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Blockchains and cryptographically backed digital assets can pop up in any engagement, whether we’re ready or not.  Join Joshua McDougall as he walks you through some basics about the technology; how to recognize when these digital assets (such as Bitcoin and Ethereum) are present in a business; how proper collection and review processes can reduce the risks that these new technologies expose us to; and how to ensure all relevant information is uncovered and understood.

Joshua McDougall is an Associate Managing Director with Kroll’s Cyber Risk and Investigations practice based in Denver, CO. He specializes in blockchain technology, investigations involving complex data systems, and the eDiscovery lifecycle.  Joshua also serves on the Board of Directors of the CryptoCurrency Certification Consortium (C4), a non-profit educator and standards body, and is a co-author of their CryptoCurrency Security Standard (CCSS), the industry standard for securing digital blockchain assets. 

The discerning valuation analysis is a model the contains and reconciles the following three discounted cash flow models: (a) The Free Cash Flow to Firm model (FCFF); (b) The Free Cash Flow to Equity model (FCFE); and (c) The Discounted Economic Profits (DEP) or Economic Value-Added model (EVA).  The DEP / EVA model is increasingly being utilized by many private equity, investment banking, and corporate finance firms in the USA as well as international industry “consolidators”.  The discerning valuation analysis model incorporates into one model the DEP / EVA model (corporate finance framework) with the traditional FCFE and FCFF models typically utilized by CBVs.

The model / analysis allows important insights and transparency via the inter-play of the following variable factors for CBVs working on fairness opinions or in the above noted firms.  An analysis / comparison of ROIC and WACC and the impact on value creation (the investment decision for acquiring a business);

• Economic profits and the impact on economic value;
• Sales growth over the projected life cycle of the business;
• Operating capital employed;
• EBITDA margins;
• Net reinvestment rates;
• The impact of leverage and corporate income taxes associated with Economic Value Added; and,
• Operating ROIC.
• The reconciliation of intrinsic value via the three discounted cash flow models.

Join Stephen Kertzman, LLB, CBV, for this advanced webinar offered to CBVs who are looking to gain further insight regarding the above-noted factors to produce more credible and defensible valuation reports.  A excel version of the model will be supplied to participants.

Join Peter Hiddema, Founder and Principal of Common Outlook Consulting Inc., for this customized webinar, as he offers key strategies from the Harvard Negotiation Project to help CBVs negotiate better outcomes in all types of negotiations, while simultaneously building sustainable relationships. Specifically, the session will identify key mistakes we make in negotiations and offer practical strategies for overcoming them.

Ownership of a minority interest in private real estate is very common. Structures include real estate funds, partnerships, real estate limited partnerships, joint-ventures and corporations. The fair market value of the minority interest is rarely worth its pro-rata share of en bloc 100% value, regardless of the structure.

Join Stephen Cole,  FCPA, FCA, FCBV and Nikola Zivkovic, CBV as they discuss how the discount from en bloc value should reflect the following considerations, among others: the mutual expectations of the parties at the outset of the partnership and those that have evolved over time including what is outlined in any relevant agreements; the disadvantages of the minority interest relative to a control position in the subject real estate; the structure of the investment; the liquidity of the interest; the cash flow associated with the interest; the nature of the underlying real estate investment (for example, a development property versus a stable, cash flow generating property); opportunity cost; and the economic and industry conditions as at the valuation date.

There is extensive literature, academic studies and many Court decisions concerning discounts applicable to minority real estate interests. While these points of reference are helpful, their usefulness may be limited where the commentary is very fact specific and / or the data is not current.  Many specific minority interests are unique, with their own set of facts, circumstances and value drivers. In these cases, the typical rules of thumb are only a starting point to arriving at a fair market value reflecting the right discount.

One accurate way to determine the value of a minority interest (and by extension its discount from en bloc value) is to determine the value of discounted cash flows anticipated to the minority shareholder. Similar to the Quantitative Marketability Discount Model advanced by Chris Mercer, the prime drivers of the fair market value of a minority interest in private real estate are:

• The current en bloc value of the underlying real estate;
• The expected growth rate in the underlying real estate;
• The expected holding period;
• The expected cash flow during the holding period; and,
• The required holding period return.

The webinar will discuss the above and hopefully not fall prey to the trap Paul Simon so aptly described in his song entitled ‘So Beautiful or So What’:

“Ain’t it strange the way we’re ignorant
How we seek out bad advice
How we jigger it and figure it
Mistaking value for the price…”

Expert witnesses sometimes – intentionally or unintentionally – extend their opinion into areas that are reserved for the ultimate trier of the facts. When this happens, legal issues arise with respect to both the admissibility into evidence of the expert’s opinion evidence and the weight to be afforded said opinion evidence.   Join Jack Blackier, FCA, FCPA, DIFA, LL.M., a forensic accountant and lawyer with Cox and Palmer, as he illustrates the legal issues that arise in this context, and will address various mechanisms to help avoid the expert witness crossing this line.

Valuing a personal service, hands-on, owner-operated professional practice requires a valuation of the Doctor (labour) supply. The cost of labour in the professional practice marketplace has a significant range and relying upon a simple rule of thumb as to the value of a doctors service will produce an incorrect valuation of the practice. Being unfamiliar with labour supply ratios and prevailing compensation packages can purposely or accidentally produce a value that is substantially higher or lower than the actual, arm’s-length and open marketplace.

Timothy A. Brown has risen to national prominence as President & CEO of ROI Corporation, Canada’s #1 dental practice appraiser and broker. His insights, research and experience in the dental field has made him a highly sought after professional speaker and a respected author.

Click here for more information on Timothy Brown and his publications.

Presentation

In this webinar Blake Dawson, CBV at  Vet Help Inc., will explore the intricacies of valuing a veterinary practice in Canada.  This includes the similarities and differences with other small businesses.  He will discuss where veterinarians look to have their valuations performed, the prevailing methods used, and the current purchaser demand across geography, practice type, and practice size.  Blake will further discuss the reasons why the majority of veterinary transactions tend to be share transactions and the regulatory environment around practice ownership, challenges of establishing capitalization rates for individual practices and the characteristics that influence that decision.

The CBV Institute’s first ever round of practice inspections will commence in 2019, and all Members and Registered Students will be impacted. Are you ready? 

Join Catalina Miranda, CICBV’s Director, Professional Practice as she provides a high level overview of the new Practice Inspection Policy, including key expectations around reporting to the Institute, who and what is subject to Practice Inspection, what you can expect to happen as part of a practice inspection, and the possible outcomes of a practice inspection.  She will also address any questions from Members and Students.

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What does 2019 hold in store here and abroad? When will interest rates stop rising? Is the U.S. headed for a fiscal cliff? Join Brian DePratto, Senior Economist at TD Bank, as he answers these questions and more as he explores the key economic trends and what they mean for you. 

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Join Jonathan Gallant, CPA, CA, CBV – Director & CFO of 314 Pure and Co-founder of Breathing Green Solutions Inc. as he takes participants through a review of the current marketplace and changing regulations with valuation considerations within the cannabis industry. He will also highlight the implications of legalization in Canada and abroad with a summary discussion of recent transactions in the industry.

Often times after a business owner sells and retires from the business, they have more assets than they need to fund their retirement. This usually results in “trapped” money in a holding company that is left to accumulate and eventually passes to their heirs through their estate.

Join Joshua Lane and Joël Campagna as they discuss the many tax efficient ways to maximize the use of these funds and unlock “trapped money” through implementing life insurance and other estate planning strategies. A few notable topics to be discussed are:

• life insurance as an alternative asset class
• maximizing the Capital Dividend Account (CDA)
• recent tax changes and their effect on estate planning strategies

What happens when you sell your business and lose your steady pay cheque? How do you convert your recently acquired investable assets into a steady stream of income that will be sustainable and last your lifetime?

Join Joshua Lane, EVP, Wealth Strategies at Kaspardlov and Associates (Manulife Securities Inc.) as he discusses the biggest concerns clients have when they sell their business and transition to the retirement phase.  Clients need a plan to show them:

• the income they can expect from the proceeds they will receive post sale
• how to shift their focus from asset accumulation to wealth preservation and deaccumulation phase
• how their professional advisors (CBV, CPA, CFP), can be their new Board of Directors for their personal wealth management business

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Presentation

WBLI: Two Years Later – What we learned

Topical Issues in Business Loss Quantification

M&A Update

Family Law Panel Discussion

Cross Examination Preparation by Expert Witnesses

Bankers Perspective on Current Capital Structure Trends