Valuation Resources & Guidance for Attorneys with Clients Owning Business Interests, Nov. 9

An advanced, interactive, business valuation presentation focusing on issues confronted by attorneys with clients owning business interest(s). The program will include a moderated three member panel of legal experts discussing issues relating to general corporate law, ownership transactions (stock and asset), estate and gift tax, & shareholder disputes.

* Understanding Differences in Value Basic Mechanics of Business Appraisal
* Valuation in dissent and shareholder oppression Value Drivers
* Role of Business Appraisal in Exit Planning
* Effective engagement, use, and support of valuation experts

Understanding Differences in Value
* How are businesses valued
* Income Approach: discounted cash flows vs. capitalized cash flows
* Discount and Capitalization Rates
* Market Approach: Guideline Transaction Method and Guideline

Public Company Method
* Asset Approach

Basic Mechanics of Business Appraisal
* Costs of Equity, Costs of Debt, and Weighted Average Costs of Capital
* Financial Statements, the balance sheet, and the income statement
* Ratio Analysis

Appraisal & Report Types
* Calculations, limited appraisals, and complete appraisal
* When is an appraisal warranted
* Other assignments: appraisal review, fairness opinions, solvency opinions, feasibility studies
* Oral, restricted use, and comprehensive reports
* When appropriate, when not
* Independence versus advocacy
* When appropriate, when not
* Appraisers as consultants versus fact witness
* Controversial issues among appraisers/ subjective issues
* Best practices among appraisers
* Costs and engagement considerations

Value Driver
* What creates value
* Personal goodwill versus enterprise goodwill
* Other considerations,
* Value is Incremental and Value Changes with Time
* Synergistic versus strategic inventors

Role of Business Appraisal In Exit Planning
* Common Questions and issues of shareholders wanting to leave the business
* Standards of Value
* Types of Exit Strategies
* General valuation inclination per exit strategy
* Valuation Approaches
* Control Premiums and liquidity/minority discounts
* Transaction Funding

Shareholder Dissent, Oppression, and Appraisal Remedies
* Shareholder dissent
* Shareholder oppression
* Statutory Fair Value
* Continuing torts and other measures of damages
* Reporting and testimony considerations

Considerations in Litigation (Faculty Panel)
* Defining the engagement, date of valuation, and standard of value
* Discovery and time line
* Who is the client
* Attorney work product privilege
* The appraisal report, use, and opposing discovery
* Other supporting accounting, tax, and appraisal discipline experts & evidence relied upon by appraiser
* Opposing experts: do’s and do not’s
* Supporting the experts testimony at trial
* Cost considerations

David A. Maschino, ASA, Chair
Lighthouse Advisors, Inc., Indianapolis, IN

George G. Cassiere, ASA, CFA
PACE Financial Group, Fishers, IN

Christopher C. Hirschfeld, ASA, MBA
Somerset CPA’s & Advisors, Indianapolis, IN

Robert C. Schlegel, ASA, MCBA
Houlihan Valuation Advisors, Indianapolis, IN

Brian A. Eagle
Eagle & Fein, P.C., Indianapolis, IN

Michael E. Millikan
Ice Miller LLP, Indianapolis, IN

William M. Pope
Barnes & Thornburg LLP, Indianapolis, IN

4 CLE / .5 E – Wednesday, November 9
9:00 A.M. – 4:30 P.M.

– ICLEF Conference Facility, Indianapolis

– Reiling Teder & Schrier Law Office, Lafayette
– Ice Miller Law Office, Indianapolis

– From your home or office computer

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