Current Topics in Business Valuation Schedule

8:00 a.m. - 8:45 a.m.	Registration/Coffee & Danish
8:45 a.m. - 9:00 a.m.	Opening Remarks Scott Nammacher & Bill Johnston, Co-chairs
9:00 a.m. - 10:15 a.m.	Audits: Effective Strategies for Avoiding and Settling IRS Audits Out of Court Hear the personal take from an ex-IRS Territory Manager and national leader in BV issues on how to minimize valuation related audit risks and effectively move toward issue resolution when faced with a “difficult to work with” IRS representative. Mr. Gregory is the author of a new book titled “How to Work With the IRS – Strategies for Attorneys, Accountants and Appraisers” and his insights will prove valuable to anyone practicing before the IRS. Michael Gregory, ASA, AVA, Michael Gregory Consulting LLC
10:15 a.m. - 10:30 a.m.	Coffee Break
10:30 a.m. - 12:00 p.m.	Gallagher Tax Court Case: Issues, Opinions, and What's to be Learned This presentation will provide insights in to the valuation process, the audit, the courtroom and the published decision. Hear a discussion about the case with input from an ex-IRS Territory Manager on the lessons to be learned in all aspects of proceeding from valuation to the trying of the case. Daniel Van Vleet, ASA, Stout Risius Ross Michael Gregory, ASA, AVA, Michael Gregory Consulting LLC
12:00 p.m. - 1:15 p.m.	Lunch & Networking
1:15 p.m. - 2:30 p.m.	Identifying the Best Capital Structure This session will show how to balance the costs and benefits of using debt in a way that determines the best capital structure for a given firm. Mr. Graham will demonstrate how to use financial statement data to determine the value-enhancing benefits of using debt, the expected bankruptcy costs and other costs of using debt and the value loss that results from using too much or too little debt. John Graham, Ph.D, Duke University - Fuqua School of Business
2:30 p.m. - 3:30 p.m.	Navigating WACC vs the IRR in Business Combinations Obtain an understanding of the drivers of distinctions between the WACC and IRR in acquisitions and what some considerations may be for determining the reasonable discount rate to apply when valuing intangible assets or selecting rates of return. Hear perspectives on the application of alpha and common pitfalls of its use. Understand the implications of selecting WACC v. IRR post-acquisition. Alicia Grosman, PricewaterhouseCoopers
3:30 p.m. - 3:45 p.m.	Coffee Break
3:45 p.m. - 5:15 p.m.	Quantitative DLOM Models: A Comparison Many different quantitative models exist in the marketplace for estimating DLOMs from Longstaff, Finnerty, GAP, FMV, Meulbroek, MPI, SRR, QMDM and others. This session will compare how these models differ over different time and volatilities, what may be their strengths and weaknesses and how auditors view them from a review and reliability perspective. Jonathan Tang, CFA, Empire Valuation Consultants, LLC Sean Dineen, Deloitte Financial Advisory Services