PAGE 4 Conference Presentations, Webinars, and Professional Journal Articles:



"Qualitative Considerations in the Intellectual Property Valuation”
By Robert Reilly, a managing director of our firm, published in the October/November 2014 issue of Financial Valuation and Litigation Expert, a bimonthly journal published by Valuation Products and Services, www.valuationproducts.com. This article is reprinted with the publisher's permission.
Robert examines the various reasons to value intellectual property. He discusses the attributes of intellectual property. He then explores the factors that influence the value of intellectual property.

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Intangible Asset Valuation: Cost Approach Valuation Methods and Procedures
This presentation was delivered on October 21, 2014, by Robert Reilly, a managing director of the firm, to the National Association of Property Tax Representatives—Transportation Energy Communications Conference in Dallas, Texas.
Robert’s presentation explored the topic of what is and what is not an intangible asset. He discussed various reasons for valuing intangible assets. Robert focused his discussion on the cost approach to intangible asset valuation. He explored the various methods and procedures within the cost approach and presented an example of a cost approach analysis of a trained and assembled workforce asset.

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Intangible Asset Valuation and Damages Analyses
This presentation was delivered on October 14, 2014, by Robert Reilly, a managing director of the firm, to the Texas Society of CPAs Business Valuation, Forensic & Litigation Services Conference in Fort Worth, Texas.
Robert’s presentation explored the topic of what is and what is not an intangible asset. He discussed various types of intangible asset analyses. Robert discussed various approaches and methods for valuing intangible assets. He also discussed common methods of measuring damages in intangible asset infringement cases. Finally, Robert discussed things to consider in the preparation of an intangible asset valuation or damages report.

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Goodwill in Corporate Asset Sales: Maximizing Tax Planning Opportunities
This webinar presentation was delivered on September 23, 2014, by Robert Reilly, a managing director of the firm, along with William Sigler of Maddin Hauser Roth & Heller and Louis Vlahos of Farrell Fritz. The webinar was sponsored and produced by Strafford Publications, Inc.
Robert’s portion of the presentation was on the topic of valuation and negotiation of seller’s personal goodwill. He discussed the types of a business seller’s personal assets and common instances where we find seller’s personal goodwill in the sale of a closely held business. Robert also explored the components of seller’s personal goodwill. He reviewed the generally accepted valuation approaches and methods and focused on the application of the three generally accepted approaches to the valuation of seller’s goodwill.

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Implementing the Market Approach Using the Guideline Publicly Traded Method
This webinar presentation was delivered on July 14, 2014, by Charles Wilhoite, a managing director of the firm and director of our tax-exempt entity and health care services practice. The webinar was sponsored and produced by Valuation Products and Services.
This presentation gave an overview of the guideline publicly traded company valuation method. It discussed criteria for selecting the appropriate group of publicly traded companies. The presentation also explored ways to analyze these companies in order to arrive at meaningful indications of value.
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"Private Company Discount Studies and Application to Non-Marketable Interests”
By Kevin Zanni, a manager in our Chicago office, published in the July/August 2014 issue of The Value Examiner, a bimonthly publication of the National Association of Certified Valuation Analysts. This article is reprinted with the publisher's permission.
Kevin reviews several studies that derive a private company discount (PCD). These studies include the Paglia Study, the Koeplin Study, the Kooli Study, and the Officer Study. Collectively, these studies provide evidence that private companies often sell at lower multiples than their public counterparts.

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"Independent Financial Advisers and the Construction Company M&A Transaction"
By Robert P. Schweihs, a managing director of our firm, published in the March/April 2014 issue of Construction Accounting and Taxation. This article is reprinted with the publisher's permission.
When deciding if decision makers have fulfilled their fiduciary responsibilities, judges often give weight to the contemporaneous transaction opinion or advice provided by an independent financial adviser. Bob reviews important issues in this process.

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"Tax Considerations in Structuring the Sale of the Closely Held Construction Company"
By Robert F. Reilly, a managing director of our firm, published in the March/April 2014 issue of Construction Accounting and Taxation. This article is reprinted with the publisher's permission.
Direct tax consequences of the sale of construction company assets are different than the consequences of the sale of company stock. Robert explores the valuation and taxation implications of the different sale structures.

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"Constructive Dividend When Construction Company Services Are Provided to Company Shareholder"
By Robert F. Reilly, a managing director of our firm, published in the March/April 2014 issue of Construction Accounting and Taxation. This article is reprinted with the publisher's permission.
Robert discusses a recent Tax Court case, Welle v. Commissioner, in this article. Construction company owners may be confronted with payment issues when using their company to service another property under their ownership.

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"Case Study: The Impact of DLOM on an Estate "
By Aaron Rotkowski, a manager in our Portland office, published in the January/February 2014 issue of The Value Examiner. This article is reprinted with the publisher’s permission.
Aaron reviews the Tax Court decision in John F. Koons III v. Commissioner. An important issue in the case was the amount of effective control of decedent’s 46.9 percent voting interest and 51.59 percent nonvoting interest in a softdrink bottling and distributing corporation. The estate’s expert assumed the interest had the rights of a 50 percent owner, while the IRS expert assumed the interest had the rights of a 71 percent owner. The issue, however, was not a control premium, but rather the magnitude of the discount for lack of marketability to be applied.


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"New Valuation Issues from a U.S. Tax Court Perspective "
Robert Reilly, a managing director of our firm, along with Dan Van Vleet, moderated a discussion with Senior U.S. Tax Court Judge David Laro that was held at a Business Valuation Association luncheon in early 2014.
A video recording of this presentation is available for purchase from the American Society of Appraisers. Here is the info for the link: http://www.appraisers.org/Product-Catalog/Product?ID=7452See More



Practical Application of Intangible Asset Valuation Approaches and Methods
This webinar presentation was delivered on April 29, 2014, by Robert Reilly, a managing director of the firm. The webinar was sponsored and produced by Valuation Products and Services.
This presentation explored the identification of intangible assets, data gathering and due diligence procedures, generally accepted approaches and methods for valuing intangible assets, and attributes of an effective intangible asset valuation report.

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What Business Lawyers Should Know about Intangible Asset Valuation
This webinar presentation was delivered on March 27, 2014, by Robert Reilly, a managing director of the firm, Fady Bebawy, a manager in our Chicago office, and Elena Norman, a lawyer with Young Conaway Stargatt & Taylor, LLP. The webinar was sponsored and produced by the American Law Institute, ALI/CLE.
This presentation explored the identification of intangible assets, standards and premises of value, generally accepted approaches and methods for valuing intangible assets, and attributes of an effective intangible asset valuation report.


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“Intangible Asset Valuation: Cost Approach Methods and Procedures”
By Robert F. Reilly, a managing director of our firm, published on the website of the American Institute of Certified Public Accountants, Forensic and Valuation Services Section, in March 2014. This whitepaper is available to AICPA members only from the AICPA website.
This whitepaper explores the various methods and procedures within the cost approach to intangible asset valuation. Robert discusses important issues such as remaining useful life considerations and the various forms of obsolescence that need to be considered. An illustrative example is also included.



AICPA members

Challenges in Measuring the Fair Value of Intangible Assets
This webinar presentation was delivered on March 4, 2014, by Robert Reilly, a managing director of the firm, at a Business Valuation Resources Webinar.
This presentation explored relevant GAAP provisions related to fair value accounting. It discussed the generally accepted approaches and methods for valuing intangible assets. Robert also presented an illustrative example of each valuation approach. The training pack for this webinar is available for purchase at BVRSee More.


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