FALL TERM REGISTRATION OPEN

Registration for the Fall 2023 term is open. The deadline to register for the Fall term is August 31, 2023. Please register early, late registrations will not be accepted.

If you have any questions regarding registration, please email CBV Institute’s Education Department at education@cbvinstitute.com.

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CBV INSTITUTE PRACTICE ROUNDTABLES

Join Dr. Christine Sawchuk, President & CEO, CBV Institute, Catalina Miranda, Vice President, Regulatory & Standards, CBV Institute, and your Regional Directors to share feedback on Institute initiatives and express your thoughts on the progress of our profession. Your perspective is essential in shaping how CBV Institute moves forward.

More information and registration is available at the links below.

CPD ON-DEMAND: HOWARD JOHNSON, CBV, AT CONNECT 2023

Connect 2023 recorded sessions are now available for on-demand viewing! If you missed this sold-out event, rest assured, you can catch up on your own time by registering for these past recorded events here (scroll down to past events).

To start, may we recommend Howard Johnson’s top-rated session Bridging the Chasm between Notional Market Valuations and Open Market Reality? This short clip previews his chasm-crossing advice for business valuations – liquidity drives value in the open market and should be key in notional fair market value, too. 

The full-length recording is bursting with takeaways, here are a few:

• Adjusted EBITDA is best crafted with a Quality of Earnings (QoE) mindset. The QoE analysis in an open market, an “audit on steroids,” is typically TTM for presentation to banks and buyers.
• Buyers will not pay for new initiatives (e.g. expansion into a new territory) unless some level of traction is demonstrated. Proof is worth more than promises!
• Buyers do not care about normalized risk-free rates. They only consider the rate available to them. In general, it helps to start your working papers with specific buyers in mind.
• Nobody is paying more for control in an open market transaction, but takeover premiums are paid for perceived synergies (again, it helps to consider a few specific buyers).

Watch the full-length video by registering here.

RESEARCH CORNER: VALUING DATA

The most valuable firms in the world today are valued largely for their data. Yet, methods of valuing and managing this asset type are still evolving. CBVs may look to emerging research on this topic from the academic community to stay current.

Laura Veldkamp, Professor of Finance at Columbia Business School, examines the data economy and the value of data as an asset. Her latest work is available in three formats:

1. 2023 NBER Finance Long-Term Asset Management keynote (video)
2. Valuing Data as an Asset (academic paper)
3. Non-technical write-up of the data valuation agenda

As best practices for the valuation of intangible assets continue to evolve, we encourage you to explore this topic. Stay informed and stay ahead!

CBV INSTITUTE SUPPORTING IVAS-IVSC CONFERENCE

CBV Institute is proud to be a supporting partner of the 2023 IVAS-IVSC Business Valuation Conference, taking place October 3 & 4, 2023.

Join other thought leaders, policymakers, business leaders, and business valuation professionals at this conference for valuable insights and discussions on the latest trends and developments relating to business valuation.

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SPONSORED RESEARCH INITIATIVE – REQUEST FOR PROPOSALS

Proposals for CBV Institute’s annual Sponsored Research Initiative are due by September 21, 2023.

CBV Institute welcomes all submissions that further innovative research in the business valuation field, including from Registered Students in the CBV Program of Studies and from CBVs at any stage of their career. Submissions are also welcomed from academics and professionals who do not hold the CBV designation but who work in complementary areas such as accounting, finance, economics, and litigation.

The winning proposal can be on any under-explored topic of relevance to business valuation practitioners. Top-of-mind topics for this year include but are not limited to: (1) the unique challenges of valuing start-ups and high-growth companies, including Generative AI companies; (2) takeaways for practitioners from recent public market fluctuations e.g., the boom-bust cycles in technology, cannabis, and crypto; and (3) practice management considerations related to the adoption of AI and AVMs.

CBV Institute provides compensation of $10,000 for completion of the selected research project.

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CALL FOR CBV TUTORS

Seeking a fulfilling opportunity to contribute to your profession? CBV Institute invites seasoned CBVs throughout Canada to extend their expertise as tutors for Registered Students in our CBV Program of Studies. The level of involvement is flexible with the tutoring arrangement facilitated directly between the Registered Student and tutor. To express your interest in shaping the next generation of CBVs, reach out to our Education Department. Please provide your location, the courses you're comfortable tutoring, and your preferred contact details at education@cbvinstitute.com.

OTHER EVENTS 

ASA Litigation in Valuation Conference 
November 30, 2023 - Virtual 

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CBV Institute is neither affiliated with, nor endorses, these programs.