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Consultants’ Training Institute 2013 Third Quarter Catalog

Benchmark training and certification in the accounting and financial consulting profession’s hottest growth niches.

2013 Course Schedule begins page 2 Business Valuation begins page 4 Financial Forensics/Litigation Consulting begins page 20 M&A/Healthcare Consulting begins page 40


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — T h i r d Q u a r t e r 2 0 13 C a t a l o g

Consultants’ Training Institute Third Quarter 2013 Catalog TM

Benchmark Training and Certification in the Accounting and Financial Consulting Profession's Hottest Growth Niches The Consultants’ Training InstituteTM (CTITM) is comprised of leading experts in the fields of business valuation, financial litigation, financial forensics and forensic accounting, mergers and acquisitions, healthcare valuation and consulting, and a variety of other related business consulting disciplines. As the most widely respected professional training organization, the CTI combines hundreds of years of practitioner experience with academic insights to produce benchmark training and certification programs in the accounting and financial consulting industry’s hottest growth niches. What are these niches? Accounting Today’s 2013 Top 100 Firms growth analysis lists business valuations, forensics/fraud, litigation support, and mergers and acquisitions at or near the top of its list 17 years running. Also among the top growth niches were succession planning, risk management, and bankruptcy/insolvency. What does this mean? These niches are where the top visionaries of the CPA and business consulting professions see the greatest opportunities for future growth. And the CTI—which has now trained over 31,000 practitioners—offers trenchant training programs in these disciplines. And many others. The CTI’s greatest contribution to the valuation and business consulting industries is our certification programs offered in conjunction with the National Association of Certified Valuators and AnalystsTM (NACVA®) and numerous partners. Business Valuation The CTI currently offers three distinctive business valuation designations through its Business Valuation Certification and Training Center (BVTC): Certified Valuation Analyst® (CVA®), Accredited Valuation Analyst® (AVA®) (recently merged into the CVA, which now remains), and Certified Business Appraiser (CBA). We are extremely proud of the fact that the CVA is the only business valuation credential accredited by the National Commission for Certifying Agencies® (NCCA®), the accreditation body of the Institute for Credentialing ExcellenceTM (ICETM). The CTI, in partnership with the Institute of Business Appraisers (IBA), offers the business appraisal designation of Certified Business Appraiser (CBA). The NACVA/IBA partnership not only offers members of both organizations expanded training and certification opportunities,

but NACVA members now have access to the highly acclaimed IBA Market Database, the largest source of transaction data for privately held business sales in the U.S. Financial Forensics Fourteen years ago, the CTI introduced a third certification program through its partner, the Financial Forensics InstituteTM (FFITM), called the Master Analyst in Financial ForensicsTM (MAFFTM) (formerly known as the Certified Forensic Financial AnalystTM [CFFATM]). This popular program over the years has been expanded to offer practitioners seven different specialization paths to the MAFF designation: Economic Damages; Forensic Accounting; Business and Intellectual Property Damages; Fraud Risk Management; Business Valuation in Litigation; Bankruptcy, Insolvency, and Restructuring; and Matrimonial Litigation. The FFI also partners with the American Institute for Expert Witness Education (AIEWETM) to offer practitioners several expert witness skills development workshops, open to expert witnesses from all walks. Finally, NACVA is proud to have been chosen by the American Institute of Certified Public Accountants® (AICPA®) to develop and deliver training for their Certified in Financial Forensics (CFF®) credential holders and candidates. Exit Planning/M&A In 2011, the CTI partnered with the Exit Planning Institute (EPI), which sponsors the four-day Certified Exit Planning Advisor (CEPA) Credentialing Program and leads to the CEPA certification. The CTI’s five-year partnership with the Middle Market Investment Banking AssociationTM (MMIBA®) expanded last year beyond the timely Mergers and Acquisitions Workshop (leading to the Chartered Merger and Acquisition Professional [CMAP] designation) to include the Advanced M&A Workshop for more experienced M&A professionals. You’ll find more details on these affiliations and training programs in the pages that follow, and don’t forget to check our website to view our more than 200 webinar offerings for 2013. Be sure to make your plans now to take maximum advantage of the Early Registration Discounts—in addition to a 10 percent discount for NACVA and IBA members. Contact Member Services toll-free at (800) 677-2009 or online at www.theCTI.com.

Parnell Black, MBA, CPA, CVA Chief Executive Officer

National Association of Certified Valuators and Analysts 5217 South State Street, Suite 400 • Salt Lake City, Utah 84107-4812

Consultants’ Training Institute Third Quarter 2013 Catalog


The Consultants’ Training Institute (CTI) offers practitioners cuttingedge training in a variety of delivery methods throughout the year.

Table of Contents

I. Live Classroom The CTI will offer a variety of training programs in destinations throughout the U.S. in 2013. The schedule of events and training locations may be found on pages 2–3.

II. Customized Training Customized and in-house training is also available. Please contact the CTI Education Director at (800) 677-2009 to inquire.

III. Online Learning Live Webinars

Earn CPE from the comfort and convenience of your office or home. The CTI has scheduled themed webinar weeks throughout 2013 that will focus on the various areas of specialty within business valuation and financial forensics. These webinar weeks will in essence be webinar conferences offered over the course of a week. For the most up-to-date list of webinars, see www.nacva.com/webinars.

CPE On-Demand— Training at Your Fingertips

The CTI archives webinars that are available on demand include the opportunity to gain CPE credit. For the CPE On-Demand Catalog, see www.nacva.com/perc.

IV. Self-Study The Business Valuation Certification and Training Center is available in a self-study format, including CPE exams as well as the Certified Valuation Analyst/Certified Business Appraiser Certification Exam. See page 7.

V. Recertification NACVA's credentialed members may receive bonus points toward the 100-point CVA/ABAR recertification requirement by taking Current Update in Valuations (CUV), Case Analysis in Person (or by Phone) (CAP), Report Writing: Review and Analysis or the Business Appraisal Review Accreditation Workshop courses offered at various locations throughout the year (25 bonus points per course; check with the NACVA Recertification Department for details or visit NACVA.com). The 36 hours of CPE requirement can be met by other course attendance. For IBA recertification information, visit www.Go-IBA.org.

2013 Course Schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Business Valuation n Business Valuation Certification and Training Center . . . . . . . . . . . . . . . . . . . . . . . 4 n Business Valuation Accelerator Workshop . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 n Case Analysis in Person (or by Phone) and Current Update in Valuations . . . . . . . 11 n Business Appraisal Review Accreditation Workshop . . . . . . . . . . . . . . . . . . . . . . . 12 n Report Writing: Review and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 n Valuing Family Limited Partnerships Workshop . . . . . . . . . . . . . . . . . . . . . . . . . . 15 n Advanced Valuation: Applications and Models Workshop . . . . . . . . . . . . . . . . . . . 16 n Advanced Comprehensive CBA Clinic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 n Automating Your Valuation Practice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Financial Forensics/Litigation Consulting n Master Analyst in Financial Forensics™ (MAFF™) Credential Training . . . . . . . . . . 20 n Master Analyst in Financial Forensics™ (MAFF™) Workshop: Economic Damages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Matrimonial Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Bankruptcy, Insolvency, and Restructuring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Business Valuation in Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Business and Intellectual Property Damages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Forensic Accounting Academy™ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 n Master Analyst in Financial Forensics™ (MAFF™) Self-Study: Fraud Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 n Expert Witness Bootcamp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 n Matrimonial Expert Witness Bootcamp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 n Forensic Accounting Clinic™ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 n Cornerstones of Financial Forensics Workshop . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 n Advanced Matrimonial Litigation Symposium . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Consulting n Mergers and Acquisitions Workshop . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 n Advanced Mergers and Acquisitions Workshop . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 n Healthcare Valuation and Consulting Workshop . . . . . . . . . . . . . . . . . . . . . . . . . 44 n Certified Exit Planning Advisor (CEPA) Credentialing Program . . . . . . . . . . . . . . 46 2014 NACVA and the CTI's Annual Consultants' Conference . . . . . . . . . . . . . . . . . . 47 NACVA/CTI Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Registration Form . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

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C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — T h i r d Q u a r t e r 2 0 13 C a t a l o g

Consultants’ Training Institute 2013 Training


n Business Valuation/Appraisal Location Week Beginning

September

Atlanta, GA September 16

Boston, MA September 23

I

n Financial Forensics/Litigation Consulting

I

October

Chicago, IL October 7

San Diego, CA October 21

Washington, DC October 28

Chicago, IL/ Nov. 4

Page 2

Houston, TX November 4

I

n Consulting

EX Exam

Days of the week CPE PAGE M T W T F S

Course

n n n n n n n n

Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Expert Witness Bootcamp Forensic Accounting ClinicTM Matrimonial Expert Witness Bootcamp Mergers and Acquisitions Workshop Valuing Family Limited Partnerships Workshop

             

 

 

   

n n n n n n n

Advanced Comprehensive CBA Clinic Advanced Mergers and Acquisitions Workshop Advanced Valuation: Applications and Models Workshop Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Master Analyst in Financial Forensics (MAFF) Workshop: Forensic Accounting AcademyTM

         

     

     

San Juan, PR /Sep. 30 n Business Valuation Certification and Training Center

NOVEMBER

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — T h i r d Q u a r t e r 2 0 13 C a t a l o g

Consultants’ Training Institute—2013 Course Schedule

EX 45 2 8     24 16     24   32     16

4 11 11  33 35 34 40 15

     

8 24 24 EX 45 2 8 EX 32

18 42 16 4 11 11  30

EX 45

4

n n n n n n n n n

Advanced Comprehensive CBA Clinic Advanced Valuation: Applications and Models Workshop Business Appraisal Review Accreditation Workshop Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Forensic Accounting ClinicTM Healthcare Valuation and Consulting Workshop Report Writing: Review & Analysis

               

     

     

     

 

 

 

n n n n n n

Business Valuation Certification and Training Center Case Analysis in Person Cornerstones of Financial Forensics Workshop Current Update in Valuations Expert Witness Bootcamp Matrimonial Expert Witness Bootcamp

         

 

 

 

n n n n n n n n

Business Valuation Accelerator Workshop Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Master Analyst in Financial Forensics (MAFF) Workshop: Economic Damages Master Analyst in Financial Forensics (MAFF) Workshop: Matrimonial Litigation Master Analyst in Financial Forensics (MAFF) Workshop: Bankruptcy, Insolvency, and Restructuring Master Analyst in Financial Forensics (MAFF) Workshop: Business Valuation in Litigation

     

 

 

 

EX  

32

46

               

     

     

     

          EX

 

 

24 40 32 45 2 40 8 16 16

16 12 8 4 11 36 11 14 15

n Certified Exit Planning Advisor (CEPA) Credentialing Program n n n n n n n n n

Advanced Valuation: Applications and Models Workshop Business Appraisal Review Accreditation Workshop Business Valuation Accelerator Workshop Business Valuation Certification and Training Center Case Analysis in Person Cornerstones of Financial Forensics Workshop Current Update in Valuations Report Writing: Review and Analysis Valuing Family Limited Partnerships Workshop

8 24   40   EX 45 2 8     16   32     16

18 16 12 4 11  11  35 44 14

EX 45 2   40 8 24 24

4 11 36 11 33 34

  32   EX 45 2 8 EX 40 EX 40   EX 40 EX 40

8 4 11 11 21 23 25 27

Consultants’ Training Institute Third Quarter 2013 Catalog


Consultants’ Training Institute—2013 Course Schedule

NOVEMBER (continued) December

I

n Financial Forensics/Litigation Consulting

I

I

n Consulting

EX Exam

Days of the week CPE PAGE M T W T F S

Location Week Beginning

Course Advanced Concepts in Business Damages Advanced Mergers and Acquisitions Workshop Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Intellectual Property Infringement Damages Master Analyst in Financial Forensics (MAFF) Workshop: Economic Damages Master Analyst in Financial Forensics (MAFF) Workshop: Matrimonial Litigation Master Analyst in Financial Forensics (MAFF) Workshop: Bankruptcy, Insolvency, and Restructuring Master Analyst in Financial Forensics (MAFF) Workshop: Business Valuation in Litigation Master Analyst in Financial Forensics (MAFF) Workshop: Business and Intellectual Property Damages Master Analyst in Financial Forensics (MAFF) Workshop: Forensic Accounting AcademyTM Valuing Family Limited Partnerships Workshop

         

Ft. Lauderdale, FL November 18

n n n n n n n n n n n n n

n n n n n n n n n n n n n n n

Advanced Comprehensive CBA Clinic Advanced Matrimonial Litigation Symposium Advanced Valuation: Applications and Models Workshop Business Valuation Accelerator Workshop Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Healthcare Valuation and Consulting Workshop Master Analyst in Financial Forensics (MAFF) Workshop: Economic Damages Master Analyst in Financial Forensics (MAFF) Workshop: Matrimonial Litigation Master Analyst in Financial Forensics (MAFF) Workshop: Bankruptcy, Insolvency, and Restructuring Master Analyst in Financial Forensics (MAFF) Workshop: Business Valuation in Litigation Master Analyst in Financial Forensics (MAFF) Workshop: Forensic Accounting AcademyTM Mergers and Acquisitions Workshop Valuing Family Limited Partnerships Workshop

             

       

n n n n n

Business Valuation Certification and Training Center Case Analysis in Person Current Update in Valuations Expert Witness Bootcamp Matrimonial Expert Witness Bootcamp

Las Vegas, NV December 9

January

Scottsdale, AZ January 27

MAR

Chicago, IL March 10

MAY

Minneapolis, MN May 5

JUNE

2014

Las Vegas, NV June 16

   

  24     24   EX 45 2 8   16 EX 40 EX 40   EX 40 EX 40   40 EX 32   16

29 42 4 11 11 29 21 23 25 27 29 30 15

       

   

  EX

8 16 24 32 45 2 8 32 40 40 40 40 32 32 16

18 38 16 8 4 11 11  44 21 23 25 27 30 40 15

EX 45 2     8     24     24

4 11 11 33 34

32 EX 32 32

44 30 40

EX 45 2 8

4 11 11

EX 45 2 8

4 11 11 46

 

 

 

 

       

   

n Healthcare Valuation and Consulting Workshop n Master Analyst in Financial Forensics (MAFF) Workshop: Forensic Accounting AcademyTM n Mergers and Acquisitions Workshop n Business Valuation Certification and Training Center n Case Analysis in Person n Current Update in Valuations n n n n

Business Valuation Certification and Training Center Case Analysis in Person Pre-Conference Symposium Current Update in Valuations NACVA and the CTI's Annual Consultants' Conference

     

EX EX EX EX EX      

Customized and in-house training is also available. Please contact the CTI Education Director at (800) 677-2009.

Note: Dates and locations are subject to change. 5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

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n Business Valuation/Appraisal


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 B u s i n e s s V a l u a t i o n P r o g r a m s

Business Valuation Certification and Training Center Co-Sponsored by the National Association of Certified Valuators and Analysts and the Institute of Business Appraisers The BVTC is available via live training (see dates below), or via self-study with an on-demand video series (see page 7). The CVA Exam Q&A Study Guide (see page 5) and Live Q&A Webinar Sessions (see page 7) are perfect companions to your training.

Certified Valuation Analyst® (CVA®)

Certified Business Appraiser (CBA)

The Consultants’ Training Institute’s (CTI™) five-day Business Valuation Certification and Training Center (BVTC)—co-sponsored by the National Association of Certified Valuators and AnalystsTM (NACVA®) and the Institute of Business Appraisers (IBA)—is world renowned for being the most comprehensive and complete foundational training program teaching to the body of knowledge on how to value private business enterprises. Now being taught in 10 countries, the BVTC will prepare candidates to pass any business valuation (BV) certification exam offered in the industry as well as those offered by NACVA—the Certified Valuation Analyst® (CVA®)* and IBA—the Certified Business Appraiser (CBA) designations. The CVA is the country’s most distinguished and widely recognized BV credential, known for the superb training and challenging examination process that leads to earning this prestigious credential. Requirements for this credential includes holding an active, valid, and unrevoked CPA license or holding a business degree (i.e., management, economics, finance, marketing, accounting, or other business field) and/or an MBA (masters of business administration) or higher business degree from an accredited college or university and two years or more of full-time or equivalent experience in business valuation and related disciplines for non-CPAs. In addition to these requirements, CVA applicants must complete and pass specified training courses and exams and complete a case study or submit an actual and sanitized fair market value report, prepared during the last 12 months, for peer-review. For further clarification, contact NACVA at (800) 677-2009. More information on NACVA and its credentials is located in The Association brochure. Accreditation as a CBA is available to those members of the Institute of Business Appraisers who are able to demonstrate that they have attained a high level of professional competence and conduct. The CBA accreditation designates the appraiser as a true professional in his or her field, worthy of the admiration of fellow appraisers and deserving the fullest confidence of clients and potential clients. Requirements for this credential include possessing a four-year college degree or equivalent, completing and passing specified training courses and exams, and submission of two demonstration reports for a peer-review process. For further clarification, contact IBA at (800) 299-4130.

2013 Dates

Location

Early Registration Discounts and Deadlines

10%

5%

September 16–21

Atlanta, GA

Expired

Expired

September 23–28

Boston, MA

Expired

8/31

September 30-October 5

San Juan, PR*

Expired

8/31

October 7–12

Chicago, IL

Expired

8/31

October 21–26

San Diego, CA

8/31

9/30

October 28–November 2

Washington, DC

8/31

9/30

November 4–9

Houston, TX

8/31

9/30

November 18–23

Ft. Lauderdale, FL

9/30

10/31

December 9–14

Las Vegas, NV

10/31

11/30

January 27–February 1, 2014 Scottsdale, AZ

11/30

12/31

May 5-10, 2014

Minneapolis, MN

2/28/14

3/31/14

June 16-21, 2014

Las Vegas, NV

3/31/14

4/30/14

The five-hour CVA/CBA proctored exam is given at all locations on the Saturday morning following the weeklong training unless prior alternative arrangements have been made by an attendee. This exam requires a laptop. * In partnership with the Puerto Rico Society of CPAs

2013 Non-Member Package Pricing (Before Early Registration Discount) Days 1 and 2: Business Valuations—Fundamentals, Techniques & Theory

$1,100

Day 3: BV—Applications and Calculations of the Income and Asset Approaches

$550

Day 4: BV—Case Analysis: Completed Transaction and Guideline Public Comparable Methods

$550

Day 5: Special Purpose Valuations and Case Studies— Facts to Conclusion

$550

One-Year NACVA Membership (Practitioner)

$485

Certification Exam, Grading, and Proctoring Fee

$595

Total Retail Cost for Five-Day BVTC

$3,830

Package Price

$3,195

NACVA’s CVA® Designation is NCCA® Accredited NACVA’s Certified Valuation Analyst® (CVA®) designation is the only valuation credential accredited by the National Commission for Certifying Agencies® (NCCA®), the accreditation body of the Institute for Credentialing ExcellenceTM (ICETM). The Institute for Credentialing Excellence’s mission is to promote excellence in competency assessment for practitioners in all occupations and professions. This prestigious recognition differentiates CVA credential holders as having met the most stringent standards in the industry. * Effective April 1, 2013, the Accredited Valuation Analyst (AVA) credential was merged into the CVA. Holders of the AVA may continue to hold themselves out as an AVA through March 31, 2014, after which they must drop the AVA appellation and use only the CVA. AVAs may adopt the CVA appellation anytime between April 1, 2013 and March 31, 2014, but may not use both appellations—they must choose one or the other. For NASBA-related information on CPE, please refer to www.theCTI.com.

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Consultants’ Training Institute Third Quarter 2013 Catalog


Co-Sponsored by the National Association of Certified Valuators and Analysts and the Institute of Business Appraisers

Program DESCRIPTION: The Business Valuation Certification and Training Center’s (BVTC) compact five-day curriculum is comprehensive and substantive, providing value from beginning to end. The BVTC’s primary goal is to provide attendees with information that will serve as a solid foundation for their professional valuation endeavors, whether or not they plan to pursue a designation. Attendees will also find that a sound mastery of the course contents will be of great assistance to them in their pursuit of an accreditation—be it a Certified Valuation Analyst (CVA) or a Certified Business Appraiser (CBA). The Business Valuation Certification and Training Center is the ultimate comprehensive training experience, offering attendees expanded knowledge, networking opportunities with instructors and fellow attendees, and resources and insights that will provide a foundation for future success.

Days 1 and 2: Business Valuations— Fundamentals, Techniques & Theory (FT&T) The cornerstone of the CTI’s training, FT&T is a rigorous course on business valuation that provides the basis and framework for subsequent courses. It provides insights into every facet of valuation theory with hands-on training taking attendees from the fundamentals of the valuation process through the advanced techniques in current use. Primary focus of the sessions will be to provide the basis and framework of business valuation theory and practice. Discussion will center upon the elements of valuation from financial and operational analysis through the methods found in the three approaches to valuation: Asset, Income, and Market. Highlights include the development of discount/capitalization rates and the application of appropriate adjustments (i.e., premiums and discounts) to the calculated value.

Learning Objectives: After completing this course, attendees will be able to: n Calculate a value using the Adjusted Net Asset Method under the Asset Approach n Determine when it is appropriate to use a capitalization of Single-Period Earnings Method vs. Discounted Future Earnings Method under the Income Approach n Identify appropriate normalizing adjustments and calculate a normalized benefit stream

Day 4: Business Valuations—Case Analysis: Completed Transaction and Guideline Public Comparable Methods The Market Approach is one of the three commonly accepted ways to value a private company. Within this approach there are two primary methodologies: the Completed Transaction Method and the Guideline Public Comparable Method. While similar, these methods vary on the empirical data that is used to generate supportable results.

Learning Objectives: After completing this course, attendees will be able to: n Perform the Market Approach using the Completed Transaction Method n Perform the Market Approach using the Guideline Public Comparable Method n Explain their work in a written narrative n Utilize these results with other studies to determine the value of a private company

Learning Objectives: After completing this course, attendees will be able to: n Perform a financial analysis of a company as it relates to a valuation engagement n Identify an appropriate valuation approach and method for a given valuation purpose n Match a discount or capitalization rate to the appropriate benefit stream under the Income Approach n Identify and explain the differences in standards of value and their application in a valuation engagement

Day 3: Business Valuations—Applications and Calculations of the Income and Asset Approaches This fast-paced course is the perfect follow-up to FT&T. It builds on the applications of the Income and Asset Approaches and provides attendees the opportunity to perform numerous calculations using various methodologies for the Income and Asset Approaches. The primary focus is to build on the fundamental aspects of the Income and Asset Approaches found in the Fundamentals, Techniques & Theory (FT&T) course. The course uses multiple, hands-on exercises that will give the attendee practical experience in the application of the methods found in the Income and Asset Approaches in valuation engagements.

CVA Exam Q&A Study Guide A compilation of approximately 1,200 questions of the type you will find in the NACVA CVA proctored exam. Questions are divided into nine topical categories, each with subcategories. For best results in your exam preparation, we suggest you read the questions in a topical category before your studies on that topic (live or via selfstudy). Following those studies, answer the questions to the best of your ability, checking the answer key to determine where you need to concentrate further study. This Study Guide is designed to be a great companion to the BVTC training materials (live and self-study).

2013 Study Guide

Price

Study Guide

$395

Special OffER—Purchase with BVTC Training

$250

Note: Shipping and Handling charges apply.

For NASBA-related information on CPE, please refer to www.theCTI.com. 5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

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Business Valuation Certification and Training Center (Continued)


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 B u s i n e s s V a l u a t i o n P r o g r a m s

Business Valuation Certification and Training Center (Continued) Co-Sponsored by the National Association of Certified Valuators and Analysts and the Institute of Business Appraisers

Day 5: Special Purpose Valuations and Case Studies— Facts to Conclusion Part 1: Valuation for Financial Reporting Valuation specialists are seeing growing demand for these services, but equally close scrutiny and review of their fair value valuation work by auditing firms, the Securities and Exchange Commission (SEC), and the Public Company Accounting Oversight Board (PCAOB). This course is designed to distinguish valuations for financial reporting from other purposes. The definition the Financial Accounting Standards Board (FASB) came up with, “Fair Value,” (FV) differs from Fair Market Value. There are three types of work for valuation specialists: 1) Allocation of purchase price for a business combination; 2) Testing amortizable intangibles and property, plant, and equipment (PP&E) for impairment; 3) Testing goodwill for impairment. Another aspect which will be covered is the need to work closely with the client’s auditing firm. All values used in financial reports are reviewed by auditors and their review may differ from that of the IRS or the courts.

Learning Objectives: After completing this course, attendees will be able to: n Explain the FASB requirements for purchase price allocation, including valuation of intangibles n Prepare a supportable impairment study for PP&E and amortizable intangibles using undiscounted cash flow and a FV determination if the assets don’t pass n Prepare a plan to work with auditors and clients in performing Step 1 of the goodwill testing requirements and understand what is involved if they have to go to Step 2

Part 2: Mergers and Acquisitions With M&A on a dramatic rise, all business advisors need a fundamental understanding of the issues characteristic to lucrative M&A advisory services. This course will focus on mergers and acquisitions from the perspective of a deal maker/investment banker. Attendees will learn that although the valuation methodologies used in these situations are similar to traditional valuation techniques, they do differ in many ways. In this introductory course, practitioners will learn about the foundations crucial to M&A activity as found in the middle market ($1-$250 million).

Learning Objectives:

Learning Objectives: After completing this course, attendees will be able to: n Provide an overview of the litigation environment and the anatomy of the legal process n Identify the role of the financial expert as either a consulting or testifying expert and list the differences between the roles n Identify the complexities related to providing forensic accounting, valuation forensics, and expert witness services in a litigation context n Explain the dynamics of working with legal counsel n Define business and economic damages, fraud and forensics, marital dissolution, and other practice areas for financial experts n Outline the main steps to writing effective reports and reporting requirements in litigation engagements n Summarize the key ingredients for effective expert testimony n List the ways to avoid common pitfalls

Part 4: Case Studies—Facts to Conclusion This course provides learning that brings the business of business valuation full circle and is given from the eyes of actual valuation practitioners. The theory covered throughout the five-day BVTC is staggering, and often it is easy to lose sight of the ultimate goal of the program: to learn to be a valuation professional. The Facts to Conclusion course will include: n A review of the appropriate valuation methodologies n A case study discussion to allow the attendee to work with actual valuation projects n Practice management tips Attendees in this course will leave with a better, clearer understanding of the process associated with completing a business valuation (start to finish). Additionally, attendees will also gain valuable knowledge pertaining to growing and managing a valuation practice. It is the goal of this course to address any questions about this business that attendees may have.

Learning Objectives: After completing this course, attendees will be able to: n Identify the necessary steps to complete a business valuation n Locate the necessary data, models, and studies n Explain the valuation through a business valuation report n List the critical steps in building a successful valuation practice n Review and check valuation work against other reports

After completing this course, attendees will be able to: n Determine the common valuation approaches in the M&A real deal world n Identify preliminary target due diligence and funding sources/venture capital in M&A n Determine negotiation strategies and the M&A auction marketplace, buyer and seller motivations, types, and perspectives n Explain typical deal structures and financing mechanisms n Advise clients when and where M&A is a viable strategic alternative and be in a position to counsel clients through the process

Part 3: Litigation Consulting In today’s turbulent business environment, valuation experts, CPAs, and other financial professionals are called upon regularly to serve as experts and consultants in a broad range of matters including fraud, economic damages, marital dissolution, professional standard of care, valuation, and others. This course is designed to provide an introduction to litigation consulting and financial forensics. It will provide an overview of the types of engagements in which financial experts are called upon to render financial, analytic, investigative, and expert testimony. It will also focus upon the skills required, the legal environment, the dynamics of litigation, professional standards, report writing, and expert testimony.

Who Should Attend:

Tax, audit, and accounting services practitioners who wish to specialize in a lucrative, non-seasonal consulting niche; merger and acquisition consultants; investment and financial analysts; investment bankers; financial officers; business advisors; accounting and finance professionals; anyone who deals with business value in the course of his or her work.

Faculty: The Business Valuation Certification and Training Center faculty consists of 11 experienced practitioners. The team is comprised of Mel Abraham, CPA, CVA, ABV, ASA, CSP; Lorenzo Carver, MBA, MS, CPA, CVA; Brian Davidson, MBA, CVA; Rick Gray, CPA/ABV, CVA, ASA; Chris Hamilton, CPA, CVA, CFE, DABFA; Mark Kucik, CPA, CVA, CM&AA, CFF, CPVA; Derald Lyons, CPA, CVA; Lari Masten, MSA, CPA/ABV/CFF, CVA, ABAR; Rob Stutz, CVA, ASA, CM&AA, CMAP; Garth Tebay, CPA, CVA, CM&AA, MAFF; and Frank Wisehart, MBA, CPA/ABV, CVA, CFE.

For NASBA-related information on CPE, please refer to www.theCTI.com.

Page 6

Consultants’ Training Institute Third Quarter 2013 Catalog


Also Available via Self-Study or as an On-Demand Video Series! Plus—Live Q&A Webinar Sessions! BVTC Self-Study Pricing Business Valuations: Fundamentals, Techniques & Theory BV: Applications and Calculations of the Income and Asset Approaches BV: Case Analysis—Completed Transaction and Guideline Public Comparable Methods Special Purpose Valuations and Case Studies—Facts to Conclusion Total if purchased individually CVA Certification Exam

Individually Priced $345 $195 $295 $195 $1,030 $595

Package Price for All Courses:

CPE Exam:

Course Materials Only Materials plus CPE Materials with CPE and CVA Exam Materials with CPE, CVA Exam, and First-Year NACVA Practitioner Membership ($455 off retail price)

$85 $85 $85 $85 $340

$895 $1,145 $1,645 $1,995

Note: Shipping and Handling charges apply.

BVTC On-Demand Video Series (Available Fall 2013)

BVTC Live Q&A Webinar Sessions (Available Fall 2013)

In addition to the BVTC’s availability in a self-study format, the Consultants’ Training Institute also provides instructor-led training through an on-demand video series. This video series is designed to complement the self-study material and consists of a full, video-recorded BVTC led by our esteemed faculty of valuation practitioners. The video series includes recordings of all five days of actual BVTC course lectures, including class interaction, questions, and discussions that ensue. This is a perfect way to enhance one’s understanding of the self-study materials by “watching” an actual BVTC at your own convenience.

Purchasers of the video September October December series or self-study materials Sep 17 Oct 1 Dec 3 can interact with BVTC Sep 19 Oct 3 Dec 5 instructors during live Q&A two-hour sessions Sep 24 Oct 8 Dec 10 (11:00 a.m. to 1:00 p.m. Sep 26 Oct 10 Dec 12 MT). During the sessions, you can discuss course curriculum and get answers to your toughest questions. The instructors will provide answers, clarification, and mentoring from your study of the self-study materials and the video series. Twelve (12) sessions are available during September, October, and December from which you can choose to attend ANY FOUR (8 hours of CPE). The live Q&A sessions will be held on the dates shown and begin at 11:00 a.m. MT.

BVTC On-Demand Video Series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $600

BVTC Live Q&A Webinar Sessions . . . . . . . . . . . . . . . . . . . . . . . . . . . $300

Finally... an affordable E&O policy created with NACVA for its members Primus Assurance Group (PAG), in collaboration with the National Association of Certified Valuators and Analysts™ (NACVA®), has designed professional liability errors and omissions (E&O) insurance coverage for business valuation and litigation professionals. This new program offers maximum protection, plus a special discount specifically for NACVA members. Why do I need E&O coverage? “I already have coverage with our existing policy”

It’s worth checking the “fine print” to ask your current provider to clarify the Definition of Professional Services. In many cases, these policies may have been adjusted to not cover business valuation and related functions, so the Definition offers little to no coverage. Ask your current provider for details and coverage, and then call Primus Assurance Group.

“I’m already covered by limiting the language in my engagement letter”

It’s simply not worth the risk to rely on engagement letter language to provide protection because it doesn’t provide absolute protection. If you believe that having insurance makes you more vulnerable to an action, you’re wrong. Typically, actions are well underway before the discussion about insurance occurs.

“E&O insurance is expensive”

In fact, coverage for business valuation and litigation professionals is less expensive than typical E&O policies because it incorporates into it the fact that these services are a lower risk than traditional E&O policy coverage.

“I’m new to the profession and not sure if I need coverage”

As a professional, you’ll want to make sure you are credible and have professional liability insurance. You’ll also increase your credibility with your referral sources, who are likely cautious about referring work out to professionals who carry no insurance coverage. The cost benefit of this new policy, with the special discount, gives immediate credibility.

Enjoy protection for these professional services:

Coverage highlights:

• Business Valuation • Forensic Accounting • Litigation Support • Expert Witness Services

• Wide range of limits & deductibles available • Provided by insurance company rated “A” Excellent by A.M. Best • Matching retroactive/prior acts dates

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For an application or information, please contact: Primus Assurance Group, www.pagnow.com • (877) 388-VALU (8258) • jimf@pagnow.com 5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

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C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 B u s i n e s s V a l u a t i o n P r o g r a m s

Business Valuation Certification and Training Center


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 B u s i n e s s V a l u a t i o n P r o g r a m s

Business Valuation Accelerator TM Workshop Co-Sponsored by the National Association of Certified Valuators and Analysts

2013 Dates

Early Registration Discounts and Deadlines

Location

10%

5%

n Develop a toolbox to increase efficiencies throughout the valuation process n Scope and budget valuation projects n Prepare tighter engagement letters n Make information requests and site visits more productive

October 29–November 1

Washington, DC

8/31

9/30

November 5–8

Houston, TX

8/31

9/30

Part 2: Normalizing and Control Adjustments

December 10–13

Las Vegas, NV

10/31

11/30

After Managing the Engagement, Alternatives, and Decisions Criteria, the course will dive into an in-depth discussion to understand and dissect financial statements. This is a critical step in determining the valuation of a privately held business. This course will increase core skills and increase a valuator’s confidence to enable the valuation analyst to make appropriate adjustments to the financial statements or income tax returns of a business to more closely reflect its true economic financial position and results of operations on a historical and current basis. In this course, attendees will analyze historical financial statements and learn to identify normalizing and control adjustments. The course will also demonstrate how to assess non-recurring or non-operating adjustments and show valuators how to calculate a normalized set of financial statements. Attendees will walk away with the tools to help them make the best decisions to effectively value a business correctly.

Also available online (see page 10). Early registration discounts available for three-clinic package.

2013 Pricing (Before Early Registration Discount)

Non-Member

Member

Four-day Workshop

$2,500

$2,250

Individual Days

$625

$562

Program DESCRIPTION: The Business Valuation AcceleratorTM Workshop (formerly the Intermediate Business Valuation Training Center) takes the world renowned Business Valuation Certification and Training Center (BVTC) to the next level. Despite having obtained a credential, many valuators are still trying to figure out how to successfully and profitably complete consulting engagements. This Workshop was created to advance the proficiencies required to achieve a valuation credential, but to also provide even more practical skills, covering everything between engagement acceptance to report delivery. This is a serious Workshop created for ambitious up-and-comers and even seasoned practitioners who want to bolster their skills to create and maintain a thriving practice. This Workshop is available to purchase as a four-day course or as individual days.

Day 1: Managing the Engagement, Alternatives, and Decisions Criteria, and Normalizing and Control Adjustments Part 1: Managing the Engagement, Alternatives, and Decisions Criteria This course begins with a discussion on the key factors appraisers consider when evaluating every new business valuation engagement. Why? Because evaluating engagement risk, getting the necessary information, and having the right tools is how your practice stays out of trouble and prospers. After a discussion on managing the engagement, the course will cover decisions and alternatives a valuator will encounter throughout the valuation process. An understanding of standards of value and premise of value and how to appropriately apply these standards will create an additional and important foundation. Attendees will learn how to draw conclusions from the subject company’s financial information and incorporate them into an industry and economic analysis. This course will include a discussion on how to identify the appropriate valuation method, illustrate techniques to develop capitalization rates and market multiples, contrast the pros and cons of the common valuation methods, and other topics addressed will include how to determine secondary discounts.

Learning Objectives: After completing this course, attendees will be able to: n Implement professional standards, industry research, and economic conditions in every business valuation performed n Identify factors that affect valuation decisions n Select an appropriate valuation approach

Learning Objectives: After completing this course, attendees will be able to: n Identify specific assets, liabilities, income, and/or expenses to which valuation adjustments may be required n Explain a valuation report, or in the work papers, reasons for making valuation adjustments and how they can be supported n Calculate appropriate valuation adjustments n Discuss how much financial statement investigatory work is “enough” n Distinguish between normalization and control adjustments n Experiment with a new financial model for handling officer compensation

Day 2: Determining Cost of Capital and the Income and Asset Approaches Part 1: Determining Cost of Capital The discussion on Determining Cost of Capital is designed to build on a basic understanding of capitalization and discount rates. This course is designed to develop practitioners’ understanding of risk to the point where they can explain and defend the methodologies of developing rates as well as the finance and economic theories behind the data. An understanding of risk and return will be discussed, along with the Capital Asset Pricing Model, Fama-French, the Gordon Growth Model, Ibbotson/Morningstar, and Duff & Phelps.

Learning Objectives: After completing this course, attendees will be able to: n Identify appropriate methods of developing capitalization and discount rates n Explain and defend the elements of a capitalization/discount rate n Analyze and assess the relevance and accuracy of reports and testimony of other experts n Adjust market multiples to reflect risk factors such as size, growth, and other factors

Part 2: Income and Asset Approach Following the discussion on the Cost of Capital, we start “running the numbers.” First, the Asset Approach. Does it apply? Should you get third-party appraisals for the tangible assets? Must you value the identifiable intangible assets? Then, the Income Approach. Ibbotson vs. Duff & Phelps vs. Damodaran.

For NASBA-related information on CPE, please refer to www.theCTI.com.

Page 8

Consultants’ Training Institute Third Quarter 2013 Catalog


Co-Sponsored by the National Association of Certified Valuators and Analysts

“One of the best courses I have ever been to. Instructor is excellent.” David W. Hart, CPA, CVA, CFF, Martin, TN

Capitalization vs. discounting…both require projections. And how reasonable is the perpetual life assumption for your subject company? This course will teach attendees how to assess the appropriateness of risk rates used in the valuation reports of other experts and through calculations and examples know how to apply the Income and Asset Approaches to valuation.

Learning Objectives: After completing this course, attendees will be able to: n Describe the conditions for using the Asset Approach n Select appropriate methods and data inputs for developing discount rates n Determine when the Capitalized Cash Flow (CCF) or Discounted Cash Flow (DCF) Method is more appropriate

Day 3: The Market Approach and Discounts and Premiums: Considerations Related to Control

Part 2: Discounts and Premiums: Considerations Related to Control Discounts and Premiums: Considerations Related to Control will dive into premiums and discounts related to issues of control and marketability, although discussion of other less common premiums and/or discounts will be included. Emphasis will be on current theory within the business valuation profession, understanding all commonly accepted sources of information utilized in the determination of premiums and discounts, and proper identification of the appropriateness of any premium and/or discount and how they should be calculated and applied. The course will address current technical and judicial challenges involving premiums and discounts and how best to present them in the report. Discounts and Premiums will continue on Day 4 with a discussion regarding considerations related to marketability and liquidity.

Learning Objectives: After completing this course, attendees will be able to: n Determine the pre-discount level of value produced by alternative business valuation approaches and methodologies n Research, analyze, and correctly interpret third-party information set forth in the various studies n Properly assess elements of the subject company’s characteristics that influence the need to apply a premium or discount n Properly determine the premium or discount for the subject company n Present the information correctly and completely in their business valuation report to maximize the chance of success against challenges

Part 1: The Market Approach This course begins with a focus primarily on the Guideline Public Comparable Method and the Completed Transaction Method. Rules of thumb, as well as past transactions in an entity’s own equity, will be addressed. Emphasis will be on current theory within the business valuation profession and understanding all commonly accepted sources of information utilized in the search for guideline indicators of value. Challenges facing the valuator in interpreting available information and extrapolating meaningful points of comparability will also be discussed. Various approaches to identifying guideline indicators will provide practical, alternative ways for the valuator to pull useful information for consideration and correctly apply it in his or her report. Finally, presentation formats will be discussed to allow the attendees to enhance the quality and defensibility of their use of the Market Approach.

Learning Objectives: After completing this course, attendees will be able to: n Differentiate among various methodologies under the Market Approach and determine the propriety of utilizing one method over another n Discern the strengths and weaknesses under each method under the Market Approach and determine the most useful method in a given assignment n Research, analyze, and correctly interpret third-party information set forth in the various transaction databases n Conduct a thorough and complete search of publicly traded guideline company information n Interpret and extrapolate indictors of value from the publicly traded and completed guideline company searches n Discern differences between the subject company and the guideline indicators so all necessary adjustments can be made to the value indicators n Present the information generated under the application of the Market Approach in a clear and meaningful manner in the valuator’s report For NASBA-related information on CPE, please refer to www.theCTI.com. 5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 9

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 B u s i n e s s V a l u a t i o n P r o g r a m s

Business Valuation Accelerator TM Workshop (Continued)


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 B u s i n e s s V a l u a t i o n P r o g r a m s

Business Valuation Accelerator TM Workshop (Continued) Co-Sponsored by the National Association of Certified Valuators and Analysts

Day 4: Discounts and Premiums: Considerations Related to Marketability and Liquidity and Business Valuation Report Writing Clinic Part 1: Discounts and Premiums: Considerations Related to Marketability and Liquidity This course continues the focus on Discounts and Premiums, but now we change the spotlight to issues of control and marketability, although discussion of other less common premiums and/or discounts will be included. Emphasis will be on current theory within the business valuation profession, understanding all commonly accepted sources of information utilized in the determination of premiums and discounts, proper identification of the appropriateness of any premium and/or discount, and how they should be calculated and applied. The course will address current technical and judicial challenges involving premiums and discounts and how best to present them in the report.

Learning Objectives: After completing this course, attendees will be able to: n Determine the pre-discount level of value produced by alternative business valuation approaches and methodologies n Research, analyze, and correctly interpret third-party information set forth in the various studies n Properly assess elements of the subject company’s characteristics that influence the need to apply a premium or discount n Properly determine the premium or discount for the subject company n Present the information correctly and completely in his or her business valuation report to maximize the chance of success against challenges

Part 2: Business Valuation Report Writing Clinic After Discounts and Premiums, attendees will learn and practice the most important elements of written communication skills, how to apply these concepts to and present information required in written business valuation reports. The Clinic will include recent research explaining practical, actionable steps you can take to increase the readability, credibility, and persuasiveness of your valuation reports; breakout sessions where your small team will identify quality improvement opportunities; presentation and discussion of reportwriting tips that will immediately improve your appraisal reports; and a handson session with ValuSource software demonstrating how to automate and standardize your report-writing process. This Clinic requires a laptop. Electric power will be provided.

Learning Objectives: After completing this course, attendees will be able to: n Communicate more effectively n Create a more credible report n Adhere to language, style, and professional standards n Prepare a report that will pass a standard review n Accomplish stated objectives of the engagement

Who Should Attend:

Accredited practitioners interested in advancing their valuation skills and developing new business opportunities.

Faculty: The Business Valuation Accelerator Workshop team is comprised of Peter Agrapides, MBA, CVA; Marc Bello, CPA/ABV, MST, CVA, MAFF; Robert Grossman, CPA/ABV, CVA, ASA, MST, CBA; and Chris L. Hamilton, CPA, CVA, CFE, DABFA.

Online Business Valuation Accelerator Workshop

The Business Valuation Accelerator Workshop is also available online as a three-part webinar Clinic:

Clinic 1 Managing the Engagement Clinic 1 will introduce you to the key factors that experienced valuators consider when they evaluate and start new business valuation projects. Why? Because evaluating engagement risk, getting the necessary information, and having the right tools is how your practice stays out of trouble and prospers.

Clinic 2 Valuation Approaches and Methods—Part One Clinic 2 will address the requisite financial statement analysis, economic overview, and industry outlook that create the backstory for every valuation assignment. We'll then dive head first into the Asset- and Income-based Approaches to valuation. The former is not as easy as you think; the latter not as hard.

Clinic 3 Valuation Approaches and Methods—Part Two Clinic 3 will start with the Market Approach (Completed Transactions and Guideline Public Comparable Methods), then move onto one of the most difficult areas of the engagement: quantifying and applying supportable discounts and premiums. Finally, we’ll pull it all together by reconciling the conclusions from the valuation methods considered and used.

Clinic

Early Registration Discount and Deadline

Session 1 Dates

Clinic 1 September 16–20

10%*

Clinic 2 September 30–October 4

8/31

Clinic 3 October 14–18

Clinic

Early Registration Discounts and Deadlines

Session 2 Dates

Clinic 1 October 28–November 1 Clinic 2 November 11–15 Clinic 3 December 2–6

2013 Pricing

10%* 8/31

Non-Member

5%* 9/30

Member

Buy One Clinic

$795

$715

Buy Two Clinics

$1,495

$1,345

Buy Three Clinics

$1,995

$1,795

Each Clinic includes five two-hour webinars. 10 hours of CPE for each Clinic. Each Clinic concludes with a Report Writing session where attendees learn how to apply learned concepts to and present information required in written business valuation reports. * Discount applies to purchase of three-clinic package only.

Page 10

Consultants’ Training Institute Third Quarter 2013 Catalog


Co-Sponsored by the National Association of Certified Valuators and Analysts

2013 Dates

Location

Early Registration Discounts and Deadlines

10%

5%

Current Update in Valuations Program Description: This one-of-a-kind course is one practitioners always look forward to and depend on for ongoing development in valuation theory and practice. Undoubtedly, two of the more difficult and time-consuming challenges in business valuation are report writing and keeping up to date on current developments. Therefore, the latest business valuation theories (Normalizing Adjustments, Cost of Capital, Discounts & Premiums, and Income & Asset Approach) and applications to specific fundamental valuation principles have been “wrapped” into an actual detailed and complete valuation report prepared under the Fair Market Value standard of value. Discussions will also incorporate the most recent court case decisions as well as new developments in our industry standards. The instructors will incorporate a “nominal group technique,” which will focus on the questions and concerns of the attendees. In addressing these concerns and interests, increasing attendees’ awareness of the latest developments in valuation, and taking report writing skills to a higher level, the goal is to increase attendees’ knowledge, strengthen the effectiveness of their communication with clients, and allow them to produce an impressive solid work product capable of withstanding the rigors of the courtroom.

September 16

Atlanta, GA

Expired

Expired

September 23

Boston, MA

Expired

8/31

October 7

Chicago, IL

Expired

8/31

October 21

San Diego, CA

8/31

9/30

October 28

Washington, DC

8/31

9/30

November 4

Houston, TX

8/31

9/30

November 15 (CUV Only)

Mars, PA

8/31

9/30

November 18

Ft. Lauderdale, FL

9/30

10/31

November 21 (CUV Only)

Stamford, CT

9/30

10/31

December 9

Las Vegas, NV

10/31

11/30

January 27, 2014

Scottsdale, AZ

May 5, 2014

Minneapolis, MN

June 17, 2014

Las Vegas, NV

11/30

12/31

2/28/14

3/31/14

N/A

N/A

2013 Case Analysis by Phone Dates October 2

November 6

December 4

January 8, 2014

October 9

November 13

December 11

January 15, 2014

October 16

November 20

December 18

Current Update in Valuations is also available as a webinar series. Call NACVA Member Services for details.

2013 CUV Pricing (Before Early Registration Discount) Current Update in Valuations (CUV)

2013 CAP Pricing (No Early Registration Discount) Case Analysis in Person (or by Phone) (CAP)

Non-Member Member

$550

$495

Non-Member Member

$225

$225

Note: Attendees will receive a CD-ROM of a valuation report hyperlinked with material that will be covered during the class. Laptops will, therefore, be necessary and Microsoft® Word will be used. NACVA will provide electric power, but will not provide laptops. This course qualifies for 25 bonus points toward NACVA credentialed member recertification, in addition to course CPE.

Current Update in Valuations Learning Objectives: After completing this course, attendees will be able to: n Determine which state and federal case law precedents guide valuation issues n Evaluate professional and industry standards n Utilize the updates presented on the various valuation theories and methodologies to strengthen the effectiveness of communicating with clients, and to produce an impressive work product

Who Should Attend:

Case Analysis in Person (or by phone) Program Description:

This course is designed for all business valuation practitioners who wish to improve their understanding of the valuation process and take their skill set to a higher level.

Knowledge is acquired in three ways: education, experience, and interaction. Attendees in this course break into roundtables to review and discuss actual valuations. Through this process, you will learn from others’ experience and group interaction. Attendees are given a report before the course that must be reviewed prior, in order to receive credit.

Current Update in Valuations Faculty:

This course qualifies for 25 bonus points toward NACVA credentialed member recertification, in addition to course CPE.

The Current Update in Valuations course was developed and revised by Marc Bello, CPA, ABV, MST, CVA, MAFF, with the support of the instructor team consisting of Peter Agrapides, MBA, CVA; Robert J. Grossman, CPA, ABV, CVA, ASA, MST, CBA; Garth Tebay, CPA, CVA, CM&AA, MAFF; and Courtney Sparks White, JD, LLM, ASA, CVA.

Case Analysis in Person (or by phone) Learning Objectives: After completing this course, attendees will be able to: n List some of the do’s and don’ts of writing an effective report n Determine techniques that they can take back to the office and use or avoid

For NASBA-related information on CPE, please refer to www.theCTI.com. 5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 11

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 B u s i n e s s V a l u a t i o n P r o g r a m s

Case Analysis in Person (or by Phone) (CAP) and Current Update in Valuations (CUV)


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 B u s i n e s s V a l u a t i o n P r o g r a m s

Business Appraisal Review Accreditation Workshop Co-Sponsored by the National Association of Certified Valuators and Analysts Attendees will receive a copy of Francisco (Frank) Rosillo's book Determination of Value: Appraisal Guidance on Developing and Supporting a Credible Opinion.

Special Guest Presenter: Shannon P. Pratt

2013 Dates

NOTE: Attendees should bring a typical table of contents from a detailed valuation report and a sanitized section of a valuation report that they usually find challenging to prepare. These will be utilized in class during Day 1 and Day 2. The Workshop faculty will integrate these into class instruction providing constructive feedback to the attendees.

Houston, TX, November 5–9 Shannon P. Pratt, CFA, FASA, MCBA, ASA, CBA

Location

This Workshop qualifies for 25 bonus points toward NACVA credentialed member recertification, in addition to course CPE.

Early Registration Discounts and Deadlines

10%

5%

October 8–12

Chicago, IL

Expired

8/31

November 5–9

Houston, TX

8/31

9/30

The examination is administered at the beginning of Day 4. This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Director at (800) 677-2009 to inquire.

2013 Pricing (Before Early Registration Discount)

Non-Member

Member

Five-day Workshop

$2,750

$2,475

Individual Days

$550

$495

Exam

$595

$595

First Year Membership with NACVA Training and Exam

$300

Strengthening Your Business Valuation Reports to Grow Your Practice Program DESCRIPTION: Business appraisal review is a critical component of every business appraiser’s practice. No firm can risk being caught unaware of quality assurance problems. Customer demands, potential penalties, sanctions, and loss of business are real possibilities in this era of heightened focus Accredited in Business on professional responsibility. Every Appraisal Review™ (ABAR™) business appraisal engagement must be reviewed. Whether this review takes place in house or externally, or even by the business appraiser, it is essential to know the fundamentals and procedures of the review process. Understanding the elements of review can go a long way to making the appraisal more effective in the first place. Understanding these elements enables the reviewer to ensure the quality and acceptability of the appraisal. Attendance at the Business Appraisal Review Accreditation Workshop provides the business appraiser with all of these tools and enables the appraiser to attain the Accredited in Business Appraisal Review (ABAR) credential.

Day 1: Introduction to Report Writing and Report Review We will discuss and illustrate effective report writing techniques for the purpose of communicating the results of a business appraisal engagement. Elements of business appraisal review will be indicated to show the attendee how to write the appraisal report in a way that ensures acceptance upon review. The course covers the reasons report writing is important within the context of the elements of credibility that are critical to the reviewer and, ultimately, the acceptance of the report and its opinion of value. We cover components of good report writing and compare these with the elements of appraisal review. We discuss a report “roadmap,” cover pages, transmittal letters, table of contents, executive summaries, assumptions and limiting conditions, certifications, and qualifications. Appraisal review concepts, methods, and procedures will be introduced, enabling attendees pursuing the ABAR credential to continue with the Business Appraisal Review Accreditation Workshop. Appraisal review subjects include standards, procedures, stakeholders, language, and ethics.

Learning Objectives: After completing this course, attendees will be able to: n Recognize the features of excellent business appraisal reports, including design, layout, graphics, and organization n Identify language (grammar and content) useful for supporting subjective factors and typical valuation issues n Apply inductive and deductive reasoning to support valuation conclusions n Apply the principles of business appraisal review to the appraiser report writing process

This Workshop, and the associated ABAR accreditation, ensures that practitioners and firms are equipped to optimize the quality of business appraisals produced by firm associates. The Workshop teaches an innovative appraisal review and quality assurance procedure. Upon completion of the Workshop, demonstration report, and exams (all administered and completed during the class session), attendees qualify for the ABAR accreditation from the National Association of Certified Valuators and AnalystsTM. For NASBA-related information on CPE, please refer to www.theCTI.com.

Page 12

Consultants’ Training Institute Third Quarter 2013 Catalog


Co-Sponsored by the National Association of Certified Valuators and Analysts

Day 2: Writing the Appraisal Review Report Teams are introduced to a nine-part rubric of review criteria and are assigned a selection of these to present to the class via a case study. The elements of business appraisal review are built out, including compliance with standards and understanding the scope of work. We will discuss report writing issues in control, minority, and levels of value issues and explain language that should be avoided in every appraisal report. Instructors facilitate the breakout sessions and evaluate and critique the team presentations. Team members are then assigned a second case study and begin preparation for their second business appraisal review report. Team members will deliver their assigned part of the review report to the instructors for discussion on Day 3.

Learning Objectives: After completing this course, attendees will be able to: n Identify and develop review findings on an individual and team approach n Apply the elements of business appraisal review to a business appraisal report n Present findings and respond to challenges in a formal business oral presentation n Prepare a written part of a business appraisal review report

Day 3: Scope and Detailed Findings of Appraisal Review Teams meet to prepare their presentations to the class. Team meetings are facilitated by the instructors, and the presentations are evaluated and critiqued by both the instructors and other class members. The class is introduced to a well-written sample appraisal review report. The instructors explain the contents, format, language, style, and issues involved in developing a review report. Special focus is given to the difference between overall scope and detailed findings, and the class is instructed on how to present these sections in the review report. The final case study is presented and instructions are given for analysis of the case, presentation of case findings, and preparation of the demonstration review report. Breakout teams begin preparation of their presentations (Day 4) and their demonstration reports. Instructors facilitate the team sessions and individual preparation of the review reports. Instructors present a comprehensive review for the examination.

Learning Objectives: After completing this course, attendees will be able to: n Present findings and respond to challenges in a formal business oral presentation n Apply the appropriate sections of an appraisal review report to the appraisal under review n Separate development issues between scope and detailed findings and develop the written presentation of each n Answer questions regarding the theory and practice of appraisal review

Day 4: Final Case Study Presentations— Practice Management and Development The course begins with a brief discussion of the final examination. Instructors answer any questions attendees have regarding the exam. Breakout teams continue work on final case study presentations and individual work on demonstration reports. Teams present the final case study. Instructors facilitate the team meetings and evaluate and critique the presentations. The course concludes with a discussion of practice development and management activities. Attendees have an opportunity to begin development of their demonstration reports.

Learning Objectives: After completing this course, attendees will be able to: n Present findings and respond to challenges in a formal business oral presentation n Apply the prescribed format and content structure to an appraisal review report n Begin preparation of their appraisal review demonstration report

Day 5: Writing the Appraisal Review Demonstration Report Attendees prepare their appraisal review demonstration reports. This day is devoted to individual study and writing. Attendees continue the work begun during Day 4. Instructors are available to facilitate the individual work. Attendees have the opportunity to complete the writing of their reports and submit them for review for the ABAR accreditation.

Learning Objectives: After completing this course, attendees will be able to: n Produce a well-written appraisal review demonstration report n Discuss the review criteria needed for the process of business appraisal reviews n Apply the principles of business appraisal review to the appraiser report writing process n Explain why the reviewer scores an appraisal review accordingly

Who Should Attend: Accredited practitioners (CBA, CVA, AVA, ABV, ASA) interested in advancing their appraisal skills and developing new business opportunities, accredited practitioners acting as expert witnesses, and senior practitioners in charge of appraisal staff will greatly benefit from the skills taught in the Workshop. Also, valuation practitioners representing clients before the Internal Revenue Service and other regulatory agencies.

Faculty: The Business Appraisal Review Accreditation Workshop was created and is taught by Steven M. Egna, CBA, CM&AA, ABAR; Russell Glazer, MBA, MCBA, CPA/ABV, CVA, ABAR, ASA; Howard A. Lewis, ABAR, CVA, CBA; Dave Miles, CPA, CVA; and Francisco (Frank) Rosillo, CPA/ABV, CBA, CVA, CFE, BVAL, ABAR.

“The program is excellent and what it offers are the tools to make your valuation report stronger and less subject to challenge as you have challenged it first.” - Marjorie R Corcoran, CPA, CVA, BVAL, MAFF, Metairie, LA

For NASBA-related information on CPE, please refer to www.theCTI.com. 5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 13

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 B u s i n e s s V a l u a t i o n P r o g r a m s

Business Appraisal Review Accreditation Workshop (Continued)


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 B u s i n e s s V a l u a t i o n P r o g r a m s

Report Writing: Review and Analysis Co-Sponsored by the National Association of Certified Valuators and Analysts

2013 Dates

Location

Early Registration Discounts and Deadlines

10%

5%

Day 1: Introduction to Report Writing and Report Review We will discuss and illustrate effective report writing techniques for the purpose of communicating the results of a business appraisal engagement. Elements of business appraisal review will be indicated to show the attendee how to write the appraisal report in a way that ensures acceptance upon review. The course covers the reasons report writing is important within the context of the elements of credibility that are critical to the reviewer and, ultimately, the acceptance of the report and its opinion of value. We cover components of good report writing and compare these with the elements of appraisal review. We discuss a report “roadmap,” cover pages, transmittal letters, table of contents, executive summaries, assumptions and limiting conditions, certifications, and qualifications. Appraisal review concepts, methods, and procedures will be introduced, enabling attendees pursuing the Accredited in Business Appraisal Review (ABAR) credential to continue with the Business Appraisal Review Accreditation Workshop. Appraisal review subjects include standards, procedures, stakeholders, language, and ethics.

October 8–9

Chicago, IL

Expired

8/31

November 5–6

Houston, TX

8/31

9/30

In-house training is available with minimum attendance. Contact CTI's Education Director at (800) 677-2009 to inquire. Also available as a webinar series. Call NACVA Member Services for details.

2013 Pricing (Before Early Registration Discount)

Non-Member

Member

Two-day Course

$1,000

$900

Individual Days

$500

$450

Strengthening Your Business Valuation Reports to Grow Your Practice Program DESCRIPTION: Report Writing. It’s where the rubber meets the road. The culmination of every business valuation engagement is the valuator’s report. The purpose of the valuation report is to persuade. The best valuation analysis will be lost if it’s not wrapped in readable, credible, and persuasive content. And even the best content will not be read or accepted if it is mired in boilerplate content, buried deep in the hinterlands of a thick report, or is simply not “fit for use.” This engaging course is structured around the valuation engagement and report writing experiences of the attendees. As their specific issues are addressed, attendees will see examples of how to organize valuation reports, develop a table of contents, present mathematical models and statistical information, and use language that is most suitable to the specific engagement faced by the valuator. If “beauty is in the eye of the beholder,” those who are empowered to evaluate it for that purpose judge the quality of any business valuation report. Thus, it is incumbent upon the valuator to fully understand the standards by which his or her valuation report will be judged. Review standards are fully implemented in the business valuation profession, but few professionals know full well how to apply them to their own valuation reports. Conventional report writing classes do not delve much into the review process. Report Writing: Review and Analysis includes those elements of the business appraisal review process that will make attendee’s valuation reports much better—readable, credible, and persuasive. This year, for the first time, attendees registering for Report Writing: Review and Analysis may continue following the class into the Business Appraisal Review Accreditation Workshop and qualify for the Accredited in Business Appraisal Review (ABAR) credential. Applicants for the Certified Business Appraiser (CBA) and Certified Valuation Analyst® (CVA®) designations will find the course instrumental in producing their case studies and demonstration reports for accreditation. Attendees will receive a copy of Francisco (Frank) Rosillo's book Determination of Value: Appraisal Guidance on Developing and Supporting a Credible Opinion. NOTE: Attendees should bring a typical table of contents from a detailed valuation report and a sanitized section of a valuation report that they usually find challenging to prepare. These will be utilized in class. The course faculty will integrate these into class instruction providing constructive feedback to the attendees. This course qualifies for 25 bonus points toward NACVA credentialed member recertification, in addition to course CPE.

Learning Objectives: After completing this course, attendees will be able to: n Recognize the features of excellent business appraisal reports, including design, layout, graphics, and organization n Identify language (grammar and content) useful for supporting subjective factors and typical valuation issues n Apply inductive and deductive reasoning to support valuation conclusions n Apply the principles of business appraisal review to the appraiser report writing process

Day 2: Writing the Appraisal Review Report Teams are introduced to a nine-part rubric of review criteria and are assigned a selection of these to present to the class via a case study. The elements of business appraisal review are built out, including compliance with standards and understanding the scope of work. We will discuss report writing issues in control, minority, and levels of value issues and explain language that should be avoided in every appraisal report. Instructors facilitate the breakout sessions and evaluate and critique the team presentations. While the ABAR team members are assigned a second case study and begin preparation of a second business appraisal review report, the instructor will wrap up the course by demonstrating how the attendees can use what they learned from the nine part rubric of review criteria to write a better report.

Learning Objectives: After completing this course, attendees will be able to: n Identify and develop review findings on an individual and team approach n Apply the elements of business appraisal review to a business appraisal report n Present findings and respond to challenges in a formal business oral presentation n Prepare a written part of a business appraisal review report

Who Should Attend:

This course is designed for all business valuation practitioners who want to improve the quality of their written appraisal reports.

Faculty: The Report Writing: Review and Analysis course is taught by Howard A. Lewis, ABAR, CVA, CBA; Dave Miles, CPA, CVA; and Francisco (Frank) Rosillo, CPA/ABV, CBA, CVA, CFE, BVAL, ABAR.

For NASBA-related information on CPE, please refer to www.theCTI.com.

Page 14

Consultants’ Training Institute Third Quarter 2013 Catalog


Co-Sponsored by the National Association of Certified Valuators and Analysts

2013 Dates

Location

Early Registration Discounts and Deadlines

10%

5%

September 17–18

Atlanta, GA

Expired

Expired

November 5–6

Houston, TX

8/31

9/30

November 19–20

Ft. Lauderdale, FL

9/30

10/31

December 13–14

Las Vegas, NV

10/31

11/30

Non-Member

Member

Two-day Workshop

$1,100

$990

Individual Days

$550

$495

2013 Pricing (Before Early Registration Discount)

Program Description: This two-day Workshop will introduce attendees to current methodologies and resources relating to the valuation of family limited partnerships (FLPs) and similarly organized asset holding companies. The Workshop will focus on engagements for gift and estate tax, as well as income tax planning. Attendees will be introduced to the empirical data, statutes, and case law that will help them form a solid discount conclusion in their valuations. Day Two of the

Workshop will focus on three case studies: (1) an FLP holding real property, (2) an FLP holding marketable securities, and (3) valuation of an undivided interest in real property. The capstone of the two-day Workshop will focus on report writing techniques, assessment of partnership/operating agreements, as well as marketing this service niche within your existing valuation practice.

Learning Objectives: After completing this course, attendees will be able to: n Perform research of empirical data to support discounts found in these valuations n Explain the various tax code sections pertinent to these valuations n Prepare a well-written valuation report of an FLP (or similar estate planning entity)

Who Should Attend: Valuation analysts of all levels, estate and tax attorneys, and estate planners.

Faculty: The Valuing Family Limited Partnerships Workshop is developed and taught by Peter Agrapides, MBA, CVA.

Related Training

Business Valuation Fundamentals for CPAs and Other Business Advisors— A Five-Part Recorded Webinar Series Program Description: In today’s challenging economy, business owners expect their CPAs and business advisors to wear multiple hats, whether it be tax or accounting or how to improve performance by shaving costs, increasing revenues, and growing company value. CPAs and business advisors should have basic training in the fundamentals of valuing business enterprises even if they do not intend to specialize in this area.

2013 Pricing Entire series of five sessions

Non-Member Member

$550

$495

Registration allows access to login information, presentation materials, and one CPE attestation form per part.

The Business Valuation Fundamentals for CPAs and Other Business Advisors Webinar Series, delivered in five parts, will provide a foundational overview of the body of knowledge on how to value private business enterprises: n Part One: Introduction to Business Valuation and Understanding the Engagement n Part Two: Financial Statement Analysis—Getting the Story Behind the Numbers n Part Three: Valuation Approaches—The Nuts and Bolts: The Income Approach n Part Four: Valuation Approaches—The Nuts and Bolts: The Completed Transaction and Guideline Public Comparable Methods n Part Five: Valuation Discounts and Premiums—The Plusses and Minuses of Value

Learning Objectives: After completing this five-part webinar series, attendees will be able to: n Outline the fundamental steps to valuing a business from beginning to end n List the cornerstones of the business analysis process or the drivers of company value n Identify and utilize key resources in order to improve profit margins and grow company value n Articulate how business valuation can be a valuable consulting service for clients. 5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 15

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 B u s i n e s s V a l u a t i o n P r o g r a m s

Valuing Family Limited Partnerships Workshop


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 B u s i n e s s V a l u a t i o n P r o g r a m s

Advanced Valuation: Applications and Models Workshop Co-Sponsored by the National Association of Certified Valuators and Analysts and the Institute of Business Appraisers

2013 Dates

Location

Early Registration Discounts and Deadlines

10%

5%

"Great job of presenting a ton of information in such a short time frame"

September 24–26

Boston, MA

Expired

8/31

October 8–10

Chicago, IL

Expired

8/31

November 7–9

Houston, TX

8/31

9/30

December 10–12

Las Vegas, NV

10/31

11/30

Non-Member

Member

Three-day Workshop

$1,800

$1,620

Day 1: Advanced Income Approach & Cost of Capital

Individual Days

$600

$540

This course will begin by covering the alternative/advanced company risk analysis models and applications including Porter, McKinsey 7-s, SWOT, DuPont, and Macroeconomic. The Income Approach will then be covered to include discussions on Capitalized Cash Flow (CCF) vs. Discounted Cash Flow (DCF) Methods; Invested Capital vs. Direct Equity Methods, including iterative models; common pitfalls in DCF calculations, including growth rates, terminal value, working capital, and capital expenditure needs; an excess cash flow (earnings) method refresher; and net tangible asset mini-WACC. A discussion of advanced cost of capital techniques and data sources will conclude this course covering CAPM vs. MCAPM vs. Build Up vs. WACC; Ibbotson vs. Duff & Phelps data, including returns based on accounting measures of risk; supply-side equity risk premiums; specific company risk techniques, including the Butler Pinkerton total beta model; size premiums and industry risk premiums; P/E multiple adjustments and the earnings cap rate; forward looking/ex ante approach to returns; and complex capital structures, including debt, preferred stock, options, and invested capital allocation models.

2013 Pricing (Before Early Registration Discount)

Program DESCRIPTION: The Advanced Valuation: Applications and Models Workshop is based on the third edition of James R. Hitchner’s Financial Valuation: Applications and Models and The Financial Valuation Workbook. Attendees will receive copies of both the book and workbook with Workshop registration. This rigorous Workshop is required for individuals seeking the CBA credential, and is filled with a wealth of detail, practice tips, and examples and covers numerous models and methods to assist valuators and appraisers in navigating valuation engagements. Taught by a team of seasoned and nationally recognized valuation analysts, the instructors collaborate with Workshop attendees to share the most effective valuation procedures and real-world applications in the field of financial valuation. The Workshop covers advanced topics, but does so in a practical manner so attendees can immediately start using new information, data, models, and tools in their practice. The instructors teach the theory, but also demonstrate how to apply the theory and the appropriate models so that practitioners can better support their valuation analyses. This Workshop, together with the Advanced Comprehensive CBA Clinic (see page 18), are required for individuals seeking the Certified Business Appraiser (CBA) credential.

Charles M. Laverty, Jr, ASA, CBA, MAFF, New Castle, PA

Learning Objectives: After completing this course, attendees will be able to: n Articulate the various risk analysis models and applications n Differentiate between the various income approaches to valuation n Identify advanced cost of capital techniques and data sources

Day 2: Advanced Market Approach, Asset Approach, and Discounts and Premiums This course will begin by covering the Market Approach, the Guideline Public Comparable Method, and examples, including calculating and selecting multiples using statistics; qualitative and quantitative methods for adjusting multiples for size, growth, and risk; transaction databases; and level of reliance. The Asset Approach will then be discussed covering adjustments, capital gains, and a review of relevant court cases. The course will conclude with a discussion on discounts and premiums; the new levels of value; restricted stock and pre-IPO benchmark studies on discounts for lack of marketability (DLOM); application of the FMV Detailed Restricted Stock Study and data and the Valuation Advisors detailed pre-IPO study and data; application of quantitative DLOM models, including the Longstaff Look Back Option Model and the Quantitative Marketability Discount Model; recent attacks and rebuttals on DLOMs, including the Bajaj Study and the Ashok Abbott Liquidity Factor.

Learning Objectives: After completing this course, attendees will be able to: n Calculate and select multiples using statistics n Discuss and distinguish between the various studies on discounts for lack of marketability

Page 16

Consultants’ Training Institute Third Quarter 2013 Catalog


Co-Sponsored by the National Association of Certified Valuators and Analysts and the Institute of Business Appraisers

Day 3: Advanced Issues in S-Corps, FLPs, Goodwill in Divorce, Intangible Asset Valuations, Testimony, and Risk Management This course begins with a discussion on S Corps; court case review; major issues, including tax-affecting, control vs. minority, S Corp premiums; review of models including Grabowski, Mercer, Treharne, Van Vleet, and Fannon. Also discussed are FLP valuation problems, including a review of new court cases; personal (professional) vs. enterprise (practice) goodwill in divorce; small businesses; and professional practices, including a review of relevant court cases; intangible asset valuations for financial reporting; litigation and expert witness testimony examples; and practice management tips for marketing, managing, and making money in valuation services, including risk management.

Learning Objectives: After completing this course, attendees will be able to: n Articulate issues surrounding tax-affecting, control vs. minority, and S Corp premiums n Discuss the issues in FLP valuations n Employ strategies and techniques for improving practice management n Employ various models to value intangible assets n Discuss the major issues in divorce, small businesses, and professional practices valuations

Who Should Attend: Those who have attended the Business Valuation Certification and Training Center or accredited valuation practitioners looking to take their skill set to a higher level. Effective April 1, 2013, this Workshop, together with the Advanced Comprehensive CBA Clinic, are required for new and non-certified appraisers applying for the Certified Business Appraiser (CBA) credential. Highly recommended for accredited business appraisers applying for the CBA Fast Track. For CBA Fast Track information, contact the IBA at (800) 299-4130.

Faculty: The Advanced Valuation: Applications and Models Workshop development and instruction team brings extraordinary depth and experience to this challenging Workshop. Team leader, James R. Hitchner, CPA/ABV, ASA, has assembled a virtual dream team that includes Richard Gray, CPA/ABV, CVA; Robert Grossman, CPA, ABV, CVA, ASA, MST, CBA; Chris L. Hamilton, CPA, CVA, CFE, DABFA; Mark G. Kucik, CPA, CVA, CM&AA; Derald L. Lyons, CPA, CVA; Brandi Ruffalo, MBA, CVA, CMC; Stephen J. Scherf, CPA/ ABV, CVA, CFE, CrFA; and Ronald L. Seigneur, CPA/ABV, MBA, CVA.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 17

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 B u s i n e s s V a l u a t i o n P r o g r a m s

Advanced Valuation: Applications and Models Workshop (Continued)


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 B u s i n e s s V a l u a t i o n P r o g r a m s

Advanced Comprehensive CBA Clinic Co-Sponsored by the Institute of Business Appraisers

2013 Dates

Early Registration Discounts and Deadlines

Location

10%

5%

September 27

Boston, MA

Expired

8/31

October 11

Chicago, IL

Expired

8/31

December 13

Las Vegas, NV

10/31

11/30

This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Director at (800) 677-2009 to inquire.

2013 Pricing (Before Early Registration Discount)

Non-Member

Member

One-day Clinic

$600

$540

Live Training Bundle (4 Days): Price for both Clinic and Advanced Valuation: Applications and Models Workshop

$2,195

$1,975

Also Available as a Four-Part Webinar Series (Each Session is two-hours in length)

Session #2

November 12, 14, 19, and 21, 2013

Session #3

January 7, 9, 14, and 16, 2014

2013 Pricing

Non-Member

Member

Four-part Webinar

$500

$450

Program DESCRIPTION: The Advanced Comprehensive CBA Clinic emphasizes advanced knowledge of business appraisal methodology and report writing, the critical thought processes, and steps required in seeing an appraisal assignment through to completion. The Certified Business Appraiser (CBA) is the only designation in the profession that offers a peer-review process of two demonstration reports, which fully demonstrate the candidate’s high degree of knowledge, skill, and judgment. The reports are then screened to ensure the appraiser has not only learned the theoretical aspects of business appraisal, but also that the applicant’s business appraisal reports meet the standards of the profession. Applicants for the CBA designation will find the Clinic invaluable in producing their demonstration reports required for the CBA credential. The Clinic progresses from the information gained from the Advanced Valuation: Applications and Models Workshop to prepare the CBA candidate for completing the credentialing process. This Clinic, together with the Advanced Valuation: Applications and Models Workshop (see page 16), are required for individuals seeking the Certified Business Appraiser (CBA) credential.

Learning Objectives: After completing this course, attendees will be able to: n Apply the IBA’s CBA/MCBA Applicant’s Handbook to their CBA demonstration reports n Apply the selective methodologies in the Applicant’s Handbook that are additionally required in the demonstration reports n Prepare an in-depth business appraisal report that complies with IBA standards

n Recognize the techniques of technical writing that are applicable to the demonstration report writing process and use them in their reports n Be able to support each assumption, position, hypothesis, and/or methodology used in the demonstration report n Effectively present information in a written valuation report n Tie different sections of the valuation report to one another

Who Should Attend: This Clinic is geared towards individuals who are advancing in the business valuation profession. These individuals include business appraisers, CPAs, CFOs, financial analysts, attorneys, M&A professionals, business consultants, business brokers, and attendees who wish to enhance their knowledge and improve the quality of their written business appraisal reports. Attendees should have a basic understanding of accounting and finance. Required for new and non-certified appraisers applying for the CBA designation, together with attendance at the Advanced Valuation: Applications and Models Workshop. Highly recommended for accredited business appraisers applying for the CBA Fast Track.  For CBA Fast Track information, contact the IBA at (800) 299-4130.

Faculty: The Advanced Comprehensive CBA Clinic development and instruction team includes KC Conrad, CBA, CMEA, ASA, ABAR; Steve Egna, CBA, ABAR, CM&AA; Russell Glazer, MBA, CPA/ABV, CVA, MCBA, ASA, ABAR; and Ron Rudich, CPA, ABV, CFF, CVA, CBA, BVAL, MAFF, ABAR, CM&AA, CMEA, SBA, MS.

For NASBA-related information on CPE, please refer to www.theCTI.com.

Page 18

Consultants’ Training Institute Third Quarter 2013 Catalog


Comprehensive Valuation Tools Kit

TM

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NACVA’s BVM Pro and EBV Power Packs

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The Bundle Includes: DoneDeals®. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $595 IBA Market Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $445 IRS Corporate Ratios. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $225 Mergerstat Review Premiums & Discounts . . . . . . . . . . . retail $125 Mergerstat Review P/E. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $125 Pluris DLOM Database™. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $595 Public Company Data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . retail $495 RMA Annual Statement Studies® Valuation Edition. . . retail $695 Ibbotson® SBBI® Valuation Yearbook. . . . . . . . . . . . . . . . . retail $270 Technical Support (one year). . . . . . . . . . . . . . . . . . . . . . . . retail $395

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5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

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C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 B u s i n e s s V a l u a t i o n P r o g r a m s

Must-Have Time and Money-Saving Tools for the Valuation Professional


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Master Analyst in Financial Forensics™ (MAFF™) Certification Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics InstituteTM You need look no further than Accounting Today’s annual Top 100 niche survey to know that the linchpin of professional and practice development is specialization: growth by niche development is cited year in and year out on the radar of the accounting and financial consulting industry titans. NACVA’s Financial Forensics InstituteTM (FFITM) was established over 12 years ago in partnership with some of the nation’s top minds and authorities in forensic accounting, law, economics, valuation theory, expert witnessing, and support fundamentals to offer practitioners unparalleled and highly comprehensive training and certification in all facets of forensic financial consulting which led to the Certified Forensic Financial AnalystTM (CFFATM) credential.

Master Analyst in Financial Forensics™ (MAFF™)

Most recently, and effective April 12, 2013, the Certified Forensic Financial Analyst (CFFA) was changed to Master Analyst in Financial ForensicsTM (MAFFTM). The new MAFF name will elevate the perception of who and what our members stand for to a higher status than before, and the MAFF credential/designation makes the statement that when it comes to financial forensics, credential holders are the “Masters” of this field. Anyone who has taken the training and passed the exams surely knows this fact. This change will help designees set themselves apart from the competition as it does not conflict with any other certification or label connected to our industry. The MAFF designation offers practitioners seven different pathways to acquire specialized training and credibility necessary for practicing in the financial forensics profession. These areas have their own set of dynamics, including legal code sections, case law, and other variables, which set them apart from other areas of forensics and litigation. The educational programs are presented by leaders in their respective fields and offer an educational track leading to the MAFF credential.

Seven Specialty Tracks to Obtain the MAFF Credential 1. Economic Damages

5. Business and Intellectual Property Damages

This specialty program requires attending the five-day MAFF Workshop and its Economic Damages specialty training (see page 21). This specialty track of the MAFF curriculum focuses on the foundations and fundamentals of business damages measurement, including alternative approaches and methodologies, notable code sections and case law, foundational evidence and research sources, and reporting guidelines and strategies embraced by the most effective business damages experts.

2. Matrimonial Litigation

This specialty program requires attending the five-day MAFF Workshop and its Matrimonial Litigation specialty training (see page 23). Fundamentals cover the entire process of matrimonial litigation support, including determining support, valuing assets, and distribution of assets. Covered within this arena are valuation of marital assets, including closely held business and stock options, taxes for divorce and distribution, asset distribution, and practice management issues.

This specialty program requires attending the five-day Business and Intellectual Property Damages Workshop (see page 29). This Workshop is an intensive, five-day program focusing upon the legal foundations, methodology, best practices, and current trends in business damages and infringement of patents, trademarks, copyrights, and other intellectual property.

6. Forensic Accounting

This specialty program requires attendance at the four-day Forensic Accounting AcademyTM (see page 30). Designed for both financial and non-financial professionals who require sophisticated investigative and analytical skills to stay abreast of increasing civil and criminal wrongdoer duplicity, the Academy defines the financial forensics/ forensic accounting profession. The content focuses on immediately useable and practical skills—not theory. Attendees will immediately deploy their skills upon return to their responsibilities.

3. Bankruptcy, Insolvency, and Restructuring

7. Fraud Risk Management

This specialty program requires attending the five-day MAFF Workshop and its Bankruptcy, Insolvency, and Restructuring specialty training (see page 25). This specialty track focuses on work that practitioners may be called upon to perform when working in bankruptcy, reorganization, and insolvency. It is structured to provide a solid introduction to the laws, regulations, and administrative aspects of corporate bankruptcy and then culminates with forensic financial analysis and the litigation environment relating to corporate bankruptcy, reorganization, and insolvency.

4. Business Valuation in Litigation

Page 20

This specialty program requires attending the five-day MAFF Workshop and its Business Valuation in Litigation specialty training (see page 27). This specialty track focuses on the dynamics of business valuation conclusions and calculations in the context of litigation, controlling professional standards, notable case law, differing approaches to reporting in litigation, traditional and situation-specific standards of value, and other key issues impacting BV in litigation.

This specialty program will be available only in self-study format beginning in the Fall of 2013. The Fraud Risk Management track of the MAFF (see page 32) offers a comprehensive understanding of fraud risk management, from identification of an organization’s fraud risk to provision of practical tools to address them. The solutions offered are applicable to entities of any size and structure, from small, privately owned companies to multi-national publicly held organizations, as well as not-for-profit and governmental/regulatory enterprises.

Prerequisite Requirements All seven tracks with specializations have prerequisite requirements based on experience and training experience. For more information, visit www. NACVA.com or contact Member Services at (800) 677-2009. More information on the MAFF credential is located in The Association brochure. For additional details on these seven different areas of specialty, any of which can lead to earning the MAFF designation, please refer to the pages that follow or call Member Services: (800) 677-2009.

Consultants’ Training Institute Third Quarter 2013 Catalog


Master Analyst in Financial ForensicsTM (MAFFTM) Workshop: Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics InstituteTM

2013 Dates

Early Registration Discounts and Deadlines

Location

10%

5%

October 28–November 2

Washington, DC

8/31

9/30

November 18–23

Ft. Lauderdale, FL

9/30

10/31

December 9–14

Las Vegas, NV

10/31

11/30

The MAFF proctored exam is given at all locations on the Saturday following the training. This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Director at (800) 677-2009 to inquire.

2013 Pricing (Before Early Registration Discount)

Non-Member

Member

Five-day Workshop

$3,000

$2,700

Individual Days

$600

$540

Exam

$395

$395

First-Year NACVA Membership with Training and Exam

$300

Program Description: 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. This Economic Damages track of the MAFF curriculum focuses 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. The common theme of the week’s activities will be a case study. Attendees will work in teams developing their expert analysis, preparing their expert reports and exhibits focusing on their selected specialty area while taking the matter through deposition and trial. The culmination of the program will be a live jury trial in which participants will work with seasoned trial attorneys and view jury deliberations via live video and audio feed. Proctored exams will be administered on the day following the jury trial.

Day 1: Legal Theory and Case Law This course will help explain the legal theories underlying various types of litigation, including the key statutes and case law that define the scope of damages. Instruction will also cover the Federal Rules of Evidence and report preparation under Federal Rule 26(a)(2)(B). This course will introduce a case study that will be used during the remainder of the week of training.

Learning Objectives: After completing this course, attendees will be able to: n Implement and apply legal concepts protocol to financial expert engagements n Identify the responsibilities of an expert, from retention through resolution of the legal proceeding n Withstand motions to exclude expert testimony n Interface with counsel on substantive and strategic issues throughout the legal proceeding

n Identify key concepts and theories used by financial experts in the family law setting n Work within the legal framework and process of family law cases n Identify the unique legal and administrative issues impacting distressed businesses and those who must transact business with distressed businesses n Contrast various chapters of the bankruptcy code, primarily Chapter 11: Reorganization n Identify the participants and practitioners in the corporate bankruptcy, reorganization, and insolvency process

Day 2, 3, and 4 AM: Economic Damages 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 course, attendees will be able to: n Apply the traditional methodologies used for economic damages n Explore and evaluate alternative approaches in the measurement of damages n Apply models used in the measurement and presentation of economic damages n Identify sources of information, economic, and industry data n Integrate the use of statistical and economic concepts into damages models n Discuss case law that impacts damages measurement

"Although I've been valuing economic damages for over 17 years, this was the first formal training I've had on the subject. It is an outstanding program. I thoroughly enjoyed every minute of it. The jury trial was certainly the highlight of the week. Watching a live jury deliberation and seeing the jurors go from one extreme to the next was incredible." Susan Lanham, Ph.D., MAFF, Scott Depot, WV

For NASBA-related information on CPE, please refer to www.theCTI.com. 5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 21

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Economic Damages


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Master Analyst in Financial ForensicsTM (MAFFTM) Workshop: Economic Damages (Continued)

Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics InstituteTM

Day 5: The Dynamics of Trial—Expert Testimony and Juror Perspectives The culmination of the Workshop’s activities will be a live jury trial in which attendees will serve as expert witnesses who will be presented and crossexamined by local trial lawyers. Upon conclusion of the testimony, jurors will conduct deliberations, which will be observed by the attendees via real-time video and audio feed. Once the jurors have reached their verdict, they will return to the courtroom/classroom where there will be an open discussion of the trial. The jurors will provide their perspectives on the testimony and credibility of the expert witnesses. This exchange allows for an open dialogue between the attendees, jurors, and program faculty.

Learning Objectives: After completing this course, attendees will be able to: n Prepare for trial with retaining counsel n Prepare counsel with substance for effective cross-examination of the opposing expert n Deliver credible and persuasive effective trial testimony n Survive cross-examination n Communicate effectively with judges and jurors n Explain the process that judges and jurors employ in deliberations and arriving at their verdict

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 Workshop is designed to serve the educational needs of financial professionals rendering expert consulting services in connection with legal matters involving economic damages, disputes over business valuation, intellectual property, marital dissolution, accounting issues, fraud, and any matter where financial determinations are required. This training is geared towards the seasoned practitioner and utilizes state-of-the-art training techniques to maximize learning and retention. Less seasoned practitioners have much to gain also, because this training—challenging as it is—will broaden their perspectives and tune their skills for working effectively with legal professionals.

Faculty: Day 4 PM: Deposition—Theory, Practice, Strategy, Witness Preparation, and Communication with Jurors This course will help the expert prepare and deliver the most effective testimony and maximize the value of the deposition. Mock depositions are conducted in which attendees serve as expert witnesses in their specialty areas and are examined by skilled litigation attorneys. Attendees will learn from the strategic guidance and critique provided by our faculty. The day’s activities will address the strategic and tactical approaches to trial preparation.

The Master Analyst in Financial Forensics (MAFF) Workshop: Economic Damages is led by Michael Kaplan, CPA/ABV, CVA, MAFF, who has created a strong team consisting of Rod Burkert, CPA, ABV, CVA; Jeffrey D. Diamond, JD; Karen Kaseno, CPA, ABV, CVA, CFE, MAFF, CFF; Randall Kessler, JD; Hubert Klein, CPA, ABV, CVA, CFE, CFF; Sharyn Maggio, CPA, ABV, CFF, PFS; Carlton Marcyan, CPA, CFP, Esq., CDFA, JD; Lari Masten, MSA, CPA, ABV, CFF, CVA, ABAR; Dermot O’Neill, CPA, ABV, CVA, MAFF, ABAR, CFF; Michael Pakter, CGMA, CVA, MAFF, CFF, CDBV, CIRA, CFE, CPA, CA; Francisco (Frank) Rosillo, CPA, ABV, CBA, CFE, BVAL, CVA, ABAR; Rebekah Smith, CPA, CVA, MAFF; and Howard Zandman, CPA, CFF, MAFF.

Learning Objectives: After completing this course, attendees will be able to: n Deliver effective testimony n Identify and respond to alternative approaches to deposition examination n Utilize deposition transcripts productively n Prepare retaining counsel for the deposition of the opposing expert n Prepare for trial

For NASBA-related information on CPE, please refer to www.theCTI.com.

Page 22

Consultants’ Training Institute Third Quarter 2013 Catalog


Master Analyst in Financial ForensicsTM (MAFFTM) Workshop: Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics InstituteTM

2013 Dates

Location

Early Registration Discounts and Deadlines

10%

5%

October 28–November 2

Washington, DC

8/31

9/30

November 18–23

Ft. Lauderdale, FL

9/30

10/31

December 9–14

Las Vegas, NV

10/31

11/30

The MAFF proctored exam is given at all locations on the Saturday following the training. This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Director at (800) 677-2009 to inquire.

2013 Pricing (Before Early Registration Discount)

Non-Member

Member

Five-day Workshop

$3,000

$2,700

Individual Days

$600

$540

Exam

$395

$395

First-Year NACVA Membership with Training and Exam

$300

Program Description: Divorce rates have been rising due to certain problems like incompatibility between couples, infidelity, lack of trust and understanding, and financial  pressures. Financial consultants who want to branch into the area of matrimonial litigation need to understand and perform unique analyses specific to matrimonial disputes. The common theme of the week’s activities will be a case study. Attendees will work in teams developing their expert analysis, preparing their expert reports and exhibits focusing on their selected specialty area while taking the matter through deposition and trial. The culmination of the program will be a live jury trial in which participants will work with seasoned trial attorneys and will view jury deliberations via live video and audio feed. Proctored exams will be administered on the day following the jury trial.

Day 1: Legal Theory and Case Law This course will help explain the legal theories underlying various types of litigation, including the key statutes and case law that define the scope of damages. Instruction will also cover the Federal Rules of Evidence and report preparation under Federal Rule 26(a)(2)(B). This course will introduce a case study that will be used during the remainder of the week of training.

Learning Objectives: After completing this course, attendees will be able to: n Implement and apply legal concepts protocol to financial expert engagements n Identify the responsibilities of an expert, from retention through resolution of the legal proceeding n Withstand motions to exclude expert testimony n Interface with counsel on substantive and strategic issues throughout the legal proceeding

Day 2, 3, and 4 AM: Matrimonial Litigation In this specialty module, attendees will learn valuation, tax, and forensic accounting issues that are unique to matrimonial engagements and how to get started including developing their work plan, documenting their analysis, and writing reports. Attendees will learn how to provide analysis related to income available for support/maintenance, lifestyle of the parties or children, underreported income, and financial issues in high net worth cases. Attendees will also be introduced to a number of tools and practical applications that can be used to ascertain income and assets. This two-day module will also cover the application of valuation concepts and tax considerations in family law matters; valuation issues common to divorce litigation including, valuation methods, standards of value, stock options, retirement assets, and goodwill; tax concepts germane to family law; and how to avoid common mistakes.

Learning Objectives: After completing this course, attendees will be able to: n Identify and utilize data-gathering techniques n Interpret tax returns to determine economic income and identifiable assets n Investigate financial records to uncover hidden assets and unreported income n Perform an analysis of household spending n Compare and employ the appropriate standard of value n Identify appropriate valuation approaches and methods in family law matters n Identify and implement optimal property distribution strategies n Discuss tax consequences related to income, support, and property distribution

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 23

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Matrimonial Litigation


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Master Analyst in Financial ForensicsTM (MAFFTM) Workshop: Matrimonial Litigation (Continued)

Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics InstituteTM

Day 4 PM: Deposition—Theory, Practice, Strategy, Witness Preparation, and Communication with Jurors

Day 5: The Dynamics of Trial—Direct and Cross Examination

This course will help the expert prepare and deliver the most effective testimony and maximize the value of the deposition. Mock depositions are conducted in which attendees serve as expert witnesses in their specialty areas and are examined by skilled litigation attorneys. Attendees will learn from the strategic guidance and critique provided by our faculty. The day’s activities will address the strategic and tactical approaches to trial preparation.

The culmination of the Workshop’s activities will be a live trial in which attendees will serve as expert witnesses who will be presented and crossexamined by local trial lawyers. Upon conclusion of the testimony, deliberations will be observed by the attendees via real-time video and audio feed. Once the deliberations have concluded, there will be an open discussion of the trial where perspectives on the testimony and credibility of the expert witnesses will be shared with the attendees. This exchange allows for an open dialogue between the attendees, trial lawyers, and program faculty.

Learning Objectives: After completing this course, attendees will be able to: n Deliver effective testimony n Identify and respond to alternative approaches to deposition examination n Utilize deposition transcripts productively n Prepare retaining counsel for the deposition of the opposing expert n Prepare for trial

“Since I'm starting out in this field, I thought the instructor did a great job of explaining basics, discussing more complicated issues, and discussing real life examples.” Michelle Ellis, CPA, Fresno, CA

Learning Objectives: After completing this course, attendees will be able to: n Prepare retaining counsel n Prepare counsel with substance for effective cross-examination of the opposing expert n Deliver credible, effective, and persuasive testimony n Survive cross-examination n Communicate effectively with judges n Explain the process that judges employ in deliberations and arriving at their verdict

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 Workshop is designed to serve the educational needs of financial professionals rendering expert consulting services in connection with legal matters involving economic damages, disputes over business valuation, intellectual property, marital dissolution, accounting issues, fraud, and any matter where financial determinations are required. This training is geared towards the seasoned practitioner and utilizes state-of-the-art training techniques to maximize learning and retention. Less seasoned practitioners have much to gain also, because this training—challenging as it is—will broaden their perspectives and tune their skills for working effectively with legal professionals.

Faculty: The Master Analyst in Financial Forensics (MAFF) Workshop: Matrimonial Litigation is led by Michael Kaplan, CPA/ABV, CVA, MAFF, who has created a strong team consisting of Rod Burkert, CPA, ABV, CVA; Jeffrey D. Diamond, JD; Karen Kaseno, CPA, ABV, CVA, CFE, MAFF, CFF; Randall Kessler, JD; Hubert Klein, CPA, ABV, CVA, CFE, CFF; Sharyn Maggio, CPA, ABV, CFF, PFS; Carlton Marcyan, CPA, CFP, Esq., CDFA, JD; Lari Masten, MSA, CPA, ABV, CFF, CVA, ABAR; Dermot O’Neill, CPA, ABV, CVA, MAFF, ABAR, CFF; Michael Pakter, CGMA, CVA, MAFF, CFF, CDBV, CIRA, CFE, CPA, CA; Francisco (Frank) Rosillo, CPA, ABV, CBA, CFE, BVAL, CVA, ABAR; Rebekah Smith, CPA, CVA, MAFF; and Howard Zandman, CPA, CFF, MAFF.

Page 24

Consultants’ Training Institute Third Quarter 2013 Catalog


Master Analyst in Financial ForensicsTM (MAFFTM) Workshop: Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics InstituteTM

2013 Dates

Early Registration Discounts and Deadlines

Location

10%

5%

October 28–November 2

Washington, DC

8/31

9/30

November 18–23

Ft. Lauderdale, FL

9/30

10/31

December 9–14

Las Vegas, NV

10/31

11/30

The MAFF proctored exam is given at all locations on the Saturday following the training. This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Director at (800) 677-2009 to inquire.

2013 Pricing (Before Early Registration Discount)

Non-Member

Member

Five-day Workshop

$3,000

$2,700

Individual Days

$600

$540

Exam

$395

$395

First-Year NACVA Membership with Training and Exam

$300

Program Description: Assisting lenders, companies, attorneys, trustees, and/or other stakeholders in the bankruptcy, restructuring, and insolvency environment requires an understanding of legal, administrative, business economics, and economic issues; financial reporting, accounting, auditing, and income tax issues; valuation issues; and financial forensics and litigation services. The Bankruptcy, Insolvency, and Restructuring track of the MAFF curriculum focuses on work that practitioners may be called upon to perform when working in bankruptcy, reorganization, and insolvency. Specific attention is given to a distressed business’ plan of reorganization, solvency and liquidation analyses, and investigating avoidance actions, preferences, and fraudulent transfers. The common theme of the week’s activities will be a case study. Attendees will work in teams developing their expert analysis, preparing their expert reports and exhibits focusing on their selected specialty area while taking the matter through deposition and trial. The culmination of the program will be a live jury trial in which participants will work with seasoned trial attorneys and will view jury deliberations via live video and audio feed. Proctored exams will be administered on the day following the jury trial.

Day 1: Legal Theory and Case Law This course will help explain the legal theories underlying various types of litigation, including the key statutes and case law that define the scope of damages. Instruction will also cover the Federal Rules of Evidence and report preparation under Federal Rule 26(a)(2)(B). This course will introduce a case study that will be used during the remainder of the week of training.

Learning Objectives: After completing this course, attendees will be able to: n Implement and apply legal concepts protocol to financial expert engagements n Identify the responsibilities of an expert, from retention through resolution of the legal proceeding n Withstand motions to exclude expert testimony n Interface with counsel on substantive and strategic issues throughout the legal proceeding

Day 2, 3, and 4 AM: Bankruptcy, Insolvency, and Restructuring This specialty module analyzes the current economic environment and attempts to understand why some businesses thrive while others are distressed and/or fail. Attention is given to selected chapters of the Bankruptcy Code, especially Chapter 11: Reorganization. The program continues with financial reporting, accounting, auditing, and income tax issues for distressed businesses, including a study of “fresh start” accounting. It also covers the unique issues regarding valuing distressed businesses and how valuation standards, approaches, and methods influence the valuation of non-public companies. Attendees will study the work that practitioners may be called upon to perform when working in bankruptcy, reorganization, and insolvency. Specific attention is given to the plan of reorganization of a distressed business. Additional study is given to solvency and liquidation analyses and investigating avoidance actions, preferences, and fraudulent transfers. The path concludes by addressing the issues relating to expert witness testimony in the corporate bankruptcy arena.

Learning Objectives: After completing this course, attendees will be able to: n Develop, implement, and examine the debtor’s reorganization plan n Assess the current economic climate and understand how it impacts healthy and distressed businesses n Discuss the business economics of distressed businesses and explain the causes and effects of economics on specific line items in a company’s balance sheet and income statement n Specify the financial and regulatory reporting issues regarding distressed businesses n Identify the accounting issues that arise before, during, and after reorganization including ‘fresh start’ accounting n Identify the unique accounting, auditing, tax, and operational issues for a company operating as a debtor-in-possession n Identify unique income tax issues relating to liquidating and reorganizing companies n Compare and contrast the specific valuation standards, approaches, methods, and issues relating to distressed and/or restructured businesses and related litigation n Apply financial forensics methods and techniques to companies in Chapter 11 proceedings n Use financial forensics to assist trial lawyers with avoidance actions, preferences, and fraudulent transfers

Day 4 PM: Deposition—Theory, Practice, Strategy, Witness Preparation, and Communication with Jurors This course will help the expert prepare and deliver the most effective testimony and maximize the value of the deposition. Mock depositions are conducted in which attendees serve as expert witnesses in their specialty areas and are examined by skilled litigation attorneys. Attendees will learn from the strategic guidance and critique provided by our faculty. The day’s activities will address the strategic and tactical approaches to trial preparation.

Learning Objectives: After completing this course, attendees will be able to: n Deliver effective testimony n Identify and respond to alternative approaches to deposition examination n Utilize deposition transcripts productively n Prepare retaining counsel for the deposition of the opposing expert n Prepare for trial

For NASBA-related information on CPE, please refer to www.theCTI.com. 5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 25

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Bankruptcy, Insolvency, and Restructuring


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Master Analyst in Financial ForensicsTM (MAFFTM) Workshop: Bankruptcy, Insolvency, and Restructuring (Continued)

Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics InstituteTM

Day 5: The Dynamics of Trial—Expert Testimony and Juror Perspectives The culmination of the Workshop’s activities will be a live jury trial in which attendees will serve as expert witnesses who will be presented and crossexamined by local trial lawyers. Upon conclusion of the testimony, jurors will conduct deliberations, which will be observed by the attendees via real-time video and audio feed. Once the jurors have reached their verdict, they will return to the courtroom/classroom where there will be an open discussion of the trial. The jurors will provide their perspectives on the testimony and credibility of the expert witnesses. This exchange allows for an open dialogue between the attendees, jurors, and program faculty.

Learning Objectives: After completing this course, attendees will be able to: n Prepare for trial with retaining counsel n Prepare counsel with substance for effective cross-examination of the opposing expert n Deliver credible and persuasive effective trial testimony n Survive cross-examination n Communicate effectively with judges and jurors n Explain the process that judges and jurors employ in deliberations and arriving at their verdict

Page 26

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 Workshop is designed to serve the educational needs of financial professionals rendering expert consulting services in connection with legal matters involving economic damages, disputes over business valuation, intellectual property, marital dissolution, accounting issues, fraud, and any matter where financial determinations are required. This training is geared towards the seasoned practitioner and utilizes state-of-the-art training techniques to maximize learning and retention. Less seasoned practitioners have much to gain also, because this training—challenging as it is—will broaden their perspectives and tune their skills for working effectively with legal professionals.

Faculty: The Master Analyst in Financial Forensics (MAFF) Workshop: Bankruptcy, Insolvency, and Restructuring is led by Michael Kaplan, CPA/ABV, CVA, MAFF, who has created a strong team consisting of Rod Burkert, CPA, ABV, CVA; Jeffrey D. Diamond, JD; Karen Kaseno, CPA, ABV, CVA, CFE, MAFF, CFF; Randall Kessler, JD; Hubert Klein, CPA, ABV, CVA, CFE, CFF; Sharyn Maggio, CPA, ABV, CFF, PFS; Carlton Marcyan, CPA, CFP, Esq., CDFA, JD; Lari Masten, MSA, CPA, ABV, CFF, CVA, ABAR; Dermot O’Neill, CPA, ABV, CVA, MAFF, ABAR, CFF; Michael Pakter, CGMA, CVA, MAFF, CFF, CDBV, CIRA, CFE, CPA, CA; Francisco (Frank) Rosillo, CPA, ABV, CBA, CFE, BVAL, CVA, ABAR; Rebekah Smith, CPA, CVA, MAFF; and Howard Zandman, CPA, CFF, MAFF.

Consultants’ Training Institute Third Quarter 2013 Catalog


Master Analyst in Financial ForensicsTM (MAFFTM) Workshop: Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics InstituteTM

2013 Dates

Early Registration Discounts and Deadlines

Location

10%

5%

October 28–November 2

Washington, DC

8/31

9/30

November 18–23

Ft. Lauderdale, FL

9/30

10/31

December 9–14

Las Vegas, NV

10/31

11/30

The MAFF proctored exam is given at all locations on the Saturday following the training. This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Director at (800) 677-2009 to inquire.

2013 Pricing (Before Early Registration Discount)

Non-Member

Member

Five-day Workshop

$3,000

$2,700

Individual Days

$600

$540

Exam

$395

$395

First-Year NACVA Membership with Training and Exam

$300

Program Description: Business valuation professionals often find themselves drawn into disputes over the value of business interests. Minority and oppressed shareholder disputes, damage to business value, eminent domain, and failed business combinations are some of these situations calling for the expertise of the seasoned business valuation analyst. The Business Valuation in Litigation track of the MAFF curriculum focuses upon the dynamics of business valuation conclusions and calculations in the context of litigation, controlling professional standards, notable case law, differing approaches to reporting in litigation, traditional and situation specific standards of value, and other key issues impacting business valuation in litigation. The common theme of the week’s activities will be a case study. Attendees will work in teams developing their expert analysis, preparing their expert reports and exhibits focusing on their selected specialty area while taking the matter through deposition and trial. The culmination of the program will be a live jury trial in which participants will work with seasoned trial attorneys and will view jury deliberations via live video and audio feed. Proctored exams will be administered on the day following the jury trial.

Day 1: Legal Theory and Case Law This course will help explain the legal theories underlying various types of litigation, including the key statutes and case law that define the scope of damages. Instruction will also cover the Federal Rules of Evidence and report preparation under Federal Rule 26(a)(2)(B). This course will introduce a case study that will be used during the remainder of the week of training.

Learning Objectives: After completing this course, attendees will be able to: n Implement and apply legal concepts protocol to financial expert engagements n Identify the responsibilities of an expert, from retention through resolution of the legal proceeding n Withstand motions to exclude expert testimony n Interface with counsel on substantive and strategic issues throughout the legal proceeding

Day 2, 3, and 4 AM: Business Valuation in Litigation In this specialty module, attendees will gain an understanding of the legal environment in which valuation experts practice and the practical application of business valuation in various types of legal disputes. Attendees will also expand their knowledge of professional standards and focus on developmental and reporting standards as they apply under court rules and procedures. The curriculum will also focus on the importance of site visits, tips and techniques to employ reviewing the opposing expert’s report, why a critique of the opposing expert may not be enough, and what to do when the opposing expert is bound by different standards. Discussion will also address how to assist counsel with document requests and how to resolve issues dealing with a counsel who doesn’t understand business valuation.

Learning Objectives: After completing this course, attendees will be able to: n Identify standards of value and approaches peculiar to shareholder disputes and other related litigation-based valuations n Apply legal concepts relating to business valuation to their professional engagements n Explain professional standards governing business valuation experts in litigation engagements n Apply professional standards in the litigation environment n Write an effective valuation report applicable to litigation engagements n Identify the weaknesses of valuation reports in the litigation environment n List principles of effective communication in litigation n Apply litigation and communication skills in delivering deposition and trial testimony n Describe the dynamics of litigation in business valuation matters

“It was a wonderful learning experience among fellow peers. I can honestly say that this was the most demanding educational class that I've ever attended as a CPA and CVA. I also feel I was able to learn an immense amount of material, all in one week of time. Well done!” Suzanne Trimble, CPA, CVA, MAFF, Anchorage, AK

For NASBA-related information on CPE, please refer to www.theCTI.com. 5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

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C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Business Valuation in Litigation


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Master Analyst in Financial ForensicsTM (MAFFTM) Workshop: Business Valuation in Litigation (Continued)

Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics InstituteTM

Day 4 PM: Deposition—Theory, Practice, Strategy, Witness Preparation, and Communication with Jurors This course will help the expert prepare and deliver the most effective testimony and maximize the value of the deposition. Mock depositions are conducted in which attendees serve as expert witnesses in their specialty areas and are examined by skilled litigation attorneys. Attendees will learn from the strategic guidance and critique provided by our faculty. The day’s activities will address the strategic and tactical approaches to trial preparation.

Learning Objectives: After completing this course, attendees will be able to: n Deliver effective testimony n Identify and respond to alternative approaches to deposition examination n Utilize deposition transcripts productively n Prepare retaining counsel for the deposition of the opposing expert n Prepare for trial

Day 5: The Dynamics of Trial—Expert Testimony and Juror Perspectives The culmination of the Workshop’s activities will be a live jury trial in which attendees will serve as expert witnesses who will be presented and crossexamined by local trial lawyers. Upon conclusion of the testimony, jurors will conduct deliberations, which will be observed by the attendees via real-time video and audio feed. Once the jurors have reached their verdict, they will return to the courtroom/classroom where there will be an open discussion of the trial. The jurors will provide their perspectives on the testimony and credibility of the expert witnesses. This exchange allows for an open dialogue between the attendees, jurors, and program faculty.

Learning Objectives: After completing this course, attendees will be able to:

n Deliver credible and persuasive effective trial testimony n Survive cross-examination n Communicate effectively with judges and jurors n Explain the process that judges and jurors employ in deliberations and arriving at their verdict

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 Workshop is designed to serve the educational needs of financial professionals rendering expert consulting services in connection with legal matters involving economic damages, disputes over business valuation, intellectual property, marital dissolution, accounting issues, fraud, and any matter where financial determinations are required. This training is geared towards the seasoned practitioner and utilizes state-of-the-art training techniques to maximize learning and retention. Less seasoned practitioners have much to gain also, because this training—challenging as it is—will broaden their perspectives and tune their skills for working effectively with legal professionals.

Faculty: The Master Analyst in Financial Forensics (MAFF) Workshop: Business Valuation in Litigation is led by Michael Kaplan, CPA/ABV, CVA, MAFF, who has created a strong team consisting of Rod Burkert, CPA, ABV, CVA; Jeffrey D. Diamond, JD; Karen Kaseno, CPA, ABV, CVA, CFE, MAFF, CFF; Randall Kessler, JD; Hubert Klein, CPA, ABV, CVA, CFE, CFF; Sharyn Maggio, CPA, ABV, CFF, PFS; Carlton Marcyan, CPA, CFP, Esq., CDFA, JD; Lari Masten, MSA, CPA, ABV, CFF, CVA, ABAR; Dermot O’Neill, CPA, ABV, CVA, MAFF, ABAR, CFF; Michael Pakter, CGMA, CVA, MAFF, CFF, CDBV, CIRA, CFE, CPA, CA; Francisco (Frank) Rosillo, CPA, ABV, CBA, CFE, BVAL, CVA, ABAR; Rebekah Smith, CPA, CVA, MAFF; and Howard Zandman, CPA, CFF, MAFF.

n Prepare for trial with retaining counsel n Prepare counsel with substance for effective cross-examination of the opposing expert

Page 28

Consultants’ Training Institute Third Quarter 2013 Catalog


Master Analyst in Financial ForensicsTM (MAFFTM) Workshop: Co-Sponsored by the National Association of Certified Valuators and Analysts and the Financial Forensics InstituteTM

2013 Dates November 18–22

Location

Early Registration Discounts and Deadlines

Ft. Lauderdale, FL

10%

5%

9/30

10/31

The MAFF proctored examination is administered at the conclusion of Day 3 and Day 5. This course requires a laptop.

2013 Pricing (Before Early Registration Discount)

Non-Member

Member

Complete Five-day Workshop

$2,500

$2,250

Days 1-3: Advanced Concepts in Business Damages (November 18-20)

$1,500

$1,350

Days 4-5: Intellectual Property Infringement Damages (November 21-22)

$1,000

$900

Individual Days

$500

$450

Exam

$395

$395

First-Year NACVA Membership with Training and Exam

$300

Program Description: The Master Analyst in Financial ForensicsTM (MAFF TM) Workshop: Business and Intellectual Property Damages is an intensive five-day program focusing upon the legal foundations, methodology, best practices, and current trends in business damages and infringement of patents, trademarks, copyrights, and other intellectual property. The Workshop is based on Nancy Fannon’s The Comprehensive Guide to Lost Profits Damages for Experts and Attorneys, 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.

Days 1, 2, and 3: Advanced Concepts in Business Damages The first three days of the Workshop 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 (the book is included in the cost of registration). During the three days, 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. This class 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.

Learning Objectives: After completing this course, attendees will be able to: n Apply quantitative methodologies in the measurement of damages n Apply damages methods and models appropriate to the facts and circumstances (and the governing law) n Apply advanced damages concepts in preparing a damage calculation that will withstand scrutiny n Explain industry specific issues that may impact damage claims n Evaluate business interruption insurance and damage claims

Days 4 and 5: Intellectual Property Infringement Damages This two-day portion of the Workshop is 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 (the book is included in the cost of registration). 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 course, attendees will be able to: n Discuss forms of intellectual property damages n Explain the similarities and differences in utility patent, design patent, trademark, copyright, and trade secrets damages n List relevant cases addressing intellectual property damages n Apply valuation concepts to intellectual property damages n Identify the basic components to address in an intellectual property damages expert report n Describe and understand the recent history of the Entire Market Value Rule (EMVR) n Recognize the relevant considerations in whether or not license agreements are sufficiently comparable

Who Should Attend: Financial professionals, candidates for the Master Analyst in Financial Forensics (MAFF) designation, damages experts, CPAs, and valuation experts.

Faculty: The Master Analyst in Financial Forensics (MAFF) Workshop: Business and Intellectual Property Damages is taught by Richard Bero, CPA, CVA; Richard Hoffman, CPA, ABV; Rebekah Smith, CPA, CVA, MAFF, CFF; and Howard Zandman, CPA, MAFF, CFF.

For NASBA-related information on CPE, please refer to www.theCTI.com. 5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 29

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Business and Intellectual Property Damages


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Master Analyst in Financial ForensicsTM (MAFFTM) Workshop: Forensic Accounting Academy TM Co-Sponsored by the National Association of Certified Valuators and Analysts, the Financial Forensics AcademyTM, and financialforensics®

2013 Dates

Location

Early Registration Discounts and Deadlines

10%

5%

Expired

8/31

September 24–28

Boston, MA

November 19–23

Ft. Lauderdale, FL

9/30

10/31

December 10–14

Las Vegas, NV

10/31

11/30

March 11-15, 2014

Chicago, IL

1/31/14

2/28/14

The MAFF proctored exam is given at all locations on the Saturday following the training. This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Director at (800) 677-2009 to inquire.

2013 Pricing (Before Early Registration Discount)

Non-Member

Member

Four-day Academy

$2,400

$2,160

Individual Days

$600

$540

Exam

$395

$395

First-Year NACVA Membership with Training and Exam

$300

Program Description: Despite the chronic and compelling need for financial forensics and forensic accounting expertise, the accounting and financial professions have yet to embrace or even offer a cogent and comprehensive forensic accounting toolsbased methodology. That deficiency has plagued our economy…until now. The Master Analyst in Financial ForensicsTM (MAFFTM) Workshop: Forensic Accounting AcademyTM (Academy) is the most inclusive training in forensic accounting available to date. The four-day training Academy provides a one-stop source of more than 300 tools, techniques, methods, and methodologies applicable to virtually any large or small financial matter, whether civil, criminal, or dispute. The Academy content is designed for both financial and non-financial professionals who require sophisticated investigative and analytical skills to stay abreast of increasing civil and criminal wrongdoer duplicity. Advanced skills are essential as people and money resources diminish. Those who complete the Academy become qualified as Forensic Operators©…financial forensics-capable personnel who possess unique and specific skills, knowledge, experience, education, training, and integrity to function in the financial forensics discipline. Further, they can elect to meet other criteria to obtain the Master Analyst in Financial Forensics (MAFF) credential. The Academy defines the financial forensics/forensic accounting profession: “The Art & Science of Investigating People & MoneyTM.” The Academy defines why: “If you understand financial forensics, you understand fraud, but not vice versa” by applying financial forensics to all aspects of the financial and non-financial communities for both civil and criminal purposes. The Academy content focuses on immediately useable and practical skills— NOT theory. Attendees will immediately deploy their skills upon return to their responsibilities. The skills comprise the 300+ tools, techniques, methods, and methodologies embedded within a proprietary Internet-based hyperlinked methodology, i.e. FA/IM© (Forensic Accounting/Investigation Methodology©). The 300+ financial forensics/forensic accounting tools, techniques, methods, and methodologies are offered nowhere else and in no other programs throughout the U.S. The tools, techniques, methods, and methodologies apply to all subject matters ranging from a one-chair beauty salon to a global Fortune 500 company. The tools include an introduction to (alphabetical): application of aberrant pattern

detection, behavior detection, CICO©, computer forensics, CRO (and its variants), delete windows, digital analysis (including live exercises deploying IDEA© software for Benford’s Law), document maps, entity(s) charts, event analysis, facial mapping, financial profiling, forensic financial analysis, forensic lexicology (quantifying words), full-and-false inclusion, funds velocity techniques, genograms, ICE/SCORE©, informant development, Internet sleuthing, invigilation, laboratory analysis, Likert scaling, link analysis/ root tracing MIMO, proxemics, QDE/FAB, Rules of Threes, stylometry, surveillance methods, TARTA/TITA/TDTA, undercover methods, and many others. The majority of techniques have been widely applied for decades, yet are virtually unknown to the financial community. FA/IM© is the only financial forensics/forensic accounting methodology published by the United States Department of Justice and the American Bar Association. Attendees receive the newly published Financial Forensics Body of Knowledge, John Wiley & Sons, Inc., which serves as the course curriculum. It contains 560 pages in addition to Internet-accessible forensic reports comprising about another 400 pages. In addition, attendees receive preliminary access to the Academy’s proprietary contextually sensitive Internetbased Forensic Accounting/Investigation Methodology© via a Process Map patent-in-process.

Day 1: Differentiate and Demonstrate Forensic Accounting Mind-Set This course sets the foundation for the skill set you will use to protect your clients as well as help you and your company expand your business footprint. The accounting profession’s legacy regarding forensic accounting will be discussed, creating a potential paradigm shift in how you look at forensic accounting and its impact on all the accounting areas you focus on in your business. Industry sources will be compared and contrasted so you will have information resources to fall back on. The FA/IM© software will be discussed as an outline that you will use to bring all the other information and tools together creating a framework that will help organize and simplify the processes you will use daily.

Learning Objectives: After completing this course, attendees will be able to: n Identify technical reference sources n Differentiate forensic accounting from mere “fraud” analysis n Compare and contrast industry sources n Introduce and demonstrate methodologies used on a daily basis n Differentiate the four phases, 13 stages, and five actions per stage for FA/IM©

Day 2: Utilizing Forensic Tools This course exposes you further to the forensic accounting tools and techniques you will need. Your interviewing skills will be enhanced by viewing and practicing a variety of actions that you will be introduced to. Each tool and technique you are exposed to will move you up another level on the forensic accounting ladder.

Learning Objectives: After completing this course, attendees will be able to: n Identify technical reference sources n Describe the techniques of the Behavior Detection/FACS n Detect when someone is lying to you

For NASBA-related information on CPE, please refer to www.theCTI.com.

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Consultants’ Training Institute Third Quarter 2013 Catalog


Master Analyst in Financial ForensicsTM (MAFFTM) Workshop: Co-Sponsored by the National Association of Certified Valuators and Analysts, the Financial Forensics AcademyTM, and financialforensics®

Day 3: Intermediate and Advanced Techniques of Digital Analysis This course introduces you to IDEA© software and the benefits it will provide you while practicing the forensic techniques you have been studying. More tools and techniques will be introduced as well as known digital analysis styles including Benford’s Law, Stratification Percentage Comparison, Duplicate Numbers Test, etc., adding to your forensic accounting toolkit.

Learning Objectives: After completing this course, attendees will be able to: n Discuss and use IDEA© software n Describe the difference between the different types of Digital Analysis n Apply 20-25 foundational techniques as the springboard to deploying the remaining 300 +/- techniques

Day 4: Executing Critical Forensic Techniques This course takes all you have learned in the past three days and builds on that foundation. New tools and techniques will be added to your toolkit, but you will also be sharpening what you have learned in the prior three days. Hypotheses, laws, theorems, and tests will be discussed and added to your toolkit. All you have learned using the FA/IM software as your outline and guide will be ready for you to use your first day back at the office.

Learning Objectives: After completing this course, attendees will be able to: n Train others in your organization with respect to the foundational techniques n Identify your professional responsibilities regardless of financial or nonfinancial responsibilities n Implement a continuous means of maintaining technical currency as new tools, techniques, methods, and methodologies are formalized

“Hands-on teaching with software were truly beneficial. The instructor’s experience and explanation for the relevance of the topics discussed helped me understand its significance to forensic analysis.” Kerri Spano, MAFF, CPA, San Bruno, CA

Who Should Attend: This primer is ideal for CPAs, law enforcement (federal, state, local), regulators, investigators, agents, attorneys, prosecutors, business advisors, bankers, fiduciaries, and business owners—in short, those who may not intend to focus a practice on financial forensics, yet want to understand the applicability of the discipline in their pursuits.

Faculty: The Master Analyst in Financial Forensics (MAFF) Workshop: Forensic Accounting Academy is taught by Darrell D. Dorrell, CPA/ABV, MBA, CVA, ASA, CMA, DABFA; Gregory A. Gadawski, CPA/ABV, CVA, CFE; Chris Hamilton, CPA, CVA, CFE, DABFA; and Jason Pierce, CPA, CMA, CFM, CVA, MAFF.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

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C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Forensic Accounting Academy TM (Continued)


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Master Analyst in Financial ForensicsTM (MAFFTM) Self-Study: Fraud Risk Management Co-Sponsored by the National Association of Certified Valuators and Analysts This specialty program will be available only in self-study format beginning in the Fall of 2013.

2013 Pricing Self-Study

Non-Member

Member

$995

$895

Learning Objectives:

$395

After completing this course, attendees will be able to:

Exam

$395

First-Year NACVA Membership with Training and Exam

$300

Program Description: Fraud is pervasive, ever-present, and evolving, but so are the solutions to curb and prevent it. Recognizing the changes that are occurring in the world of fraud and knowing how to effectively analyze and apply that knowledge can make or break a fraud risk management program. The Master Analyst in Financial ForensicsTM (MAFFTM) Self-Study: Fraud Risk Management offers a comprehensive understanding of fraud risk management, from identification of an organization’s fraud risk to provision of practical tools to address them. The solutions offered are applicable to entities of any size and structure, from small privately owned companies to multi-national publicly held organizations, as well as notfor-profit and governmental/regulatory enterprises. Through this self-study program, individuals will develop an in-depth understanding of an organization’s risk of financial loss and insight to practical solutions that will enable their organizations to manage these risks effectively and according to their risk appetites. The program provides a review of the current business environment, where fraud risk and profit opportunities collide. It provides a look into on- and off-book fraud schemes, including signs and symptoms of potential fraudulent

Page 32

events requiring a response, and an additional look at the controls that can be implemented to mitigate some of these risks. The program provides individuals with hands-on application of fraud risk assessment methodologies and techniques.

n Define what fraud risk is n List benefits of managing fraud by engaging an entire organization n Discuss fraud schemes and the environments where they breed and proliferate n Develop fraud detection and deterrence techniques, including identifying and assessing fraud risk at work n Evaluate the resident fraud risk using a comprehensive fraud risk methodology n Develop tools to enable the organization to mitigate, share, or accept the fraud risks identified n Identify situations and conditions where fraud risk is present and needs to be managed n Evaluate existing internal controls and make relevant recommendations for value-added improvements n Differentiate roles and responsibilities for fraud deterrence and investigation among the board of directors, independent auditors, management, and consultants

Who Should Attend: Those who wish to protect their business or their clients’ businesses from existing or potential fraud.

Consultants’ Training Institute Third Quarter 2013 Catalog


Expert Witness Bootcamp

2013 Dates

Location

Early Registration Discounts and Deadlines

10%

5%

Days 2 and 3: The Dynamics of Trial— Direct and Cross Examination

Expired

Expired

Topics addressed include completion of depositions of attendees, trial preparation and testimony, and critique of testimony. In addition, the Day 2 and 3 courses include one-on-one coaching of attendees by instructors and guidance on further development of each attendee’s expert skills.

September 19–21

Atlanta, GA

October 24–26

San Diego, CA

8/31

9/30

January 30–February 1, 2014 Scottsdale, AZ

11/30

12/31

This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Director at (800) 677-2009 to inquire.

2013 Pricing (Before Early Registration Discount)

Non-Member

Member

$1,950

$1,755

Three-day Bootcamp

The Truth, the Whole Truth, and Nothing But PersuasionTM Program Description: Each Expert Witness Bootcamp attendee will participate as a testifying and consulting expert in a trial involving financial testimony. Attendees will learn the art of delivering effective testimony and how to withstand grueling cross examination. As consulting experts, program attendees will learn how to dissect and critique the reports and opinions of the testifying experts and how to prepare counsel for the expert segments of trial. Each attendee will be coached and guided by members of our faculty of seasoned experts and trial attorneys. The Bootcamp culminates in a courtroom setting during which each program attendee, as a testifying expert, presents and defends his or her own expert opinions on the witness stand.

Day 1: The Dynamics of Expert Witnessing— Professional Standards, Expert Reports, and Strategic Planning

Learning Objectives: After completing this course, attendees will be able to: n Present clear, persuasive, and effective direct testimony n Survive grueling cross-examination n Communicate effectively with judges and jurors n Paint a picture in the mind’s eye of the judge and jury n Respond to the opinions of the opposing expert n Avoid unnecessary “landmines” in the expert’s report and file n Avoid the mistakes of inexperienced experts

Who Should Attend: Professionals in all disciplines who serve as or plan to serve as expert witnesses. Financial experts, doctors, attorneys, insurance professionals, real estate brokers, valuation and appraisal experts, accountants, engineers, scientists, vocational experts, construction experts, educators, psychologists, and other experts who wish to hone their skills as expert witnesses will find this program to be a most valuable experience. MAFF candidates can fulfill the Foundational Experience Prerequisite with attendance at this Bootcamp.

Faculty: The Expert Witness Bootcamp is taught by Michael Kaplan, CPA, ABV, CVA, MAFF, and Jeffrey D. Diamond, JD, as well as trial attorneys and seasoned financial experts. The combined experience of the Bootcamp faculty spans more than 300 trials.

Topics covered during the morning include the dynamics of serving as an expert, interfacing with counsel, professional standards for experts, expert reports, motions to exclude experts, understanding the difference between deposition testimony and trial testimony, strategies of counsel in deposition and trial, and strategies and tactics of effective expert witnesses. Afternoon topics include deposition preparation, depositions of program attendees, and critique of testimony.

Learning Objectives: After completing this course, attendees will be able to: n Implement the legal and courtroom protocol for expert witnesses n Apply the rules of discovery and evidence as they relate to experts n Interface appropriately with retaining and opposing counsel n Deliver effective deposition testimony n Describe the tactics used by opposing counsel at deposition and respond effectively n Anticipate and respond to motions in limine to exclude expert testimony

For NASBA-related information on CPE, please refer to www.theCTI.com. 5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

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C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Co-Sponsored by the National Association of Certified Valuators and Analysts, the Financial Forensics InstituteTM, and the American Institute for Expert Witness Education


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Matrimonial Expert Witness Bootcamp Co-Sponsored by the National Association of Certified Valuators and Analysts, the Financial Forensics InstituteTM, and the American Institute for Expert Witness Education

2013 Dates

Location

Early Registration Discounts and Deadlines

10%

5%

Expired

Expired

September 19–21

Atlanta, GA

October 24–26

San Diego, CA

8/31

9/30

January 30–February 1, 2014 Scottsdale, AZ

11/30

12/31

This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Director at (800) 677-2009 to inquire.

2013 Pricing (Before Early Registration Discount) Three-day Bootcamp

Non-Member

Member

$1,950

$1,755

The Truth, the Whole Truth, and Nothing But PersuasionTM Program DESCRIPTION: Each attendee in the Matrimonial Expert Witness Bootcamp three-day program will participate as a testifying and consulting expert in a trial involving family law issues. Attendees will learn the art of delivering effective testimony and how to withstand grueling cross-examination. Attendees will learn how to dissect and critique the reports and opinions of opposing experts and how to prepare counsel for the expert segments of trial. Each attendee will be coached and guided by members of the faculty of seasoned experts and trial attorneys. The Bootcamp culminates in a courtroom setting during which each testifying expert presents and defends his or her own expert opinions on the witness stand.

Day 1: The Dynamics of Expert Witnessing— Professional Standards, Expert Reports, and Strategic Planning Topics covered during the morning include the dynamics of serving as an expert in matrimonial litigation matters, interfacing with counsel, professional standards for experts, expert reports, motions to exclude experts, understanding the difference between deposition testimony and trial testimony, strategies of counsel in deposition and trial, and strategies and tactics of effective expert witnesses. Afternoon topics include deposition preparation, depositions of program attendees, and critique of testimony.

Learning Objectives: After completing this course, attendees will be able to: n Implement the legal and courtroom protocol for expert witnesses n Apply the rules of discovery and evidence as they relate to experts n Interface appropriately with retaining and opposing counsel n Deliver effective deposition testimony n Describe the tactics used by opposing counsel at deposition and respond effectively n Anticipate and respond to motions in limine to exclude expert testimony

Day 2 and 3: The Dynamics of Trial— Direct and Cross Examination Topics addressed include completion of depositions of attendees, trial preparation and testimony, and critique of testimony. In addition, the Day 2 and 3 courses include one-on-one coaching of attendees by instructors and guidance on further development of each attendee’s expert skills.

Learning Objectives: After completing this course, attendees will be able to: n Present clear, persuasive, and effective direct testimony n Survive grueling cross-examination n Communicate effectively with family court judges (and juries where applicable) n Describe the differences in dynamics in family court vs. commercial court n Paint a picture in the mind’s eye of the judge (and jury where applicable) n Respond to the opinions of the opposing expert n Avoid unnecessary “landmines” in the expert’s report and file n Avoid the mistakes of inexperienced experts

Who Should Attend:

Professionals in all disciplines who serve as or plan to serve as expert witnesses. Financial experts, doctors, attorneys, insurance professionals, real estate brokers, valuation and appraisal experts, accountants, engineers, scientists, vocational experts, construction experts, educators, psychologists, and other experts who wish to hone their skills as expert witnesses will find this program to be a most valuable experience.

Faculty: The Matrimonial Expert Witness Bootcamp is taught by Michael Kaplan, CPA, ABV, CVA, MAFF; Jeffrey D. Diamond, JD; and Carlton Marcyan, CPA, CFP, CDFA, Esq., JD; as well as trial attorneys and seasoned financial experts. The combined experience of the Bootcamp faculty spans more than 300 trials.

For NASBA-related information on CPE, please refer to www.theCTI.com.

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Consultants’ Training Institute Third Quarter 2013 Catalog


Co-Sponsored by the National Association of Certified Valuators and Analysts, the Financial Forensics AcademyTM, and financialforensics®

2013 Dates

Location

Early Registration Discounts and Deadlines

10%

5%

September 17–18

Atlanta, GA

Expired

Expired

October 11–12

Chicago, IL

Expired

8/31

This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Director at (800) 677-2009 to inquire.

2013 Pricing (Before Early Registration Discount) Two-day clinic

Non-Member

Member

$1,100

$990

Program Description: Co-Sponsored by the Financial Forensics AcademyTM, the Forensic Accounting ClinicTM (Clinic) is an abbreviated version of the Master Analyst in Financial ForensicsTM (MAFFTM) Workshop: Forensic Accounting AcademyTM (Academy). Its two-day format permits limited exposure to overall Academy content, yet enables attendees to leave with immediately useable tools and prepares them for the full Academy.

Learning Objectives: After completing this course, attendees will be able to: n Explain the criticality and deployment of the three major financial forensics methodologies n Differentiate the four phases, 13 stages, and five actions per stage for FA/ IM© n Apply 10-15 foundational techniques as the springboard to deploying the remaining 300 +/- techniques

Day 2: Commonly Applied Financial Forensic/Forensic Accounting Tools This course takes all the tools and techniques you learned in Day 1 to another level. You will continue to be exposed to new tools that can be used, but you will also be shown how to use these tools in a manner that will benefit your clients as well as your business. You will put together a plan that can be used every day with every client to protect them from fraud. And you will learn how to manipulate the information in such a way that you can pass this plan onto others at your company so they can also use it to protect their clients.

The Clinic content is designed for both financial and non-financial professionals who require an introduction to sophisticated investigative and analytical skills to stay aware of increasing civil and criminal wrongdoer duplicity. Advanced skills are essential as people and money resources diminish. Those who complete the Clinic are on the path to becoming qualified as Forensic Operators©…financial forensics-capable personnel who possess unique and specific skills, knowledge, experience, education, training, and integrity to function in the financial forensics discipline. Further, this Clinic can help meet the experience requirement to obtain the Master Analyst in Financial Forensics (MAFF) credential.

Learning Objectives:

The Clinic defines the financial forensics/forensic accounting profession: “The Art & Science of Investigating People & MoneyTM.” It defines why: “If you understand financial forensics, you understand fraud, but not vice versa” by applying financial forensics to all aspects of the financial and non-financial communities for both civil and criminal purposes.

Who Should Attend:

The Clinic content focuses on immediately useable and practical skills—NOT theory. Attendees will immediately deploy their skills upon return to their responsibilities. The skills comprise some of the 300+ tools, techniques, methods and methodologies embedded within a proprietary Internet-based hyperlinked methodology, i.e. FA/IM© (Forensic Accounting/Investigation Methodology©). The 300+ financial forensics/forensic accounting tools, techniques, methods, and methodologies are offered nowhere else and in no other programs throughout the U.S.

After completing this course, attendees will be able to: n Train others in their organization with respect to the foundational techniques n Identify their professional responsibilities regardless of financial or non-financial responsibilities n Implement a continuous means of maintaining technical currency as new tools, techniques, methods and methodologies are formalized

Financial professionals, CPAs, and evaluation experts. MAFF candidates can fulfill the Foundational Experience Prerequisite with attendance at this Clinic.

Faculty: The Forensic Accounting Clinic is taught by Darrell D. Dorrell, CPA/ABV, MBA, CVA, ASA, CMA, DABFA; Gregory A. Gadawski, CPA/ABV, CVA, CFE; Chris Hamilton, CPA, CVA, CFE, DABFA; and Jason Pierce, CPA, CMA, CFM, CVA, MAFF.

FA/IM© is the only financial forensics/forensic accounting methodology published by the United States Department of Justice and the American Bar Association. Attendees receive preliminary access to the Financial Forensics Academy’s proprietary contextually sensitive Internet-based Forensic Accounting/Investigation Methodology© via a Process Map patent-in-process.

Day 1: Financial Forensic/Forensic Accounting Tools, Techniques, and Methodologies This course provides an introduction to tools and techniques that will help you detect fraud that is impacting your clients. Often fraud is only found after it has become a major issue for the company, but these tools are a simple way for you to run numbers on a timely basis and determine if you and your client should be concerned and pursue further. Other tools discussed simplify the forensic process making solving the fraud puzzle easier.

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

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C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Forensic Accounting Clinic TM


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Cornerstones of Financial Forensics Workshop Co-Sponsored by the National Association of Certified Valuators and Analysts

2013 Dates

Location

Early Registration Discounts and Deadlines

10%

5%

October 21–25

San Diego, CA

8/31

9/30

November 4–8

Houston, TX

8/31

9/30

Non-Member

Member

Five-day Workshop

$3,000

$2,700

Individual Days

$600

$540

This course requires a laptop.

2013 Pricing (Before Early Registration Discount)

Program Description: NACVA’s five-day Cornerstones of Financial Forensics Workshop was built upon the Content Specification Outline (CSO) underlying the AICPA®’s  Certified in Financial Forensics (CFF®) Body of Knowledge. Taught by a team of nationally recognized financial forensic experts, this Workshop was developed by the NACVA to be the AICPA’s “Preferred Provider” of this training for candidates seeking the CFF credential. “CPA Firms Need to Find New Ways to Build Revenue in Post-Recession World” is the headline of a March 21, 2013 Accounting Web article authored by Frank Byrt. Becoming an expert in forensic accounting to detect fraud, investigating financial losses, and providing litigation support services are options cited for CPA firms to build revenue. “Demand for forensic accounting services will remain strong over the next five years in the United States as a result of increased financial regulations and continued demand for investigative services in the wake of the recession,” reports Ken Tysiac in a September 2012 article for CPA Insider™.

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The intensive, five-day, forty-hour Workshop delivers an understanding of professional standards, the legal underpinnings of financial forensics, as well as a thorough overview of the following specialized areas of financial forensics practice: n Bankruptcy, Insolvency, and Reorganization n Business Valuation n Computer Forensic Analysis n Economic Damages n Family Law n Financial Statement Misrepresentation n Forensic Accounting n Fraud Prevention, Detection, and Response In addition to instruction and materials, attendees will benefit from and take away a complete bibliography, practice aids, guides, checklists, and web links to direct them to additional study and education to help them to obtain the credential. Training and certification in this field will greatly assist CPAs to build their practice in this rapidly growing accounting niche. The AICPA has scheduled a CFF examination window between November 15 and December 20, 2013, with a registration deadline of October 15, 2013. The 2013 Cornerstones offerings are scheduled to prepare CFF candidates for this examination window.

“This isn’t just CPE, this is career changing!” Patricia Havard, CPA, CFF, Lancaster, TX

Consultants’ Training Institute Third Quarter 2013 Catalog


Cornerstones of Financial Forensics Workshop (Continued) Day 1: Professional Responsibilities, Practice Management, and Fundamental Forensic Knowledge

investigation and corrective actions. Case studies are discussed that will give participants insight into the practical experience and application of financial statement misrepresentation and fraud abuses.

This course will include discussions on the basics of the legal system, professional standards, the role of the financial forensics analyst as a testifying and/or consulting expert, and an introduction to civil litigation. Engagement acceptance, planning and preparation, forensic procedures, and tools and techniques will also be covered.

Learning Objectives:

Learning Objectives: After completing this course, attendees will be able to: n Articulate the responsibilities of a CPA practicing in financial forensics n Apply the relevant legal principles to the application of financial forensics n Employ proven techniques of practice management applicable to the financial forensics practice

Day 2: Economic Damages Calculations This course will cover the conceptual types of lost profits, measures of loss, and methods to calculate lost profits. Discussions will also center around the approaches and methods to managing personal injury and wrongful death cases and intellectual property damages. Hands-on exercises are incorporated that will give participants practical experience in the application of damages calculations.

Learning Objectives: After completing this course, attendees will be able to: n Build an effective and defensible lost profits and damages model in the context of litigation n Distinguish the differences in measurements for patent, copyright, and trademark damages n Relate the legal principles and parameters to the presentation of business damages

Day 3: Valuation and Family Law This course provides a distinction between financial forensics services for business valuation and family law by defining the standards and premise of the valuation, the valuation process and approaches, and issues surrounding financial statement analysis. Also discussed are the different types of specific forensic accounting assignments for divorce engagements and practice management issues.

Learning Objectives: After completing this course, attendees will be able to: n Outline the fundamental principles underlying the valuation of business enterprises n Distinguish between appropriate valuation approaches for estate, gift, and transactional purposes and appropriate methodology for dispute resolution purposes n Apply valuation and forensic methodology to the resolution of financial issues in family law matters

Day 4: Financial Statement Misrepresentation and Fraud Prevention, Detection, and Response This course discusses the nature and motivations for financial misrepresentation, the types of fraudulent misstatements, and the role of the financial forensics analyst in the investigation, standard of care, and determination of damages. Also discussed are the elements of fraud risk assessment, identification, and

After completing this course, attendees will be able to: n Apply proven methodology for the detection of financial statement misrepresentation n Employ generally accepted approaches to uncovering fraudulent transactions n Define the principles and procedures that may be employed to prevent fraud in the business environment

Day 5: Bankruptcy, Insolvency, and Reorganization and Computer Forensic Analysis This course begins with a discussion of the scope of tasks involved in bankruptcy, insolvency, and reorganization engagements including analyzing operational problems, designing and implementing a turnaround strategy, an evaluation of the organization and management, developing a business plan, and actions to resolve financial problems. Issues related to solvency tests, legal precedents, tax considerations, and core proceedings are also covered. The course concludes with a discussion on computer forensic analysis including how computers store data; how to identify, analyze, preserve, and handle evidence; forensic vs. e-discovery; data recovery and restoration; and a structured methodology for investigation. The types of cybercrime and various forensic data tools and resources are also covered.

Learning Objectives: After completing this course, attendees will be able to: n List and apply the principles that define a company as insolvent n Recognize and document fraudulent transfers n Outline the conditions that give rise to breaches in computer systems and the forensic techniques designed to detect and remedy them

Who Should Attend: Attorneys, auditors, bankers, CEOs, CFOs, corporate counsel, CPAs, credit analysts, economists, expert witnesses, fiduciaries, financial analysts, insurance claims adjustors, investigators, investment bankers, investors, judges, law enforcement personnel, lenders, stock and market analysts, turnaround specialists, and others. MAFF candidates can fulfill the Foundational Experience Prerequisite with attendance at this Workshop.

Faculty: The Cornerstones of Financial Forensics Workshop is taught by R. James Alerding, CPA/ABV, ASA, CVA, CFF; Marc Bello, CPA/ABV, CVA, MAFF, MST; Rick Bero, CPA/ABV, CVA, CLP, CFF; Tracy Coenen, CPA; Bruce Dubinsky, MST, CPA, CVA, CFE, CFF, MAFF; Jeffrey Diamond, JD; Joe Epps, CPA/CFF/ABV, CFE, CVA; Karl Epps; Michael Kaplan, CPA/ABV/ CFF, CVA, MAFF; Karen Kaseno, CPA/ABV/CFF, CVA, CFE, MAFF; Mark Kucik, CPA, CVA, CM&AA; James Martin, MS, CMA, CIA; Lari Masten, MSA, CPA/ABV, CFF, CVA, ABAR; Michael Pakter, CPA, CFE, CA, CIRA, CDBV, CFF, MAFF, CVA, CGMA; Rebekah Smith, CPA, CVA, MAFF; Tim Tribe, CPA, CFE, CFF; Mark Warshavsky, CPA/ABV/CFF, MBA, CVA, CBA, CFE, DABFA, MAFF; and Howard Zandman, CPA/CFF, MAFF.

For NASBA-related information on CPE, please refer to www.theCTI.com. 5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

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C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Co-Sponsored by the National Association of Certified Valuators and Analysts


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

2013 Advanced Matrimonial 2013 Dates December 13–14

Early Registration Discounts and Deadlines

Location Las Vegas, NV

2013 Pricing (Before Early Registration Discount) Two-day Symposium

10%

5%

10/31

11/30

Non-Member

Member

$1,200

$1,080

7:00–8:30 a.m. 7:00–7:50 a.m. (1 Hr CPE)

Friday December 13, 2013

Ashok Abbot

10:30–12:15 p.m. (2 Hrs CPE) 12:15–1:30 p.m.

Avoiding Conflicts of Interest and Professional Ethics Violations in Matrimonial Business Valuation Litigation Gregory Reagan

Morning Break and Registration 25 Ways to Make Your Business Valuation Stand Up in Cross Examination

Identifying and Valuing Unique Marital Assets in Divorce Litigation

Karen Kaseno & Randall Kessler

Gregory Cowhey

Lunch on Own and Registration

Common and Unique 1:30–3:15 p.m.        Attributes in Matrimonial Valuations   Hubert Klein & Shannon Pratt 3:15–3:30 p.m.

No Session

Amanda Trigg

Seeking Alpha: Apportioning Active and Passive Appreciation in 8:30–10:15 a.m.                        Equitable Distribution (2 Hrs CPE) Actions in Divorce 10:15–10:30 a.m.

Saturday December 14, 2013

Registration and Continental Breakfast Trends in Family Law: A Survey of 2013 Case Law

Allocating Goodwill: Learning to Trust the Multi-attribute Utility Model (MUM) Seth Webber & David Wood

Afternoon Break and Registration

3:30–4:30 p.m.      (3 Hrs CPE)

Common and Unique Attributes in Matrimonial Valuations (continued)

Allocating Goodwill: Learning to Trust the Multi-attribute Utility Model (MUM) (continued)

4:30–5:15 p.m.      (1 Hr CPE)

Talk to the Experts Panel

Round Tables

Page 38

Trends in Family Law: A Survey of 2013 Case Law (Amanda Trigg, Esq.)

The symposium is designed to stimulate a conversation about the shared space between valuation practitioners and family law attorneys relating to the theory, approaches, and practice of matrimonial litigation. TIME

Friday, December 13, 2013 Sessions Cases that reflect changes and trends in family law in the United States will be summarized. Attendees will gain familiarity with the new legal standards that change the way we counsel families today.  This presentation includes and goes beyond the impact of DOMA, to address developments and anticipated changes in the laws surrounding financial issues which concern economic advisors of those in divorce or similar situations.   

Learning Objectives: After completing this session, attendees will be able to: n Identify legal issues within a client’s request for financial advisement n Assist a client, or his or her lawyer, with formulating strategies that advance the client’s economic interests n Structure financial advice to utilize the most advantageous legal developments for your clients

Seeking Alpha: Apportioning Active and Passive Appreciation in Equitable Distribution Actions in Divorce (Ashok Abbott, Ph.D.) Equitable distribution in divorces requires apportioning active and passive appreciation in marital estate value during the course of the marriage. This presentation analyzes the current practices and introduces a statistically rigorous measure (Jensen’s Alpha) that has been used in attribution of fund manager performance to financial analysis in divorce.

Learning Objectives: After completing this session, attendees will be able to: n Differentiate between environmental impact and managerial contribution to value n Identify the active and passive components of changes in value of the marital estate n Successfully sustain the apportionment of active and passive components

25 Ways to Make Your Business Valuation Stand Up in Cross Examination A lot of work goes into a business Karen Kaseno, CPA/ Randall Kessler, JD ABV/CFF, MAFF, appraisal. Too many times parties/ CFE, CVA attorneys/judges don›t understand or misinterpret the valuation.  This presentation will explore the errors made by appraisers and the key areas that attorneys need to know to attack a business appraisal. Twenty-five tips will be provided to help attendees put together a better and more understandable appraisal that will stand up to cross examination or attacks from an opposing expert.  

Consultants’ Training Institute Third Quarter 2013 Catalog


Learning Objectives: After completing this session, attendees will be able to: n Prepare a more understandable business appraisal n Identify the key areas of the appraisal that are subject to attack n Distinguish their reports as being ones that stand up to cross examination and are dependable by the court n Increase the ability to explain conclusions reached in a valuation in areas where there is a judgment call

Common and Unique Attributes in Matrimonial Valuations Mr. Klein and Mr. Pratt will discuss errors they have frequently encountered Hubert Klein Shannon P. Pratt, in matrimonial cases and how to recognize, CPA, ABV, CVA, CFA, ARM, ABAR, avoid, and expose them. Such errors CFE, CFF FASA, MCBA, CM&AA, CBA include confusing discount rates with capitalization rates; applying a rate to the incorrect benefit stream; extrapolating past history instead of projecting the future; using an inappropriate beta; discounting the terminal value for the wrong number of periods; performing an excess earnings valuation that results in an unrealistic cost of capital; errors in estimating the equity risk premium, the size premium, industry risk premium, and company risk premium; and many other errors and variations.

Learning Objectives: After completing this session, attendees will be able to: n Write bullet-proof valuation reports and prepare bullet-proof testimony acceptable in various family law jurisdictions n Analyze valuation reports by staff and/or opposing experts to identify and correct common errors n Present credible testimony n Present convincing rebuttal testimony that can destroy the opposition

Saturday, December 14, 2013 Sessions Avoiding Conflicts of Interest and Professional Ethics Violations in Matrimonial Business Valuation Litigation (Gregory Reagan, CPA, CFE, CVA, ABV, CFF) Knowing and adhering to professional ethics and performing professional services that are free from bias and conflicts of interest are critical to properly serving as an Expert Witness in Matrimonial Litigation. Failure to know and follow these constraints has disqualified or tarnished the opinions of many Expert Witnesses and interfered with the proper adjudication of litigation settlements. This presentation will provide “real-life” examples of how experts have gone astray to their detriment, thus providing the attendee the benefit of learning from other’s mistakes.

Learning Objectives: After completing this session, attendees will be able to: n Identify proper professional ethical conduct and recognize whether a CPA serving as an expert witness has a conflict of interest n List ethical and objectivity constraints in performing matrimonial

litigation services

Identifying and Valuing Unique Marital Assets in Divorce Litigation (Gregory Cowhey, ASA, CBA) Many Americans have jobs that offer various forms of post-retirement benefits, including healthcare benefits or subsidies and access to other economic benefits. Senior and middle management executives frequently have employment agreements that include certain economic benefits if the employer is acquired or merges with another company—such benefits known as changein-control payments. Several states have addressed the valuable economic rights that were created during the marriage from such employment arrangements, with many allowing for specific valuation and division of the economic value in equitable distribution and community property division. This presentation will explore case law in USA on the topic and review techniques available to establish a value for such unique assets.

Learning Objectives: After completing this session, attendees will be able to: n Define economic rights that are often overlooked in matrimonial litigation n Discuss the legal framework for considering assets and the valuation framework for establishing a value for such assets n Create a framework to assist attendees working with counsel in structuring guidelines for dividing the economic value of assets, even in circumstances where they are not ordinarily divisible n List various forms of post-retirement benefits from a variety of employers, both public sector and private sector, as well as from governmental agencies, and not-for-profit organizations

Allocating Goodwill: Learning to Trust the Multi-attribute Utility Model (MUM) (Seth Webber, ASA, CBA, CVA and David Wood, CPA/ABV, CVA, MAFF) One of the biggest divorce issues facing valuation analysts is the allocation of goodwill. The issue is how to determine an allocation between these two types of goodwill in a systematic, defendable way. Mr. Webber and Mr. Wood will demonstrate the Multi-attribute Utility Model (MUM) as a practical, defendable approach to determining an allocation between professional and enterprise goodwill. Mr. Wood will discuss various definitions of goodwill and how those definitions impact our ability to allocate goodwill. He will also discuss MUMs underlying assumptions. Mr. Webber will then walk attendees through a case study, including testing the sensitivity of the analysis to determine the impact on the allocation.

Learning Objectives: After completing this session, attendees will be able to: n Explain the definitions and assumptions associated with the MUM framework n Recognize how to analyze the industry and subject company using the MUM framework n Determine an allocation of goodwill between professional and enterprise goodwill n Develop a defendable opinion of goodwill allocation using the MUM framework

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

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C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 F i n a n c i a l F o r e n s i c s / L i t i g a t i o n P r o g r a m s

Litigation Symposium


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 C o n s u l t i n g P r o g r a m s

Mergers and Acquisitions Workshop Co-Sponsored by the Middle Market Investment Banking AssociationTM

2013 Dates

Location

September 17–20

Atlanta, GA

December 10–13

Las Vegas, NV

March 12-15, 2014

Chicago, IL

Early Registration Discounts and Deadlines

10%

5%

Expired

Expired

10/31

11/30

1/31/14

2/28/14

The examination is administered at the conclusion of each day. This course requires a laptop. In-house training is available with minimum attendance. Contact CTI's Education Director at (800) 677-2009 to inquire.

2013 Pricing (Before Early Registration Discount)

Non-Member

Member

Four-day Workshop

$2,600

$2,340

Individual Days

$650

$585

CMAP Certification Exam

$395

$395

First-Year NACVA or MMIBA Membership with Training and Exam

$300

Day 1: The Sale-Side of M&A

This course introduces the mergers and acquisitions (M&A) process from the sale-side point of view with a specific focus on the techniques used by sale-side advisors and intermediaries. It provides attendees with an overview of the transaction process and protocols as well as the best practices concerning M&A valuation and due diligence. The course also addresses the details of the business of investment banking and provides insights on how to negotiate and structure transactions with strategic and financial buyers. Other topics include: n Survey of the middle market, players, and drivers n The M&A process and protocol n Main documents n Valuation in M&A n Due diligence (preliminary and confirmatory) n The balance sheet and deliverable targets n Preparing a business for sale n The business of investment banking n Venture capital and private equity groups n Case Study

Learning Objectives: After completing this course, attendees will be able to:

Program Description: The valuation practitioner and the CPA have unique advantages in terms of entering this field. It is imperative, however, that substantial training be obtained if the practitioner is to achieve success and avoid the many pitfalls— including technical, legal, and practical—that this field contains. The Mergers and Acquisitions Workshop is the first totally comprehensive mergers and acquisitions (M&A) course to contrast and compare the buy-side and sale-side perspectives of middle market M&A. Much of the literature on M&A is theoretical or academic and written by authors who have never actually done deals or have only seen a part of the overall process or one side of a deal. Traditional course material on the subject of M&A tends to exclusively reflect either the formalistic "numbercrunching" buy-side, or on occasion, the less formal, but no less artful, transactional advisor's approach to orchestrating events in order to maximize value for his or her sale-side client. This course assumes the two contrasting views as being two sides of the same coin. Inexperienced advisors reading the existing literature can be confused about what happens in the real deal world. They may attempt to apply highly formalistic concepts to the saleside when practical deal-making skills and knowledge of the market are called for. On the other hand, as sale-side advisors, they will try to do deals without knowledge of basic financial analysis or M&A valuation concepts that implicitly underlie every deal. Understanding how these issues are viewed both from the buy-side and sale-side perspectives-and the dynamic process that fuses the two contrasting views-is what makes this course unique and of interest to both inexperienced and experienced deal makers.

n Summarize the sale-side M&A process and protocols n Reconcile the formalistic and practical sides of M&A deal making n Explain the core valuation techniques used by sale-side M&A advisors n Describe the rewards and challenges inherent in the business of investment banking

Day 2: The Buy-Side of M&A This course introduces the steps and formal and informal techniques used by successful buyers. Coverage will be both technical and practical (the science and the art), covering topics ranging from pre-deal strategic planning to post-transaction integration. Other topics covered include identifying and valuating synergies, techniques for finding and dealing with sellers, negotiating techniques and the use of negotiators, sanity checks, and sources and uses of deal-financing techniques as well as issues in managing the due diligence process. Other topics include: n Buyer types and motivations n Market trends and drivers n The acquisition process n Steps and techniques used by buyers n Valuation methodologies n Synergies (types, quantification, and valuation) n Deal structuring (tax and financial) n Post-transaction integration n Seller issues n Case Study

CMAP® Certification

The Middle Market Investment Banking Association

The CMAP certification is awarded by the Middle Market Investment Banking Association (MMIBA) and endorsed by NACVA. Call Member Services at (800) 677-2009 for more information on prerequisite requirements or go to mmiba.com.

The Middle Market Investment Banking AssociationTM (MMIBA®) is a unique organization established to fill a void within the small to middle market investment banking community. The Association’s primary purposes are 1) to provide education, both in person (live) and online (webinars), to enhance the knowledge, efficiencies, and access to resources for those individuals providing merger and acquisition (M&A) services, and 2) to help such individuals more effectively promote themselves and their specialized expertise by obtaining MMIBA’s elite credential—Chartered Merger and Acquisition Professional (CMAP), and through affiliation with a high-profile and highly respected group of M&A professionals.

For NASBA-related information on CPE, please refer to www.theCTI.com.

Page 40

Consultants’ Training Institute Third Quarter 2013 Catalog


Co-Sponsored by the Middle Market Investment Banking AssociationTM Learning Objectives: After completing this course, attendees will be able to: n Display a sound knowledge of the theory and application of valuation within the context of buy-side M&A n Compare and contrast buy-side and sale-side valuation dynamics n Articulate how deals get done so that the buyer’s objectives are met n Describe how deals can be structured and the tools available

Day 3: Negotiation Principles and M&A in Action Part 1: Negotiation Principles In mergers and acquisitions transactions, the objective is to arrive at a convergence of objectives in which each party walks away feeling he or she got a fair and durable agreement. This requires the dealmaker to fine tune his or her negotiation skills to guide the parties toward such convergence. This course explores how fundamental negotiation principles and strategies are used in actual M&A transactions and compares and contrasts the techniques used on the sales-side with those used on the buy-side. Topics include: n Negotiation principles in action n Strategies and tactics

n Sale-side negotiations n Buy-side negotiations

Learning Objectives: After completing this course, attendees will be able to: n Describe the main principles in M&A negotiations n Compare and contrast desirable and undesirable behaviors in negotiation n Identify the key negotiating techniques used by buyers and sellers in an M&A transaction n Articulate the strategies and tactics used by successful negotiators

Part 2: M&A in Action This course provides attendees with an opportunity to put in practice the M&A principles and techniques learned in the previous courses. M&A in Action involves a simulated transaction with three types of buyers—a private company, a public company, and a private equity group—interested in acquiring a private company seller. Each step of the M&A process is analyzed and developed from the unique perspective of each of the parties involved in the transaction. Topics covered include: n Using the concepts and techniques n Introduction of a case study n Actual simulated M&A transaction between atendee buyer and seller teams n Bringing together theory and practical application

Learning Objectives: After completing this course, attendees will be able to: n Identify the main M&A concepts, strategies, and techniques studied in the course n Differentiate the approaches used by buyers and sellers in structuring transactions n Formulate and negotiate purchase offers n Identify the challenges inherent in the different stages of an M&A transaction

Day 4: Tax & Legal Issues and Building an M&A Practice Part 1: Tax & Legal Issues Middle market M&A transactions are riddled with potential tax and legal repercussions that must be addressed in order to optimize the outcome and minimize risk. This course provides an overview of the most important tax and legal issues that M&A advisors should keep in mind as the transaction progresses through its various stages. Topics covered include: n Corporate structures overview n n Allocation of purchase price n Tax-planning opportunities n n M&A taxation and legal documents n

Potential risks of change in conditions Contingent liabilities Mitigating legal exposures

Learning Objectives: After completing this course, attendees will be able to: n Describe the different corporate structures and their implications n Describe the implications of asset and stock transactions n Explain the process of allocating the purchase price n Specify the potential tax-planning opportunities and associated pitfalls in M&A transactions

Part 2: Building an M&A Practice Efficiency in Communications, Branding, Sales, and Marketing: Whether you are launching a new M&A practice or looking for new ideas to become more effective in your approach to the market, this course is specifically designed with you in mind. This course encompasses fundamental principles and practical applications: tried and proven approaches and new ideas to help you grow your M&A business and further develop critical skills in sales and marketing in the investment banking arena. Topics include: n Sales vs. marketing—knowing the difference matters n Why branding? n Market segmentation and targeting your best prospects n The best sales and marketing channels for M&A (tactics) n Creating a strategic road map n Prospecting and appointment setting—if not cold calls, then what? n Winning engagements with great presentations and proper objection handling

Learning Objectives: After completing this course, attendees will be able to: n Discuss the process of lead generation in an M&A practice n Evaluate various marketing approaches to generating deal flow n Articulate the role of the generalist vs. the specialist in M&A advisory services n Describe how to overcome objections and convert prospects to clients

Who Should Attend: CPAs, merger and acquisition consultants, investment and financial analysts, investment bankers, financial officers, CEOs, and CFOs.

Faculty: The Mergers and Acquisitions Workshop is taught by experienced practitioners under the direction of Dennis J. Roberts, CPA/ABV, CVA, CMAP; Charles C. Andrews, CBI; Greg Boucher, CBI, CMEA, CMAP; Enrique C. Brito, MBA, CFA, AVA, CM&A, CMAP; William E. Offutt, III, JD, CPA, CVA; Andrew Sherman, JD, CMAP; and Robert M. Stutz, II, CVA, ASA, CM&AA, CMAP.

For NASBA-related information on CPE, please refer to www.theCTI.com. 5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

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C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 C o n s u l t i n g P r o g r a m s

Mergers and Acquisitions Workshop (Continued)


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 C o n s u l t i n g P r o g r a m s

Advanced Mergers and Acquisitions Workshop Co-Sponsored by the Middle Market Investment Banking AssociationTM

2013 Dates

Early Registration Discounts and Deadlines

Location

10%

5%

Expired

8/31

9/30

10/31

Non-Member

Member

Three-day Workshop

$1,950

$1,755

Individual Days

$650

$585

September 24–26

Boston, MA

November 21–23

Ft. Lauderdale, FL

2013 Pricing (Before Early Registration Discount)

Learning Objectives: After completing this course, attendees will be able to: n Identify the characteristics of the best candidates for a leveraged buyout n Distinguish among the different types of leveraged buyouts such as management buyouts, recapitalizations and employee stock ownership plans (ESOPs) n Recognize the different steps in the leveraged buyout process and identify the potential obstacles in engineering a leveraged transaction

Day 2: Deal Structuring and Key M&A Documents

Program Description:

Part 1: Deal Structuring

This course builds on the knowledge and strategies presented in the basic Mergers and Acquisitions Workshop offered by the Middle Market Investment Banking Association (MMIBA®). It has been designed to provide attendees with an in-depth view of important aspects in middle market mergers and acquisitions through a combination of class presentations, attendee discussions, and case studies. The three-day Advanced Mergers and Acquisitions Workshop program focuses on providing a hands-on approach to the analysis and implementation of the foremost strategies used by middle market investment bankers in the areas of capital formation, leveraged buyouts, deal structuring, post-merger integration, and corporate restructurings.

How an M&A transaction is structured determines how likely it is that the deal will be completed and whether or not the parties will ultimately achieve their stated objectives. In this session, attendees will explore in detail the components, strategies and consequences of tax and financial structuring in M&A transactions. Issues such as purchase price, forms of consideration, and price allocation are also discussed and analyzed to provide a comprehensive view of how M&A deals come together.

Day 1: Raising Private Equity and Engineering an Exit Part 1: Raising Private Equity The process of raising capital from institutional sources requires that advisors properly match the appropriate sources of capital to the current and prospective needs of their client and know how to negotiate the various terms and conditions that each type of investor will demand. Additionally, given that a company is likely to undergo several rounds of financing, each round must be structured and negotiated in a manner that will prevent complications during later rounds. This session explores the requirements of raising equity capital and subordinated debt financing at different stages and discusses how to negotiate the most critical aspects of each type of financing.

Learning Objectives: After completing this course, attendees will be able to: n Identify the most suitable funding sources and strategies available to middle market business n Compare and contrast the characteristics of equity capital and subordinated debt financings and discuss their appropriateness n Identify the key terms and conditions contained in term sheets associated with each type of financing and know how to negotiate them

Part 2: Engineering an Exit The acquisition of a company or a division sometimes requires substantial leverage to make the transaction possible. But leverage is a double-edged sword. On one hand it can potentially increase return on equity, but, on the other, it can lead a company to bankruptcy. This session provides an overview of leveraged buyouts and the different modalities available to implement them. Also, it explores the ideal characteristics of candidates for these types of transactions and illustrates some of the leverage techniques through case studies.

Learning Objectives: After completing this course, attendees will be able to: n Identify the four main components of the purchase price package n Compare and contrast the strategic issues associated with stock and assets transactions from the point of view of buyers and sellers n Articulate the potential implications of the various forms of tax and financial structuring in M&A transactions

Part 2: Key M&A Documents This session presents an in-depth view of the main elements, intended use, and negotiation strategies associated with the key documents in an M&A transaction. Documents to be discussed include the Non-Disclosure Agreement, Financial Services Agreement, Confidential Information Memorandum, Letter of Intent, and Definitive Purchase Agreement.

Learning Objectives: After completing this course, attendees will be able to: n Define the key elements in each of the main M&A documents n Recommend appropriate negotiation strategies for the main clauses n Compare and contrast buyer-friendly vs. seller-friendly variations in each of the main M&A documents

Day 3: Restructurings & Turnarounds, Post-Merger Integration Part 1: Restructurings & Turnarounds A company experiencing financial distress goes through distinct stages, each one requiring a specific action plan to turn the situation around and restore normal operations. This session explores the different stages of company distress, their probable causes, and alternative actions to deal with each situation. Also, it provides atendees with the steps involved in planning a restructuring engagement and the strategies used in implementing a crisis stabilization and turnaround program.

For NASBA-related information on CPE, please refer to www.theCTI.com.

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Consultants’ Training Institute Third Quarter 2013 Catalog


Co-Sponsored by the Middle Market Investment Banking AssociationTM

Learning Objectives: After completing this course, attendees will be able to: n Identify the different stages of financial distress in a company, diagnose probable causes, and recommend a course of action n Evaluate the financial health of clients’ businesses and recommend operating plans leading to the stabilization and improvement of their liquidity and financial condition n Recommend appropriate actions to implement a crisis stabilization and funding program as well as a turnaround plan

Who Should Attend: This workshop is appropriate for seasoned professionals within organizations as well as others with specialized knowledge in a subject area: CPAs, merger and acquisition consultants, investment and financial analysts, investment bankers, financial officers, CEOs, and CFOs.

Faculty: The Advanced Mergers and Acquisitions Workshop is developed and taught by Enrique C. Brito, MBA, CFA, AVA, CM&AA, CMAP.

Part 2: Post-Merger Integration Many M&A transactions that initially show substantial synergies end up producing disappointing results due to poor integration planning. This session provides attendees with an overview of the integration process, the risks involved, and how to plan the integration process. In addition, it explores some of the best practices in this area to ensure the proper execution of an integration plan that will promote growth and increase certainty in the realization of synergies.

Learning Objectives: After completing this course, attendees will be able to: n Identify the main elements of a post-merger integration plan n Assess potential integration risks to uncover potential problems and opportunities in M&A acquisitions n Assist clients with the formulation of integration plans for acquired companies aimed at minimizing value erosion and improving value realization n Identify the critical success factors in designing and implementing postmerger integration plans

“Very good content. Great to have a practitioner with hands-on experience present and go over and above the theory.” Artur Hausz, CPA, CVA, CMAP, Scarborough, ON

For NASBA-related information on CPE, please refer to www.theCTI.com. 5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

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C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 C o n s u l t i n g P r o g r a m s

Advanced Mergers and Acquisitions Workshop (Continued)


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 C o n s u l t i n g P r o g r a m s

Healthcare Valuation and Consulting Workshop Co-Sponsored by the National Association of Certified Valuators and Analysts

2013 Dates

Early Registration Discounts and Deadlines

Location

October 8–11

Chicago, IL

December 10–13

Las Vegas, NV

March 12-15, 2014

Chicago, IL

10%

5%

Expired

8/31

10/31

11/30

1/31/14

2/28/14

This course requires a laptop. In-house training is available with minumum attendance. Contact CTI's Education Director at (800) 677-2009 to inquire.

2013 Pricing (Before Early Registration Discount)

Non-Member

Member

$2,200

$1,980

$550

$495

Four-day Workshop Individual Days

Program Description: Whether you are valuing medical practices or consulting with them, the medical practice arena represents a constantly changing dynamic with unique challenges that must be understood to effectively perform in either the valuator or consulting role. The completely revised Healthcare Valuation and Consulting Workshop introduces attendees to the primary value drivers at the practice level with a focus upon the regulatory constraints that dictate the forms of transactions that are deemed permissible for practitioners in the healthcare community to enter into. The four-day program addresses the unique dynamics of acute care healthcare business arrangements and the operation principles of medical practices and how to cope with today’s challenging healthcare industry.

Day 1: Understanding the Regulatory Environment of Healthcare Reimbursements and Forms of Healthcare Reimbursement Part 1: Understanding the Regulatory Environment of Healthcare Reimbursements This presentation will describe the legal requirements under the Anti-Kickback Statute, Stark Law, False Claims Act, compliance program requirements, and the U.S. Sentencing Guidelines.

Learning Objectives: After completing this course, attendees will be able to: n Articulate the requirements under the general fraud and abuse laws, including the Anti-Kickback Statute, Stark Law, False Claims Act, and U.S. Sentencing Guidelines n Identify the risks under fraud and abuse laws n Differentiate between the requirements under each applicable fraud and abuse law and determine which fraud abuse laws apply to a compensation arrangement between referral sources

Part 2: Forms of Healthcare Reimbursement The way in which a healthcare entity is reimbursed varies depending on the type of entity. For example, certain entities are paid based on how many procedures are performed, while others are based on the number of patients the entity is responsible for providing service to, how long procedures last, or how many days the patient was under the care of the entity. The focus will be on reimbursement for physician services with a high-level overview of reimbursement for other types of providers.

Learning Objectives: After completing this course, attendees will be able to: n Identify how healthcare providers are reimbursed for their services n Select the inputs to the reimbursement data and the use of this data for compensation planning and benchmarking analysis n Summarize how to convert the data underlying Medicare reimbursement data and other publicly reported Medicare data to benchmark company operations

Day 2: Provider Organizational Structures, Performance Metrics, and Benchmarking This first part of this course will lead attendees through a fundamental discussion of physician professional service arrangements, the key factors influencing value, and practical techniques for assessing the fair market value of physician compensation within these arrangements. The course will also study basic compensation structures. The second part of this course will provide an in-depth review of data sources available for benchmarking physician compensation and determining Fair Market Value (FMV). Attendees will explore how to address the strengths, weaknesses, and biases of the different data sources as part of valuation studies.

Learning Objectives: After completing this course, attendees will be able to: n Describe the primary forms of physician professional service arrangements n Identify the sources of value within professional service arrangements n Assess compensation methodologies under different types of professional service arrangements n Summarize the primary sources of physician compensation data and benchmarks n Navigate the primary physician compensation data sources and critique the reliability of the data for valuation purposes n Construct basic models to estimate FMV physician compensation using various published data sources

Day 3: Understanding, Structuring, and Valuing Physician Compensation Arrangements Day 3 of the Workshop focuses on applying the material covered in the first two days of the Workshop in practical examples and case studies. Examples and cases will require the attendees to work through valuation issues that involve regulatory, reimbursement, scope of service, and data issues. Topics for both business and compensation valuation will be addressed. A session on writing reports for compensation valuations will also be covered.

Learning Objectives: After completing this course, attendees will be able to: n Identify regulatory issues that can affect the selection and application of valuation methods in healthcare appraisal assignments n Evaluate revenue cycle issues and project revenues appropriately in the valuation process n Analyze the fundamental economics of healthcare entities and physician compensation arrangements n Appraise physician compensation arrangements using the framework of the Cost, Market, and Income Approaches n Assess the relevance and applicability of market data sources and valuation methods for use in valuing compensation arrangements n Implement best practices in preparing compensation valuation reports

For NASBA-related information on CPE, please refer to www.theCTI.com.

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Consultants’ Training Institute Third Quarter 2013 Catalog


Co-Sponsored by the National Association of Certified Valuators and Analysts

Day 4: Advanced Topics and Healthcare Valuation Forum Day 4 is a rare opportunity to delve into the most relevant and pressing healthcare valuation issues. This course is for practitioners who are facing the most challenging healthcare valuation problems. It is a lively and interactive course moderated by healthcare valuation experts. This is a highly participatory course for seasoned healthcare valuation consultants. It is a unique opportunity for attendees to engage, discuss, debate, ponder, and evoke thoughtful dialogue with their peers. It will afford the opportunity to discover and discuss with other talented professionals how they are handling challenging problems in the field. Regardless of whether it is the latest court ruling, Stark violation, conundrums, or other timely topic, such as the valuation of intangibles when there is no going concern value, it is up for discussion and critique. Although this course is designed with advanced practitioners in mind, it may also be helpful for less-experienced attendees to listen, ask questions, and watch how veteran consultants confront and analyze complex healthcare valuation topics.

Learning Objectives: After completing this course, attendees will be able to: n Debate the pros and cons of differing methodologies and approaches to healthcare valuations n Articulate some of the overriding national healthcare policies and most applicable healthcare rules n Demonstrate an understanding of the challenging and complex issues related to healthcare consulting and valuations n Identify facts and arguments related to various watershed court cases n Apply a well-structured process to complex healthcare valuation issues

Who Should Attend:

CEOs, CFOs, attorneys, accountants, and other practitioners who are involved with financial arrangements between referral sources, including financial arrangements between referring physicians, hospitals, and other medical providers.

Faculty: The Healthcare Valuation and Consulting Workshop includes Curtis Bernstein, CPA, ABV, CVA, ASA; Chris Carnahan, CPA, CVA; Cindy Collier, CPA, ABV, CVA, CMPE, CPHIT, CFF; Gabriel Imperato; J. David Robeson, CVA, ASA; Richard Romero, AVA, MBA, CHFP, PAHM; Tim Smith, CPA, ABV; Daniel Stech, MBA, CMPE; and Robert Wade, JD.

I enjoyed the industry specificity, relevance to current events, and business climate that was presented. The workshop provided real practice discussion and healthcare specific tips and traps.” Thomas M. Lohr, CPA, CVA, Fairfax, VA

5217 South State Street, Suite 400 • Salt Lake City, UT 84107-4812 • Tel: (800) 677-2009 • Internet: www.theCTI.com

Page 45

C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 C o n s u l t i n g P r o g r a m s

Healthcare Valuation and Consulting Workshop (Continued)


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — 2 0 13 C o n s u l t i n g P r o g r a m s

Certified Exit Planning Advisor (CEPA) Credentialing Program Co-Sponsored by the Exit Planning Institute

2013 Dates November 4–8

Location Chicago, IL

Early Registration Discounts and Deadlines

See Below

The CEPA proctored examination is given on the Friday following the training.

2013 Pricing

Non-Member

Member

Four-day Program

$4,500

$4,050

Price if Registered by September 30

$3,795

$3,415

Included with registration fee: • CEPA application fee • One-year candidate EPI membership dues (value of $595) • Copy of CEPA training manual • One copy of The $10 Trillion Opportunity co-written by Richard Jackim and Peter Christman • One copy of Private Capital Markets written by Rob Slee • Continental breakfasts, lunches, coffee breaks, (catered by Wolfgang Puck) • Networking

Program Description:

32 hours of CPE credit for CPAs and 17 hours of CE credit for CFPs. (CPE will be issued by the Exit Planning Institute.) The goal of the program is not to make the attendees content experts, but instead provide them with an overview of the issues involved so that they can ask intelligent questions of their clients, identify potential problems or opportunities, and coordinate the resources or experts needed to address these issues. Attendees learn the content through a combination of lectures, case studies, individual and group exercises, and exam. In order to receive the CEPA designation, attendees are required to pass a 3.5 hour, closed-book, proctored exam that tests their knowledge in 20 principal areas. The exam is comprised of 150 multiple choice questions.

Learning Objectives: After completing this course, attendees will be able to: n Identify the eight steps in the exit planning process n Describe how the 54 Value Factors drive the maximization of the owner’s business value n Explain the eight ways business owners can exit their business n Define the components of internal and external sales n Create action plans to address personal and business goals of the business owner n Distinguish the five principal components of an exit plan n Illustrate the five steps in consultative selling n Develop a comprehensive exit strategy for the business owner n Articulate the most appropriate exit strategy for a business owner n Manage the exit planning team

The Exit Planning Institute (EPI) strives to be the premier provider of learning, knowledge, and future-oriented research for exit planning professionals. To accomplish this vision, the Exit Planning Institute provides learning, knowledge, and future-oriented research for exit planning professionals in the United States, Canada, the United Kingdom, Australia, Mexico, and China.

Who Should Attend:

The CEPA Program is based on the general outline and content of the critically acclaimed book, The $10 Trillion Opportunity: Designing Successful Exit Strategies for Owners of Middle Market Businesses—A Guide for Business Advisors.

Valuation practitioners, CPAs, business advisors, controllers, CEOs, CFOs, financial advisors, attorneys, estate planners, wealth managers, business brokers, insurance professionals, M&A advisors, commercial lenders.

The CEPA Program offers professionals an innovative learning experience, performance-enhancing resources, and the strategic tools to help them advance their exit planning practice. Exit planning, being highly complementary to the skill sets that CPAs and other professionals already have, is also about client retention, and it is a discipline that can result in additional billable hours. The CEPA program is the only exit planning program of its kind that qualifies for

Prerequisites: All candidates must meet the following professional standards in order to be considered for membership in EPI: 1. Candidates must have five years or more of full-time or equivalent experience working directly with business owners as a financial advisor, attorney, CPA, business broker, investment banker, commercial lender, valuation advisor, estate planner, insurance professional, business consultant, or a similar professional capacity. 2. Candidates must have an undergraduate degree from an accredited college or university in the United States or provide evidence of similar academic credentials from a recognized institution of higher learning in another country. 3. Candidates must not have been required to surrender any professional license or found unfit in a disciplinary hearing by any professional or civic organization. 4. Candidates must not have been convicted of a felony or have any record of personal action or inaction which could reflect a defect in character. The following is a list of books sent to attendees prior to the program. The first one is a pre-read for the course and the second is a recommended read. 1. The $10 Trillion Opportunity: Designing Successful Exit Strategies for Middle Market Business Owners 2. Private Capital Markets Valuation, Capitalization, and Transfer of Private Business Interests For NASBA-related information on CPE, please refer to www.theCTI.com.

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Consultants’ Training Institute Third Quarter 2013 Catalog


NACVA NACVAand andthe theCTIʼs CTIʼs2014 2014Annual AnnualConsultantsʼ ConsultantsʼConference Conference LasLasVegas, Vegas,NVNVUSA USA••Encore EncoreatatWynn WynnLasLasVegas Vegas••June June17-20, 17-20,2014 2014

Simply Simply the the best best andand the the only only conference conference youyou should should attend attend each each year. year. CallCall Member Member Services Services (800) (800) 677-2009 677-2009 or or VisitVisit www.nacva.com/conference.asp www.nacva.com/conference.asp


C o n s u l t a n t s ’ Tr a i n i n g I n s t i t u t e — T h i r d Q u a r t e r 2 0 13 C a t a l o g

NACVA Membership and Certifications The National Association of Certified Valuators and Analysts (NACVA) supports the users of business and intangible asset valuation services and financial forensic services, including damages determinations of all kinds and fraud detection and prevention. NACVA offers the Certified Valuation Analyst (CVA) business valuation certification, the only business valuation designation accredited by the National Commission for Certifying Agencies (NCCA) through the Institute for Credentialing Excellence (ICE). Through its Financial Forensics Institute, NACVA also offers the Master Analyst in Financial Forensics (MAFF) designation to train practitioners in all facets of financial forensics and litigation consulting, and in conjunction with the Middle Market Investment Banking Association (MMIBA), the timely Chartered Merger and Acquisition Professional (CMAP) certification to respond to the needs of the robust middle market. NACVA now partners with the Exit Planning Institute to offer the Certified Exit Planning Advisor (CEPA) Credentialing Program.

but wanting to take advantage of all the benefits of membership (Professional Member); one for those working in government employment (Government Employee); one for those who fall into the category of Professional Membership as well as the staff of Practitioner and Professional Members (Associate Member) (These members receive the same benefits as Practitioner and Professional Members except for the ability to become certified or receive Association subscription publications.); one for the full-time academicians interested in the benefits, services (including certification), and ideologies of the Association (Academic Member); and one for full-time enrollees in an accredited college or university (Student Member). Fees for individual membership are listed below and can be remitted with the order form. An individual Membership Application and additional information will be faxed immediately upon request or placement of an order. Or visit the NACVA website: www.NACVA.com.

Types of Individual NACVA Membership Membership in NACVA is open to anyone with an interest in the various disciplines we support—we have over 100 different services, products, and training programs. The six types of individual NACVA membership are designed to serve six levels of need: one for those interested in obtaining a designation (Practitioner Member); one for those not pursuing a designation,

Individual Member Type Practitioner Professional Associate Academic Student

Annual Fee $485 $215 $125 $215 $125

Consultants’ Training Institute (CTI) Administrative Information Seminar Cancellations

Complaints and Refunds

Refund Policy for Airfare at CTI

There is no charge to reschedule your training. Cancellations received in writing two weeks prior to the first day of the seminar will be eligible for a prompt refund. A $100 administration fee will be charged for three or more days’ registration at a CTI and $50 for all other seminar registrations. Cancellations received less than two weeks prior to the first day of the scheduled event (and noshows) will be issued, upon request, a credit which may be used toward a CTI seminar, conference, self-study course, software, or product sold by NACVA. There are no exceptions to this policy.

For information regarding administrative policies such as complaints and refunds, call our director of Member Services: (801) 486-0600.

No refunds will be given for airfares on a CTI event that is canceled for any reason. However, if an individual does not request a refund of training fees for the canceled event, electing to apply his or her fee to a subsequent offering of the event, we will issue a refund of 200 percent of the airline change fee for one airline only, to travel to and from the subsequent offering of the event, not to exceed $300. (Proof of the expense for the airline change fee must be provided.) Where airfare change fee refunds are given, no refund for the canceled event will subsequently be given for any reason, and the funds retained by CTI may only be used/applied toward a subsequent CTI training event.

Registered Trademarks The National Association of Certified Valuators and Analysts, NACVA, Consultants’ Training Institute, CTI, Certified Valuation Analyst, CVA, Accredited Valuation Analyst, AVA, Financial Forensics Institute, FFI, Master Analyst in Financial Forensics, MAFF, Certified Forensic Financial Analyst, CFFA, Forensic Accounting Academy, Forensic Accounting Clinic, Financial Forensics Academy, Center for Economic and Industry Research, LLC, KeyValueData, International Association of Consultants, Valuators and Analysts, IACVA, AIEWE, Pacesetter, Around the Valuation World in 90 Minutes, Hear it Here…First!, The Truth, the Whole Truth, and Nothing But Persuasion, and We Establish, Build, Protect and Defend Value are trademarks of the National Association of Certified Valuators and Analysts. All other trademarks are the property of their respective owners.

Page 48

Instructor Changes The CTI reserves the right to change instructors at any time should circumstances dictate. Our policy is to screen potential instructors carefully, ensuring that each one chosen possesses substantial field experience as well as a teaching or presenting background. All instructors are evaluated by our attendees, and future teaching assignments are made based upon these evaluations. From time to time, the CTI will introduce a new instructor to co-teach a course, but our policy is always to carefully pre-screen them and, where feasible, gradually integrate new instructors so you are assured of receiving the best instruction in the country in each discipline taught. Obviously, we cannot guarantee that every attendee will be totally satisfied with every presenter, but every effort is made to ensure the competence of each instructor. Under no circumstances, however, can CTI refund course fees should an attendee be dissatisfied with his or her instructor.

Hotel Accommodations The CTI has negotiated and blocked AAA accommodations at each CTI location (rooming blocks are limited). Hotel rooms are based on availability. Your registration confirmation will include details for lodging and other specifics, including event time schedule, modes of transportation, eating establishments, prerequisites (when applicable), etc. If your registration falls close to the date of the scheduled event, call CTI for hotel information.

NASBA Sponsorship The Consultants’ Training Institute (CTI) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www. learningmarket.org.

Consultants’ Training Institute Third Quarter 2013 Catalog


Consultants’ Training Institute Order and Registration Form Consultants’ Training Institute Order and Registration Form Name:

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Special Offer!

Register and pay for any course in this catalog between August 1 and September 30, 2013, mention this ad, and receive DOUBLE Pacesetter Points速!

Learn more about the Pacesetter Awards速 Program at www.nacva.com/pacesetter.asp or call Member Services at (800) 677-2009. Publication Date: August 2013

2013 Third Quarter CTI Catalog  

The Consultants’ Training Institute (CTI) is comprised of leading experts in the fields of business valuation, financial litigation, financi...

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