NACVA’s five-day Business Valuation and Certification Training Centers (BVTC),
offered through its Consultants’ Training Institute (CTI), are world
renowned for being the most comprehensive and complete foundational
training program teaching to the body of knowledge on how to value
private business enterprises. Now being taught in seven countries, the
BVTC will prepare candidates to pass any business valuation (BV)
certification exam offered in the industry as well as those offered by
NACVA—the Certified Valuation Analyst (CVA) and Accredited Valuation
Analyst (AVA) designations.
The CVA and AVA are the country’s most distinguished and widely
recognized BV credentials, known for the superb training and challenging
examination process that leads to earning one of these prestigious
credentials. A primary requirement for becoming a CVA is to hold a valid
license as a Certified Public Accountant, while AVAs must hold a
business degree and/or MBA or higher business degree from an accredited
college or university and
demonstrate substantial business valuation experience, among other
requirements. This is the only distinction between the two credentials.
In addition to passing a comprehensive five-hour, multiple-choice,
proctored exam, both CVA and AVA applicants must successfully
demonstrate that they meet NACVA’s experience requirement by completing
a Case Study or submitting an actual and sanitized fair market value
report, prepared during the last 12 months, for peer review.
Over 18,000 professionals have attended the BVTC or parts thereof, some
simply for the knowledge and many (almost 9,000) to pursue the CVA or
AVA designation. Most attendees rave that this is the finest training
program they have ever attended, which in a great part, is attributable
to the highly experienced and well-seasoned practitioner instructor team
we have assembled over our 19 years in existence. Overall instructor
average scores, on a scale of one to five, exceed 4.5, making us the
envy of every training organization in America. (More information on the
Association and credentials is located in
The Association brochure or call NACVA Member Services:
800-677-2009.)
Program Content
The Business Valuation and Certification Training Center’s compact
five-day intermediate level curriculum is comprehensive and substantive,
providing value from beginning to end*. A good understanding of
accounting, taxes, economics, finance, and a basic understanding of
business valuation fundamentals are prerequisites. The BVTC’s primary
goal is to provide you with information that will serve as a solid
foundation for your professional
valuation endeavors, whether or not you plan to pursue a designation.
You will also find that a sound mastery of the course contents will be
of great assistance to you in your pursuit of an accreditation—be it a
Certified Valuation Analyst (CVA) or an Accredited Valuation Analyst
(AVA). The Business Valuation and Certification Training Center (BVTC)
is the ultimate comprehensive training experience: you will expand your
knowledge, stretch your limits, test your skills, share your
experiences, and go back to your office with a wealth of contacts,
resources, and insights that will strengthen the foundation for your
future success.
Details
Learning Objectives
The CTI’s commitment is to offer
you the best possible valuation training in the industry,
training that will qualify you to pass NACVA’s and any other
valuation organization’s credentialing exam. Following is a
course description of each day of the curriculum.
Days 1 and 2—Business Valuations:
Fundamentals, Techniques & Theory
Program Content, Learning Objectives and CPE Hours
(Available in both live
presentation and self-study.) Live course fee: $1,000
(before member and early registration discounts)
Program Content
The cornerstone of NACVA’s training, FT&T is a rigorous course
on business valuation that provides the basis and framework for
subsequent courses. It provides insights into every facet of
valuation theory, with hands-on training taking participants
from the fundamentals of the valuation process through the
advanced techniques in current use.
Primary focus of the
sessions will be to provide the basis and framework of business
valuation theory and practice. Discussion will center upon the
elements valuation from financial and operational analysis
through the methods found in the three approaches to valuation:
asset, income, and market. Highlights include the development of
discount/capitalization rates and the application of appropriate
adjustments (i.e., premiums and discounts) to the calculated
value.
Learning Objectives
After completing this course participants will be able to:
Perform a financial analysis of a company as it relates to
a
valuation engagement
Identify an appropriate valuation approach and method for
a given
valuation purpose
Match a discount or capitalization rate to the appropriate
benefit stream
under the income approach
Identify and explain the differences in standards of value
and their
application in a valuation engagement
Delivery
Method
Group-Live
Program
Level
Intermediate
Advanced
Preparation
Overview
Prerequisites
Participants should possess a good understanding of
accounting, taxes, economics, finance, and a basic
understanding of business valuation fundamentals.
Fields
of Study
Accounting
3
Business
Management and Organization
1
Specialized
Knowledge and Applications
13
Taxes
1
Total
CPE Hours
18
Day 3—Business Valuation:
Applications and Calculations of the Income and Asset Approaches
Program Content, Learning Objectives and CPE Hours
(Available in both live
presentation and self-study.) Live course fee: $500
(before member and early registration discounts)
Program Content
This fast-paced course is the perfect follow-up to FT&T. It
builds on the applications of the income and the asset
approaches and provides you the opportunity to perform numerous
calculations using various methodologies for the income and
asset approaches.
Primary focus is to build on the fundamental
aspects of the income and asset approaches found in the
Fundamentals, Techniques & Theory (FT&T) course. The course uses
multiple hands-on exercises that will give the participant
practical experience in the application of the methods found in
the income and asset approaches in valuation engagements.
Learning Objectives
After completing this course participants will be able to:
Calculate a value using the adjusted net asset method
under the asset approach
Determine when it is appropriate to use a capitalization
of single-period
earnings method vs. discounted future earnings method under
the
income approach
Identify appropriate normalizing adjustments and calculate
a
normalized benefit stream
Delivery
Method
Group-Live
Program
Level
Intermediate
Advanced
Preparation
Overview
Prerequisites
Participants should possess a good understanding of
accounting, taxes, economics, finance, and a basic
understanding of business valuation fundamentals.
Fields
of Study
Accounting
2
Administrative
Practice
1
Business
Management and Organization
1
Specialized
Knowledge and Applications
4
Taxes
1
Total
CPE Hours
9
Day 4—Business Valuation: Case Analysis—Completed Transaction and Guideline Public
Comparable Methods Program Content, Learning Objectives and CPE Hours
(Available in both live
presentation and self-study.) Live course fee: $500
(before member and early registration discounts)
Program Content
The market approach is one of the three commonly accepted ways
to value a private company. Within this approach there are two
primary methodologies: the completed transaction method and the
guideline public company method. While similar, these methods
vary on the empirical data that is used to generate supportable
results.
Learning Objectives
After completing this course participants will be able to:
Perform the market approach using the completed
transaction method
Perform the market approach using the guideline public
company method
Explain their work in a written narrative
Utilize these results with other studies to determine the
value of a
private company
Delivery
Method
Group-Live
Program
Level
Intermediate
Advanced
Preparation
Overview
Prerequisites
Participants should possess a good understanding of
accounting, taxes, economics, finance, and a basic
understanding of business valuation fundamentals.
Fields
of Study
Accounting
1
Specialized
Knowledge and Applications
7
Taxes
1
Total
CPE Hours
9
Day 5—Two Parts: Part I—Special
Purpose Valuations and Part II—Case Studies in Business
Valuation—Facts to Conclusion
Program Content, Learning Objectives and CPE Hours
(Available in both live
presentation and self-study.) Live course fee: $500
(before member and early registration discounts)
Part I(A): Valuation for Financial Reporting
Valuation specialists are seeing growing demand for these
services, but equally close scrutiny and review of their fair
value valuation work by auditing firms, the SEC, and the PCAOB.
This section is designed to distinguish valuations for financial
reporting from other purposes. The definition the FASB came up
with, “Fair Value,” differs from Fair Market Value. There are
three types of work for valuation specialists: 1) Allocation of
purchase price for a business combination, 2) Testing
Amortizable Intangibles and PP&E for Impairment, 3) Testing
Goodwill for Impairment. Another aspect which will be covered is
the need to work closely with the client’s auditing firm. All
values used in financial reports are reviewed by auditors and
their review may differ from that of the IRS or the courts.
Learning Objectives
After completing this section participants will be able to:
Explain the FASB requirements for Purchase Price
allocation, including
valuation of intangibles
Prepare a supportable impairment study for PP&E and
amortizable
intangibles using undiscounted cash flow and a FV
determination if the
asset(s) don’t pass
Prepare a plan to work with auditors and clients in
performing Step 1
of the Goodwill testing requirements and understand what is
involved
if they have to go to Step 2
Part I(B): Mergers and Acquisitions
With M&A on a dramatic rise, all business advisors need a
fundamental understanding of the issues characteristic to
lucrative M&A advisory services. This section will focus on
Mergers and Acquisitions from the perspective of a deal
maker/investment banker. Participants will learn that although
the valuation methodologies used in these situations are similar
to traditional valuation techniques, they do differ in many
ways. In this introductory
session, practitioners will learn about the foundations crucial
to M&A activity as found in the middle market ($1mm–$250mm).
Learning Objectives
After completing this section participants will be able to:
Determine the common valuation approaches in M&A real deal
world
Identify preliminary target due diligence and funding
sources/venture
capital in M&A
Determine negotiation strategies and the M&A auction
marketplace,
buyer and seller motivations, types, and perspectives
Explain typical deal structures and financing and
mechanisms
Advise clients when and where M&A is a viable strategic
alternative and
be in a position to council clients through the process
Part I(C): Litigation Consulting
In today’s turbulent business environment, valuation experts,
CPAs, and other financial professionals are called upon
regularly to serve as experts and consultants in a broad range
of matters including fraud, economic damages, marital
dissolution, professional standard of care, valuation, and
others. This section is designed to provide an introduction to
litigation consulting and financial forensics. It will provide
an overview of the types of engagements
in which financial experts are called upon to render financial,
analytic, investigative, and expert testimony. It will also
focus upon the skills required, the legal environment, the
dynamics of litigation, professional standards, report writing,
and expert testimony.
Learning Objectives
After completing this section participants will be able to:
Provide an overview of the litigation environment and the
anatomy of
the legal process
Identify the role of the financial expert as either a
consulting or
testifying expert and list the differences between the roles
Identify the complexities related to providing forensic
accounting,
valuation forensics, and expert witness services in a
litigation context
Explain the dynamics of working with legal counsel
Define business and economic damages, fraud and forensics,
marital
dissolution, and other practice areas for financial experts
Outline the main steps to writing effective reports and
reporting
requirements in litigation engagements
Summarize the key ingredients for effective expert
testimony
List the ways to avoid common pitfalls
Delivery
Method
Group-Live
Program
Level
Intermediate
Advanced
Preparation
Overview
Prerequisites
Participants should possess a good understanding of
accounting, taxes, economics, finance, and a basic
understanding of business valuation fundamentals.
Fields
of Study
Accounting
4
Specialized
Knowledge and Applications
2
Total
CPE Hours
6
Part II: Case Studies in Business
Valuation—Facts to Conclusion
Program Content
This course provides learning that brings the business of
business valuation full circle and is given from the eyes of
actual valuation practitioners. The theory covered throughout
the five-day BVTC is staggering, and often it is easy to lose
sight of the ultimate goal of the program: to learn to be a
valuation professional. The Facts to Conclusions course
will include:
A review of the appropriate valuation methodologies
A case study discussion to allow the attendee to work with
actual
valuation projects
Practice management tips
Participants in this course will leave with a better, clearer
understanding of the process associated with completing a
business valuation (start to finish). Additionally, participants
will also gain valuable knowledge pertaining to growing and
managing a valuation practice. It is the goal of this course to
address any questions about this business that participants may
have.
Learning Objectives
After completing this course participants will be able to:
Identify the necessary steps to complete a business
valuation
Locate the necessary data, models, and studies
Explain the valuation through a business valuation report
List the critical steps in building a successful valuation
practice
Review and check valuation work against other reports.
Delivery
Method
Group-Live
Program
Level
Intermediate
Advanced
Preparation
Overview
Prerequisites
Participants should possess a good understanding of
accounting, taxes, economics, finance, and a basic
understanding of business valuation fundamentals.
Fields
of Study
Specialized
Knowledge and Applications
3
Total
CPE Hours
3
Where and When
NACVA’s CTI 2010 Business Valuation and
Certification Training Center Schedule
Dates and locations are subject to change.
Note: The five-hour CVA/AVA proctored exam is given at all
Locations on the Saturday morning following the weeklong
training unless prior alternative arrangements have been made
by a participant.
Who Should Attend
Tax, audit, and accounting services practitioners who wish to
specialize in a lucrative, non-seasonal consulting niche; merger
and acquisition consultants, investment and financial analysts,
investment bankers, financial officers, business advisors, accounting and finance professors; in short, anyone who deals with business value in the course of his or her work.
What They're Saying
“This course is fantastic!”
—Jacqueline B. Wolpert, CPA, CVA
Skarlatos & Zonarich LLP
“The instructor’s knowledge and insight were particularly valuable.”
—Donald Hilker, CPA, CVA
Mironov, Sloan & Parziale LLP
“Outstanding instructor—this was excellent.”
—William E. Williams, Jr., CPA, CVA
Stegman & Company
Pricing 2010
Days 1 and 2
Business Valuations: Fundamentals,
Techniques & Theory
$1,000
Day 3
BV: Applications and Calculations of the
Income and Asset Approaches
$500
Day 4
BV: Case Analysis—Completed Transaction and
Guideline Public Comparable Methods
$500
Day 5—Two Parts
Part I: Special Purpose Valuations
$500
Part II: Case Studies in BV—Facts to Conclusion
One-Year NACVA Membership (Practitioner)
$460
Certification Exam, Grading, and Proctoring
Fee
$595
Total Retail Cost for Five-Day BVTC
$3,555
Package Price before Discounts
$2,995
Self-Study 2010 Pricing
BVTC Self-Study
Course
Individually Priced
CPE Exam for Self Study
Business Valuations:
Fundamentals, Techniques & Theory
$245
$65
BV: Applications and Calculations
of the Income and Asset Approaches
$195
$65
BV: Case Analysis—Completed Transaction
and Guideline Public Comparable Methods
$245
$65
Special Purpose Valuations
$195
$65
Total if purchased individually
$880
$260
CVA/AVA Certification Exam
$595
Package Price for All Five Courses:
Course Materials Only
$795
Materials plus CPE
$995
Materials with CPE and
CVA/AVA Exam
$1,495
Materials with CPE, CVA/AVA Exam, and
First-Year NACVA Practitioner Membership ($350 off retail price)
$1,825
In addition to the Business Valuation Training Center’s
availability in a self Study format, NACVA’s Consultants’
Training Institute now offers the BVTC Online in a series
consisting of ten webinars. The two-hour webinars are held on
consecutive Tuesdays and Thursdays from 1:00–3:00pm eastern time
over a five-week period. The First Quarter 2010 sessions (Code:
10WBVTCTT0302-PKG) begin March 2nd, while the Third Quarter
sessions (Code: 10BVTCTT0727) begin July 27th and the Fourth
Quarter (Code: 10WBVTCTT1019) October 19th. Purchase the
Self-Study materials and attend the entire ten-part webinar
series for an additional $600.For additional details, please
call Member Services: (800) 677-2009.
* Purchase the Self-Study materials and attend the entire
ten-part webinar series for an additional $600.
Cancellation Policy
For more information regarding refund, complaint, and/or program
cancellation policies, please call our director of Member
Services: (801) 486-0600.
NASBA Sponsorship
NACVA is registered with the National Association of
State Boards of Accountancy (NASBA), as a sponsor of continuing
professional education on the National Registry of CPE Sponsors. State
boards of accountancy have final authority on the acceptance of individual
courses for CPE credit. Complaints regarding registered sponsors may be
addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue
North, Suite 700, Nashville, TN 37219-2417. Web site: http://www.nasba.org/
NACVA's Certified Valuation Analyst (CVA) and Accredited Valuation Analyst (AVA) are the only NCCA-accredited valuation
credentials.
System Requirements
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