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Beyond beta – Assessing industry risk is a critical part of the valuation process
May / June 2017
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 703
Abstract: Valuation professionals typically factor industry risk into the cost of capital, using a “beta” or other industry-specific risk premium. But industry risk isn’t something one factors in once and then forgets about. It’s something the pros consider throughout the valuation process — and its relevance even extends beyond the income approach. This article presents some questions an expert considers when evaluating industry risk.
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Timekeeping doesn’t have to be a burden
Winter 2017
Newsletter: Nonprofit Observer
Price: $225.00, Subscriber Price: $157.50
Word count: 703
Abstract: Federal and state law and the requirements of private and public funders make timekeeping necessary for many nonprofits. But even those that aren’t obligated to track and allocate employee time can benefit from good timekeeping practices. This article discusses why timekeeping matters and suggests ways to make the process less burdensome.
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Postmortem planning – Add decanting provisions to a trust to increase trustee flexibility
May / June 2016
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 703
Abstract: An estate plan shouldn’t be a static document — meaning it should continue to be revised and updated as needed in light of major life changes or estate tax law changes up until death. Postmortem, trustees can have similar power to adapt a trust to changing circumstances. This technique is called “decanting” the trust. This article details the ins and outs of decanting a trust.
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The NYSE expands material news and trading halt policies
February / March 2016
Newsletter: Public Company Insights
Price: $225.00, Subscriber Price: $157.50
Word count: 703
Abstract: Recently, the New York Stock Exchange (NYSE) amended its Listed Company Manual to expand the hours during which listed companies must provide advance notice to the NYSE before disseminating “material news.” Material news generally is understood to mean news that’s likely to cause stock price volatility. The updated manual provides guidance on the release of material news after trading closes, and methods for releasing material news. This article covers pretrading material news, and the circumstances under which the NYSE has the authority to halt trading and when, among other items.
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How defined-value gifts can help limit your tax exposure
May / June 2014
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 703
Abstract: Making large gifts can be a challenge if they consist of illiquid, difficult-to-value assets, such as interests in a business or family limited partnership (FLP). They must be supported by a business valuation, and there’s a risk that the IRS will claim, years later, that a gift was undervalued for tax purposes. But a “defined-value gift” protects against unexpected taxes down the road. This article looks at how a defined-value clause works and how it can withstand an IRS challenge.
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Buy-sell agreements — Cover all the valuation bases
November / December 2012
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 703
Abstract: Buy-sell agreements act as a form of insurance to protect companies during significant ownership changes, whether foreseen or unforeseen. A good agreement’s buyout terms and provisions can ensure the company remains stable and solvent through upheaval. This article notes the importance of periodic updates and discusses the elements of a well-reasoned, supportable buy-sell agreement. The article points out how an experienced valuator can help ensure the agreement is fair to all shareholders.