What does the FVS professional of the future look like? The stage is set for a period of increased M&A meaning more and more companies will rely on CPAs for guidance. Key topics will include: Valuing a Craft Brewery, Avoiding Surprises in M&A Transactions, Detecting Fraud in Bankruptcy, and Bitcoin’s Role in FVS. This year’s conference will give CPAs some of the tools required to guide businesses through 2020 and beyond.
CPAs, attorneys, business valuation experts, forensic accountants, appraisers and other financial professionals should attend this conference.
Welcome and Opening Remarks
Business Valuations: What Does Warren Buffet Say?
Michael Carter – Founder and CEO, BizEquity
According to the SBA Office of Advocacy, there are almost 30 million small businesses in
the U.S., with CNBC estimating that a third of these will embark on the sales process in
the next 15 years. Despite this huge market opportunity, there are only 7,800 certified
valuation professionals in the U.S. according to the NACVA. In this session we will provide
an overview of how a current business value should form the basis of any informed decision
regarding expansion, and succession planning and achieving maximum value upon exit.
How the Tax Act Impacts Valuations
Donald J. DeGrazia, CPA/ABV/CFF – Gold Gerstein Group LLC
The Tax Cuts and Jobs Act is having a significant impact on how practitioners are
conducting valuations. Learn the changes to the tax law that are impacting valuations and
discover new methods for approaching and applying these changes.
Valuation and Financial Considerations for Craft Breweries.
Derek Groff, ASA, CFE – Moss Adams
There are several key factors involved in determining the value of a brewery.
Learn the primary financial and valuation drivers in the beer industry as well as understand
how different liquidity events may impact a brewery’s value.
- Craft beer industry overview
- Beer Valuation 101
- Key valuation drivers
- Understanding different types of liquidity events and their impact on valuation
- Breweries and the M&A process
- What’s next for the beer industry?
Avoiding Valuation Surprises in Accounting for M&A Transactions – Top 10 Issues
PJ Patel, CFA, ASA & Ed Hamilton, CFA - Valuation Research Corporation (VRC)
There are a number of key valuation issues that need to be addressed in accounting for M&A
transactions. PJ Patel of Valuation Research Corporation will discuss the various valuation
issues that deal teams, tax and accounting groups need to identify and address in accounting
for an M&A transaction
- Determining the purchase price considering deal structure and components of the
- Identifying the assets and liabilities acquired and what needs to be valued
- Reviewing recently updated best practices in valuing inventory, deferred revenue and
- Understanding the current environment - scrutiny from senior management, auditors,
the SEC, PCAOB and other stakeholders
Determining Marketability of a Company by Utilizing Regression Analysis Techniques
Todd Povlich, CFA, ASA – Management Planning Inc.
One of the most important components of any business valuation involving a closely held
company is the adjustment typically necessary for lack of marketability.
MPI partner Todd Povlich will discuss the firm’s latest marketability discount study,
which is built on over 2,000 private placement transactions spanning 30 years and contains a
multiple regression model that explains a substantial portion of the variation in discounts
as a function of nine company, market and transaction specific factors.
Bankruptcy, Litigation and Uncovering the Fraud
Anthony R. Calascibetta, CPA – EisnerAmper LLP
David H. Stein, Esq. – Wilentz, Goldman & Spitzer, P.A.
This program will cover the different forms of bankruptcy, the role of a trustee or
fiduciary in finding and recovering assets, the role of an accountant in the context of
the investigation and detecting the nature and extent of a fraud in a financially troubled
Bitcoin’s Role in FVS
Christopher M. DeMayo, CPA, MBA – WithumSmith+Brown, PC
The inception and evolution of Bitcoin (aka “Crypto Currency”) and the Blockchain (a
vehicle for crypto-currency transactions) has been one of the most interesting and
controversial financial and technological developments in recent history, yet many business
people and their advisors have only a limited understanding of this trend and its
implications. CPA and MBA Chris DeMayo has been following these issues closely since their
beginning in his role as leader of the Technology Services Group at WithumSmith+Brown, a
professional services firm at the forefront of technology advisory services. He will
explore the history of Bitcoin, how it works, when and why it is used and how it might
impact you and your clients. We’ll connect the dots between what CPAs following this trend
believe it means for the future.
Help Feed Those in Need
- The NJCPA Emerging Leaders Council is hosting a Food Drive to benefit the Community FoodBank of New Jersey. Please bring your nonperishable items and canned goods to this event. Peanut butter and tuna fish are always needed.
Online pre-registration for this event is now closed.
Anthony R. Calascibetta, CPA
Anthony R. Calascibetta is a Partner in the Financial Advisory Services and has nearly 30 years of public accounting and consulting experience. As an industry expert, Tony provides consulting on bankruptcy cases, litigation matters, financial and related advisory services to creditor committees and individual creditors, Chapter 7 & 11 trustees, debtors in possession and bankruptcy examiners.
Tony has also been appointed as a bankruptcy examiner, Chapter 7 trustee, Chapter 11 trustee, plan trustee, fiscal agent and as a future asbestos claims epresentative. He has assisted trustees and their counsel in performing forensic and fraud investigations, Rule 2004 investigations, and has assisted in the development of plans of reorganization. Working across an array of industries, his litigation consulting experience includes cases involving whitecollar crime, purchase price disputes, breaches of contract, fraudulent financial reporting and damage calculations, mergers and acquisitions, tax investigations, environmental evaluations and divestitures.
Tony has lectured to attorneys and other professionals, including the New Jersey Institute for Continuing Legal Education, Turnaround Management Association and Essex County Bar Association on topics such as business fraud, municipal bankruptcy, common fraudulent schemes, and locating hidden assets.
Founder & CEO
After years working for legendary tech investor Pete Musser, Mike founded and is CEO of BizEquity. Mike has over 15 years in enterprise software and technology services and has founded three software companies. Mike was CMO of a publicly traded billion dollar Internet company and has been called one of the top 100 people globally in fintech.
Donald J. DeGrazia, CPA, ABV, CFF
Gold Gerstein Group LLC
Donald J. DeGrazia, CPA/ABV/CFF, is a senior shareholder in Gold Gerstein Group LLC, an accounting and business valuation firm with offices in Moorestown and Voorhees, New Jersey. Mr. DeGrazia has provided testimony in matrimonial, minority stockholder, and economic damages litigation and has been qualified as an expert witness by the federal and state courts. He also specializes in federal and state, multi-state and matrimonial taxation, as well as tax nexus issues. He has chaired and been a frequent speaker and panelist at various national and international conferences and webinars as well as state and local seminars conducted by the AICPA, the NJCPA, the PICPA, the American Bar Association, the New Jersey Administrative Office of the Courts, the International Academy of Matrimonial Lawyers and the New Jersey Institute for Continuing Legal Education covering business and professional practice valuation, forensic accounting and federal taxation.
Mr. DeGrazia is a past Global Chairman of Integra International, Inc., a worldwide association of independent accounting and consulting firms. He is also a past president and remains a member of Integra's Americas, Asia & Australia and Global Boards. He is vice chairman of Liberty USO of Southeastern Pennsylvania and Southern New Jersey. He is a member of the American Institute of CPAs, the New Jersey Society of CPAs, Expert Resource Connection, LLC and is a past chairman of the Forensic, Valuation and Litigation Services Committee of the New Jersey Society of CPAs. Mr. DeGrazia is a graduate of LaSalle University.
Christopher M. DeMayo, CPA
Chris is a partner at Withum and serves as the firm’s Practice leader for the Technology and Emerging Growth Services Group. With over 15 years of experience, he has dedicated his time to servicing this industry and tech community and has had the privilege of working and building relationships with some of the most well-known and successful technology and emerging growth companies in the space. In addition to servicing his clients, his responsibilities include representing the firm in the marketplace, developing marketplace strategies, leading the growth and success of the firm’s technology and emerging growth practice.
Beyond accounting, he has developed a deeply focused skill set within the sector as a strategic advisor and consultant. With an emphasis on M&A and auditing, he often consults with clients on accounting for complex capital structure, interpretation of revenue recognition standards, capitalized software, acquisition accounting, exit planning, and software selection/implementation among others.
His expertise spans a variety of industry verticals within the technology and emerging growth community including but not limited to Ad-Tech, E-Commerce, Ed-Tech, Digital Media, Social Media, AR/VR, AI and Crypto based companies.
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Derek Groff, ASA, CFE
Director, Valuation Services
Moss Adams LLP
Derek has been providing financial advisory services to companies and business owners since 2001. He advises on complex valuation issues for tax compliance, financial reporting, mergers and acquisitions, strategic planning, and litigation support. He currently leads Moss Adams’ valuation practice in Denver and works with both breweries and distributors on raising capital, strategic M&A situations, ESOPs, stock issuance, and litigation/shareholder disputes. Derek has advised on over 50 equity and M&A transactions totaling over $15 Billion in value. In a prior lifetime, Derek was an investment banker, winery owner, and competitive tennis player. His favorite beer is anything that fills up an empty pint glass (except Old Milwaukee’s Best).
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Ed Hamilton, CFA
Senior Vice President
Valuation Research Corporation
Ed Hamilton specializes in the valuation of businesses and assets and liabilities for financial reporting purposes. In particular, he focuses on the valuation of intellectual property/intangible assets such as trademarks, technology, software, customer relationships and IPR&D. He also values business interests for tax purposes.
He holds a master’s of business administration degree with a concentration in finance from Temple University and a bachelor’s degree in physics from Rowan University. Additionally, he holds the designation of chartered financial analyst (CFA).
He is an active member of the AITF and is currently involved with the Appraisal Foundation Working Group preparing a Practice Aid for the valuation of customer relationships. In addition, he is a frequent presenter on valuation issues for financial reporting purposes and has presented on valuation issues relating to ASC 805, ASC 350/360, ASC 820 and other emerging issues.
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PJ Patel, CFA, ASA
Senior Managing Director & Co-CEO
Valuation Research Corporation
P.J. Patel – CFA, ASA – has over 20 years’ experience in support of
mergers and acquisitions and is well known in the M&A community, P.J. is also a notable speaker,
including the AICPA SEC conference, an annual valuation conference in
Milan, and expert panels of the American Society of Appraisers.
He is the current chair of the Appraisal Institute Task Force. The AITF
includes active representation from the SEC. His recent work included
developing the ‘Best Practices Guide for the Valuation of Customer
Related Assets,’ and well as the “Distributor Method” of valuing
customer relationships – which was released in 2016 as industry
guidance by the Appraisal Foundation
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Todd G. Povlich, CFA, ASA
MPI Business Valuation & Advisory
Todd is a Partner at MPI and is based in the firm’s New York City office. Since joining MPI, Todd has determined the value of closely held securities of companies and partnerships in many industries for a variety of purposes, including estate and gift tax, income tax, matrimonial proceedings, Employee Stock Ownership Plans, corporate planning and restructuring, financial reporting, sale, merger, stock purchase plans and buy-sell agreements. Todd has prepared valuations of closely held operating companies, asset holding entities, as well as other securities such as undivided interests in real estate, closely held promissory notes and preferred stock. Todd has experience in a variety of industries, but specializes in the valuation of traditional asset management firms, alternative investment management companies and securities tied to future cash flows based on carried interest or promote. The valuation analyses and reports prepared by Todd have been used for presentations to management, directors and stockholders of client companies, as well as to attorneys, accountants, other fiduciaries and the Internal Revenue Service. Todd is a member of the Board of Directors of both Management Planning, Inc. and MPI Securities, Inc.
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David H. Stein, Esq.
Wilentz, Goldman & Spitzer
David H. Stein is a shareholder at Wilentz, Goldman & Spitzer, P.A. and Cochair
of the firm’s Banking and Financial Services group. Mr. Stein focuses his
practice on lending, work-outs, commercial litigation, business reorganization,
foreclosure litigation, asset recovery and judgment enforcement matters.
Mr. Stein has significant courtroom experience in the litigation of complex
commercial matters, enforcement and priority of liens, claims and security
interests and other matters affecting the debtor-creditor relationship. His clients
have included banks, financial institutions, leasing creditors, creditors'
committees, trustees, debtors, receivers, commercial landlords and purchasers
of distressed assets.
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