analytics: Practical Applications
- Doing the Work & Getting the Work: What issues are keeping you up at night?
- Valuation Caselaw Review – Sharpening your 20/20 Vision
- Cannabis Litigation
- CBV’s as Expert Witness’s in Litigation Revisited
- Writing an Effective Expert Report
- Broken Deals: Case Studies of Transactions Resulting in Disputes or Litigation
[accordion title="Congress Material"]
CBV Institute will post all presentations on the Institute’s App and website approximately 1 week before the congress. Access is only available to delegates who registered for the congress. You will be required to log in to access it.
[/accordion][accordion title="Fees"]
Fees
Early Bird Registration (by May 10, 2020) $ 875 (+ HST) = $ 988.75
Regular Registration (after May 10, 2020) $ 1,025 (+ HST) = $ 1,158.25
CBV Congress
2020 – COVID-19 Health and Safety Update
The health and
safety of Congress delegates, speakers, staff and the general community is of
the utmost importance to us. As planning
continues for CBV Congress 2020 in June, we will be closely monitoring the
COVID-19 situation and following guidelines from the World Health Organization,
governments and public health officials.
If it becomes
necessary or prudent at any point to cancel the Congress, registration fees
will be refunded in full. Presentations that would have been delivered at
Congress will be made available instead as paid webinars, to the extent
possible.
If Congress proceeds
and a registrant is not able to attend because they are at risk of COVID-19 or
present a risk to others due to COVID-19, registration fees will also be
refunded.
CBV Institute cannot
compensate for accommodation or travel costs should Congress be cancelled or should
a registrant be unable to attend.
Congress hotel reservations are cancellable up to 72 hours before a scheduled
check-in.
Cancellation Policy:
Before May 1, 2020 – 60% refund
After May 1, 2020 – no refund will be given however substitution of person to this congress will be permitted. Refunds will not be applied to future conferences.
[/accordion][accordion title="Hotel Information"]
Sheraton
Centre Toronto Hotel
Please book your hotel accommodations at the time of
registration as space is very limited. This is peak time at the hotel and our room
block/hotel will sell out quickly.
The cut-off date for our congress rate is May 11, 2020.
The following room rate is available and prices are based on
single & double occupancy rooms
- $ 269.00 –
Traditional room (single or double occupancy)
To book a room: Book your group rate for CICBV National Conference
Or call toll free 1 888 627 7175 and state that you are part of
the CICBV National Conference group, pending room availability.
[/accordion][accordion title="Getting to Toronto"]
To book a flight with
your promotion code, access aircanada.com and enter your promotion code in the search
panel.
PROMO
CODE is: KCAJRAT1
- The booking is to be made to the following city: Toronto (YYZ & YTZ)
- This Promo Code is available to the first 350 delegates who book their travel with Air Canada
- The travel period begins June 2, 2020 and ends June 20, 2020.
No discount will apply
to Tango bookings for travel within Canada or between Canada and the U.S. The
discount rate is 10% on all other flights.
FLY PORTER
Porter Airlines is
proud to offer a 10% discount on available base fares (with the exception of
the lowest class fare during a public seat sale) for travel to and from the CBV
2020 Congress. The discounted fares are available for booking from January 8,
2020 to June 14, 2020 and available for travel from anywhere in Canada or US to
Toronto between June 9 – 14 2020.
Please book online at https://flyporter.com/Flight?culture=en-CA&promocode=CBCV20 or through your travel agent using promo code “CBV20”.
Porter offers
complimentary in-flight snacks and beverages (including beer and wine), Gate
Porter service for carry-on and access to the Porter Lounge in Toronto where
free Wi-Fi and comfortable, leather seating is available.
VIA RAIL
VIA Rail is proud
to be a transportation participant for our Congress, and is offering a 10%
discount from June 7 – June 15, 2020 for all VIA stations to Toronto. The discount applies to the best available
fare in Economy, Economy Plus, Business, Business Plus and Sleeper Class.
PROMO CODE is: 14094
You have to log in
to your profile, or create one prior to booking at www.viarail.ca
On the Passenger
information screen, select “Convention fare” from the “Discount Type”
drop-down menu, and enter the discount code 14094 in the “Discount code” field.
The conference fare will be shown on the next page.
[/accordion][accordion title="Congress Organizing Committee"]
Stephen Kertzman
Kertzman Valuations – Toronto
Michael Devonshire
BDO Canada LLP – Calgary
Brandon Lewis
White & Lewis Inc. – Toronto
Terence Crohn
Ernst & Young LLP – Calgary
Chris Polson
The Brattle Group – Toronto
Sophie Ngo
PwC – Vancouver
Michael Rudanycz
Sun Life Assurance – Toronto
Deborah Hanlon
CBV Institute
Catalina Miranda
CBV Institute
Patrick Ouimet
Raymond Chabot Grant Thornton LLP – Montreal
Eric Arnold
KPMG LLP – Toronto
Mark Weston
Davidson & Company – Vancouver
Patricia Harris
Toronto
Ron Martindale Jr.
Davis Martindale -London/Toronto
Julien Goyette-Demers
Montreal
Jennifer Samarco
OMERS – Toronto
Trevor Allibon
BDC Capital – Kanata
Christine Sawchuk
CBV Institute
[/accordion][accordion title="Sponsoring or Exhibiting"]
Sponsorship is a proven way to deliver the greatest marketing
impact possible and have your message reach attendees leading up to, during and
after the congress events. Exhibiting
at, or sponsoring the 2019 CBV Institute Congress provides a great opportunity
for you to promote your organization and showcase your products and services to
our anticipated 500+ attendees. Deadline
to sign up is April 1, 2020.
2020 Sponsor/Exhibitor
Package.
[/accordion]
GOLD SPONSOr
EXHIBITOR
Join David Tupper (Partner at Blakes) as he discusses the role of the valuator in the courts, including best practices to assist council effectively and ensure that the valuator remains faithful to his duty to the court. David will also discuss his experiences and the lessons learned from his interactions with experts of the court.
Registration is limited to 30. Register now to secure your spot!
This networking event, hosted by the Young Professionals in Valuation, is a great opportunity to get to know your industry peers and grow your professional network in Kitchener and the surrounding area! Appetizers and drinks will be provided. Register now to secure your spot at this must attend event as space is limited to the first 45 registrants.
(originally presented at the January 17, 2020 Montreal Workshop)
Complex capital structures are becoming more and more prevalent in the private sector, and thus, it is imperative to know this component of valuation to stay ahead of the curve. The following is a synopsis of the topics that will be addressed:
- Simple vs Complex Structure at a Glance
- Typical Preferred features
- Economic vs. noneconomic
- Four methods of Allocation:
- Current Value Method (CVM)
- Pros/Cons
- Scenario Based Methods
- Simplified Scenario (fully-diluted)
- Relative Value
- Full Scenario – Probability Weighted Expected Return Method (PWERM)
- Pros/Cons
- Option Pricing Model (OPM)
- Call options on Equity and Enterprise Value
- Payoff/Breakpoints
- Pros/Cons
- Hybrid Method
- Pros/Cons
- Current Value Method (CVM)
- Debt Securities
- Selecting a Method
- Market Rules of Thumb
Presenters: Gregg Hamilton-Piercy, CFA, ASA & Tom Hamilton-Piercy, CFA – MFA Global, Montreal
Join Eleanor Joy, FCBV, a Member of the Membership and Standards Recognition Board of the International Valuation Standard Council, as she takes participants through an overview of International Valuation Standards (IVS). She will start with a brief introduction of the International Valuation Standards Council (IVSC), including what the IVSC is, what the IVSC does and the various IVSC boards that exist. Eleanor will provide an overview of IVS and how CBV Standards compare to IVS. She will also discuss the potential implications of IVS adoption by the CBV Institute.
Join Caroline Philon, Associate Vice-President, Pharmacies Group, National Bank of Canada, as she discusses:
- Portrait of the Quebec industry
- Most significant mergers and acquisitions : chains dominate
- Pharmacy under increasing pressure
- The standard, specialized and digital pharmacy
- Banker’s expectations and transactions criteria
- Risk and mitigation factors of a transaction
- The future of the industry
CBV Institute, in conjunction with the Toronto Young Professionals in Valuation committee, is proud to host its first “Women in Valuation” luncheon.
Join Mary Jane Andrews, FCBV (CBV Institute President & CEO), Susan Glass, FCBV, Nora Murrant, FCBV and Helen Mallovy Hicks, FCBV as they share their experiences and impart valuable wisdom. This is a unique opportunity to hear from these extraordinary CBV women leaders who have dedicated their careers to advancing the valuation profession.
This luncheon will also provide attendees with an opportunity to network with their peers. Registration is limited to 40 attendees. Register now to secure your spot!
Join Helmut Pastrick, Chief Economist for Central 1 Credit Union, as he provides attendees with his annual BC economic review of 2019 and outlook for 2020.
The Calgary Workshop Committee invites you to join us for a highly anticipated social and networking event on Wednesday December 11, 2019. Please join them to connect or reconnect with fellow valuators, celebrate the students success and enjoy the merriment of the upcoming holiday season.
Registration is limited to 40. Register now to secure your spot. The cost includes hors d’oeuvres and one non-alcoholic beverage.
originally offered at the November 7, 2019 Toronto Workshop
Franchising is one of the most common forms of business in Canada. There are currently 75,000 franchised businesses operating in a variety of sectors, and the Canadian Franchise Association lists franchises in over 40 different industries.
In this webinar, Ephraim Stulberg, CPA, CA, CBV, CFF (partner, Matson, Driscoll and Damico) will discuss some of the aspects that make quantifying damages or business value involving either franchisors or franchisees unique. Some of these factors are a function of specific statutes that exist in many provinces; others are driven by the content of the franchise agreement.
The presentation will begin with a brief overview of the franchising business model: what is a franchise, and what are some of the common characteristics of franchise agreements and the franchisor-franchisee relationship that make this model different from other forms of business. It will go on to cover the following topics:
- Statutory Rescission Claims under provincial franchise disclosure legislation
- Business Interruption Damages
- Franchise Agreement Disputes
- Shareholder Disputes
- Expropriation
The Montreal Workshop Committee invites you to join us for a much-awaited social and networking event on Wednesday December 11, 2019. Please join us to enjoy connecting or reconnecting with fellow valuators and to celebrate the students success.
Complex capital structures are becoming more and more prevalent in the private sector, and thus, it is imperative to know this component of valuation to stay ahead of the curve. The following is a synopsis of the topics that will be addressed:
- Users of complex capital structures
- Preferred vs. common vs. debt valuation nuances
- Typical Preferred features
- Economic vs. noneconomic
- Four methods of Allocation:
- Probability Weighted Expected Return Method (PWERM)
- Simplified Scenario (fully-diluted)
- Relative Value
- Full Scenario
- Pros/Cons
- Option Pricing Model (OPM)
- Equity vs. Enterprise inputs
- Pros/Cons
- Current Value Method (CVM)
- Pros/Cons
- Hybrid Method (PWERM/OPM)
- Pros/Cons
- Probability Weighted Expected Return Method (PWERM)
- How to select the right method?
- Going concern
- Rank of security
- Cost/Benefit of the approach – is it practical for the client?
- Market Benchmarks
- Additional considerations
- Why was the structure chosen?
- Warrants
- Series Volatility
- Discounts
- Mark downs
- Company/Industry specific components
Presenters: Gregg Hamilton-Piercy, CFA, ASA & Tom Hamilton-Piercy, CFA – MFA Global, Montreal
Registration is limited to 60 attendees
Join Jozef Hubburmin, CFO of the Fresh Direct Produce Group of Companies as he provides a compelling presentation on driving value from the company’s perspective. Fresh Direct Produce has generated over 300% sales growth in the past decade along with stellar growth in profits. Jozef will demonstrate how growth in a mature food industry sector comes not from luck but from a continuous cycle of planning and execution by team fueled by the right cultural tendencies.
Effective June 13, 2019, the federal government introduced new “beneficial ownership” tracking requirements for private corporations that are federally incorporated in Canada. Join Ron Martindale CPA, CA, LPA, CBV, CFF and Kristina Shaw BA, LLB as they discuss:
- Why these requirements have been put in place;
- What is currently required of your clients;
- Best practices to assist your clients in this tracking;
- Where these requirements may lead in the future; and
- Opportunities for valuation engagements and related support.
Ron Martindale is a Partner in Davis Martindale LLP’s Valuation & Litigation Support Group. Kristina Shaw is a Corporate Lawyer and Partner at Miller Thomson LLP.