September Meeting: Private Company Valuation Trends

The September Chapter Meeting will be held on Wednesday, September 10, 2014 at the Doubletree Guest Suites in Plymouth Meeting, PA. The Board of Directors will meet at 5:00 pm; all ASA members are welcome. The general meeting starts at 6:30.

The guest speaker will be Bob Wegbreit, one of three partners in the West Conshohocken firm of GF Data Resources, LLC. GF Data provides valuation data on middle-market transactions backed by private equity. He will talk about “Private Company Valuation Trends: 2014 Mid-Year State of the Lower Middle Market.”

Mr. Wegbreit is a marketing and strategy specialist working in categories of printing and publishing, web-based business solutions, home services and channel distribution. He has a B.S. from Boston University, and was a Senior Vice President of Sales and Marketing for the Dismar Corporation, a national point-of-sale advertising manufacturer.

Bob will discuss proprietary valuation and cost of capital information from GF Data’s mid-year benchmarking reports. The reports, considered among the most reliable, describe completed acquisitions valued between $10-250 million. They include confidential transaction details contributed by over 220 North American private equity firms.

As seating for this talk is limited, please register early for this educational and productive evening which qualifies for 2 hours credit toward ASA reaccreditation.

Dinner is $35 per person for members and guests. Members: Last chance this season to buy the 5 Meeting Plan for $110 – a $65 saving! To pay online with your major credit card or PayPal go to the ASA Philadelphia Members Page, otherwise please make checks payable to ASA Philadelphia Chapter 35. Please RSVP by Friday, September 5, to Executive Secretary Joanne Paciello by mail to 8 Terrace Rd, Plymouth Meeting, PA 19462, email, phone (610-277-1366) or fax (610-277-1366).

SAVE THE DATES. This is the first meeting of the 2014-2015 season. Other meetings, all at the Doubletree, are November 19, January 21 (breakfast) and March 18. A May dinner meeting at a special venue is also planned but not finalized.

SAVE THE DATE: 2014 Business Valuation Seminar

The Philadelphia Chapter of the American Society of Appraisers (ASA) will hold its annual Business Valuation Seminar at the Doubletree Guest Suites Hotel in Plymouth Meeting, PA on Friday, May 2, 2014.  The program includes sessions focused on

• Commercial Reasonableness in Exempt Hospital Transactions
• Valuation and Investing in the Face of Uncertainty
• Cost of Capital using Duff & Phelps given Morningstar’s Exit
• Tax Perspectives and Fair Market Value.

Fees. Early Bird fees, which apply when registration forms and payments are submitted by March 28, are $290 for ASA Members, $320 for all others. After March 28, registration is $320 for ASA Members, $350 for all others. The fee includes meals and refreshments.

To pay online with your major credit card or PayPal go to the ASA Philadelphia Members Page, otherwise please make checks payable to ASA Philadelphia Chapter 35 and mail to Executive Secretary Joanne Paciello, 8 Terrace Road, Plymouth Meeting, PA 19462.  Please note that seating capacity is limited.

Credit. The program qualifies for eight hours of Continuing Education Credit (CEC) for ASA members and for members of other professional organizations which recognize NASBA credit.

Brochure.  A seminar brochure, including comprehensive information, biographies of the presenters, a registration form, refund and cancellation policies is available on the Chapter website and for download in PDF format.

Questions.  For all other questions, including CEC eligibility for your organization, please contact the seminar organizer, Bob Haas at rhaasjr@rmha.com or (215) 887-6500, or Joanne Paciello at asaphiladelphia@verizon.net.

Business Valuation Seminar: April 2012

The Philadelphia Chapter of the American Society of Appraisers (ASA) will hold its annual Business Valuation Seminar at the Doubletree Guest Suites Hotel in Plymouth Meeting, PA on Friday, April 20, 2012.  The program includes sessions on size and liquidity premiums, marketability, Subchapter S corporation valuation, working with the IRS, and reasonable compensation.

Michael A. Crain, ASA, a Principal of The Financial Valuation Group in Fort Lauderdale, FL will talk about "The State of Affairs on Size Premiums" from 8:30-10:00 am. The session will summarize studies on the size effect and discuss related return data from Morningstar and Duff & Phelps. Mr. Crain has a B.A. in accounting and an M.B.A. from Bellarmine University in Louisville, KY, and is performing doctoral research in finance at the University of Manchester's Business School in the U.K. A Chartered Financial Analyst(CFA) and a CPA certified in Business Valuation (ABV) by the American Institute of Certified Public Accountants (AICPA), he has authored books and journal articles, winning the AICPA's Lawler Award for best article of the year.

Ashok Abbott, Associate Professor of Finance at West Virginia University, will discuss "Size and Liquidity Premiums" from 10:15 am to noon. He will present empirical research showing that in publicly traded markets, using data from 1926-2010, liquidity and size have both played a role in explaining asset returns, and the use of one does not preclude the other. Dr. Abbot earned his B.S. degree in physics at Punjab University, an M.A. in English Literature at Meerut University, and a Post Graduate Diploma in International Business at Bombay University; he went on to take M.B.A and Ph.D. degrees in Finance at Virginia Tech. A prolific author and frequent presenter at professional conferences, his teaching interests include corporate finance, mergers and acquisitions, international finance and business strategy.

Michael Gregory, ASA, principal of the Roseville, MN firm of Michael Gregory Consulting LLC, will present "The IRS Job Aid on Discount for Lack of Marketability and Subchapter S Valuation Adjustments" from 1:00-2:00 pm. The presentation will explore the August 2011 IRS publication "Discounts for Lack of Marketability -- Job Aid for IRS Valuation Professionals," which Mr. Gregory helped develop before retiring from the IRS last year. Mr. Gregory's insights should help participants prepare their work product for income, gift and estate taxes more effectively.

Michael Gregory will also present "How to Work with the IRS" from 2:15-3:15 pm, drawing on his forthcoming book, How to Work with the IRS: Field Specialists and Revenue Agents (What I Learned that May Help You). Mr. Gregory will discuss the IRS' organization, rules of engagement, classification of estate and gift tax returns, and give best practice examples. The overview and advice should be helpful in dealing with the IRS and advising clients.

Mr. Gregory took his B.S. at Valparaiso University, his M.S. at the University of Wisconsin-Madison, and his M.B.A. in Finance at DePaul University. Before starting his own consultancy, he served the IRS as a Territory Manager, focusing on Subchapter S valuations, discounts for lack of marketability, reasonable compensation and appraiser penalties.  He serves on the ASA Business Valuation Committee, is a NACVA (National Association of Certified Valuators and Analysts) Accredited Valuation Analyst, and has qualified as a Mediator with the Minnesota Supreme Court.

Stacey D. Udell, ASA, a partner in the NJ firm of Gold Gerstein Group LLC, will talk about "Reasonable Compensation" from 3:25-4:50 pm. The presentation will consider the history of reasonable compensation, including new and landmark cases, and discuss valuation considerations and resources. Ms. Udell, who is a NJ Certified Public Accountant (CPA), Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF), holds a B.S. in Accounting from the University of Delaware. Her practice focuses on business valuation, forensic accounting, economic damages, and litigation support services. Active in professional circles, Ms. Udell has presented at both accounting and legal conferences and written for the American Journal of Family Law and for Business Valuation Resources.

Program Schedule
Registration, Buffet Breakfast	8:00 am-8:30 am
Morning Session*	8:30 am-12:00 pm
Lunch (included)	12:00 pm-1:00 pm
Afternoon Session*	1:15 pm-4:50 pm

*Morning and Afternoon Sessions include Refreshment Break

Registration Fee
ASA Members	$300
All others	$320

Additional Information. The program qualifies for eight hours of Continuing Education Credit (CEC) for ASA members and for members of other professional organizations which recognize NASBA credit. A seminar brochure, including additional information, biographies of the presenters, a registration form, refund and cancellation policies is available in PDF format [100 KB]. For all other questions, including CEC eligibility for your organization, please contact the seminar organizer, Bob Haas at rhaasjr@rmha.com or (215) 887-6500, or Joanne Paciello at asaphiladelphia@verizon.net.

To pay online with your major credit card or PayPal go to the ASA Philadelphia Members Page, otherwise please make checks payable to ASA Philadelphia Chapter 35 and mail to Executive Secretary Joanne Paciello, 8 Terrace Road, Plymouth Meeting, PA 19462.  Please note that seating capacity is limited.