Harvard Corporate Governance

MARCH 29, 2022

Posted by Amit Batish, Equilar, Inc., on Tuesday, March 29, 2022 Editor's Note: Amit Batish is Director of Content at Equilar, Inc. This post is based on an Equilar memorandum by Mr. Batish and Courtney Yu. Related research from the Program on Corporate Governance includes The Perils and Questionable Promise of ESG-Based Compensation by Lucian A. Bebchuk and Roberto Tallarita (discussed on the Forum here ); and Paying for Long-Term Performance by Lucian Bebchuk and Jesse Fried (discussed on the

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336

BVR

MARCH 28, 2022

With the COVID-19 pandemic putting a stranglehold on the U.S. economy for most of 2020 and causing an unprecedented economic impact on small businesses, DealStats Value Index (DVI) captured the 12-month snapshot on how earnings before interest, taxes, depreciation, and amortization (EBITDA) multiples have trended.

EBITDA 246

EBITDA 246

IVSC

MARCH 29, 2022

This content is password protected. To view it please enter your password below: Password: The post Protected: Review: Valuing A Business “VAB” 6th Edition by Ray Moran appeared first on International Valuation Standards Council.

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223

Mckinsey and Company

MARCH 30, 2022

Worries about geopolitical conflicts, among other risks to growth, now exceed executives’ concerns about the COVID-19 pandemic. Overall economic optimism continues to decline.

Corporate Finance 119

Corporate Finance Finance 119

Speaker: Susan Spencer, Principal of Spencer Communications

Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.

Marketability

Harvard Corporate Governance

MARCH 31, 2022

Posted by Mike Kesner, Linda Pappas, and Joshua Bright, Pay Governance LLC, on Thursday, March 31, 2022 Editor's Note: Mike Kesner is partner and Linda Pappas and Joshua Bright are principals at Pay Governance LLC. This post is based on a Pay Governance memorandum by Mr. Kesner, Ms. Pappas, Mr. Bright, and Ira Kay. Related research from the Program on Corporate Governance includes The Perils and Questionable Promise of ESG-Based Compensation by Lucian A.

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301

BVR

MARCH 28, 2022

In today’s constantly changing and evolving economy, business valuators must have a firm grasp of the current state in order to successfully complete a business valuation engagement. The Economic Outlook Update (EOU), published by BVR, digests expansive research from leading authoritative sources into convenient monthly and quarterly reports. Get a sneak peek at the 4Q 2020 EOU with a few key economic performance components showing insights on gross domestic product (GDP), consumer spending, and

Business Valuation 246

Business Valuation 246

Mckinsey and Company

MARCH 31, 2022

New infrastructure and funding sources, along with established practices, are helping traditional companies launch new businesses that can scale quickly.

128

128

Harvard Corporate Governance

MARCH 30, 2022

Posted by Matteo Tonello, The Conference Board, Inc., on Wednesday, March 30, 2022 Editor's Note: Matteo Tonello is managing director of ESG at The Conference Board, Inc. This post is based on a The Conference Board/ESGAUGE memorandum, in collaboration with Russell Reynolds Associates and The Rutgers Center for Corporate Law and Governance, by Mr. Tonello, Paul Washington , and Merel Spierings.

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262

BVR

MARCH 28, 2022

Business valuation experts can find a great deal of useful information in the Business Reference Guide (BRG) by Tom West, which has been updated for 2021. Now in its 31st year, the book contains the latest industry-related information including pricing tips, benchmarking information with comparison data, industry resources, and general industry data on over 600 types of businesses, including franchises.

Business Valuation 246

Business Valuation 246

Audit Board

MARCH 31, 2022

After a year of hinting at development of sweeping environmental disclosure rules, the U.S. Securities and Exchange Commission (SEC) has finally announced proposed regulations, titled The Enhancement and Standardization of Climate-Related Disclosures for Investors. Over the past 20 years, there have been only a couple of other seismic legislative/regulatory events — the Sarbanes-Oxley Act (SOX) in 2002 and, to a lesser extent, the Dodd-Frank Act in 2010 — so greatly impacting internal audit.

Compliance 98

Compliance Technology Marketability 98

Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker

The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l

Corporate Finance

Mckinsey and Company

APRIL 1, 2022

The metaverse has the potential to radically transform the digital—and global—economy, but many questions remain.

Technology 145

Technology 145

Harvard Corporate Governance

MARCH 28, 2022

Posted by David M. Silk, Sabastian V. Niles, and Carmen X. W. Lu, Wachtell, Lipton, Rosen & Katz, on Monday, March 28, 2022 Editor's Note: David M. Silk and Sabastian V. Niles are partners and Carmen X. W. Lu is counsel at Wachtell, Lipton, Rosen & Katz. This post is based on their Wachtell memorandum. Related research from the Program on Corporate Governance includes The Illusory Promise of Stakeholder Governance (discussed on the Forum here ) and Will Corporations Deliver Value to

Equity 260

Equity 260

BVR

MARCH 28, 2022

In the May issue of the Economic Outlook Update (EOU), the publication added data highlighting the wholesale trade segment of the U.S. economy, putting a spotlight on the data the U.S. Census published. The report highlights the sales totals of merchant wholesalers for April 2021, which included adjustments for seasonal variations and trading day differences.

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244

Mogin Rubin M&A

APRIL 1, 2022

Premerger reporting is now required for companies working on transactions that will have an estimated value of $101 million or more at the anticipated time of closing. The Federal Trade Commission moved the reporting threshold up by $9 million from $92 million effective Feb. 23, 2022.

Mergers & Acquisitions 98

Mergers & Acquisitions 98

Speaker: Joe Apfelbaum, CEO of Ajax Union

In this webinar, Joe Apfelbaum, CEO of Ajax Union and business strategist, will take you through the ABCs of intent data. You'll learn how to effectively use it to drive business results, with practical tips on how to leverage both company and contact intent data to maximize your marketing efforts. Whether you're a seasoned marketer or just getting started, this webinar is a must-attend for anyone looking to stay ahead in the ever-evolving world of digital marketing.

Marketability

Mckinsey and Company

APRIL 1, 2022

Faster decision making, better interdepartment coordination, and a sharper focus on business priorities are much more possible with the thoughtful adoption of agile models.

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113

Harvard Corporate Governance

MARCH 28, 2022

Posted by Luca X. Lin (HEC Montreal), on Monday, March 28, 2022 Editor's Note: Luca X. Lin is Assistant Professor of Finance at HEC Montreal. This post is based on a recent paper authored by Mr. Lin; Miguel Anton , Associate Professor of Financial Management at IESE Business School; Jose Azar , Associate Professor of Economics at the University of Navarra; and Mireia Gine , Associate Professor of Financial Management at IESE Business School.

Finance 254

Finance 254

BVR

MARCH 28, 2022

Recent developments have put the spotlight squarely on projected financial information (PFI). The perception is that too many valuation experts simply accept projections and forecasts they’re given without applying enough scrutiny—or any scrutiny at all. Fortunately, there is some new guidance on how to examine and substantiate PFI you get from management or other third parties in BVR’s new Guide to Management Projections and Business Valuation: Analysis and Case Law.

Business Valuation 243

Business Valuation 243

Benchmark Report

APRIL 1, 2022

Benchmark International is pleased to announce the acquisition of County Cork-based Velopi by Boston-based Educate 360. Established in 2007 and headquartered in Kinsale, Ireland, Velopi provides training and consultancy services, specialising in the niche of project management. The firm has a list of renowned clients that includes Abbott and Pfizer.

Marketability 98

Marketability 98

Mckinsey and Company

MARCH 30, 2022

The advanced factories of the Global Lighthouse Network show how sustainability and workforce engagement can accelerate and scale Fourth Industrial Revolution transformation—responsibly.

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109

Harvard Corporate Governance

MARCH 27, 2022

Posted by Haimavathi V. Marlier, Jina Choi, and Michael D. Birnbaum, Morrison & Foerster LLP, on Sunday, March 27, 2022 Editor's Note: Haimavathi V. Marlier , Jina Choi , and Michael D. Birnbaum are partners at Morrison & Foerster LLP. This post is based on their Morrison & Foerster memorandum. In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with lin

Compliance 246

Compliance Equity 246

BVR

MARCH 28, 2022

In BVR’s recent webinar, Cryptocurrency Fraud and Forensics: What Valuation Professionals Need to Know, forensic and cryptocurrency experts Katerina Gaebel and Mark DiMichael, both of Citrin Cooperman, covered various hot topics on fraud and forensic accounting issues in digital assets and how they affect the business valuation profession. Here, we summarize five key areas where one would find proof of crypto asset fraud in a marital dispute, including interviews, tax returns, bank accounts, cre

Business Valuation 242

Business Valuation Banking 242

Avanade

MARCH 31, 2022

With Microsoft Viva, Avanade employees get a virtual solution that brings together all their collaboration, productivity and workplace needs into one place.

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105

Mckinsey and Company

MARCH 29, 2022

In this video, three of McKinsey’s aerospace experts describe the ways in which future activity in space will benefit people on Earth—and some challenges that could arise along the way.

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109

Harvard Corporate Governance

MARCH 28, 2022

Posted by Breanne Dougherty, Victoria Gaytan, and Hilary Novik-Sandberg, BlackRock Investment Stewardship, on Monday, March 28, 2022 Editor's Note: Michelle Edkins is Managing Director of BlackRock Investment Stewardship. This post is based on a BlackRock Investment Stewardship memorandum by Ms. Edkins, Breanne Dougherty, Victoria Gaytan, and Hilary Novik-Sandberg.

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238

BVR

MARCH 28, 2022

Business interruption insurance claims are on the rise, and analysts need to be on the lookout for misrepresentations. Michael Haugen, CPA, CFF, CFE (JS Held) conducted a session on this at the recent AICPA FVS Conference, and it’s an area where valuation experts would do well to bolster their knowledge and skills in financial forensics. During his session, Haugen gave some tips on how to “sniff out” misrepresentations in these claims.

Business Valuation 189

Business Valuation 189

ThomsonReuters

MARCH 31, 2022

Insurance Standards Bulletin Series – Information – Extension of Limited Non-Enforcement Policy through 2023 and Later Benefit Years (Mar. 23, 2022). Available at [link]. CMS has indefinitely extended the limited nonenforcement policy allowing states to permit insurers in the individual and small group markets to renew health insurance policies that would otherwise have to be canceled due to noncompliance with certain Affordable Care Act (ACA) insurance market reforms.

Marketability 98

Marketability 98

Mckinsey and Company

MARCH 31, 2022

Traditional grocery retailers should now determine which value propositions to focus on, define a scalable operating model, and consider partnerships to complement their historic strengths.

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94

Harvard Corporate Governance

MARCH 29, 2022

Posted by Michael Klausner (Stanford University), Michael Ohlrogge (New York University), and Harald Halbhuber (New York University), on Tuesday, March 29, 2022 Editor's Note: Michael Klausner is the Nancy and Charles Munger Professor of Business and Professor of Law at Stanford Law School; Michael Ohlrogge is Assistant Professor of Law at NYU School of Law; and Harald Halbhuber is partner at Shearman & Sterling LLP and a Research Fellow at New York University School of Law, Institute for

Finance 296

Finance 296

BVR

MARCH 28, 2022

The conference season is well underway, and Business Valuation Update has been on the virtual road, collecting the latest insights on a wide variety of topics. Here are some interesting takeaways from the New York State Society of CPAs (NYSSCPA) Business Valuation and Litigation Services Conference, held May 17. Topics included emerging issues (SPACs, cryptocurrency, Zoom as a practice-builder) and some new perspectives on evergreen topics (estate valuations, cannabis, distressed firms, and coll

Business Valuation 189

Business Valuation 189

ISA

MARCH 30, 2022

3/16/2022 12:00:00 AM. For this month’s education blog, I was asked to write about starting or moving your appraisal business. For those of you who have “been around the block” and have no plans of moving, you may pick up some tips for tightening up your business practices or obtaining more work. For new appraisers, this article will hopefully get you off to a great start on your new adventure.

Appraisal 98

Appraisal Start-ups Marketability 98

Mckinsey and Company

APRIL 1, 2022

The global semiconductor industry is poised for a decade of growth and is projected to become a trillion-dollar industry by 2030.

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128

Harvard Corporate Governance

MARCH 31, 2022

Posted by Blair Jones, Sarah Hartman, and Austin Vanbastelaer, Semler Brossy LLC, on Thursday, March 31, 2022 Editor's Note: Blair Jones is Managing Director, Sarah Hartman is Senior Associate Consultant, and Austin Vanbastelaer is Senior Consultant at Semler Brossy Consulting Group, LLC. This post is based on their Semler Brossy memorandum. The wrenching Covid-19 pandemic is far from over, but investors will see something of a return to business as usual in the 2022 proxy season.

Marketability 222

Marketability 222

BVR

MARCH 28, 2022

One of the lessons learned from the COVID-19 crisis is that a coherent narrative is more important than ever in business valuation, says Dr. Aswath Damodaran, of New York University Stern School of Business, who gave the keynote address at the CBV Congress 2021. A valuation needs a marriage of narrative and numbers, Damodaran says. In a good valuation, the numbers are “bound together” by a coherent narrative, and storytelling is kept grounded with numbers.

Business Valuation 189

Business Valuation 189

ISA

MARCH 30, 2022

1/25/2022 12:00:00 AM. Colleagues, This is a reminder of the terminology changes made in 2020 and 2021 that affect your appraisal reports. Knowing how busy we all are, I am sure that many of you read the ISA Education newsletter posts regarding these changes in terminology to align with USPAP terms and definitions and then put them aside. Now that the New Year has arrived, you are updating your appraisal report templates and looking for this information.

Appraisal 98

Appraisal Start-ups Compliance Marketability 98