Business Valuations

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Business Valuations
Date: Wednesday, February 15, 2006
Time: 11:00 AM ET / 10:00 AM CT / 09:00 AM MT / 08:00 AM PT [Prevailing Time]
Presenter(s): Rick Burns, PhD
Objective: Participants should come away with a basic understanding of both the theoretical and practical foundations of business valuation.
Field of Study: Taxation
Program Level: Basic
CPE Credit: 1 Credit Hour

No advanced preparation or prerequisites are required for this course.

Course Description
There are four basic purposes for valuing a business: to facilitate a transaction, to satisfy a tax requirement, to satisfy a regulatory requirement, and to support litigation. Included among the many specific reasons to value a business are the following: mergers and acquisitions, sales and divestiture, administering an ESOP, purchase price allocation, estate and gift tax purposes, and divorce settlement, among many others.

This course first provides an overview of the basic valuation process considered in a framework of a series of logical sequential steps. Each step will be discussed individually. However, the emphasis of the course will be placed on the common approaches to business valuation and selected methods within each approach. Although the Discounted Cash Flow (DCF) method will get considerable attention, discussion will also be devoted to other methods including the use of market multiples and industry rules-of-thumb.

Presenter Bio(s)
Richard M. (Rick) Burns holds a doctorate in finance from the University of Georgia. Dr. Burns has served on the finance faculty of the University of Alabama at Birmingham (UAB) School of Business/Graduate School of Management since the fall of 1987 including serving as Chair of the Department of Finance, Economics and Quantitative Methods from 1999-2003. Dr. Burns has a primary interest in corporate finance, and his teaching, research, and consulting interests include business valuation, capital budgeting, working capital management, and small business finance. He has developed and teaches a graduate finance seminar course in the valuation of closely held businesses and interests therein at UAB. This elective course has been successful in attracting MBA, Master of Accounting, and graduate students in Health Administration at UAB.

Dr. Burns has conducted and published research efforts supported by successful graduate school research grant competitions involving working capital management, capital budgeting practices, and sales forecasting practices as they relate to financial management among small businesses. Other publications include works that develop and apply DCF models in valuation, and analyze the stock performance of IPO's and merger participants. He has served as state representative, and Treasurer of the Southeast Chapter of The Institute of Business Appraisers (IBA), is a charter member and past President of the Academy of Entrepreneurial and Small Firm Finance (AESFF) and is a long time participant in the Financial Management Association and Southern Finance Association, in which he currently serves as a Director.

For more information regarding this series or administrative policies such as complaint and refund, please contact the NSAC National offices, 136 S. Keowee St., Dayton, OH 45402, 937-222-6707, email: info@nsacoop.org