Monday, December 16, 2013

A CLE/CPE Program on Business Valuation from my friends at McDevitt & Kline

Our final program of 2013 will be held this Friday.  Please see course details below.  Tim Swift is a fun and dynamic speaker who regularly garners some of the highest  ratings amongst McDevitt & Kline guest speakers.  We hope you can join us. 

We are also willing to pull together a live webcast for the following day, Saturday, December 21st, 2013 if indications of interest are high enough.  However, we need to get your feedback. 
Please take a moment to complete the following 3 question survey:

If we proceed with a Saturday webcast, we will post it to our website and send out email notifications.  Remember, our live webcasts count as live, group study credits!

Register for Friday's program at www.ceworkshops.com or by calling Tom McDevitt at 215-990-0781!

Business Valuation
Presenter:  Tim Swift, PhD
When:  Friday, December 20th, 2013, 9:00 AM to 5:00 PM EST
Where:  Temple University, Fort Washington or via live webcast
Credits:  7 CLE or 8 CPE

Part One:  Valuing Private Businesses

When we buy or sell a house, we can observe other comparable properties that have sold in the area to get a sense of a fair price.  If we wish to invest in Ford Motor Company, the stock market tells us the exact price at which shares are selling on any given day.  But how do we determine the value of a small family business when shares in the company have not been bought or sold, and comparable companies are hard to find or may not exist?

CPAs and attorneys are often required to provide expert advice pertaining to mergers and acquisitions, ownership disputes, estate, gift, and income taxes, marital dissolution, buy/sell agreements, FLPs, and financial reporting.  The quality of this advice, in many cases, is directly linked to the understanding of private business valuations.  In this program, we provide participants with a comprehensive review of valuation methodologies used by valuation experts when estimating the value of private businesses or assets.  We will rely upon real-world examples and exercises to introduce key concepts and to enhance the learning process.  After taking this course, CPAs and attorneys will have a better understanding of the necessary tools to perform sound due diligence and to successfully complete thorough, defendable, private business valuations.

Part Two:  Valuing Public Companies

In May 2012, Facebook shares began trading for the first time at $38 per share.  By August of that year, the price had dropped to $18 per share.  By January 2013, Facebook share prices had recovered to $32.  In the summer of 2013, Facebook shares pulled in to the $24 range and then suddenly spiked to close to $40 per share.  Today, the shares trade over $50.  Has the intrinsic value of Facebook really changed that much, or is it possible that sometimes, financial market securities prices do not reflect the true value of a publicly traded firm?

In this program we provide participants with a comprehensive review of the major valuation methodologies used to evaluate publicly traded share prices.  We will also evaluate some reasons why acquiring firms may pay a lot more than the publicly traded share price when buying another firm.  This material will help participants to evaluate investment opportunities, and to gain insights into some aspects of mergers and acquisition activity.

The Presenter

Dr. Tim Swift is an Assistant Professor of Strategic Management, serving at St. Joseph’s University in Philadelphia, PA for the past five years.  He holds a Ph.D. in strategic management, an M.B.A. in financial management, and has fourteen years of senior management experience in the telecommunications and high-tech industries.  He has been published in the top academic journals in his field such as Strategic Management Journal and Research Policy.

Learning Objectives:

- Review the many approaches to estimating value

- Analyze the differences between public and private business valuations

- Discuss valuation using real-world examples

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