BVTX1-WEB - The Impact of TCJA on Cost of Capital Part 1


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Webinar Description

The Business Valuation Committee of American Society of Appraisers has established a Tax Reform Task Force to study the TCJA and provide guidance to ASA members as to how the law may affect business valuation methods and procedures. In this, the first of a series of live and recorded webinars, members of the Task Force will discuss how the TCJA affects the development of the cost of capital.

Learning Outcomes

Upon webinar completion, the participant will be able to:

  • Analyze guideline and subject company data impacted by the TCJA;
  • Identify situations where valuation procedures should be modified to reflect the TCJA;
  • Calculate cost of capital estimates reflecting recent changes in tax law; and
  • Perform analyses consistent with the current best practices in the profession.

Webinar Audience

This webinar will be on interest to individuals that perform or review ESOP valuations; perform advisory services for ESOP transactions

Moderator Information

Jeffrey S. Tarbell, ASA

Jeffrey Tarbell is a Director in Houlihan Lokey’s Financial Advisory Services business. He has more than 27 years of experience providing valuation and financial opinions to private and publicly traded companies. Mr. Tarbell is Head of the firm’s Estate and Gift Tax Valuation practice, Co-Head of the firm’s Employee Stock Ownership Plan Valuation practice, and a member of the firm’s Technical Standards Committee. He is the Chair of the ASA’s Business Valuation Committee.

Instructor(s) Information

Jay E. Fishman, FASA

Jay Fishman has been actively engaged in the appraisal profession since 1974. He has been qualified as an expert witness on business valuation matters in eleven states, and frequently serves as a court appointed expert. In addition, he has taught courses on business valuation for the IRS, the AICPA, and the National Judicial College. Mr. Fishman is the Past Chair of the American Society of Appraisers’ Business Valuation Committee. He is the co-author, with Shannon Pratt, of the Guide to Business Valuation, and co-author, with Shannon Pratt and William Morrison of Standards of Value: Theory and Applications.Mr. Tarbell is a Director in Houlihan Lokey’s Financial Advisory Services business. He has more than 26 years of experience providing valuation and financial opinions to private and publicly traded companies. Mr. Tarbell is Head of the firm’s Estate and Gift Tax Valuation practice, Co-Head of the firm’s Employee Stock Ownership Plan Valuation practice, and a member of the firm’s Technical Standards Committee. He is based in the firm’s San Francisco office.

Roger J. Grabowski, FASA

Roger Grabowski is a managing director with Duff & Phelps. He has directed valuations of businesses, interests in businesses, intellectual property, intangible assets, real property and machinery and equipment. Roger is co-author with Shannon Pratt of Cost of Capital: Applications and Examples, 5th ed. (John Wiley & Sons, 2014), and is co-author of the Duff & Phelps annual sources of  cost of capital data: the on-line Cost of Capital Navigator; the Valuation Handbook-Industry Cost of Capital, and the Valuation Handbook – International Guide to Cost of Capital.

Gilbert E. Matthews, CFA

Gilbert Matthews has more than 50 years of experience in investment banking, having worked with a wide variety of clients in mergers, acquisitions and divestitures, friendly and unfriendly tender offers, public and private offerings of securities, recapitalizations, bankruptcy and other financial restructurings, and international transactions. Mr. Matthews joined Sutter Securities Incorporated in San Francisco as a Senior Managing Director in December 1995 and became Chairman in December 1997.

Other Important Information

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Disclaimer: The opinions expressed in this presentation are that of the presenter(s) and do not necessarily reflect the views and opinions of the American Society of Appraisers.

Questions? Contact ASA Education Team at Education@appraisers.org

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