Friday, May 2, 2014
$320 Member (After March 28, 2014)
$350 Non-Member (After March 28, 2014)
Doubletree Guest Suites
640 Fountain Road
Plymouth Meeting, PA, 19462
The one-day seminar will earn attendees eight (8) continuing education credit hours and feature the following program:
Commercial Reasonableness in Exempt Hospital Transactions - Hurdling the Analytical Thresholds
presented by Robert James Cimasi, MHA, ASA, FRICS, MCBA, CVA, CM&AA
This presentation will discuss the threshold of Commercial Reasonableness as it applies to healthcare transactions involving enterprises, assets, and services, a trend which has seen significant growth in recent years. Commercial Reasonableness, a threshold that is related to, but distinct from, Fair Market Value, has emerged as a focus of regulatory scrutiny for healthcare transactions. The discussion will focus on the qualitative and quantitative analysis undertaken to meet the applicable regulatory pronouncements required for establishing Commercial Reasonableness, as well as the interplay between Fair Market Value and Commercial Reasonableness in healthcare transactions.
Dealing with Noise: Valuation and Investing in the Face of Uncertainty
presented by Aswath Damodaran, Kerschner Family Chair Professor of Finance, Stern School of Business, New York University
Uncertainty is a fact of life in business and investing, but the responses that analysts and investors have to uncertainty is often unhealthy, ranging from denial and paralysis, at one extreme, to rules of thumb that have no basis in common sense, at the other. In this session, Professor Damodaran looks at how uncertainty is embedded in all valuations, though the amount of uncertainty an appraiser will face will vary across companies, countries and across time. Professor Damodaran categorizes uncertainty into groups, estimation versus economic, micro versus macro and discrete versus continuous, and argues that each grouping needs a different response. Finally, Professor Damodaran develops tools that appraisers can use to get a handle on uncertainty and deal with it better in valuation.
Cost of Capital using Duff & Phelps (in the Wake of Morningstar’s Departure)
presented by John J. Barton, ASA, CPA, MRICS
The Duff & Phelps Risk Premium Report is seeing increasing usage especially after Morningstar discontinued the SBBI Valuation Yearbook in 2013. This presentation will review the data behind the Tables as well as how to practically apply the size risk studies in the build-up and the CAPM models (Appendices A and B), as well as the company risk studies (Appendix D). Ancillary tools such as the Duff & Phelps Risk Premium Calculator available at BVResources.com will also be reviewed.
Tax Perspectives and Fair Market Value
presented by Dennis C. Reardon, Esq.
Significant revisions to the federal income, gift and estate tax law were introduced into the law in 2013, and are now being fully experienced by clients and their advisers. The changes in the tax law have directly affected various aspects of business succession planning and buy-sell agreements. New tax planning considerations will directly relate to conclusions regarding the fair market value of a business or a business interest in the design of planning strategies.
8 hours of continuing education
For more information contact Bob Haas or call (215) 887-6500.