PAGE 6 Conference Presentations, Webinars, and Professional Journal Articles:



Analysis of Reasonable Compensation for Unique Companies or Unique Employees.
This presentation was delivered on May 22, 2013, by Robert Reilly a managing director of our firm, at the at the Illinois CPA Society Business Valuation Symposium in Chicago.
Robert’s presentation discussed reasons to conduct a reasonableness of compensation analysis. He summarized alternative standards by which to determine reasonableness of compensation. He then explored two categories of reasonableness of compensation analysis: multiple factor test analyses and independent investor test analyses. He presented an illustrative example of each of these analyses.


See More

“Income Tax Consequences of Debt Modification”
By Robert Reilly, a managing director of the firm, published in the May 2013 issue of the American Bankruptcy Institute Journal. This article is reprinted with the publisher’s permission.
Robert’s article summarizes the potential income tax consequences to debtors, creditors and purchasers of debt in connection with a debt modification. He discusses the provisions of Treasury Regulation 1.1001-3, titled “Modifications of Debt Instruments.”


See More

Examining Bankruptcy Valuation Issues
Robert Reilly, a managing director of our firm, along with Dr. Israel Shaked, was featured in a podcast produced by the American Bankruptcy Institute.
Robert and Israel discuss their new book, A Practical Guide to Bankruptcy Valuation, and other issues involved in the complex task of valuing a bankrupt or financial distressed business.


See More

“Intangible Asset Damages Due Diligence”
By Robert Reilly, a managing director of the firm, published in the Spring 2013 issue of Dunn on Damages. This article is reprinted with the publisher’s permission.
Robert’s article summarizes the types of documents that should be considered in an intangible asset economic damages analysis. The article goes on to summarize the analyst’s due diligence procedures related to documents that may be considered in the measurement of lost profits, reasonable royalty rates, or lost business value. It considers the analyst’s discussions with legal counsel with regard to the selection of an economic damages measurement method. And, the article summarizes the analyst’s consideration of judicial precedent in the economic damages analysis.


See More

BVR/AHLA Guide to Healthcare Industry Compensation and Valuation

BVR/AHLA Guide to Healthcare Industry Compensation
and Valuation Robert Reilly, a managing director of the firm, contributed a chapter to the book, BVR/AHLA Guide to Healthcare Industry Compensation and Valuation, published by Business Valuation Resources. Robert's chapter is titled "Valuation Issues Affecting Tax- Exempt Healthcare Organizations." The book can be ordered through Business Valuation Resources by clicking the book cover or:

See More

“Due Diligence Procedures for Intangible Asset Economic Damages”
By Robert Reilly, a managing director of the firm, published in the January/February 2013 issue of The Value Examiner. This article is reprinted with the publisher’s permission from The Value Examiner, a bi-monthly publication of the National Association of Certified Valuation Analysts.
This article discusses the types of documents analysts need to review in an intangible asset economic damages analysis. It explores the due diligence required in legal claims, causation claims, and damages claims. The article then goes on to discuss documents that may be considered to measure lost profits, reasonable royalty rates, or lost business value. Finally, the article examines selection of an economic damages measurement method.


See More

“Valuing the Employee Purchase of Employer Company Stock—Parts I through III”
By Robert Reilly, a managing director of the firm, published in the July 2012, October 2012, and January 2013 issues of Business Valuation Alert. This article is reprinted with the permission of CCH, Inc., publisher of Business Valuation Alert.
Part I of this series discusses the generally accepted business valuation approaches often used to value stock in an employee stock ownership plan (ESOP). It also reviews the valuation factors related to levels of value and explores how financing of the purchase of stock an affect the employer company value. Part II of this series explores the issues of security-specific contractual rights and privileges and their impact on value. Part III of this series examines the impact of the transaction structure on the value of the employer stock purchased by an ESOP.


Part 1

Part 2

Part 3

“Estate of Mitchell: Practical Guidance on Valuation Practice”
By Robert Reilly, a managing director of the firm, published in the November/December 2012 issue of The Value Examiner. This article is reprinted with the publisher’s permission from The Value Examiner, a bi-monthly publication of the National Association of Certified Valuation Analysts.
This article explores the recent Tax Court decision, Estate of Mitchell, T.C. Memo 2011-94. At issue in this case were fractional leased-fee interests in two real estate properties and two paintings. Robert discusses such valuation issues as using formula valuations to value property transfers and using out-of-date valuations. He also discusses two strategies for mitigating the risk of a valuation examination.


See More

“The Gate Clause: Does It Warrant a Valuation Adjustment?”
By Brian Holloway and J. Wesley Pennington III, published in the October 2012 issue of Trusts & Estates. This article is reprinted with the publisher’s permission from Trusts & Estates, a Penton Media monthly publication.
This article discusses the impact of a gate clause (also called a “lock-up provision) on the value of a hedge fund interest, or other investment fund interest. The article explores how to adjust the discount for lack of marketability to incorporate the effect of the gate clause


See More

Analysis of Reasonable Compensation for Unique Companies or Unique Employees
This presentation was delivered on November 12, 2012, by Robert Reilly, managing director at Willamette Management Associates, to the AICPA Forensic & Valuation Services Conference in Orlando, Florida.
Robert discussed reasons to conduct an analysis of reasonable compensation, alternative standards to determine reasonable compensation, the multiple factor test, and the independent investor test. He presented illustrative examples of the various tests of reasonable compensation.


See More

Ethics Problems, Bias, Standard Violations & Overreaching in Litigation
This presentation was delivered on November 13, 2012, by Robert Reilly, managing director at Willamette Management Associates, along with Brad Preber, to the AICPA Forensic & Valuation Services Conference in Orlando, Florida.
Robert and Brad discussed compliance with AICPA and other professional association standards, data limitations and reliability issues, and due diligence of client-supplied information. They also discussed how to handle demanding legal counsel.


See More

Health Care Valuation: A Moving Target or More of the Same
This presentation was delivered on October 8, 2012, by Charles Wilhoite, managing director and director of health care valuation services at Willamette Management Associates, to the Advanced Business Valuation Conference of the American Society of Appraisers in Phoenix, Arizona.
The presentation focused on changes in transaction activity in the health care sector, changes in control premiums paid in transactions, changes in health care metrics (revenue and profit growth, rate of return, etc.), changes in valuation multiples, and the impact of health care reform on the industry.


See More

Health Care Valuation: An Interdisciplinary Approach
This presentation was delivered on October 9, 2012, by Charles Wilhoite, managing director and director of health care valuation services at Willamette Management Associates, along with Sandra Tropper, Edward Detwiler, Ernest Demba, and Robert James Cimasi, to the Advanced Business Valuation Conference of the American Society of Appraisers in Phoenix, Arizona.
This panel discussion focused on how various disciplines can interact in a health-care- related valuation. Business Valuation, real estate appraisal, tangible asset appraisal, and intangible asset analysis all can play important roles in the analysis of a health care entity. The panelists then reviewed each of these disciplines and discussed how to coordinate them. Finally, the panelists discussed the recently formed healthcare special interest group of the American Society of Appraisers.


See More