PAGE 9 Conference Presentations, Webinars, and Professional Journal Articles:
"What Appraisers, Accountants, and Attorneys Need to Know About Business Valuation-
Related Issues in Estate Planning"
webinar for the AICPA Nations Leading Experts series,
presented on November 3, 2011, by F.A. “Chip” Brown and Curtis R. Kimball.
Chip and Curt discuss best practices for estate planning-related business valuations,
the valuation analyst’s various roles in estate planning, valuation issues in the
drafting of company/partnership documents, and recent out-of-court valuation discount
“How to (And How Not To) Estimate the DLOM for Controlling Ownership Interests,”
by Aaron Rotkowski, published in the Fourth Quarter 2011 issue of Business Appraisal
Practice, a publication of the Institute of Business Appraisers (IBA).
This article discusses the discount for lack marketability (DLOM) for controlling
ownership interests. In particular, this article focuses on (1) the rationale for a DLOM
controlling ownership interest, and (2) common errors that valuation analysts make when
estimating a DLOM for a controlling ownership interest.
“Estimating Stock Price Volatility in the Black-Scholes-Merton Model"
by Aaron Rotkowski, published in the November/December 2011 issue of The Value
Examiner, the publication of the National Association of Certified Analysts
This article (1) presents a list of common reasons why valuation analysts are asked to
estimate the fair market value of closely held company stock options, (2) discusses
the generally accepted analytical procedures that can be used to estimate stock price
volatility for closely
held company stock, and (3) describes a number of factors that the valuation analyst
consider when making the option pricing model (OPM) volatility estimate.
Economic and Market Impact on Upcoming
This presentation was delivered to The ESOP Association, New South Chapter Fall
Conference, October 5-6,
2011, by F.A. “Chip” Brown and Adrian Loud.
Frank A. “Chip” Brown recently participated in a leading expert panel
presentation at The Big 5 Conference hosted by the New South Chapter of The ESOP
Association. Chip’s presentation focused on the impact of the recent economic and market
conditions on upcoming year-end valuations of ESOP sponsor companies.