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The Business of Marijuana ... What is it Worth? What is the Return on Investment? (Just the facts please, don't blow smoke)

Posted on July 4, 2014 at 12:05 AM Comments comments (0)

July 7 2014 is an important date for many in Washington, including the State of Washington which expects to reap some tax revenue from the recreational users and the dispensaries that are about to expand or open and cater to the recreational crowd .... once regulatory approaval is received.  The pizza shops business will be booming! (Having fun here)  The first few weeks and perhaps months will be hectic for the new entrepreneurs, landlords, and state, city regulators.   In the interim, I will be taking note of the many developments.  While there may be some "coolness" or a hip factor being this type of entrepreneur, that will wear quickly once the compliance and tax paperwork and issues need to be addressed.  Add payroll and tax reporting requirements to the mix it then becomes readily apparent that this is a business and the ones that will prosper, acquire others, and eventually are sold for a premium are those that kept good records, had a good board of advisors (they were not just blowing smoke :)) and were proactive.


This being said, I will be co-writing an article with two other professionals on the valuation of CO and WA marijuana dispensaries.  This means that you may see me at these shops; I will be asking questions, looking at the products and getting a better handle on customer demand and choices.  Really?  Yes, really!  


One thing that we (he authors have noted) is that the initial investors and founders jumped in based on a gut feeling.  It is not quite like the 49'rs or GoldRush, but it is close.  I have asked for business plans and Return on Investment analysis and ... not succeeded. One thing that will eventually have to be dealt with is valuation of minority and majority interests in these establishments.  These are issues that arise in connection with divorces, death, disability and burn-out or lifestyle changes.  Outright saes will occur in CO and WA assuming the status does not change.  


Owners, of course, can choose to come up with their own values on their own. They did so when they filed their applications for the WA lottery and those that got the call, got many friends, family members and future former friends to invest.  While the business and financial analysis part has largely gone missing, courts will eventually get involved in disputes between the investors, founders and former friends and they may want to know more.  Investors may want to know more if they are being asked for serious $$ for land, security, stocking inventory or buying competitors.  


In short, these are legal businesses in WA (perhaps they will become legal in OR too) and expert knowledge will serve the many interested stakeholders.


If you are in this industry and are open to having one or some of us interview you, watch or ask you questions, let me know so I can share that with my co-writers!



NACVA and CTI Conference in Las Vegas - Thoughts

Posted on July 3, 2014 at 8:50 PM Comments comments (0)

The National Association of Certified Valuation Analysts (NACVA) and Consultants Training Institute (CTI) finished their annual meeting at the Wynn in Las Vegas.  This was a good meeting since there are a number of significant practice changes occuring.  Some of the name speakers included Dr. Pratt and Roger Grabowski of Duff & Phelps.  It was good reconnecting with them and hearing them speak about the cost of capital and closely held companies.


Now, a grand total of two (2) WA members attended; me and another practitioner from Seattle, WA!  That is ... low.  I will be hosting the WA State NACVA and CTI meetings in October and November 2014.  I have invited fellow WSBA sections and members to attend and ... I am waiting.  It is a shame --I am speaking now as an attorney--that the different professions do not see the value or do not make time to learn from each other.  earing my business valuation hat, I cannot tell you the number of times that an attorney could have learned something from the valuation or litigation support professional. Sorry client ,... I did not know (or bother to know).  Now, I can reach to the WSBA ... but that is punishment in my opinion; I was hoping to get some attorneys to share the load and they could help securing the CLE for attorneys while I worked on the speakers and presentations.  Likewise, it would be good for liigation consultants, expert witnesses and other pofessionals to hear from the WSBA; the new attorneys would learn an immense amount and even the others in attendance. Exit and Transition Planning, as well as valuation of IP and sart-ups are important for individuals, marriages, the co-founders, funding companies, banks, Angels, etc and knowing more enable sus to be more efficient.  Enough of that.  I am venting and few professionals are interested in venturing outside their silos; if they know so much, their is a chair and podium waiting for them to contribute.


What can I share about the conference, well, I liked the presentations by:

 

  • Carl Sheeler of the Berkley Research Group (on succession planning and the skills professionals need to bring; the theme is that if we sell our services and end up as a the lowest cost provider, we are effectively diminishing the value that valuation professionals bring to the client.  A client that is bottom line oriented and buys pieces, misses out on the network and other services that can assist them transition. The imnportance of working with other professionals and getting them involved in exit planning resonated with me.  It is about the client, not about "me" or losing the law firm or CPA client to an outsider or third party and the revenue stream. It is about the client and their family and charities.
  • Tracy Coenen, CPA, CFF spoke about Lifestyle Analysis in Divorce Engagements and her practice tips (this is something that s arely used in WA)
  • Stephanie Loomis of Winstead joined Peter Agrapides and Mel Abraham to discuss state and federal cases.  The case that received the most attention was Estate of Richmond. They also spent a fair amount of time discussing best practices for attorneys and valuation professionals to use in connection with reports and Judge Laro's views on the premissible limits.  
  • ACO and healthcare practice vauations.  My national healtcare competitors presented and did a good job outlining the challenges valuing ACOs and rural healthcare entities. This resonates now that I live and do business brokerage work in a rural area ... Central WA.

 

So, I am now back in WA full of ideas and bidding for some interesting work (from a Private Equity group to value the machinery and equipment at a high tech facility that just purchased an east coast lower middle market business, a Portland, OR M & E assignment that somehow ended up being referred to a NJ  firm that contacted me to get the work done, an Estate Administration and a few businessowners that are thinking about selling their business.  I can help all; I have the experience and training to get the jobs done and network to help them, if needed).


Until the next blog!



NACVA and CTI Conference in Las Vegas - Week of June 17

Posted on June 14, 2014 at 12:00 AM Comments comments (0)

I am looking forward to the NACVA and Consultants Training Institute (CTI) Conference in Las Vegas this coming week. It is being held at the Wynne Resort.  I am looking forward to it since I will be teaming up with some great professionals to discuss law firm valuations and issues with restaurant valuations.  I am also looking forward to reconnecting with the valuation and litigation suppport network and seeing if any local competition (friendly) will be attending the Conference.  


The Conference will include Shannon Pratt  (I was co-editor of the ABA Bus Val book for attorneys, sponsored by the Family Law Section, ... which did not sell), Michael Pakter (a friend and leading bankruptcy and Ch 11 practitioner), Michael Kaplan (a suberb lit consultant and mentor), Rger Grabowski of D & P discussing new cost of capital models, Rod Burkett from Philadelphia (superb BV and lit support practitioner that contributes and mentors!), Mel Abraham, Peter Agrapides with whom I did work in SLC before returing to WA State), Carl Sheeler of San Diego (sharp and insightful practitioner that comes well-prepared) .... many more can be added to this list and deserve to be mentioned.


If you want to see what nerds like me do in a business valuation, lit support, and forensics conference click here and see!


On a side note, I am leading the WA NACVA Chapter this year and am planning on 2 events; one in Chelan during the grape harvest and another in Seattle, WA.  Any help you can provide me with set-up, speakers and logistics in the ext few weeks are appreciated.   Really!  On a side note, I hav reached out to the WSBA and certain sections and heard "crickets", seriously ... it is a great networking opportunity and as an attorney I would have loved an opportunity like the one being presented.

NACVA Conference in June 2014 - What is Covered in this Conference? See Here!

Posted on May 12, 2014 at 3:00 PM Comments comments (0)

Tuesday, June 17, 2014

Case Analysis in Person (CAP)

6:30 a.m.–8:15 a.m.

Pre-Conference Symposium Current Update in Valuations (CUV)

8:30 a.m.–10:15 p.m.

7:00 a.m.

Partnering on Client M&A Transactions: A New Client Service Opportunity for CPAs

7:00 a.m.–7:50 a.m.

(Chris Blees)

Risky Business—How to Avoid it in Your Practice

7:00 a.m.–7:50 a.m.

(James Frazier, Kevin Ottley)

Wednesday, June 18, 2014

7:00 a.m.

Around the Valuation World, Vegas 2014—Highlights from the 2014 Current Update in Valuations Symposium

7:00 a.m.–7:50 a.m.

8:00 a.m.

Keynote Address—Cost of Capital Update

8:00 a.m.–9:55 a.m.

(Roger J. Grabowski, Shannon P. Pratt)

10:15 a.m.

Keynote Address—Ivory Tower Irony: How Many Appraisers Can Dance on the Head of the Private Capital Markets?

10:15 a.m.–11:55 a.m.

(John K. Paglia)

12:55 p.m.

Managing the Engagement

12:55 p.m.–1:50 p.m.

(Marc D. Bello, Rod P. Burkert, Mark G. Kucik)

What's that Mean? Five Principles to Avoid Overvaluing a Company

12:55 p.m.–1:50 p.m.

(Lari B. Masten)

Role of the Expert

12:55 p.m.–1:50 p.m.

(Rebekah A. Smith, Howard A. Zandman)

Gift & Estate Tax—Grading the Report and Supporting the Attorney's Objectives

12:55 p.m.–1:50 p.m.

(Peter H. Agrapides)

How Valuation of Healthcare Services and Entities Have Changed Under the Affordable Care Act

12:55 p.m.–1:50 p.m.

(Curtis Bernstein, Alex Kajan)

2:05 p.m.

Normalizing and Control Adjustments

2:05 p.m.–3:45 p.m.

(Marc D. Bello, Rod P. Burkert, Mark A. Hanson)

What Makes a Proper Calculation Report and What Development Standards Apply?

2:05 p.m.–3:45 p.m.

(James R. Hitchner)

Managing the Engagement

2:05 p.m.–3:45 p.m.

(Rebekah A. Smith, Howard A. Zandman)

Conducting Successful Fraud Investigations—Navigating Risk and Avoiding Pitfalls

2:05 p.m.–3:45 p.m.

(Brieh Guevara)

Emerging Issues in Healthcare Valuation

2:05 p.m.–3:45 p.m.

(Curtis Bernstein, Cindy Collier, Timothy Smith)

4:00 p.m.

Conversations with the Masters Panel Discussions and Q&A—Valuation Accelerator Q&A

4:00 p.m.–5:40 p.m.

(Marc D. Bello, Rod P. Burkert, Mark G. Kucik)

Conversations with the Masters Panel Discussions and Q&A—Valuation Panel

4:00 p.m.–5:40 p.m.

(Roger J. Grabowski, James R. Hitchner, Lari B. Masten, John K. Paglia, Shannon P. Pratt)

Conversations with the Masters Panel Discussions and Q&A—Financial Forensics Panel

4:00 p.m.–5:40 p.m.

(Peter H. Agrapides, Brieh Guevara, Rebekah A. Smith, Howard A. Zandman)

Industry Specialty Round Table—Commercial and Heavy Construction Contractors

4:00 p.m.–5:40 p.m.

Industry Specialty Round Table—Commercial Real Estate Brokerage and Management

4:00 p.m.–5:40 p.m.

Industry Specialty Round Table—Dental Practices

4:00 p.m.–5:40 p.m.

Industry Specialty Round Table—Physician Practices

4:00 p.m.–5:40 p.m.

Industry Specialty Round Table—Restaurants

4:00 p.m.–5:40 p.m.

5:40 p.m.

Viva Las Vegas Networking Reception and Exhibits

5:40 p.m.–6:30 p.m.

Thursday, June 19, 2014

7:00 a.m.

Around the Valuation World, Vegas 2014—Highlights from Day One (Wednesday, June 18) of the 2014 Annual Consultants Conference

7:00 a.m.–7:50 a.m.

8:15 a.m.

Income and Asset Approaches

8:15 a.m.–9:55 a.m.

(Rod P. Burkert, Mark G. Kucik, Lari B. Masten)

How to Prepare a Discount for Lack of Marketability for the IRS

8:15 a.m.–9:55 a.m.

(Michael A. Gregory)

Lost Profits and Damages Calculations

8:15 a.m.–11:55 a.m.

(Michael G. Kaplan, Rebekah A. Smith, Howard A. Zandman)

Divorce—Financial Forensics Solutions for Complex Assets

8:15 a.m.–9:55 a.m.

(Robert Vance)

Exit Planning—Transition Planning: The Good, The Bad, and The Ugly

8:15 a.m.–9:55 a.m.

(Steven M. Egna)

10:15 a.m.

Market Approach

10:15 a.m.–11:55 a.m.

(Rod P. Burkert, Mark A. Hanson, Lari B. Masten)

Normalizing Owner Compensation in Business Valuations

10:15 a.m.–11:55 a.m.

(Stephen D. Kirkland)

Finding Hidden Income and Assets with a Lifestyle Analysis

10:15 a.m.–11:55 a.m.

(Tracy L. Coenen)

Mergers & Acquisitions—Valuation Issues in M&A: Standards, Accounting, and Due Dilligence

10:15 a.m.–11:55 a.m.

(Kent D. Pummel)

12:55 p.m.

Discounts and Premiums

12:55 p.m.–1:50 p.m.

(Rod P. Burkert, Mark A. Hanson, Lari B. Masten)

Implied Private Company Pricing Line

12:55 p.m.–1:50 p.m.

(Peter J. Butler, Robert M. Dohmeyer, Toby Tatum)

Rebuttal Reports and the Defense Expert's Role

12:55 p.m.–1:50 p.m.

(Michael G. Kaplan, Rebekah A. Smith, Howard A. Zandman)

Establishing Lost Profits in the Context of Violating a Non-Compete Agreement

12:55 p.m.–1:50 p.m.

(Michael D. Pakter)

Personal Injury Inputs—Life and Worklife Expectancy Calculations in Valuations

12:55 p.m.–1:50 p.m.

(Scott Kush, Jeremy Sharpe)

2:05 p.m.

Synthesis of Conclusions

2:05 p.m.–3:45 p.m.

(Rod P. Burkert, Mark A. Hanson, Lari B. Masten)

Governance, Relationships, Risks, and Knowledge—The Cornerstones of Your Valuation Practice

2:05 p.m.–3:45 p.m.

(Carl L. Sheeler)

Deposition and Testimony

2:05 p.m.–3:45 p.m.

(Michael G. Kaplan, Rebekah A. Smith, Howard A. Zandman)

Personal Injury and Wrongful Death Economic Damage Calculations

2:05 p.m.–3:45 p.m.

(James A. Koerber)

Financial Reporting—Is Baby GAAP on the Horizon for Private Companies?

2:05 p.m.–3:45 p.m.

(Mark L. Zyla)

4:00 p.m.

Conversations with the Masters Panel Discussions and Q&A—Valuation Accelerator Q&A

4:00 p.m.–5:40 p.m.

(Rod P. Burkert, Mark G. Kucik, Lari B. Masten)

Conversations with the Masters Panel Discussions and Q&A—Valuation Panel

4:00 p.m.–5:40 p.m.

(Peter J. Butler, Robert M. Dohmeyer, Richard Gray, Michael A. Gregory, Stephen D. Kirkland, Carl L. Sheeler, Toby Tatum)

Conversations with the Masters Panel Discussions and Q&A—Financial Forensics Panel

4:00 p.m.–5:40 p.m.

(Tracy L. Coenen, Michael G. Kaplan, James A. Koerber, Michael D. Pakter, Rebekah A. Smith, Robert Vance, Howard A. Zandman)

Industry Specialty Round Table—Accounting and CPA Services

4:00 p.m.–5:40 p.m.

Industry Specialty Round Table—Fast Food and Quick Service Restaurants

4:00 p.m.–5:40 p.m.

Industry Specialty Round Table—Legal Services

4:00 p.m.–5:40 p.m.

Industry Specialty Round Table—Residential Construction Contractors

4:00 p.m.–5:40 p.m.

Industry Specialty Round Table—Food Wholesalers

4:00 p.m.–5:40 p.m.

5:40 p.m.

Aloha Radio Reception and ExhibitsAround the Valuation World, Vegas 2014—Highlights from Day Two (Thursday, June 19) of the 2014 Annual Consultants' Conference

5:40 p.m.–6:30 p.m.

Friday, June 20, 2014

7:00 a.m.

7:00 a.m.–7:50 a.m.

8:15 a.m.

Business Valuation Report Writing Clinic

8:15 a.m.–11:55 a.m.

(Brian C. Davidson, Richard Gray)

Litigation Report Writing Clinic

8:15 a.m.–11:55 a.m.

(P. Dermot O'Neill, Howard A. Zandman)

Microsoft® Excel for Valuators

8:15 a.m.–11:55 a.m.

(David Ringstrom)

Real World Valuation Data: Understanding the Top Databases

8:15 a.m.–9:55 a.m.

(Frank A. Wisehart)

10:15 a.m.

Real World BVM Pro: Getting the Most Out of Valuation Software

10:15 a.m.–11:55 a.m.

(Frank A. Wisehart)

Patent Damages Part III - Webinar

Posted on May 8, 2014 at 4:10 PM Comments comments (0)

Again, the focus is on quantifying damages, but today the focus is not so much on Panduit, but of the Georgia-Pacific factors and the hypothetical negotiation to arrive at a reasonable royalty rate. The EMV rule is also being discussed.


Good webinar by Rick Bero, a seasoned expert witness from Wisconsin.  This is also a good review of the subject matter. I am unsure whether to use this for a WA State NACVA Chapter meeting.


Any thoughts?

Lost Profits Methods and Procedures - Day 3 What is Covered in this type of Webinar

Posted on May 8, 2014 at 2:10 PM Comments comments (0)

It is Thursday and I am listening in on this webinar that is being presented by Michael Pakter (Chicago) and Michael Kaplan (Los Angeles).  Both, whom I know, are terrific experts and  readily available to answer questions.  The two are pitching the MastersAnalyst in Financial Forensics (MAFF), which is offered by NACVA.  This is a program that I took and includes a mock jury trial where the jury will grade counsel and the experts.  It is worth attending, especially for attorneys and those hoping to be expert consultants and witnesses.


Thursday, May 8, 2014

 

11:00 a.m. Central time (CT) and 12:00 p.m. Eastern time (ET)

 

These Commercial Damages and Lost Profits Webinars, together with the Legal Theory and Case Law Webinar and Forensic Accounting/Investigative Methodologies Webinar, and the Litigation Bootcamp for Financial Experts live training, are required for individuals seeking the Master Analyst in Financial Forensics (MAFF) credential. Applicants must also meet prerequisite requirements and pass the MAFF proctored exam.

 

Program Content

 

Financial forensics experts are often typically called upon in these matters to review and analyze the underlying foundational evidence and measure the lost profits and other related damages. For an expert’s analysis and conclusions to survive the rigors of the litigation environment, the expert’s work must be within the realm of conventional damages theory and be based upon generally accepted approaches and methods of damages measurement. In addition the calculation of lost profits and other recoverable business damages are typically governed by federal, state, or other jurisdictional code sections and case law.

 

These Commercial Damages and Lost Profits Webinars of the MAFF curriculum focus upon the foundations and fundamentals of economic damages measurement, including alternative approaches and methodologies, notable code sections and case law, foundational evidence and research sources, reporting guidelines, and strategies embraced by the most effective economic damages experts. Financial experts are retained, among other areas, to perform, review, or opine on damage calculations. Different legal theories allow for different measures of damages. This specialty module will explore the accepted approaches used for the various types of economic damages as well as the accepted methodologies of damages calculations.

 

Focus of the curriculum will be on lost profit calculations, lost business value versus lost profits, and accounting for different industry and loss scenarios. The instructors will examine models and cases used in the measurement and presentation of economic damages, including economic and industry data. They will also provide an understanding of the integration of statistical and economic concepts into the formation of damages models.

 

Learning Objectives

 

 

  • After completing this session, attendees will be able to:
  • Apply the traditional methodologies used for economic damages
  • Explore and evaluate alternative approaches in the measurement of damages
  • Apply models used in the measurement and presentation of economic damages
  • Identify sources of information, including economic and industry data
  • Integrate the use of statistical and economic concepts into damages models
  • Discuss case law that impacts damages measurement

 

 

Who Should Attend

 

CPAs, valuation experts, economists, and other financial professionals who render services designed to assist in the resolution of legal disputes involving financial matters.

 

The Commercial Damages and Lost Profits Webinars are required training to obtain the Master Analyst in Financial Forensics (MAFF) credential.

 

Presenters

 

Michael Kaplan, CPA, ABV, CVA, MAFF

Rebekah Smith, CPA, CVA, MAFF, CFF

 

Howard Zandman, CPA, CFF,


If you are in a damages or lost profits case, contact us at Central Washington Appraisal, Economic & Forensics, LLC at (509) 679-3668, we can advise on the value of the case and assist with strategy.  Yes, there are upfront costs, but the information provided shapes the strategy and is cost effective.  In fact, the case may settle.

Patent Damages Part II - NACVA/CTI Webinar

Posted on May 7, 2014 at 6:05 PM Comments comments (0)

Here is the summary of the Patent Damages, Part 2.  Is this a course that would benefit WA NACVA members? Other WA NACVA Professionals?

 

Webinars

 

Patent Damages, Part 2

Thursday, May 8, 2014

 

2:30 p.m. Central time (CT) and 3:30 p.m. Eastern time (ET)

 

These Business and Intellectual Property Damages Webinars, together with the Legal Theory and Case Law Webinar, Forensic Accounting/Investigative Methodologies Webinar, and the Litigation Bootcamp for Financial Experts live training, are required for individuals seeking the Master Analyst in Financial Forensics (MAFF) credential. Applicants must also meet prerequisite requirements and pass the MAFF proctored exam.

 

Program Content

 

These Business and Intellectual Property Damages Webinars focus on the legal foundations, methodology, best practices, and current trends in business damages and infringement of patents, trademarks, copyrights, and

other intellectual property. The Webinars are based on Nancy Fannon’s The Comprehensive Guide to Lost Profits Damages for Experts and Attorneys, with contributing author Rebekah Smith, the preeminent book in the industry.

business damages, which is included in the cost of registration (a retail value of over $300). Through case analysis, attendees will have the opportunity to identify and apply the most appropriate methodology in the analysis and

formulation of damages opinions from the perspectives of both plaintiff and defendant. Attendees will learn how to build their damages analysis in a manner that will withstand the most rigorous challenges.

 

During the Webinars, the attendee will refresh themselves on basic economic damages concepts and then delve deeper into more advanced topics such as the differences between lost profits and loss of business value as well as

understanding when it is appropriate to apply one or both methods. The Webinars will also explore how legal theories, code sections, and case law govern business damages. Advanced concepts, such as how to conduct qualitative and quantitative analyses that will survive the court’s scrutiny; how revenue and profit projections can be impacted by risk; how business interruption insurance and damage claims collide; how to discount damage calculations, including the court’s view on discounting; how to prove new business damages; and how to identify other industry-specific issues that impact the damage calculation, will be covered. Other topics and techniques will be discussed such as how motions can impact the financial expert and ways to protect oneself from Daubert challenges as well as other motions in limine. A case study will be used to identify and analyze the topics discussed clarifying subjects in question.

 

The Webinars will also present an overview of intellectual property and forms of intellectual property damages based on portions of Nancy J. Fannon’s The Comprehensive Guide to Lost Profits Damages for Experts and Attorneys, with

contributing authors Richard Hoffman and Richard F. Bero. A portion of the time will be used to discuss topical Federal Circuit decisions, key legal cases, and factors based on the fundamental Panduit and Georgia-Pacific cases, as well as recent cases addressing current issues such as the entire market value rule (EMVR) and comparable license agreements, among others. Other topics will include patent damage concepts and how valuation concepts and patented technology have an influence on determining the appropriate form of patent damages. A variety of case studies will be used to expand these concepts as well as trademark and copyright damages issues.

 

Learning Objectives

 

  • After completing this session, attendees will be able to:
  • Apply quantitative methodologies in the measurement of damages
  • Apply damages methods and models appropriate to the facts and circumstances (and the governing law)
  • Apply advanced damages concepts in preparing a damage calculation that will withstand scrutiny
  • Evaluate business interruption insurance and damage claims
  • Discuss forms of intellectual property damages
  • Explain the similarities and differences in utility patent, design patent, trademark, copyright, and trade secrets damages
  • List relevant cases addressing intellectual property damages
  • Apply valuation concepts to intellectual property damages
  • Identify the basic components to address in an intellectual property damages expert report
  • Describe and understand the recent history of the entire market value rule (EMVR)
  • Recognize the relevant considerations in whether or not license agreements are sufficiently comparable

 

Who Should Attend

 

CPAs, valuation experts, economists, and other financial professionals who render services designed to assist in the resolution of legal disputes involving financial matters.

 

The Business and Intellectual Property Damages are required training to obtain the Master Analyst in Financial Forensics (MAFF) credential.

 

Presenters

 

Richard F. Bero, CPA, CVA, ABV

 

Rebekah Smith, CPA, CVA, MAFF, CFF

 

Howard Zandman, CPA, CFF, MAFF


Patent Damages, Part I - NACVA Webinar on May 7 2014

Posted on May 7, 2014 at 5:50 PM Comments comments (0)

I am listening to a webinar on Patent Damages that Rick Bero and another atty (Wisconsin), it is a good presentation.  Is this someting that shold be offered to WSBA members? on NACVA WA State members? What are your thoughts?


Here is a summary of what is covered:

 

Patent Damages, Part 1

Wednesday, May 7, 2014

 

2:30 p.m. Central time (CT) and 3:30 p.m. Eastern time (ET)

 

These Business and Intellectual Property Damages Webinars, together with the Legal Theory and Case Law Webinar, Forensic Accounting/Investigative Methodologies Webinar, and the Litigation Bootcamp for Financial Experts live training, are required for individuals seeking the Master Analyst in Financial Forensics (MAFF) credential. Applicants must also meet prerequisite requirements and pass the MAFF proctored exam.

 

Program Content

 

These Business and Intellectual Property Damages Webinars focus on the legal foundations, methodology, best practices, and current trends in business damages and infringement of patents, trademarks, copyrights, and

other intellectual property. The Webinars are based on Nancy Fannon’s The Comprehensive Guide to Lost Profits Damages for Experts and Attorneys, with contributing author Rebekah Smith, the preeminent book in the industry on

business damages, which is included in the cost of registration (a retail value of over $300). Through case analysis, attendees will have the opportunity to identify and apply the most appropriate methodology in the analysis and

formulation of damages opinions from the perspectives of both plaintiff and defendant. Attendees will learn how to build their damages analysis in a manner that will withstand the most rigorous challenges.

 

During the Webinars, the attendee will refresh themselves on basic economic damages concepts and then delve deeper into more advanced topics such as the differences between lost profits and loss of business value as well as

understanding when it is appropriate to apply one or both methods. The Webinars will also explore how legal theories, code sections, and case law govern business damages. Advanced concepts, such as how to conduct qualitative and quantitative analyses that will survive the court’s scrutiny; how revenue and profit projections can be impacted by risk; how business interruption insurance and damage claims collide; how to discount damage calculations, including the court’s view on discounting; how to prove new business damages; and how to identify other industry-specific issues that impact the damage calculation, will be covered. Other topics and techniques will be discussed such as how motions can impact the financial expert and ways to protect oneself from Daubert challenges as well as other motions in limine. A case study will be used to identify and analyze the topics discussed clarifying subjects in question.

 

The Webinars will also present an overview of intellectual property and forms of intellectual property damages based on portions of Nancy J. Fannon’s The Comprehensive Guide to Lost Profits Damages for Experts and Attorneys, with

contributing authors Richard Hoffman and Richard F. Bero. A portion of the time will be used to discuss topical Federal Circuit decisions, key legal cases, and factors based on the fundamental Panduit and Georgia-Pacific cases, as well as recent cases addressing current issues such as the entire market value rule (EMVR) and comparable license agreements, among others. Other topics will include patent damage concepts and how valuation concepts and patented technology have an influence on determining the appropriate form of patent damages. A variety of case studies will be used to expand these concepts as well as trademark and copyright damages issues.

 

Learning Objectives

 

  • After completing this session, attendees will be able to:
  • Apply quantitative methodologies in the measurement of damages
  • Apply damages methods and models appropriate to the facts and circumstances (and the governing law)
  • Apply advanced damages concepts in preparing a damage calculation that will withstand scrutiny
  • Evaluate business interruption insurance and damage claims
  • Discuss forms of intellectual property damages
  • Explain the similarities and differences in utility patent, design patent, trademark, copyright, and trade secrets damages
  • List relevant cases addressing intellectual property damages
  • Apply valuation concepts to intellectual property damages
  • Identify the basic components to address in an intellectual property damages expert report
  • Describe and understand the recent history of the entire market value rule (EMVR)
  • Recognize the relevant considerations in whether or not license agreements are sufficiently comparable

 

Who Should Attend

 

CPAs, valuation experts, economists, and other financial professionals who render services designed to assist in the resolution of legal disputes involving financial matters.

 

The Business and Intellectual Property Damages Webinars are required training to obtain the Master Analyst in Financial Forensics (MAFF) credential.

 

Presenters

 

Richard F. Bero, CPA, CVA, ABV

The above seems pretty relevant ... but are they relevant to Chelan Cty BV professionals?  Seattle valuation  professonals?  Lrt me know your thoughts!

IP Damages Calculation Webinar. Offer this to NACVA WA Chapter? Open to others that are not NACVA members? both WA NACVA and non-members, such as WSBA Attorneys too?

Posted on May 6, 2014 at 12:15 AM Comments comments (0)

As with the earlier post today, here is another good webinar that may be of interest to WA NACVA members and possibly attorneys.  This is material that could be of help to experienced and new attorneys and I am struggling with whether to approach the WSBA to bless this for credit and split the nominal fee paid.  Again, this is not material that the WSBA or the sections offer .... but should offer!

 

These Business and Intellectual Property Damages Webinars, together with the Legal Theory and Case Law Webinar, Forensic Accounting/Investigative Methodologies Webinar, and the Litigation Bootcamp for Financial Experts live training are required for individuals seeking the Master Analyst in Financial Forensics (MAFF) credential. Applicants must also meet prerequisite requirements and pass the MAFF proctored exam.

 

Program Content

 

These Business and Intellectual Property Damages Webinars focus on the legal foundations, methodology, best practices, and current trends in business damages and infringement of patents, trademarks, copyrights, and other intellectual property. The Webinars are based on Nancy Fannon’s The Comprehensive Guide to Lost Profits Damages for Experts and Attorneys, with contributing author Rebekah Smith, the preeminent book in the industry on business damages, which is included in the cost of registration (a retail value of over $300). Through case analysis, attendees will have the opportunity to identify and apply the most appropriate methodology in the analysis and formulation of damages opinions from the perspectives of both plaintiff and defendant. Attendees will learn how to build their damages analysis in a manner that will withstand the most rigorous challenges.

 

During the Webinars, the attendee will refresh themselves on basic economic damages concepts and then delve deeper into more advanced topics such as the differences between lost profits and loss of business value as well as

understanding when it is appropriate to apply one or both methods. The Webinars will also explore how legal theories, code sections, and case law govern business damages. Advanced concepts, such as how to conduct qualitative and quantitative analyses that will survive the court’s scrutiny; how revenue and profit projections can be impacted by risk; how business interruption insurance and damage claims collide; how to discount damage calculations, including the court’s view on discounting; how to prove new business damages; and how to identify other industry-specific issues that impact the damage calculation, will be covered. Other topics and techniques will be discussed, such as how motions can impact the financial expert and ways to protect oneself from Daubert challenges as well as other motions in limine. A case study will be used to identify and analyze the topics discussed clarifying subjects in question.

 

The Webinars will also present an overview of intellectual property and forms of intellectual property damages based on portions of Nancy J. Fannon’s The Comprehensive Guide to Lost Profits Damages for Experts and Attorneys, with

contributing authors Richard Hoffman and Richard F. Bero. A portion of the time will be used to discuss topical Federal Circuit decisions, key legal cases, and factors based on the fundamental Panduit and Georgia-Pacific cases, as well as recent cases addressing current issues such as the entire market value rule (EMVR) and comparable license agreements, among others. Other topics will include patent damage concepts and how valuation concepts and patented technology have an influence on determining the appropriate form of patent damages. A variety of case studies will be used to expand these concepts as well as trademark and copyright damages issues.

 

Learning Objectives

 

 

  • After completing this session, attendees will be able to:
  • Apply quantitative methodologies in the measurement of damages
  • Apply damages methods and models appropriate to the facts and circumstances (and the governing law)
  • Apply advanced damages concepts in preparing a damage calculation that will withstand scrutiny
  • Evaluate business interruption insurance and damage claims
  • Discuss forms of intellectual property damages
  • Explain the similarities and differences in utility patent, design patent, trademark, copyright, and trade secrets damages
  • List relevant cases addressing intellectual property damages
  • Apply valuation concepts to intellectual property damages
  • Identify the basic components to address in an intellectual property damages expert report
  • Describe and understand the recent history of the entire market value rule (EMVR)
  • Recognize the relevant considerations in whether or not license agreements are sufficiently comparable

 

 

Who Should Attend

 

CPAs, valuation experts, economists, and other financial professionals who render services designed to assist in the resolution of legal disputes involving financial matters.

 

The Business and Intellectual Property Damages Webinars are required training to obtain the Master Analyst in Financial Forensics (MAFF) credential.

 

Presenters

 

Richard F. Bero, CPA, CVA, ABV

 

Rebekah Smith, CPA, CVA, MAFF, CFF

 

Howard Zandman, CPA, CFF, MAFF


What is taught at a Commercial Damages Calculation Workshop? See here

Posted on May 6, 2014 at 12:05 AM Comments comments (0)

As NACVA's WA Chapter President, one of the issues that chapter presidents are asked to consider involves continuing education.  The other issue is whether to offer it to the base membership or expand the same to other professionals.  Do I offer the training to Washington State Bar attorneys and if I do, do I seek to qualify the training for continuing education?  I am unsure about the latter since that entails WSBA asking for a fee sharing agreement and being told that XYZ must be changed in order to offer CLE credit.  On the other hand, I know that this type of training is not being offered by the WSBA and this type of training would benefit attorneys.  What to do?


Here is a summary of one webinar I am listening in today (taught by colleagues of mine ... and very experienced lit support professionals too!). Let me know your thoughts about keeping it open or closed? Bite the "bullet" and seek to offer CLE credit in WA?

 

hese Commercial Damages and Lost Profits Webinars, together with the Legal Theory and Case Law Webinar, Forensic Accounting/Investigative Methodologies Webinar, and the Litigation Bootcamp for Financial Experts live training, are required for individuals seeking the Master Analyst in Financial Forensics (MAFF) credential. Applicants must also meet prerequisite requirements and pass the MAFF proctored exam.

 

Program Content

 

Financial forensics experts are often typically called upon in these matters to review and analyze the underlying foundational evidence and measure the lost profits and other related damages. For an expert’s analysis and conclusions to survive the rigors of the litigation environment, the expert’s work must be within the realm of conventional damages theory and be based upon generally accepted approaches and methods of damages measurement. In addition, the calculation of lost profits and other recoverable business damages are typically governed by federal, state, or other jurisdictional code sections and case law.

 

These Commercial Damages and Lost Profits Webinars of the MAFF curriculum focus upon the foundations and fundamentals of economic damages measurement, including alternative approaches and methodologies, notable code sections and case law, foundational evidence and research sources, reporting guidelines, and strategies embraced by the most effective economic damages experts. Financial experts are retained, among other areas, to perform, review, or opine on damage calculations. Different legal theories allow for different measures of damages. This specialty module will explore the accepted approaches used for the various types of economic damages as well as the accepted methodologies of damages calculations.

 

Focus of the curriculum will be on lost profit calculations, lost business value versus lost profits, and accounting for different industry and loss scenarios. The instructors will examine models and cases used in the measurement and presentation of economic damages, including economic and industry data. They will also provide an understanding of the integration of statistical and economic concepts into the formation of damages models.

 

Learning Objectives

 

After completing this session, attendees will be able to:

 

  • Apply the traditional methodologies used for economic damages
  • Explore and evaluate alternative approaches in the measurement of damages
  • Apply models used in the measurement and presentation of economic damages
  • Identify sources of information, including economic and industry data
  • Integrate the use of statistical and economic concepts into damages models
  • Discuss case law that impacts damages measurement

Who Should Attend

 

CPAs, valuation experts, economists, and other financial professionals who render services designed to assist in the resolution of legal disputes involving financial matters.

 

The Commercial Damages and Lost Profits Webinars are required training to obtain the Master Analyst in Financial Forensics (MAFF) credential.

 

Presenters

 

Michael Kaplan, CPA, ABV, CVA, MAFF

 

Rebekah Smith, CPA, CVA, MAFF, CFF

 

Howard Zandman, CPA, CFF, MAFF