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Financial Valuation Applications and Models.pdf
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A complete toolkit for financial valuators to help keep their engagements on-track and on-time In the newly revised fifth edition of Financial Valuation Workbook: Step-by-Step Exercises and Tests to Help You Master Financial Valuation, veteran valuation expert James R. Hitchner delivers a comprehensive collection of checklists, reports, information request templates, and other tools designed to assist valuation practitioners in the organization of their engagements. In the book, you'll find intuitively organized materials that cut the learning curve for newly minted valuation professionals in half. The tools contained within follow the standard valuation engagement format and track the intricacies of the typical valuation assignment. Over 300 exercises—organized by major subject—are included to assist with the learning process. You'll also find: Updated sections on S-corps, discounts for lack of marketability, and cost of capital resources and applications Report writing aids, discussions of individual vs. corporate tax rates, and guides for engaging in depositions and trials as an expert witness Materials designed to assist with the difference between capitalized cash flow and discounted cash flow methods Perfect for business valuation analysts and expert witnesses, Certified Public Accountants, and appraisers, the Financial Valuation Workbook will also be an indispensable resource for attorneys working with financial valuation experts as they aim to keep their engagements on-track, on-time, and on-budget.
Contents ix
Premise of Value 458
Control versus Minority 458
Built-In Gains Taxes 459
General Steps in the Asset Approach 465
Case Study 466
Best Practices 475
Addendum 1— Understanding Real Estate Appraisals 477
Addendum 2— Understanding Machinery and
Equipment Appraisals 490
CHAPTER 10
Valuation Discounts and Premiums 507
Levels of Value 508
Liquidity Versus Marketability 511
Entity-Level Versus shareholder-Level Discounts 514
Controversial Issues 517
Controlling Versus Noncontrolling Interests 518
Calculating a Discount for Lack of Control 523
Control Premiums 523
Control and the Market Approach 530
Control and the Income Approach 531
Discounts for Lack of Marketability 532
DLOM on a Controlling Interest 534
Empirical Evidence of Marketability Discounts 545
Applying Study Data 588
Quantitative Tools 590
Factors Influencing Marketability 603
Other Discounts 607
Premiums Accorded Voting Versus Nonvoting Stock 613
Summary 615
CHAPTER 11
Addendum—Sample Valuation Report 617
History and Nature of Business 625
General Economic and Industry Outlook 628
Book Value and Financial Position 634
Projections 644
Approaches to Value 646
Income Approach 648
Cost of Capital 659
Market Approach 668
Guideline Public Company Method 668
Guideline Company Transactions Method 683
Reconciliation of Valuation Methods 685
Conclusion of Value 689
Appendix A—Assumptions and Limiting Conditions 690
Appendix B— Valuation Representation/Certification 694
Appendix C—Professional Qualifications of the Appraiser 695
Appendix D—Other Sources Consulted 696
Appendix E—x Contents
Appendix F— Additional Information from Mercer Capital’s
National Economic Review 696
Endnotes 706
CHAPTER 12
Business Valuation Standards 709
History of Valuation Standards 709
Government Action 710
Organization of the USPAP Standards 711
USPAP Business Valuation Standards (2020–2021—Extended
to December 31, 2023) 712
Other Business Valuation Standards and Credentials 722
Summary 727
Addendum 1— A Summary of the AICPA’s BV Standards 728
CHAPTER 13
Valuation of Pass-Through Entities 737
Introduction 737
Background 738
Standard of Value 748
Controlling Interests in Pass-Through Entities 750
Applicable Tax Rates 753
Noncontrolling Interests in Pass-Through Entities 755
Treharne Model 756
Van Vleet Model 762
The S Corporation Economic Adjustment 763
The S Corporation Equity Adjustment Multiple 765
Summary: Noncontrolling Interest in Pass-Through
Entity Theory 769
Bibliography 772
Older Sources of Information 772
CHAPTER 14
Estate, Gift, and Income Tax Valuations 777
Selected Internal Revenue Code Provisions 777
Selected Treasury Regulations 779
Selected Revenue Rulings 782
Valuations for Income Taxes 812
CHAPTER 15
Valuation of Family Limited Partnerships 821
Applications 822
Tax Advantages 822
Formation 822
Other Characteristics 824
Importance of State Law and Property Rights 824
Improper Formation Can Create Problems for PartnersContents xi
Valuation of Family Limited Partnership Interests 828
Preliminary Considerations 828
Tax Code, Regulations, and Official Guidance 836
Characteristics That Affect Value 846
Other Factors to Consider 849
Components of the Partnership 849
Research 851
Valuation Approaches and Adjustments 857
Case Study 859
Court Cases 866
CHAPTER 16
Summary of Tax Court Case Valuation Issues 877
Tax Court Decisions 877
CHAPTER 17
Shareholder Disputes 881
History of Shareholder Disputes 881
Causes of Action 882
Standard of Value 886
Valuation Date 889
Entire Fairness 889
Valuation Methodology 891
Valuation Adjustments 893
Some Relevant Court Cases 894
Recent Delaware Decisions 901
Court Case Caveats 912
Conclusion 913
CHAPTER 18
Employee Stock Ownership Plans 915
Introduction 915
Purposes 915
Requirements 916
Regulatory Environment 916
Tax Considerations 919
Need for Valuation Services 921
Adequate Consideration and Standard of Value 922
Feasibility of Formation 924
ESOP Share Ownership Characteristics 929
Ongoing Operations 931
Accounting Standards for ESOP Companies
with Acquisition Debt 935
ESOP Valuation Engagements 938
Demand for Appraisal Review Services 947
Additional Informationxii Contents
CHAPTER 19
Valuation in the Divorce Setting 951
Standards of Value 951
Premise of Value 953
Goodwill 954
State Interpretations on Inclusion of Goodwill in the Marital Estate 956
Personal versus Enterprise Goodwill 956
Allocation of Goodwill as Personal or Enterprise 958
Applying the Factors to Assess Goodwill 959
Role of Noncompete Agreements in Determining Personal
versus Enterprise Goodwill 963
Trifurcation of Goodwill and the Concept of Tradeable
Personal Goodwill 964
Personal Goodwill in Commercial Businesses 965
Double Dipping in Divorce Cases 966
Valuation of the S Corporation and Other Pass-Through Entities 967
Restrictions on Data 968
Range versus Specificity 969
Professional Standards 969
Valuation Methodology and the Application of Discounts 971
Liquidity Myth in Pass-Through Entities 974
Summary 975
CHAPTER 20
Valuation Issues in Small Businesses 977
Common Characteristics 977
Financial Statement Adjustments 980
Qualitative Factors Affecting Value 984
Valuation Methods 984
Reasonableness Tests 990
Summary 991
CHAPTER 21
Valuation Issues in Professional Practices 993
Types of Practices 994
Purpose of Valuation 997
Professional Goodwill and Practice Goodwill 997
Selected Case Law for Marital Dissolution 999
Factors Affecting Value 1001
Financial Statement Adjustments 1005
Valuation Methods 1009
Summary 1013
CHAPTER 22
Reasonable Compensation 1015
Purposes for Analysis 1016
Types of Compensation 1021
Assessing Compensation 1024
Methods of Calculating Reasonable Compensation 1028
Divorce and the “Double Dip” 1032
Personal GoodwillContents xiii
Reasonable Compensation Job Aid for IRS Valuation
Professionals 1035
Conclusion 1038
CHAPTER 23
The Valuator as Expert Witness 1039
Introduction 1039
Pre- Engagement Considerations 1041
United States Requirements and Procedures Applicable
to Expert Witnesses 1042
Daubert Motion 1044
The IkarIan Reefer 1047
Canadian Requirements Applicable to Expert Witnesses 1048
“Rules” for the Testifying Expert When on the Witness Stand 1050
Conclusion 1057
CHAPTER 24
Fair Value Measurement and the Valuation of Intangible Assets 1059
Introduction 1059
Nature of Intangible Assets 1060
Fair Value Standards and Guidance 1061
Fair Value Measurement 1063
Business Combinations 1071
Intangibles: Risk and Return 1078
Valuation Approaches 1079
Cost Approach 1080
Market Approach 1083
Income Approach 1086
Amortization Benefit 1092
In- Process Research and Development 1094
Goodwill 1095
Financial Reporting Disclosures 1101
Statements on Standards for Valuation Services VS Section 100 1101
Case Study: Determining the Value of Goodwill and Other
Intangible Assets in a Business Combination 1103
CHAPTER 25
Marketing, Managing, and Making Money in a Valuation Services Group 1139
Purpose and Overview 1139
CHAPTER 26
Business Damages 1141
General Considerations in Damages Calculations 1141
Legal Principles Governing Damages 1142
Measurement of Damages 1148
Can Lost Profits Exceed the Fair Market Value
of the Business? 1160
Considerations in Intellectual Property Damages 1161
Considerations in Securities Class Action Litigation 1169
Standards 1174
Conclusionxiv Contents
CHAPTER 27
Other Valuation Service Areas 1175
A: Valuation for Public Companies and/or Financial
Reporting 1175
B: Valuation of Debt 1175
C: Valuation of Preferred Stock 1176
D: Restricted Stock Valuation 1176
E: Valuation Issues in Early-Stage Companies 1177
F: Stock Options and Other Share-Based Compensation 1178
G: Real Option Valuations 1178
H: Maximizing Shareholder Value 1179
CHAPTER 28
Valuation of Healthcare Service Businesses 1181
Background 1188
Industry Factors 1191
Standard of Value 1205
Considerations for Valuing Healthcare Entities 1207
Valuation Process 1209
Control Premiums and Minority Discounts 1216
Discounts for Lack of Marketability 1218
Valuation Issues for Specific Healthcare Industry Niches 1218
Public and Private Healthcare Services Companies by Niche 1232
CHAPTER 29
Determination of Compensation in the Healthcare Industry 1235
Need for Compensation Assignments 1235
Regulatory Guidance 1237
Applicable Valuation Standards 1238
Compensation Elements 1239
Sources of Data 1243
Documentation 1244
Conclusion 1244
CHAPTER 30
Special Industry Valuations 1245
Introduction 1245
Construction 1245
Oil and Gas Exploration and Production Valuations 1258
Restaurants 1271
Bars and Nightclubs 1289
Addendum 1— An Interview with a Business
Broker- Valuator 1296
CHAPTER 31
Buy- Sell Agreements 1303
Introduction 1303
Overview of Buy- Sell Agreements 1304
Key Terms and ProvisionsContents xv
Reviewing a Buy- Sell Agreement 1310
The Valuation Process 1313
Impacts on Value 1323
Estate Tax Considerations 1327
Considerations in Divorce 1333
Conclusion 1333
CHAPTER 32
Valuation Views and Controversial Issues: an Illustration 1335
Understanding with the Client and Scope of Work 1339
Executive Summary 1343
History and Nature of Business 1343
General Economic and Industry Outlook 1349
Book Value and Financial Position 1358
Projections 1363
Approaches to Value 1371
Income Approach 1373
Cost of Capital 1390
Market Approach 1406
Guideline Public Company Method 1406
Guideline Company Transactions Method 1425
Reconciliation of Valuation Methods 1430
Conclusion of Value 1431
Appendix A—Assumptions and Limiting Conditions 1433
Appendix B— Valuation Representation/Certification 1437
Appendix C—Professional Qualifications of the Appraiser 1438
Appendix D—Other Sources Consulted 1439
Appendix E— Exhibits 1439
Appendix F— Additional Information from Mercer Capital’s
National Economic Review 1439
Endnotes 1449
About the Website 1453
Index 1457
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