2011 cti catalog

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E a r l y R e g i s t r a ti

D i s c o u n t s S e e O r d

& R e g i s t r a t i o n F o r m

Second Quarter 2011 Cataln Expert Witness Bootcamp: Leveln Matrimonial Litigation Support

Workshop: Advanced Topicsn Mergers and Acquisitions

Workshop: Advanced Topicsn Fraud Risk Management Workshop

n Two new Certi ed Forensic Financial Analyst (CFFA) areas of specialization: Business Valuation in Litigation Bankruptcy/Insolvency

n Certi ed Exit Planning Advisor(CEPA) Credentialing Program

n Advanced Litigation Workshop

New for 2011:

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i n B u s i n e s s V a l u a t i o n a n

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Publication Date: May 20

A member of the NACVA Alliance Partners GroupKeyValueData (fka: Center for Economic and Industry Research [CEIR])The Financial Forensics Institute TM(FFI)Institute of Business Appraisers (IBA)

International Association of Consultants, Valuators and AnalystsTM

(IACVA)Middle Market Investment Banking Association (MMIBA)Healthcare Practice Group (HPG)American Institute for Expert Witness Education (AIEWE)Financial Forensics Academy TM(FFA)National Association of Certi ed

Valuators and Analysts (NACVA )

(NACVA) 2011Catalog.indd 1 5/20/11 4:40


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Te Consultants raining Institute (C I) is comprised o the nations leading experts in the elds o business valuation, litigation support consulting, nancial orensics, and a variety o other busineconsulting disciplines. As the most widely respected pro essional training organization, the C I combinehundreds o years o practitioner experience with academic insights to produce benchmark training ancerti cation programs in the consulting industrys hottest growth niches.

What are these niches? Accounting odays 2011 op 100 Firms growth analysislists business valuations rst (again!), orensics/ raud third, and litigation support

ourth. Also among the top growth niches were mergers and acquisitions,succession planning, risk management, and bankruptcy/insolvency. What doesthis mean? Tese niches are where the top visionaries o the CPA pro essionsee the greatest opportunities or uture growth. And the Consultants rainingInstitutewhich has now trained 20,000 practitionerso ers trenchanttraining programs in these disciplines. And many others.

Business ValuationTe C Is greatest contribution to the valuation industry is our certi cationprograms. In conjunction with the National Association o Certi ed Valuatorsand Analysts (NACVA), the C I currently o ers two distinctive business

valuation designations through its Business Valuation Certi cation andraining Center (BV C): Certi ed Valuation Analyst (CVA) and AccreditedValuation Analyst (AVA). We are extremely proud o the act that the CVA and AVA are the only business valuation credentials accredited by theNational Commission or Certi ying Agencies (NCCA), the accreditationbody o the Institute or Credentialing Excellence (ICE). Te C Ialso partners with the Institute o Business Appraisers (IBA) to o er twobusiness appraisal designations: the Certi ed Business Appraiser (CBA) andthe Accredited in Business Appraisal Review (ABAR). Te NACVA/IBA partnership not only o ers members o both organizations expanded trainingand certi cation opportunities, but NACVA members now have access without IBA membershipto the highly acclaimed IBA Market Database, thelargest source o transaction data or privately held business sales in the U.S.

Financial Forensicswelve years ago, the Consultants raining Institute introduced a third

certi cation program through its partner, the Financial Forensics Institute(FFI), called the Certi ed Forensic Financial Analyst (CFFA). Tis popularprogram was subsequently expanded to o er practitioners ve di erentspecialization paths to the CFFA designation: Financial Litigation, Forensic Accounting, Business and Intellectual Property Damages, Fraud Risk Management, and Matrimonial Litigation Support. And this year the FFIintroduces two additional, demand-driven specialties: Business Valuationin Litigation and Bankruptcy/Insolvency. Te FFI wil also partner with

the American Institute or Expert Witness Education to o er experiencedpractitioners several new advanced litigation support programs this year,including the Advanced Litigation Workshop, the Expert Witness Bootcamp:Level II, the Expert Witness Bootcamp: Matrimonial, and the MatrimonialLitigation Support Workshop: Advanced opics. Finally, NACVA is proudto have been chosen by the AICPA to develop and deliver training or theirCerti ed Financial Forensics (CFF) credential.

Business Consulting New or 2011 is the C Is partnership with the Exit Planning Institute(EPI), which sponsors the our-day Certi ed Exit Planning Advisor (CEPA)Credentialing Program and leads to the CEPA certi cation. Te C Ispartnership with the Middle Market Investment Banking Association

(MMIBA) expands this year beyond the timely Mergers and Acquisitions Workshop (leading to the Chartered Merger and Acquisition Pro essional[CMAP] designation) to include the new M&A Advanced opics Workshop.Te Healthcare Consulting Workshop has been completely revised andupdated, and our partnership with BECKMILL EDUCA ION, LLC yieldsthe new Value Maps Workshop.

Youll nd more details on these a liations and training programs in the pagesthat ollow. Be sure to make your plans now to take maximum advantage o theEarly Registration Discountsin addition to a 10% discount or NACVA andIBA members. (Members o bothNACVA and the IBA receive an additional5% discount on training.) Call C I Member Services toll- ree: (800) 677-2009or IBA Member Services: (800) 299-4130. Or, online, visit: www.nacva.com or www.go-iba.org.

Carpe diem!

Parnell Black, MBA, CPA, CVA Chie Executive O cerNational Association o Certi ed Valuators and Analysts1111 Brickyard Road, Suite 200Salt Lake City, Utah 84106-5401

Consultants raining InstituteSecond Quarter 2011 Catalog

Te Nations Experts in Business Valuation and Financial Forensics



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Consultants Training Institute 2011 Course Schedule

O C T O B E R

Days of the week

M A Y

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S E P T E M B E R

Indianapolis, IN May 16 n Case Analysis in Person n 2 16n Current Update in Valuations n 8 16n Business Valuation and Certi cation raining Center n n n n n EX 45 6

San Diego, CA June 6 n Litigation Bootcamp or Financial Experts n n n n n EX 40 18n Case Analysis in Person n 2 16n Current Update in Valuations n 9 16n Business Valuation and Certi cation raining Center n n n n n EX 45 6

Chicago, IL July 11 n CFFA Candidate Workshop n n n 24 20n Business Appraisal Review Accreditation Workshop (ABAR)(IBA 1044)n n n n 32 13n Business Valuation and Certi cation raining Center n n n n n EX 45 6n Case Analysis in Person n 2 16n Current Update in Valuations n 8 16n Expert Witness Bootcamp: I n n n 24 21n Expert Witness Bootcamp: Matrimonial n n n 24 31

Orlando, FL July 25 n Financial Forensics/Forensic Accounting Academy n n n n n EX 40 23

n Advanced Valuation: Applications and Modelsn

n n

24 14n Business Losses rom Catastrophic Events Workshop n n n 24 39n Case Analysis in Person n 2 16n Current Update in Valuations n 8 16

Denver, CO August 8 n Case Analysis in Person n 2 16n Current Update in Valuations n 8 16n Business Valuation and Certi cation raining Center n n n n n EX 45 6n Matrimonial Litigation Support Workshop: Advanced opics n n n 24 30n Expert Witness Bootcamp: I n n n 24 21n Expert Witness Bootcamp: Matrimonial n n n 24 31

Boston, MA August 22 n Business Valuation and Certi cation raining Center n n n n n EX 45 6n Financial Forensics/Forensic Accounting Academy n n n n n EX 40 23n Mergers and Acquisitions Workshop n n n n n EX 40 34n Case Analysis in Person n 2 16n Current Update in Valuations n 8 16

Houston, X September 12 n Business Valuation and Certi cation raining Center n n n n n EX 45 6

n Financial Forensics/Forensic Accounting Clinic n n

16 25n Case Analysis in Person n 2 16n Current Update in Valuations n 8 16

Philadelphia, PA September 19 n Case Analysis in Person n 2 16n Current Update in Valuations n 8 16n Business Appraisal Review Accreditation Workshop (ABAR)(IBA 1044)n n n n 32 13n Comprehensive Certi ed Business Appraiser (CBA) Workshop (IBA 8004) n n n 24 9n Business Valuation and Certi cation raining Center n n n n n EX 45 6n Fraud Risk Management Workshop n n n n n EX 40 27n Healthcare Consulting Workshop n n n n 32 37n Business Valuation in Litigation Workshop n n n n n EX 40 32n Advanced Litigation Workshop n n n 24 19n Advanced Valuation: Applications and Models n n n 24 14n Mergers and Acquisitions Workshop: Advanced opics n n n 24 36n Matrimonial Litigation Support Workshop n n n n EX 32 28n Valuing Family Limited Partnerships n n 16 16

Pittsburgh, PA October 10 n Current Update in Valuationsn

8 16San Francisco, CA October 17 n Case Analysis in Person n 2 16n Current Update in Valuations n 8 16n CFFA Candidate Workshop n n n 24 20n Business Appraisal Review Accreditation Workshop (ABAR)(IBA 1044)n n n n 32 13n Business Valuation and Certi cation raining Center n n n n n EX 45 6n Business and Intellectual Property Damages Workshop n n n n n EX 40 26n Financial Forensics/Forensic Accounting Academy n n n n n EX 40 23

Location Beginning Course M TU W TH F S CPE Page

n Business Valuation I n Financial Forensics/Litigation Consulting I n Consulting I EX Exam

Consultants Training Institute Second Quarter 2011 CatalogPage 4



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CTI 1111 Brickyard Road, Suite 200, Salt Lake City, Utah 84106-5401 Tel: (800) 677-2009 Internet: www.nacva.com Page 5

Consultants Training Institute 2011 Course Schedule (continued)

Days of the week

San Francisco, CA October 17 n Advanced Valuation: Applications and Models n n n 24 14n Valuation or Financial Reporting: Intermediate n n n 24 40n Expert Witness Bootcamp: I n n n 24 21n Report Writing: Review and Analysis n n 16 15n ESOP Appraisals n 8 16n Business Valuation in Litigation Workshop n n n n n EX 40 32n Expert Witness Bootcamp: Matrimonial n n n 24 31

Atlanta, GA October 24 n Comprehensive Certi ed Business Appraiser (CBA) Workshop (IBA 8004) n n n 24 9n Business Valuation and Certi cation raining Center n n n n n EX 45 6n Litigation Bootcamp or Financial Experts n n n n n EX 40 18n Case Analysis in Person n 2 16n Current Update in Valuations n 8 16n Business Valuation Workshop n n n n n 40 11

Chicago, IL November 7 n Matrimonial Litigation Support Workshop n n n n EX 32 28n Business Valuation Workshop n n n n n 40 11

n Certi ed Exit Planning Advisor (CEPA) Credentialing Programn

n

n n

n

32.5 38n Business Valuation and Certi cation raining Center n n n n n EX 45 6n Financial Forensics/Forensic Accounting Academy n n n n n EX 40 23n Healthcare Consulting Workshop n n n n 32 37n Litigation Bootcamp or Financial Experts n n n n n EX 40 18n Mergers and Acquisitions Workshop: Advanced opics n n n 24 36n Report Writing: Review and Analysis n n 16 15n Case Analysis in Person n 2 16n Current Update in Valuations n 8 16

Alexandria, VA November 14 n Business Valuation and Certi cation raining Center n n n n n EX 45 6n Case Analysis in Person n 2 16n Current Update in Valuations n 8 16n Financial Forensics/Forensic Accounting Clinic n n 16 25

n Expert Witness Bootcamp: I n n n 24 21 Washington, DC November 14 n Matrimonial Litigation Support Workshop: Advanced opics n n n 24 30

n Expert Witness Bootcamp: Matrimonial n n n 24 31

Phoenix, AZ November 28 n Case Analysis in Personn

2 16n Current Update in Valuations n 8 16n Comprehensive Certi ed Business Appraiser (CBA) Workshop (IBA 8004) n n n 24 9n Business Valuation and Certi cation raining Center n n n n n EX 45 6n Fraud Risk Management Workshop n n n n n EX 40 27n Mergers and Acquisitions Workshop n n n n n EX 40 34

Ft. Lauderdale, FL December 5 n Case Analysis in Person n 2 16n Current Update in Valuations n 8 16n ESOP Appraisals n 8 16n Report Writing: Review and Analysis n n 16 15n Business Valuation and Certi cation raining Center n n n n n EX 45 6n Business and Intellectual Property Damges Workshop n n n n n EX 40 26n Financial Forensics/Forensic Accounting Academy n n n n n EX 40 23n Mergers and Acquisitions Workshop n n n n n EX 40 34n Bankruptcy/Insolvency Workshop n n n n n EX 40 33n CFFA Candidate Workshop n n n 24 20

n Business Appraisal Review Accreditation Workshop (ABAR)(IBA 1044)n

n

n n

32 13n Matrimonial Litigation Support Workshop n n n n n 32 28n Advanced Valuation: Applications and Models n n n 24 14n Business Losses rom Catastrophic Events Workshop n n n 24 39n Expert Witness Bootcamp: I n n n 24 21n Expert Witness Bootcamp: Matrimonial n n n 24 31n Valuing Family Limited Partnerships n n 16 16

Salt Lake City, U January 23, 12 n Business Valuation and Certi cation raining Center n n n n n EX 45 6

O C T O B E R

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Location Beginning Course M TU W TH F S CPE Page

n Business Valuation I n Financial Forensics/Litigation Consulting I n Consulting I EX Exam



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Business Valuation and Certi cation Training Center

Te Consultants raining Institutes ve-day Business Valuation andCerti cation raining Centers (BV C)sponsored by the National Association o Certi ed Valuators and Analysts (NACVA)are worldrenowned or being the most comprehensive and complete oundationaltraining program teaching to the body o knowledge on how to valueprivate business enterprises. Now being taught in seven countries, the

BV C will prepare candidates to pass any business valuation/businessappraisal certi cation exam o ered in the industry, such as the IBAsCerti ed Business Appraiser (CBA), as well as those o ered by NACVA:the Certi ed Valuation Analyst (CVA) and Accredited Valuation Analyst(AVA) designations. Over 20,000 pro essionals have attended the BV Cor parts thereo , some simply or the knowledge and many (almost 10,000)to pursue the CVA or AVA designation.

PROGRAM CONTENTTe compact ve-day intermediate level curriculum is comprehensive andsubstantive, providing value rom beginning to end*. A good understandingo accounting, taxes, economics, nance, and a basic understanding o

business valuation undamentals are prerequisites. Te BV C is the ultimatecomprehensive training experience: participants will expand their knowledge,stretch their limits, test their skills, share their experiences, and return to theiro ces with a wealth o contacts, resources, and insights that will strengthenthe oundation or their uture success.

LEARNING OBJECTIVESTe BV Cs primary goal is to provide participants with in ormation that will serve as a solid oundation or their pro essional valuation endeavors, whether or not they plan to pursue a designation.

TRAINING CENTER CURRICULUM(Package pricing is available: see page 7)

Days One and Two Business Valuations:Fundamentals, Techniques and Theory (FT&T)(Available in live presentation, sel study, and online.)Live course ee: $1,000 (be ore member and early registration discounts)CPEGroup-Live Hours: 18Te cornerstone o NACVAs training, F & is a rigorous two-day seminaron business valuation that provides the basis and ramework or subsequentcourses. It provides insights into every acet o valuation theory, with hands-on training taking participants rom the undamentals o the valuationprocess through the advanced techniques in current use.

After completing this course, participants will be able to:n Per orm a nancial analysis o a company as it relates to a

valuation engagementn Identi y an appropriate valuation approach and method or a

given valuation purposen Match a discount or capitalization rate to the appropriate bene t

stream under the income approachn Identi y and explain the di erences in standards o value and their

application in a valuation engagement


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Certi ed Valuation Analyst

(CVA )

Accredited Valuation Analyst

(AVA)

Certi edBusiness

Appraiser (CBA)

* For C I NASBA-related in ormation on CPE, please re er to the raining area o NACVAs website: www.nacva.com; or IBA, the Education area o www.go-iba.o

NACVAs CVA/AVA Designations Are NCCA Accredited NACVAs Certi ed Valuation Analyst (CVA) and Accredited Valuation Analyst (AVA) designationsare the only valuation credentials accredited by the National Commission or Certi ying Agencies(NCCA), the accreditation body o the Institute or Credentialing Excellence (ICE). Te Institute orCredentialing Excellences mission is to promote excellence in competency assessment or practitionersin all occupations and pro essions. Tis prestigious recognition di erentiates CVA and AVA credentialholders as having met the most stringent standards in the industry.

Te description o the covered material was only a small indication as to the potential value o the instruction. I was re reshed towitness all the instructors ocus on teaching the underlying principals that contribute todevelopment into a pro essional in the eld as opposed to just teaching to pass the test.

Darren Mitchell, CPA, Chie Financial O cer, MedicalManagement Solutions, LLC

Sponsored by the National Association of Certi ed Valuators and Analysts (NACVA) and the Institute of Business Appraisers (IBA)



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Day Three Business Valuations: Applications andCalculations of the Income and Asset Approaches(Available in live presentation, sel study, and online.)Live course ee: $500 (be ore member and early registration discounts)CPEGroup-Live Hours: 9 Tis ast-paced one-day seminar is the per ect ollow-up to F & . It buildson the applications o the income and the asset approaches and providesparticipants with the opportunity to per orm numerous calculations usingvarious methodologies or the income and asset approaches. Te course usesmultiple hands-on exercises that will give participants practical experience inthe application o the methods ound in the income and asset approaches invaluation engagements.

After completing this course, participants will be able to:n Calculate a value using the adjusted net asset method under the asset

approachn Determine when it is appropriate to use capitalization o single-period

earnings method vs. discounted uture earnings method under theincome approach

n Identi y appropriate normalizing adjustments and calculate anormalized bene t stream

Day Four Business Valuations: Case AnalysisCompleted Transaction and Guideline PublicComparable Methods(Available in live presentation, sel study, and online.)Live course ee: $500 (be ore member and early registration discounts)CPEGroup-Live Hours: 9

Te market approach is one o the three commonly accepted ways tovalue a private company. Within this approach, there are two primary methodologies: the completed transaction method and the guideline publiccompany method. While similar, these methods vary on the empirical datathat is used to generate supportable results.

After completing this course, participants will be able to:n Per orm the market approach using the completed transaction methodn Per orm the market approach using the guideline public company methodn Explain their work in a written narrativen Utilize these results with other studies to determine the value o a

private company

Day Five Special Purpose Valuations and CaseStudies in Business ValuationFacts to Conclusion(Available in live presentation, sel study, and online.)Live course ee: $500 (be ore member and early registration discounts)CPEGroup-Live Hours: 9

Day Five begins an overview o Mergers and Acquisitions and LitigationConsulting. Case AnalysisFacts to Conclusion wraps up ve days o intensive training by providing a comprehensive look at the valuation

engagement rom start to nish. It begins with the initial request or servicesdirectly rom potential clients or rom re erral sources, and progresses

rom the decision to accept or decline the engagement/project through theprocesses o the entire engagement.

After completing this course, participants will be able to:n Identi y the necessary steps to complete a business valuationn Locate the necessary data, models, and studiesn Explain the valuation through a business valuation reportn List the critical steps in building a success ul valuation practicen Review and check valuation work against other reports

BV TRAINING CENTER FACULTY Te Business Valuation raining Center aculty consists o 12 experiencedpractitioners. Noted or its diversity o backgroundsyet grounded in thepractice o business valuationsthe practitioner/instructor team bringshundreds o years o practical experience to the development and re nemento this seminal business valuation training program. Te curriculum iscontinually evaluated and re ned to incorporate the latest developmentsin business valuation theory and application to maintain its position at the

ore ront o this dynamic discipline.

W O S OULD ATTENDax, audit, and accounting services practitioners who wish to specialize in a

lucrative, non-seasonal consulting niche; merger and acquisition consultants,investment and nancial analysts, investment bankers, nancial o cers,business advisors, accounting and nance pro essionals; anyone who deals with business value in the course o his or her work.

2011 BUSINESS VALUATION AND CERTIFICATIONTRAINING CENTER SC EDULE*Dates LocationsMay 1621 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Indianapolis, IN June 1318 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . San Diego, CA July 1116. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chicago, IL August 813 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Denver, CO August 2227 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Boston, MA September 1217 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Houston, X September 1924 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Philadelphia, PA October 1722 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . San Francisco, CA October 2429 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Atlanta, GA November 712 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chicago, ILNovember 1419 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Alexandria, VA November 28December 3 . . . . . . . . . . . . . . . . . . . . . . Phoenix, AZDecember 510. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ft. Lauderdale, FL

January 2328, 2012. . . . . . . . . . . . . . . . . . . . . . . . . . . Salt Lake City, U* Dates and locations are subject to change. Note: Te ve-hour CVA/AVA/CBA

proctored exam is given at all locations on the Saturday morning ollowing the weeklong training unless prior alternative arrangements have been made by aparticipant. Tis course requires a laptop.

2011 BUSINESS VALUATION AND CERTIFICATIONTRAINING CENTERNon-Member Package Pricing Days 1 and 2

Business Valuations: Fundamentals, echniques & heory . . . . . . $1,000Day 3

BV: Applications and Calculationso the Income and Asset Approaches . . . . . . . . . . . . . . . . . . . . . . . . .$500

Day 4

BV: Case AnalysisCompleted ransaction andGuideline Public Comparable Methods. . . . . . . . . . . . . . . . . . . . . . .$500Day 5Two Parts

Par t I : Special Purpose Valuations . . . . . . . . . . . . . . . . . . . . . . . . . . .$500Part II: Case Studies in BVFacts to Conclusion

One-Year NACVA Membership (Practitioner) . . . . . . . . . . . . . . . . . .$460Case Study, Experience Requirement, Peer Review,

and Proctoring Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 595Total Retail Cost for Five-Day BVTC . . . . . . . . . . . . . . . . . . . . . . . . $3,555

PAC AGE PRICE BEFORE DISCOUNTS ($560 Savings) . . . . . . . . . $ 2,995





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Package Price for All Five Courses:

Course Materials Only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$795

Materials plus CPE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $995Materials with CPE and CVA/AVA Exam/ExperienceRequirement, Case Study . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$1,495

Materials with CPE, CVA/AVA Exam, and First-Year NACVA Practitioner Membership ($350 o retail price) . . . . . . . . . . . . . . . . . . . . . .$1,825

2011 BVTC SELF-STUDY PRICING Individually CPE Exam

Priced for Self- StudyBusiness Valuations: Fundamentals,

echniques & Teory . . . . . . . . . . . . . . . . . . . . . . $245 . . . . . . . . . . . . . . $65

BV: Applications and Calculationso the Income and Asset Approaches . . . . . . . . . . . . .$195 . . . . . . . . . . . . . . .$65

BV: Case AnalysisCompleted ransactionand Guideline Public Comparable Methods . . . . .$245 . . . . . . . . . . . . . . .$65

Special Purpose Valuations . . . . . . . . . . . . . . . . . . . $195 . . . . . . . . . . . . . .$65

otal i purchased individually . . . . . . . . . . . . . . . . . $880 . . . . . . . . . . . . .$260

CVA/AVA Certi cation Exam/ExperienceRequirement, Case Study . . . . . . . . . . . . . . . . . . $595

RELATED TRAININGBusiness Valuation Fundamentals for CPAs and Other Business Advisors A Five-Part Webinar Series

he competitive nature o todays business climate, combined with theexpanding needs o business enterprise, place upon the CPA and businessadvisors unnerving challenges to provide the best tax, accounting, andadvisory services possiblea daunting task to say the least. odays CPAs andbusiness advisors must wear multiple hats, and even i ones ocus is purely tax,accounting, or both, business owners expect their CPAs or advisors to counselthem on how to improve per ormance by shaving costs, increasing revenues,and growing company value. Even i you dont intend to specialize in this area,the ive-part webinar series,Business Valuation Fundamentals or CPAs and Other Business Advisors , is designed to teach attendees how to value a businessenterprise rom the beginning through to the end o the process. Particularemphasis is given to the cornerstones o the analysis process which are analogousto the drivers o company value. With this training, attendees will know right where to look when advising clients on how to go about improving pro itmargins and growing company value.

his webinar series* is based on the curriculum used throughout the BusinessValuation Certi ication and raining Center and, in act, serves as an invaluable

preparation course or those who decide subsequently to pursue the Certi iedValuation Analyst (CVA), Accredited Valuation Analyst (AVA), or Certi iedBusiness Appraiser (CBA) designation.( he ull price o the webinar series Non-Member: $795, Member: $715may be applied to the cost o the ive-day BV C certi ication training .) he series also includes an overview o theNACVA and the IBAs Uni ied Pro essional Standards (e ective June 1, 2011) as well as the AICPA Statement on Standards or Valuation Services No. 1 (SSVS),e ective January 1, 2008, which will demonstrate how the requirements o bothapply to your practice as well as how to comply with them.

2011 ScheduleEach one o the ive-part webinar series includes two hours o CPE:

2011 Business Valuation Fundamentals for CPAs andOther Business Advisors

Part One Introduction to Business Valuation and

Understanding the EngagementPart wo Financial Statement AnalysisGetting the Story behind the Numbers: he Income Approach

Part hree Valuation Approaches he Nuts and BoltsPart Four Valuation Aproaches he Nuts and Bolts: he Completed

ransaction and Guideline Public Comparable MethodsPart Five Valuation Discounts and Premiums he Plusses and

Minuses o Value

PAR 1 PAR 2 PAR 3 PAR 4 PAR 5

SESSION 1 Jul 6 Jul 13 Jul 20 Jul 27 Aug 3

SESSION 2 Oct 5 Oct 12 Oct 19 Oct 26 Nov 2

PRICINGEntire series o ve sessions: $795. Allows access to one phone line; oneCPE attestation orm and one evaluation orm are included with each siteregistration. Te cost or additional listeners or the ve-part series is $275

or each NACVA/IBA member and $325 or each non-member, includingone attestation orm and one evaluation orm.

Tis course is antastic!Jacqueline B. Wolpert, CPA, CVA

Skarlatos & Zonarich LLP

Purchase the Sel -Study version o the BV C and now attend a ten-part webinar series to acilitate your training or just an additional$600. he two-hour webinars are held on consecutive uesdays and

hursdays rom 1:003:00pm eastern time over a ive-week period.en-part sessions begin August 30 and November 15.

BV C Now Available Online




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* For C I NASBA-related in ormation on CPE, please re er to the raining area o NACVAs website: www.nacva.com; or IBA, the Education area o www.go-iba.org.

Comprehensive Certi ed Business Appraiser Workshop (IBA 8004 )


2011 Dates and Locations

September 20 22 Philadelphia, PA

October 25 27 Atlanta, GA

Nov. 29 Dec. 1 Phoenix, AZ

PROGRAM CONTENTTe Comprehensive Certifed Business Appraiser Workshopis a three-day program designed or individuals seeking a more advanced knowledge

o business appraisal methodology and report writing. Tis workshop*emphasizes the critical thought processes and steps required in seeing anappraisal assignment through to completion. Applicants or the CBA designation will nd the course invaluable in producing their demonstrationreports required or the Certi ed Business Appraiser credential. Assignmentsa ter class will center on exercises related to the days lesson.

LEARNING OBJECTIVES At the completion o this course, attendees will be able to:n Recognize the key components needed to adjust nancial statementsn Create nancial orecast models and per orm the analysisn Analyze, compare, and contrast adjustment decisions or controlling and

minority interest valuation assignmentsn Recognize which valuation approaches and methods are appropriate or

each valuation assignmentn Calculate and apply each element in the income, asset, and market ap-

proach theoriesn List the sources o in ormation used to support the valuation methodsn Apply and calculate discounts and premiums and support their decisions

and appraisal conclusions in a well written and organized manner

n Write an in-depth business appraisal report that complies with IBA stan-dards and satis es the CBA requirements

n Compare a comprehensive business appraisal written report using induc-tive and deductive reasoning to support valuation conclusions

In every pro ession there arenoted practitioners whosequality and competencestand out rom the rest.In the eld o businessappraisal, these stand-outs are Certi ed Business Appraisers. Te Instituteo Business AppraisersComprehensive Certifed Business Appraiser Workshop, o ered throughthe Consultants raining Institute (C I), gives

participants the oundational skills needed to earn the hallmark businessappraisal credential, the Certi ed Business Appraiser (CBA). Recognized throughout the world or more than 30 years, the CBA is the pioneering business appraisal credential that appraisers ascend towards.

Te CBA credentials reputation o excellence is unrivaled and is sought by ABVs, ASAs, AVAs, CFAs, CPAs, CVAs, business brokers, business consul-tants, nancial analysts, and investment bankers all over the world.

Te CBA designation grants its recipients prestige among ellow appraisers, the judicial system, and throughout the business appraisalcommunity. IBAs premier designation, the CBA, is granted only

to members who demonstrate the highest levels o pro essionalcompetence and conduct. Tis competence is a result o 80 hourso specialized business appraisal training, study, and practice, thesuccess ul completion o a proctored six-hour examination, and two

avorable reviews o the candidates actual appraisal reports by theInstitute o Business Appraisers Quali cations Review Committee.Business appraisers who hold accreditations rom the AICPA, ASA,NACVA, CICBV, and the CFA Institute are exempt rom the educationand examination requirements listed above. Visit the membershipsection on IBAs website (www.go-iba.org) to learn more about the BA Fast rack.

Worth its weight in gold, the CBA is the only designation in thepro ession that o ers a peer review process o two demonstration

reports which ully demonstrate the candidates high degree o knowledge, skill, and judgment. Te reports are then screened toinsure the appraiser has not only learned the theoretical aspects o business appraisal but also that the applicants business appraisalreports meet the standards o the pro ession.

Attend the Comprehensive Certifed Business Appraiser Workshoptoset your oundation to join the ranks o the CBA. Additionally, CBA candidates are encouraged, but are not required, to attend Report Writing: Review and Analysis (1010) and the 1006 Preparation or the CBA Examinationcourse or webinar. Contact IBA at 800-299-4130to learn more.

Te Certi ed Business Appraiser (CBA)

Sponsored by the Institute of Business Appraisers (IBA)



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Comprehensive Certi ed Business Appraiser Workshop (IBA 8004 )


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DEVELOPMENT AND INSTRUCTION TEAMTe Comprehensive Certifed Business Appraiser Workshopdevelopmentand instruction team includes Dennis Bingham, MCBA, BVAL, ABAR,

president o Corporate Appraisal, Inc. and KC Conrad, CBA, CMEA, ASA, ABAR, a principal in American Business Appraisers, LLC, Steve Egna, CBA, ABAR, CM&AA, and Russell Glazer, MBA, CPA/ABV, CBA, CVA, AM.

W O S OULD ATTENDTis course is geared towards individuals who are advancing in the businessvaluation pro ession. Tese individuals include business appraisers, CPAs,CFOs, nancial analysts, attorneys, M&A pro essionals, business consultants,business brokers, and participants who wish to enhance their knowledge

and improve the quality o their written business appraisal reports. Studentsshould have a basic understanding o accounting and nance. Required or new and non-certi ed apprasiers applying or the CBA designation and hi

recommended or accredited business appraisers applying or the CBA Fa

2011 PRICING (Be ore member and early registration discounts.)Non-Member

Tree-Day Workshop . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,650Individual Days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $550Tree-Day Workshop or Previous Purchasers o

BV C or IBA 8003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,295One-year IBA Membership or Previous Purchasers o IBA 8003 . . . . . . $300

Applicants who hold the ollowing certi cations are exempt rom theCBA examination and required courses: ABV, ASA, AVA, CBV, CFA,and CVA. However, the ollowing courses are highly recommended:Comprehensive Certifed Business Appraiser (CBA) Workshop(8004)or course Advanced Report Writing Workshop(1010) . o achievethe CBA credential, appraisers listed above must hold an active IBA membership, submit a CBA application with pro essional re erences,hold a college degree or equivalent, and submit two demonstrationreports which meet IBAs peer review requirements.

CBA Fast rack

(NACVA) 2011Catalog.indd 10 5/20/11 4:40 P


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Business Valuation Workshop




November 7 11 Chicago, IL

PROGRAM CONTENTTe Business Valuation Workshop (BVW)world-renowned C Is BusinessValuation and Certi cation raining Center (BV C) to another level.For those who wish to review, rein orce, and enhance the knowledge andconcomitant skills they acquired in the BV C, theBusiness ValuationWorkshop* takes important topics rom the weeks training and drillsdown to provide greater detail and understanding. Practitioners will havean opportunity to hone their skills even urther on the cost o capital, themarket approach, and discounts and premiums, among other topics. TeBVW is designed to take practitioners to a level o expertise beyond theBV C, even i they per orm a limited number o valuations a year.

Day 1Business Valuation: Intermediate Fundamentals,Techniques & TheoryTis course is designed as an intense re resher o valuation undamentals,including the applications o pro essional standards, exposure to e ectiveindustry and economic research, identi ying and calculating normalizingadjustment, a review o underlying principles in calculating the cost o capital, and how to calculate discounts. It will also introduce the latest caselaw developments and updates to undamental techniques, and it will assistthe participants in improving report writing techniques. Tis is an optionto ul ll NACVAs CVA/AVA recerti cation requirement, Knowledge o Current Developments (KCD) or 25 points and eight hours o CPE.

Day2: AMNormalizing and Then Projecting EarningsUnderstanding the nancial statements is a critical step in determining thevaluation o a privately held business. Generally, valuation analysts shouldadjust the nancial statements or income tax returns o a business to moreclosely refect its true economic nancial position and results o operationson a historical and current basis. In this intermediate course, participants will analyze historical nancial statements and learn to identi y normalizingand control adjustments. Te course will also demonstrate how to assessnon-recurring or non-operating adjustments and show valuators how tocalculate a normalized set o nancial statements. Upon understanding how to determine an adjusted set o historical nancial statements, participants will develop various models to project earnings.

A ter completing this course, participants will be able to:n Identi y speci c assets, liabilities, income and/or expenses to which valua-

tion adjustments may be requiredn Explain a valuation report or in the work papers reasons or making valu-

ation adjustments and how they can be supportedn Calculate appropriate valuation adjustmentsn Determine and apply appropriate methodologies or projecting earnings

Day2: PMValuation Methods: Alternatives andDecision CriteriaBecause every business valuation is unique, there are virtually hundredso ways to estimate the value o a business. Tis is an intermediate coursecovering decisions and alternatives a valuator will encounter throughout thevaluation process. Te course will provide an understanding o standards o value and premise o value and how to appropriately apply these standards.Participants will learn how to draw conclusions rom industry and economicin ormation. Tis session ocuses on the ways to identi y the appropriatemethod or every curve ball situation the practitioner may encounter. Withineach valuation method, this course will improve con dence and illustratetechniques to develop capitalization rates and market multiples. Te course will contrast the pros and cons o the common valuation methods. Othertopics addressed will include how to determine secondary discounts.Participants will walk away with the tools to help them make the bestdecisions to e ectively value a business correctly.

A ter completing this course, participants will be able to:n Implement pro essional standards, industry research, and economic

conditions into every business valuation per ormedn Identi y actors which a ect valuation decisionsn Select an appropriate valuation approachn Develop a toolbox to increase e ciencies throughout the

valuation process

Day 3Determining the Cost of CapitalTis is an intermediate course designed to build on a basic understandingo capitalization and discount rates. Te course is designed to developpractitioners understanding o risk to the point where they can explain

and de end the methodologies o developing rates as well as the nanceand economic theories behind the data. Attendees will learn to assess theappropriateness o risk rates used in the valuation reports o other experts.

A ter completing this course, participants will be able to:n Identi y appropriate methods o developing capitalization and

discount ratesn Explain and de end the elements o a capitalization/discount rate

* For C I NASBA-related in ormation on CPE, please re er to the raining area o NACVAs website: www.nacva.com; or IBA, the Education area o www.go-iba.org.


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n Analyze and assess the relevance and accuracy o reports and testimony o other experts

n Adjust market multiples to refect risk actors such as size, growth, and

other actors

Day 4Advanced Application of the Market ApproachTe eight-hour program is intended to build upon the oundation o technical guidance provided in theBusiness Valuations: Fundamentals,

echniques and Teory course, or a commensurate o ering and theparticipants eld experience. Te program will ocus primarily on theguideline publicly traded company method, as well as the guidelinecompleted transactions method. Rules o thumb, as well as past transactionsin an entitys own equity, will be addressed as well. Emphasis will be oncurrent theory within the business valuation pro ession and understandingall commonly accepted sources o in ormation utilized in the search orguideline indicators o value, as well as current challenges acing the valuatorin interpreting available in ormation and extrapolating meaning ul pointso comparability. Various approaches to identi ying guideline indicators willprovide practical alternative ways or the valuator to pull use ul in ormation

or consideration and correctly apply it in his or her report. Finally,presentation ormats will be discussed to allow the participants to enhancethe quality and de ensibility o their use o the market approach.

A ter completing this course, participants will be able to:n Di erentiate among various methodologies under the market approach

and determine the propriety o utilizing one method over anothern Discern the strengths and weaknesses under each method under the market

approach and determine the most use ul method in a given assignmentn Research, analyze, and correctly interpret third-party in ormation set

orth in the various transaction databasesn Conduct a thorough and complete search o publicly traded guideline

company in ormationn Interpret and extrapolate indictors o value rom the publicly traded and

completed guideline company searchesn Discern di erences between the subject company and the guideline indi-

cators so all necessary adjustments can be made to the value indicatorsn Present the in ormation generated under the application o the market

approach in a clear and meaning ul manner in the valuators report

Day 5Advanced Valuation Premiums and DiscountsTis eight-hour program is intended to build upon the oundation o technical guidance provided in theBusiness Valuations: Fundamentals,

echniques and Teory course, or a commensurate o ering and theparticipants eld experience. Te program will ocus primarily on premiumsand discounts related to issues o control and marketability, althoughdiscussion o other less common premiums and/or discounts will beincluded. Emphasis will be on current theory within the business valuationpro ession, understanding all commonly accepted sources o in ormationutilized in the determination o premiums and discounts, and properidenti cation o the appropriateness o any premium and/or discount and

how they should be calculated and applied. Te course will address currenttechnical and judicial challenges involving premiums and discounts and how best to present them in the report.

A ter completing this course, participants will be able to:n Determine the pre-discount level o value produced by alternative busi-

ness valuation approaches and methodologiesn Research, analyze, and correctly interpret third-party in ormation set

orth in the various studiesn Properly assess elements o the subject companys characteristics that

infuence the need to apply a premium or discount

n Properly determine the premium or discount or the subject company n Present the in ormation correctly and completely in his or her business

valuation report to maximize the chance o success against challenge

DEVELOPMENT AND INSTRUCTION TEAMTe Business Valuation Workshopteam is comprised o Marc Bello, CPA/ ABV, MS , CVA, CFFA, G. Dennis Bingham, CBA, CFM, CMA, Kim(KC) Conrad, CBA, ASA, Robert Grossman, CPA/ABV, CVA, ASA, MS ,CBA, and Chris L. Hamilton, CPA, CVA, CFE, DABFA.

W O S OULD ATTENDTose who have attended NACVAs Business Valuation and Certi cationraining Center and wish to move their knowledge beyond the valuation

beginner level to an intermediate level. Te workshop is also ideal or those who produce ewer than ve valuation reports a year or do not eel theirskill set is ready or an advanced workout. Day one o the BVW,Business Valuation: Intermediate Fundamentals, echniques and Teory , is a new option or NACVA members who need to comply with recerti cation or theKnowledge o Current Developments requirement or 25 points.

2011 PRICING (Be ore early registration discounts.)Non-Member Member

Five-Day Workshop . . . . . . . . . . . . . . . . . . . . .$2,500 . . . . . . . . . . $2,250Individual Days . . . . . . . . . . . . . . . . . . . . . . . . . $500 . . . . . . . . . . . . $ 450

Business Valuation Workshop

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Business Appraiser Review Accreditation Workshop (IBA 1044 )



July 11 14 Chicago, ILGuest Speaker: Chris Mercer


October 17 20 San Francisco, CA

December 5 8 Ft. Lauderdale, FL

the Institute o Business Appraisers. Priorto his retirement, he was the nationalprogram manager o the Engineering andValuation Program o the IRS, where heimplemented the rst business valuationstandards. Mr. Caya is a director inGod rey, Hammel, Daneels & Co.,PC. He has been quali ed as an expert witness and has testi ed in a number o

orums including trials, arbitration, anddepositions.

W O S OULD ATTEND Accredited practitioners (ABV, ASA, AVA, CBA, CVA) interested inadvancing their appraisal skills and developing new business opportunities,accredited practitioners acting as expert witnesses, and senior practitionersin charge o appraisal sta will greatly bene t rom the skills taught inthe workshop. Also, valuation practitioners representing clients be ore theInternal Revenue Service and other regulatory agencies.


Four-Day Workshop . . . . . . . . . . . . . . . . . . . $2,400 . . . . . . . . . . $2,160 ABAR Examination, Grading, Proctoring, and Peer Review Fee . . . .$595

ABAR Designation raining Now Available Via a Four-Part

Webinar Series Part One Introduction to Business Appraisal Review Part wo Business Appraisal Review Best Practices and StandardsPart Tree An Integrated Business Appraisal Review Report and

Case Study Part Four Preparation or the ABAR Examination and ABAR

Review Report

2011 PRICINGNon-Member Member

Four-Session Series . . . . . . . . . . . $1,800 . . . . . . . . . . . . . . . $1,620Individual Days . . . . . . . . . . . . . . . $450 . . . . . . . . . . . . . . . . $405

PAR 1 PAR 2 PAR 3 PAR 4

SESSION 1 Sep 13 Oct 12 Nov 05 Dec 03

SESSION 2 Nov 19 Jan 6, 12 Feb 10 12 Mar 3, 12

* For C I NASBA-related in ormation on CPE, please re er to the raining area o NACVAs website: www.nacva.com; or IBA, the Education area o www.go-iba.org. Complete course outlines may be ound at www.go-iba.org in the Education area. A laptop computer with both word processing and spreadsheet so tware is highly recommended.

PROGRAM CONTENTBusiness appraisal review is a critical component o every business appraisers practice. No rm can risk being caught unaware o quality assurance problems.Customer demands, potential penalties and sanctions,

and loss o business are real possibilities in this era o heightened ocus on pro essional responsibility.

Completing the course and earning the associated accreditation ensure thatpractitioners and rms are equipped to optimize the quality o businessappraisals produced by rm associates*. Te course teaches an innovativeappraisal review and quality assurance procedure, and, upon success ulcompletion o the course, examination and business appraisal review report(all administered and completed during the class session), participants may quali y or the Accredited in Business Appraisal Review (ABAR) accreditation

rom the Institute o Business Appraisers.

LEARNING OBJECTIVESParticipants are presented with an appraisal review outline and rubric, as well as a template or a business appraisal review report. Participants learnthe techniques o business appraisal review in small group breakout sessions

acilitated by expert ABAR-accredited instructors. Speci cally, they will:n Understand how to express their business appraisal review ndings in a

concise and e ective ashionn Understand the elements o business appraisal review o interest to

stakeholders in the appraisal processn Improve their own appraisal skills and learn how to identi y strengths

and potential weaknesses o their own appraisal reportsn Improve their mentoring and coaching skills

Participants will gain a new perspective on their appraisal techniques, be ableto critically review the work product o others, and review their accreditationupon satis actory completion o the workshop. Plus, the ABAR accreditationprovides an instant economic advantage to the business appraiser.

DEVELOPMENT AND INSTRUCTION TEAMTe Business Appraisal Review Accreditation Workshopwas created andis taught by Frank Rosillo, CPA/ABV, CBA, CVA, CFE, BVAL, ABAR,Howard A. Lewis, ABAR, AVA, and Aaron . Caya, CPA, ABV, CVA, CFF, ABAR. Mr. Rosillo is the managing director o Te Valuations and Forensics Advisory, LLC, located in Miami, FL. His expert witness experience includescases in ederal and state courts, and he is a requent lecturer and trainerin valuation and orensics topics. Mr. Lewis is the executive director o

S P E C I AL O F F E R :

U p o n c o m p l e t i n g t h i s c o u r s e

a n d a t t a i n i n g y o u r AB AR

c r e d e n t i a l , I B A w i l l r e f u n d t h e

c o s t o f y o u r a i r f a r e a n d

l o d g i n g , u p t o t h e c o s t o f t h e c o u r s e !




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Advanced Valuation: Applications and Models

Sponsored by James itchner and Valuation Products & Services, LLC


July 26 28 Orlando, FL

September 2022 Philadelphia, PA



n Discounts and premiums: Te new levels o value; restricted stock andpre-IPO benchmark studies on discounts or lack o marketability;application o the FMV Detailed Restricted Stock study and data andthe Valuation Advisors Detailed Pre-IPO study and data; application o quantitative DLOM models including the Longsta Look Back Optionmodel, the Cha e option model, the Finnerty option model, and theQuantitative Marketability Discount model; recent attacks and rebut-tals on DLOMs including the Bajaj study; Ashok Abbott Liquidity Factor and study; control premiums and lack o control discounts

n Hands-on exercises and examples

Day 3Advanced Issues in S Corps, FLPs, Goodwill inDivorce, Intangible Asset Valuations, Testimony, and Risk Managementn S Corps: Court case review; major issues including tax-a ecting, control

vs. minority, S Corp premiums; review o models including Grabowski,Mercer, reharne, Van Vleet, and Fannon; detailed example o Fannonmodel

n FLP valuation problems including a review o new court casesn Personal (pro essional) vs. enterprise (practice) goodwill in divorce,

small businesses, and pro essional practices including a review o rel-evant court cases

n Intangible asset valuations or nancial reporting ( air value): allocationo purchase price case study; valuation examples o intangible assetsincluding so tware, customer relationships, trade names, technology,and non-compete agreements; goodwill impairment

n Litigation and expert witness testimony examplesn Practice management tips or marketing, managing, and making money

in valuation services, including risk managementn Hands-on exercises and examples

DEVELOPMENT AND INSTRUCTION TEAMTe development and instruction team brings extraordinary depth andexperience to this challenging workshop. eam leader, James R. Hitchner,CPA/ABV/CFF, ASA, editor and co-author o the course-requiredFinancial Valuation: Applications and Models , 3rd Edition, has assembled a virtualdream team that includes many o NACVA/C Is most highly ratedpractitioners/instructors: Mel H. Abraham, CPA, CVA, ABV, ASA, RichardGray, CPA/ABV, CVA, ASA, Robert Grossman, CPA/ABV, ASA, CVA,MS , CBA, Chris L. Hamilton, CPA, CVA, CFE, DABFA, Mark G. Kucik,CPA, CVA, CM&AA, Derald L. Lyons, CPA, CVA, Brandi Ru alo, MBA, AVA, CMC, Stephen J. Scher , CPA/ABV, CVA, CFE, CrFA, CICA, CIRA,and Ronald L. Seigneur, ASA, CPA/ABV/CFF, MBA, CVA.

W O S OULD ATTENDTose who have attended the C I Business Valuation and Certi cationraining Center or aspiring valuation practitioners looking to take their skill

set to a higher level and obtain their training at one venue.


Tree-Day Workshop, includingcost o book and workbook ($170 retail value) ............................................$1,800 .....................$1,620

PROGRAM CONTENTTe Advanced Valuation: Applications and Models course (previously titled Advanced Valuation and Case Study Workshop) is completely revised this year. Itis based on the brand new third edition (March 2011) o HitchnersFinancial Valuation: Applications and Models and Te Financial Valuation Workbook . Tisrigorous course not only provides advanced topics, but does so in a practicalmanner so attendees can immediately start using new in ormation, data,models, and tools in their practice. Te course* teaches the theory, but it alsodemonstrates how to apply the theory and the appropriate models so thatpractitioners can better support their valuation analyses.

Day 1Advanced Income Approach & Cost of Capitaln Brie introduction and re reshern Alternative/advanced company risk analysis models and applications:

Porter, McKinsey 7-s, SWO , DuPont, Macroeconomicn Income approach: Capitalized Cash Flow (CCF) vs. Discounted Cash

Flow (DCF) methods; invested capital vs. direct equity methods includ-ing iterative models; common pit alls in DCF calculations includinggrowth rates, terminal value, working capital and capital expenditureneeds; excess cash fow (earnings) method re resher; net tangible assetmini-WACC

n Advanced cost o capital techniques and data sources: CAPM vs.MCAPM vs. Build Up vs. WACC; Ibbotson vs. Du & Phelps dataincluding unadjusted vs. adjusted and conditional vs. unconditionalequity risk premiums, returns based on accounting measures o risk and nancially distressed companies; supply side equity risk premiums;speci c company risk techniques including the Butler Pinkerton totalbeta model: size premiums and industry risk premiums; reconciling Ib-botson and Du & Phelps; P/E multiple adjustments and the earningscap rate; orward looking/ex ante approach to returns; complex capitalstructures including debt, pre erred stock, options, and invested capitalallocation models

n Hands on exercises and examples

Day 2Advanced Market Approach, Asset Approach, andDiscounts and Premiums n Market approach: Guideline public company method example includ-

ing calculating and selecting multiples using statistics; qualitative andquantitative methods or adjusting multiples or size, growth, and risk;transaction databases, their problems and level o reliance; example ap-plications o transaction data rom the various databases including thedirect market data method

n Asset approach: Adjustments; capital gains and a review o relevantcourt cases





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Additional Business Valuation Courses

ESOP Appraisals (IBA 1036 )

PROGRAM CONTENTTis advanced, eight-hour program* will analyze the legislative and economic

actors o Employee Stock Ownership Plans, relevant accounting issues,the impact o nancial leverage, air market value or transaction purposes,valuation methods or ESOP securities, and equity allocation concepts.

2011 DATES AND LOCATIONSOctober 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . San Francisco, CA December 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ft. Lauderdale, FL

2011 PRICING (Be ore early registration discounts.)Non-Member: $550, Member: $495

Valuing Family LimitedPartnerships Workshop

PROGRAM CONTENTTis two-day workshop* will discuss current methodologies and resources orthe valuation o both controlling and non-controlling privately held interestsin amily limited partnerships (FLP) and other similar estate planningentities. Particular ocus will be on the valuation and orm o a FLP in a taxengagement and the pit alls that the valuation analyst must avoid. Includedin the program will be a discussion o discounts and the empirical data used

to support them and the elements ound in a well-written valuation report. A ter attending this course, participants will be able to:n Per orm research o empirical data to support discounts ound in these

valuationsn Understand the various tax code sections pertinent to these valuationsn Prepare a well-written valuation report o an FLP (or similar estate

planning entity)

2011 DATES AND LOCATIONSSeptember 2324 . . . . . . . . . . . . . . . . . . . . . . . . . . . . Philadelphia, PA December 910 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ft. Lauderdale, FL

2011 PRICING (Be ore early registration discounts.)Non-Member: $1,100, Member: $990

CAP PROGRAM CONTENTKnowledge is acquired in three ways: education, experience, andinteraction. Participants in this course* break into roundtables to review and discuss actual valuations. Trough this process they learn romothers experience and group interaction. (Quali es or NACVAs Quality Enhancement Recerti cation Requirement: two hours o CPE and 25points will be granted.)

CUV PROGRAM CONTENTTis one-o -a-kind course* is one practitioners always look orwardto and depend on or ongoing development in valuation theory andpractice. Undoubtedly, two o the more di cult and time-consumingchallenges in business valuation are report writing and keeping up todate on current developments. Tere ore, the latest business valuationtheories and their applications to speci c undamental valuationprinciples have been wrapped into an actual detailed and completevaluation report prepared under the air market value standard o value.Discussions will also incorporate the most recent court case decisions andas well as new developments in our industry standards. Te instructors will incorporate a nominal group technique which will ocus on thequestions and concerns o the participants. In addressing these concernsand interests, increasing attendees awareness o the la test developmentsin valuation, and taking report writing skills to a higher level, the goal isto increase participants knowledge, strengthen the e ectiveness o theircommunication with clients, and allow them to produce an impressivesolid work product capable o withstanding the rigors o the courtroom.

Note that the course is paperless: participants will receive a CD-ROM o a valuation report hyperlinked with material that will be covered duringthe class. Laptops will, there ore, be necessary and Microso t Word will be used. NACVA will provide electric power but will not providelaptops. Tis is an option to ul ll NACVAs CVA/AVA recerti cationrequirement, Knowledge o Current Developments (KCD) or 25 pointsand eight hours o CPE.

CAP2011 PRICING Administrative Fee . . . . . . . . $195

CUV2011 PRICING(Be ore early registration discounts.)

Non-Member: . . . . . . . . . . . $500Member: . . . . . . . . . . . . . . . $450

DATES AND LOCATIONS FOR CAP AND CUV May 16 . . . . . . . .Indianapolis, IN June 8 . . . . . . . . .San Diego, CA July 15 . . . . . . . .Chicago, IL July 25 . . . . . . . . .Orlando, FL August 8 . . . . . . .Denver, CO August 26 . . . . . .Boston, MA September 16 . . .Houston, X September 19 . . .Philadelphia, PA

October 10 . . . . .Pittsburgh, PA (CUV only)October 17 . . . . .San Francisco, CA October 28 . . . . .AtlantaNovember 11 . . .Chicago, ILNovember 14 . . .Alexandria, VA November 28 . . .Phoenix, AZDecember 5 . . . . Ft. Lauderdale, FL


Case Analysis in Person (CAP)and

Current Update in Valuations (CUV)





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Certi ed Forensic Financial Analyst Credential Training

Sponsored by the Financial Forensics Institute TM (FFI)

* Applicants can waive this training requirement or the CFFA by showing proo o involvement in 20 di erent litigation matters, in ten o which the applicant gavedepositions and/or expert testimony, with at least one matter be ore a jury.

Applicants can waive this training requirement or the CFFA by providing evidence that they were the lead pro essional on eight reports related to the applicablediscipline and have presented their indings to a board o directors, audit committee, or equivalent authoritative body three times.

Applicants can waive this training requirement or the CFFA by providing evidence o involvement in eight di erent litigation matters, in three o which theapplicant gave deposition and/or expert testimony. ( his experience requirement can also be met by attending the three-day FFI-sponsored course entitled Expert Witness Bootcamp: I .)


You need look no arther than Accounting odays op 100niche survey each year to know that the linchpin o pro essionaland practice development isspecialization: growth by nichedevelopment is cited year inand year out on the radar o theaccounting industrys titans.

NACVAs Financial Forensics Insti-tute (FFI) was established over 12years ago in partnership with someo the nations top minds and au-thorities in orensic accounting, law,economics, valuation theory, expert

witnessing, and support undamentals to o er practitioners unparalleled andhighly comprehensive training in all acets o orensic nancial consulting.

Most recently, the Certi ed Forensic Financial Analyst (CFFA)designation o ered practitioners ve di erent pathways to acquire thespecialized training and concomitant credibility necessary or practicedevelopment. But today many CPAs, orensic accountants, valuationexperts, and other nancial pro essionals are called upon to renderpro essional services and ormulate opinions in legal matters involvingbankruptcy and insolvency and in legal matters involving business valuationopinions. Each o these areas has its own set o dynamics, including legalcode sections, case law, and other variables, which sets it apar t rom otherareas o orensics and litigation. Tus, the Financial Forensics Institute andthe Consultants raining Institute have partnered to create educationalprograms to serve the needs o experts in these two important areas.Each programpresented by leaders in their respective eldso ers aneducational track leading to the CFFA credential.

1. Financial Litigation PathTe Financial Litigation specialty program requires the ve-day

Litigation Bootcamp or Financial Experts* training, as in the past(see page 18), designed to provide participants a solid oundation inthe role o a nancial expert. Among other requirements, applicantsmust have been involved in eight di erent litigation matters, threeo which the applicant gave deposition and/or expert testimony.(Tis experience requirement can be met by attending the three-day Financial Forensics Institute-sponsored course entitled, Expert Witness Bootcamp: I [see page 21].)

2. Forensic Accounting PathTe Forensic Accounting specialty program requires attendanceat the ve-day Financial Forensics/Forensic Accounting Academy M (see pages 2324) plus a three-day litigation workshopentitled, CFFA Candidate Workshop (see page 20). Among otherrequirements, applicants must have also been involved in tenengagements or have 1,000 hours o experience in the applicable

eld.

3. Business and Intellectual PropertyDamages PathTe Business and Intellectual Property Damages specialty programrequires attendance at the ve-day Business and Intellectual Property Damages Workshop(BIPD) (see page 26), plus the three-day CFFACandidate Workshop (see page 20). Among other requirements, appli-cants must have also been involved in ten engagements in the applicable

eld or have 1,000 hours o experience providing valuation services, 200hours o which were in the applicable eld.

4. Fraud Risk Management PathTe Fraud Risk Management specialty program requires attendance atthe veday Fraud Risk Management workshop, (see page 27) plusa threeday nancial orensics workshop entitledCFFA Candidate Workshop (see page 20). Among other requirements, applicants mustalso have been involved in ten engagements or have 1,000 hoursexperience in the applicable eld.

5. Matrimonial Litigation Support PathTe Matrimonial Litigation Support specialty program requiresattendance at the ve-day Matrimonial Litigation Support Workshop(see page 28) plus the three-day CFFA Candidate Workshop (seepage 20). Among other requirements, applicants must have also beeninvolved in ten engagements in the applicable eld or have 1,000 hours o experience providing valuation services, 200 hours o which were in theapplicable eld.

6. Business Valuation in Litigation PathTe Business Valuation in Litigation specialty program requiresattendance at the ve-day Business Valuation in Litigation Workshop (see page 32) plus either the three-day CFFA Candidate Workshop (see

page 20) or the three-day Expert Witness Bootcamp: I (see page 21). Among other requirements, applicants must also have been involvedin ten engagements in the applicable eld or have 1,000 hours o experience providing valuation services, 200 hours o which were inconnection with litigation.

7. Bankruptcy/Insolvency PathTe Bankruptcy/Insolvency specialty program requires attendance atthe ve-day Bankruptcy/Insolvency Workshop(see page 33) plus thethree-day Expert Witness Bootcamp: I (see page 21). Among otherrequirements, applicants must also have been involved in ten engagementsin the applicable eld or have 1,000 hours o experience providingvaluation services, 200 hours o which were in the area o bankruptcy and insolvency.

For additional details on these seven di erent areas o specialty, any o which can lead to earning the CFFA designation, please re er to the pagesthat ollow or call NACVA Member Services: (800) 677-2009.

NOWSeven Paths to the CFFA Credential

Certifed Forensic Financial Analyst TM (CFFATM )



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June 6 11 San Diego, CA


November 7 12 Chicago, IL

PROGRAM CONTENT (CFFA Path One)Tis challenging, ve-day program, entitled Litigation Bootcamp or Financial Experts , leadsthrough a process o training, subsequenttesting, and an experience requirementto NACVAs Certi ed ForensicFinancial Analyst (CFFA) designation. (All o the FFIs training courses arerecommended or their training value even i certi cation is not desired.)

Te ve-day curriculum* ocuses on the legal oundations and the strategicand communication skills required o a orensic expert and how to apply these skills in the litigation context. Te common theme o the weeksactivities will be a case study (an actual litigation matter), which thecandidates will take rom the rst meeting with counsel, through discovery,analysis, deposition, and trial. Our candidates will serve as consulting andtesti ying experts, will be coached, directed, and critiqued by litigationattorneys, and will be subjected to the ultimate testtrial by jury (court-room attire will be required). Te training program or the CFFA is de nitely a hands-on experience, so you will need to bring a laptop.

LEARNING OBJECTIVESTe Financial Forensics Institutes litigation consulting training will preparepractitioners to take on many challenges beyond business valuation, includingpersonal and commercial damages, breach o contract, tort and environmental

liability, patent/trademark/copyright/trade secrets in ringement, and more.Given that business valuation services open doors to only 1015 percent o the

nancial litigation consulting needs o the legal pro ession, the practitionermeaning youmust have the broad base o knowledge this training o ers i you wish to build a career niche in litigation consulting.

Upon completion o the program participants will be able to:n Implement and apply legal concepts protocol to nancial expert

engagementsn Build and apply models or measurement o economic damagesn Identi y the responsibilities o an expert rom retention through

resolution o the proceedingn Write e ective expert reports pursuant to Federal Rule o Civil Procedure

26(a)2(B)n Withstand motions to exclude expert testimony n Productively inter ace with counsel on substantive and strategic issues

throughout the legal proceedingn Distinguish between evidence, assumptions, and the spin on the evidencen Prepare counsel with substance or e ective cross-examination o

opposing expertsn Communicate complex nancial concepts to judges and jurors with non-

nancial backgroundsn Identi y processes used by jurors during deliberationsn Deliver e ective deposition and trial testimony

Day 1Commercial Damages: Legal Theory and Case Lawn Legal theories underlying various types o business damagesn Key statutes and case law that de ne the scope o damagesn Parameters o damages measurementn Federal Rules o Evidence and report preparation under Federal Rule

26(a)(2)(B)n Introduction o a case study to be used during the remainder o the

week o training

Days 2 and 3Calculating Business Damagesn Exploration o traditional methodologies used or business damagesn Alternative approaches in the measurement o damagesn Models used in the measurement and presentation o business damagesn Sources o in ormation, economic and industry datan Case law relating impacting damages measurementn Integration o statistical and economic concepts into damages models

Day 4DepositionTheory, Practice, and Strategy;Witness Preparation and Communication with Jurorsn How the expert must prepare and deliver the most e ective testimony,

and maximize the value o the depositionn Mock depositions are conducted in which participants serve as expert

witnesses and are examined by skilled litigation attorneysn estimony is videotaped and critiqued by aculty and guest attorneys

Day 5The Dynamics of TrialExpert Testimony and Juror Perspectivesn A live mock trial is conducted with participants giving expert testimony

on issues rom the weeks case study n Cross-examination by skilled trial attorneysn Jury empanelled, deliberates, and reaches verdictn Participants view live jury deliberations on video monitor

W O S OULD ATTENDCPAs, valuation experts, economists, and other nancial pro essionals whorender services designed to assist in the resolution o legal disputes involving

nancial matters. Te program is designed to serve the educational needso nancial pro essionals rendering expert consulting services in connection with legal matters involving business or personal damages, disputes overbusiness valuation, intellectual property, marital dissolution, accountingissues, raud, and any matter where nancial determinations are required.Tis training is geared towards the seasoned practitioner and utilizes state-o -the-art training techniques to maximize learning and retention. Less seasonedpractitioners have much to gain also, because this trainingchallengingas it iswill broaden their perspectives and tune their skills or workinge ectively with legal pro essionals.


Five Days o raining (including books) . . . . .$3,000 . . . . . . . . . .$2,700Individual Days . . . . . . . . . . . . . . . . . . . . . . . . . $600 . . . . . . . . . . . $540CFFA Certi cation Exam . . . . . . . . . . . . . . . . . $595 . . . . . . . . . . . $595First-Year NACVA Membership

with ra ining and Exam . . . . . . . . . . . . . . . $300

Litigation Bootcamp for Financial ExpertsSponsored by the Financial Forensics Institute TM (FFI) and the

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Day 1Report Writing in LitigationIn this program, attendees will learn e ective approaches to writing an expertreport or use in a litigation matter. Te course will include a review o thereporting requirements set orth in the Federal Rules o Civil Procedure andreporting requirements o other jurisdictions. Te course will also ocus upondra ting o reports with an emphasis upon content, language, and supportingevidence and exhibits.

Upon completion o this program, attendees will be able to:n List the reporting requirements set orth in Federal Rules o Civil

Procedure 26(a)2(B)n Identi y the components o an e ective expert reportn Explain the strengths, weaknesses, and risks o alternative report stylesn Identi y the risks o a substandard reportn Explain the di erences between a report used or tax or transactional

purposes and a report appropriate or the litigation processn Describe the manner in which oundational evidence is incorporated into

an expert reportn Explain the reasons that expert reports are o ten inadmissible as evidence

in courtn Dra t a well-prepared report

Day 2Deposition SkillsTis program ocuses upon the strategic and communication skills employedby the most e ective experts during deposition. Attendees will learn the variedstrategies, approaches, and tricks employed by counsel when preparing or andtaking expert depositions and how the expert should appropriately respond.

Each participant will serve as an expert in a deposition and will be coached andguided by members o our aculty o trial lawyers and seasoned experts.

Upon completion o this program attendees will be able to:n Explain the strategic approaches employed by counsel in expert depositionsn Deliver truth ul and e ective deposition testimony n Identi y ways to maintain maximum post-deposition fexibility

throughout a legal proceedingn Avoid common traps set by opposing counseln Explain ways that counsel telegraphs trial strategies during depositionn Distinguish between deposition testimony and trial testimony n Identi y ways to use in ormation gained during deposition in

preparation or trial

Day 3Communication and Presentation SkillsE ective orensic experts possess excellent communication skills. Becausethe culmination o any orensic engagement typically involves presentationto a trier o act (judge or jury), a board o directors, or other authoritativeaudience, orensic experts must be clear, convincing, and persuasive asthey communicate their ndings and opinions. In this program attendees will learn proven approaches to presentation and oral communication.Each participant will be coached and guided by our aculty o nationally recognized communications consultants as they prepare and deliverpresentations be ore the group.

Upon completion o this program, attendees will be able to:n List the key qualities and skills that separate e ective presenters rom

ine ective presentersn Paint a picture in the minds eye o the audiencen Describe how to incorporate anecdotes to acilitate audience understandingn Avoid common mistakes made by inexperienced presentersn Explain the importance o movement and gestures in the communication

processn Describe ways that visuals (charts, graphs, photographs, etc.) are best

incorporated into a presentation


Tree -Day Workshop . . . . . . . . . . . . . . . . . . . $1 ,950 . . . . . . . . . . $1 ,755Individual Days . . . . . . . . . . . . . . . . . . . . . . . . . $650 . . . . . . . . . . . $585

Advanced Litigation Workshop


Sponsored by the Financial Forensics Institute TM (FFI) and the American Institute for Expert Witness Education (AIEWE)



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PROGRAM CONTENTTe CFFA Candidate Workshopis a three-day intensive program in orensicskills in which participants will develop the communication, presentation, andstrategic litigation skills to enable them to e ectively present their work in theboardroom and in the courtroom. Te workshop* will enable specialty track candidates (who have attended the Matrimonial Litigation Support Workshop,Fraud Prevention and Detection raining Center , Economic Damages Workshop,or Forensic Accounting Academy , or plan to attend the Matrimonial LitigationSupport Workshop, Fraud Risk Management Workshop, Business and Intellectual Property Damages Workshop, or the Forensic Accounting Academy ) to meet the

orensics educational requirement or the Certi ed Forensic Financial Analyst(CFFA) credential.

LEARNING OBJECTIVESopics addressed include an overview o the legal environment o orensics,

strategy, report writing, and communication skills in the courtroom and theboardroom. Participants will learn the art o e ective communication andpresentation o their analysis and conclusions in both legal and corporatesettings. Attendees with a litigation ocus will learn how to e ectively presentand de end their quali cations, analysis, and opinions in the courtroom.

Attendees with a ocus upon the corporate environment will learn how toapply the most e ective presentation approaches.

Upon completion o the program, participants will be able to:n Implement and apply legal concepts protocol to nancial consulting and

expert engagementsn Write a report pursuant to Federal Rule o Civil Procedure 26(a)2(B)n Employ e ective communication and presentation skillsn Separate the personal bias o counsel and litigants rom the evidencen Identi y the personal and legal dynamics impacting expert testimony n De ne the strategies o e ective consulting and testi ying experts

Day 1Legal Theory and Case Lawn Legal theories underlying various types o business damagesn Key statutes and case law that de ne the scope o damagesn Parameters o damages measurementn Federal Rules o Evidence and report preparation under Federal Rule

26(a)(2)(B)n Introduction o a case study to be used during the remainder o training

Day 2Litigation Strategies and Communication Skillsn E ective communication and presentation skillsn Te art o persuasionn E ective communication o complex nancial concepts to non-expertsn Report writing in litigationn Expert strategies in litigationn Working with legal counsel

Day 3Case Studies: Communication Skills in theCourtroom and in the Boardroomn Expert testimonydeposition and trialn Juror perspectivesn Boardroom presentationsn Case study presentations

DEVELOPMENT AND INSTRUCTION TEAMTis workshop was designed and is taught by nationally recognizedcommunications and orensic experts. Our instructors average more than 30years o exper

2011 cti catalog

Documents