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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