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(“ORRIs”).
ASC 321 THE NEW WORLD OF ACCOUNTING FOR EQUITY Brief Summary of ASC 321. The key changes to equity investment accounting included in the new rules are elimination of the “trading” and “available for sale” balance sheet classifications and the need to wrestle with the concept of “other than temporary impairment.”. For investments with a readily determinable fair value (RDFV), the FREEZE PARTNERSHIPS: ESTABLISHING THE PREFERRED RATE A preferred partnership is a limited partnership or LLC (“PLP”) with at least two classes of equity, including a preferred class and common class. The preferred interests may be issued in exchange for capital contributions at the inception of the PLP, or may be issued in exchange for interests in an existing family limited partnership or STOUT COMPLETES ACQUISITION OF FMV OPINIONS CHICAGO, March 1, 2017 – Stout, a premier global advisory firm, has completed its previously announced acquisition of FMV Opinions, Inc., a California-based valuation advisory firm with offices in Irvine, New York, Dallas, and San Francisco. The acquisition was finalized on February 28, 2017. FMV Opinions delivers valuations for a variety of transactional and succession planning requirements VALUATION TECHNIQUES FOR BANK LOAN PORTFOLIOS A confluence of factors has led to increased focus on the measurement and analysis of bank loan portfolios. Commercial and consumer loans represent the largest asset on bank balance sheets, and the application of fair value accounting to bank loan assets has been aCARSTEN HOFFMANN
Carsten Hoffmann is a Managing Director in the firm’s Valuation Advisory group. Carsten has more than two decades of valuation expertise and is a recognized expert on a broad range of complex valuation issues related to estate and gift tax, income tax, litigation support and dispute resolution – including the quantification of discounts for lack of control and lack ofmarketability
DOMINIC BARRETT-EVANS Dominic Barrett-Evans is a Managing Director in the Investment Banking group and is based in Stout’s London office. He has over 20 years of experience providing strategic and corporate finance advisory services, with a primary focus on sell-side transactions, mergers and acquisitions, alliance transactions, and private equity. ASC 360 IMPAIRMENT TESTING: LONG-LIVED ASSETS CLASSIFIED Grouping Long-Lived Assets Classified as Held and Used. In order to perform a long-lived asset impairment analysis, the asset group needs to be determined. As defined in ASC 360-10-35-23, an asset group is the grouping of assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of STOUT - INVESTMENT BANKING, TRANSACTION ADVISORYSERVICESABOUTJOURNALCAREERSLOCATIONSCONTACT Stout is a global investment bank and advisory firm specializing in corporate finance, valuation, financial disputes, and investigations. We serve a range of clients, from public corporations to privately held companies in numerous industries. LIBOR TRANSITION: IMPLICATIONS FOR THE VALUATION OF April 15, 2020. Share. The reign of the most popular floating rate benchmark, the London Inter-Bank Offered Rate (LIBOR), is coming to an unceremonious end with the phase out looming at the end of 2021. The transition from LIBOR and its non-U.S. dollar inter-bank equivalent indices (IBORs) to an alternative floating rate index is expected to THE VALUATION OF OIL AND GAS PROPERTIES: ARE THEY REALLY Share. Valuing oil and gas properties held by individuals or estates at three times (3x) annual cash flow (“3x Cash Flow”) has been a widely used rule of thumb for decades. More sophisticated users of the rule might apply it only to working interests and apply a higher (say 5x) multiple for royalty or overriding royalty interests(“ORRIs”).
ASC 321 THE NEW WORLD OF ACCOUNTING FOR EQUITY Brief Summary of ASC 321. The key changes to equity investment accounting included in the new rules are elimination of the “trading” and “available for sale” balance sheet classifications and the need to wrestle with the concept of “other than temporary impairment.”. For investments with a readily determinable fair value (RDFV), the FREEZE PARTNERSHIPS: ESTABLISHING THE PREFERRED RATE A preferred partnership is a limited partnership or LLC (“PLP”) with at least two classes of equity, including a preferred class and common class. The preferred interests may be issued in exchange for capital contributions at the inception of the PLP, or may be issued in exchange for interests in an existing family limited partnership or VALUATION TECHNIQUES FOR BANK LOAN PORTFOLIOS A confluence of factors has led to increased focus on the measurement and analysis of bank loan portfolios. Commercial and consumer loans represent the largest asset on bank balance sheets, and the application of fair value accounting to bank loan assets has been a STOUT COMPLETES ACQUISITION OF FMV OPINIONS CHICAGO, March 1, 2017 – Stout, a premier global advisory firm, has completed its previously announced acquisition of FMV Opinions, Inc., a California-based valuation advisory firm with offices in Irvine, New York, Dallas, and San Francisco. The acquisition was finalized on February 28, 2017. FMV Opinions delivers valuations for a variety of transactional and succession planning requirementsCARSTEN HOFFMANN
Carsten Hoffmann is a Managing Director in the firm’s Valuation Advisory group. Carsten has more than two decades of valuation expertise and is a recognized expert on a broad range of complex valuation issues related to estate and gift tax, income tax, litigation support and dispute resolution – including the quantification of discounts for lack of control and lack ofmarketability
DOMINIC BARRETT-EVANS Dominic Barrett-Evans is a Managing Director in the Investment Banking group and is based in Stout’s London office. He has over 20 years of experience providing strategic and corporate finance advisory services, with a primary focus on sell-side transactions, mergers and acquisitions, alliance transactions, and private equity. ASC 360 IMPAIRMENT TESTING: LONG-LIVED ASSETS CLASSIFIED Grouping Long-Lived Assets Classified as Held and Used. In order to perform a long-lived asset impairment analysis, the asset group needs to be determined. As defined in ASC 360-10-35-23, an asset group is the grouping of assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of IN CASE YOU WERE WONDERING: CHILD SUPPORT IN HIGH-INCOME Facts of the Case. The parties were the parents of two minor children when they divorced in 1998. Father’s income was in excess of $500,000 in the year preceding the divorce filing. Statutory child support for two children would have been 25% of Father’s income, an amount in excess of $130,000. The trial court set child support at$30,000
VALUATION ADVISORY
Valuation Advisory. When the stakes are high, you need an advisor you can trust. An advisor with the expertise and resources to provide a credible valuation of a business enterprise or its underlying assets, the industry knowledge to understand how market trends may impact value, an understanding of the applicable legal, tax, or regulatory A BRIEF UPDATE ON SPAC VALUATION JUSTIN BURCHETT. Well, thank you everyone for tuning in. In this session we're going to talk about the valuation of SPAC instruments. These are the complex financial instruments that are used to finance special purpose acquisition companies. ASSET ACQUISITIONS AND BUSINESS COMBINATIONS: WHAT’S THE Transaction cost recognition differs between asset acquisitions and business combinations. Per ASC 805-50-30-1, transaction costs should generally be capitalized as a component of the purchase price for asset acquisitions. The costs should then be recognized as they become payable. For business combinations, ASC 805-10-25-23 indicates that DLOMS: COMMON VALUATION APPROACHES TO THE ILLIQUIDITY Discounts for lack of marketability (DLOMs) have frequently been the subject of controversy in valuations. The reason: applying a DLOM – an amount or percentage deducted from the value of an ownership interest to reflect the relative absence of marketability – can result in significant value reduction compared with the pro rata value of a business interest. IN CASE YOU WERE WONDERING: HOW DOES SOCIAL SECURITY In 1993, Mr. Alexander was diagnosed with cancer and subsequently retired at the end of 1994. As a result of his disability, Mr. Alexander began receiving Social Security benefits, including $16,800 annually on behalf of the children. Trial Court Decision: The trial court determined that Mr. Alexander’s income available for supportwas
THE VALUATION OF OIL AND GAS PROPERTIES: ARE THEY REALLY Share. Valuing oil and gas properties held by individuals or estates at three times (3x) annual cash flow (“3x Cash Flow”) has been a widely used rule of thumb for decades. More sophisticated users of the rule might apply it only to working interests and apply a higher (say 5x) multiple for royalty or overriding royalty interests(“ORRIs”).
ASC 360 IMPAIRMENT TESTING: LONG-LIVED ASSETS CLASSIFIED Grouping Long-Lived Assets Classified as Held and Used. In order to perform a long-lived asset impairment analysis, the asset group needs to be determined. As defined in ASC 360-10-35-23, an asset group is the grouping of assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of SAAS VALUATIONS AND THE RULE OF 40 The basic concept implies that SaaS companies with revenue growth plus margins at or above 40% should trade at higher multiples than those below 40%. As shown in Figure 2, if Company A reported revenue growth of 10% and EBITDA margins of 20%, and Company B reported revenue growth of 100% and EBITDA margins of negative 50%, we expect Company BNEIL STEINKAMP
nsteinkamp@stout.com. Office. Mobile. +1.646.807.4229. +1.646.455.9430. VCard. Share. Neil Steinkamp is a well-recognized expert and consultant on a broad range of strategic, organizational, and financial issues to government, business, court and community leaders and their advisors. He has nearly 20 years of experience covering many industries STOUT - INVESTMENT BANKING, TRANSACTION ADVISORYSERVICESABOUTJOURNALCAREERSLOCATIONSCONTACT Stout is a global investment bank and advisory firm specializing in corporate finance, valuation, financial disputes, and investigations. We serve a range of clients, from public corporations to privately held companies in numerous industries. LIBOR TRANSITION: IMPLICATIONS FOR THE VALUATION OF April 15, 2020. Share. The reign of the most popular floating rate benchmark, the London Inter-Bank Offered Rate (LIBOR), is coming to an unceremonious end with the phase out looming at the end of 2021. The transition from LIBOR and its non-U.S. dollar inter-bank equivalent indices (IBORs) to an alternative floating rate index is expected to THE VALUATION OF OIL AND GAS PROPERTIES: ARE THEY REALLY Share. Valuing oil and gas properties held by individuals or estates at three times (3x) annual cash flow (“3x Cash Flow”) has been a widely used rule of thumb for decades. More sophisticated users of the rule might apply it only to working interests and apply a higher (say 5x) multiple for royalty or overriding royalty interests(“ORRIs”).
ASC 321 THE NEW WORLD OF ACCOUNTING FOR EQUITY Brief Summary of ASC 321. The key changes to equity investment accounting included in the new rules are elimination of the “trading” and “available for sale” balance sheet classifications and the need to wrestle with the concept of “other than temporary impairment.”. For investments with a readily determinable fair value (RDFV), the FREEZE PARTNERSHIPS: ESTABLISHING THE PREFERRED RATE A preferred partnership is a limited partnership or LLC (“PLP”) with at least two classes of equity, including a preferred class and common class. The preferred interests may be issued in exchange for capital contributions at the inception of the PLP, or may be issued in exchange for interests in an existing family limited partnership or STOUT COMPLETES ACQUISITION OF FMV OPINIONS CHICAGO, March 1, 2017 – Stout, a premier global advisory firm, has completed its previously announced acquisition of FMV Opinions, Inc., a California-based valuation advisory firm with offices in Irvine, New York, Dallas, and San Francisco. The acquisition was finalized on February 28, 2017. FMV Opinions delivers valuations for a variety of transactional and succession planning requirements VALUATION TECHNIQUES FOR BANK LOAN PORTFOLIOS A confluence of factors has led to increased focus on the measurement and analysis of bank loan portfolios. Commercial and consumer loans represent the largest asset on bank balance sheets, and the application of fair value accounting to bank loan assets has been aCARSTEN HOFFMANN
Carsten Hoffmann is a Managing Director in the firm’s Valuation Advisory group. Carsten has more than two decades of valuation expertise and is a recognized expert on a broad range of complex valuation issues related to estate and gift tax, income tax, litigation support and dispute resolution – including the quantification of discounts for lack of control and lack ofmarketability
DOMINIC BARRETT-EVANS Dominic Barrett-Evans is a Managing Director in the Investment Banking group and is based in Stout’s London office. He has over 20 years of experience providing strategic and corporate finance advisory services, with a primary focus on sell-side transactions, mergers and acquisitions, alliance transactions, and private equity. ASC 360 IMPAIRMENT TESTING: LONG-LIVED ASSETS CLASSIFIED Grouping Long-Lived Assets Classified as Held and Used. In order to perform a long-lived asset impairment analysis, the asset group needs to be determined. As defined in ASC 360-10-35-23, an asset group is the grouping of assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of STOUT - INVESTMENT BANKING, TRANSACTION ADVISORYSERVICESABOUTJOURNALCAREERSLOCATIONSCONTACT Stout is a global investment bank and advisory firm specializing in corporate finance, valuation, financial disputes, and investigations. We serve a range of clients, from public corporations to privately held companies in numerous industries. LIBOR TRANSITION: IMPLICATIONS FOR THE VALUATION OF April 15, 2020. Share. The reign of the most popular floating rate benchmark, the London Inter-Bank Offered Rate (LIBOR), is coming to an unceremonious end with the phase out looming at the end of 2021. The transition from LIBOR and its non-U.S. dollar inter-bank equivalent indices (IBORs) to an alternative floating rate index is expected to THE VALUATION OF OIL AND GAS PROPERTIES: ARE THEY REALLY Share. Valuing oil and gas properties held by individuals or estates at three times (3x) annual cash flow (“3x Cash Flow”) has been a widely used rule of thumb for decades. More sophisticated users of the rule might apply it only to working interests and apply a higher (say 5x) multiple for royalty or overriding royalty interests(“ORRIs”).
ASC 321 THE NEW WORLD OF ACCOUNTING FOR EQUITY Brief Summary of ASC 321. The key changes to equity investment accounting included in the new rules are elimination of the “trading” and “available for sale” balance sheet classifications and the need to wrestle with the concept of “other than temporary impairment.”. For investments with a readily determinable fair value (RDFV), the FREEZE PARTNERSHIPS: ESTABLISHING THE PREFERRED RATE A preferred partnership is a limited partnership or LLC (“PLP”) with at least two classes of equity, including a preferred class and common class. The preferred interests may be issued in exchange for capital contributions at the inception of the PLP, or may be issued in exchange for interests in an existing family limited partnership or STOUT COMPLETES ACQUISITION OF FMV OPINIONS CHICAGO, March 1, 2017 – Stout, a premier global advisory firm, has completed its previously announced acquisition of FMV Opinions, Inc., a California-based valuation advisory firm with offices in Irvine, New York, Dallas, and San Francisco. The acquisition was finalized on February 28, 2017. FMV Opinions delivers valuations for a variety of transactional and succession planning requirements VALUATION TECHNIQUES FOR BANK LOAN PORTFOLIOS A confluence of factors has led to increased focus on the measurement and analysis of bank loan portfolios. Commercial and consumer loans represent the largest asset on bank balance sheets, and the application of fair value accounting to bank loan assets has been aCARSTEN HOFFMANN
Carsten Hoffmann is a Managing Director in the firm’s Valuation Advisory group. Carsten has more than two decades of valuation expertise and is a recognized expert on a broad range of complex valuation issues related to estate and gift tax, income tax, litigation support and dispute resolution – including the quantification of discounts for lack of control and lack ofmarketability
DOMINIC BARRETT-EVANS Dominic Barrett-Evans is a Managing Director in the Investment Banking group and is based in Stout’s London office. He has over 20 years of experience providing strategic and corporate finance advisory services, with a primary focus on sell-side transactions, mergers and acquisitions, alliance transactions, and private equity. ASC 360 IMPAIRMENT TESTING: LONG-LIVED ASSETS CLASSIFIED Grouping Long-Lived Assets Classified as Held and Used. In order to perform a long-lived asset impairment analysis, the asset group needs to be determined. As defined in ASC 360-10-35-23, an asset group is the grouping of assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of IN CASE YOU WERE WONDERING: CHILD SUPPORT IN HIGH-INCOME Facts of the Case. The parties were the parents of two minor children when they divorced in 1998. Father’s income was in excess of $500,000 in the year preceding the divorce filing. Statutory child support for two children would have been 25% of Father’s income, an amount in excess of $130,000. The trial court set child support at$30,000
VALUATION ADVISORY
Valuation Advisory. When the stakes are high, you need an advisor you can trust. An advisor with the expertise and resources to provide a credible valuation of a business enterprise or its underlying assets, the industry knowledge to understand how market trends may impact value, an understanding of the applicable legal, tax, or regulatory A BRIEF UPDATE ON SPAC VALUATION JUSTIN BURCHETT. Well, thank you everyone for tuning in. In this session we're going to talk about the valuation of SPAC instruments. These are the complex financial instruments that are used to finance special purpose acquisition companies. ASSET ACQUISITIONS AND BUSINESS COMBINATIONS: WHAT’S THE Transaction cost recognition differs between asset acquisitions and business combinations. Per ASC 805-50-30-1, transaction costs should generally be capitalized as a component of the purchase price for asset acquisitions. The costs should then be recognized as they become payable. For business combinations, ASC 805-10-25-23 indicates that DLOMS: COMMON VALUATION APPROACHES TO THE ILLIQUIDITY Discounts for lack of marketability (DLOMs) have frequently been the subject of controversy in valuations. The reason: applying a DLOM – an amount or percentage deducted from the value of an ownership interest to reflect the relative absence of marketability – can result in significant value reduction compared with the pro rata value of a business interest. IN CASE YOU WERE WONDERING: HOW DOES SOCIAL SECURITY In 1993, Mr. Alexander was diagnosed with cancer and subsequently retired at the end of 1994. As a result of his disability, Mr. Alexander began receiving Social Security benefits, including $16,800 annually on behalf of the children. Trial Court Decision: The trial court determined that Mr. Alexander’s income available for supportwas
THE VALUATION OF OIL AND GAS PROPERTIES: ARE THEY REALLY Share. Valuing oil and gas properties held by individuals or estates at three times (3x) annual cash flow (“3x Cash Flow”) has been a widely used rule of thumb for decades. More sophisticated users of the rule might apply it only to working interests and apply a higher (say 5x) multiple for royalty or overriding royalty interests(“ORRIs”).
ASC 360 IMPAIRMENT TESTING: LONG-LIVED ASSETS CLASSIFIED Grouping Long-Lived Assets Classified as Held and Used. In order to perform a long-lived asset impairment analysis, the asset group needs to be determined. As defined in ASC 360-10-35-23, an asset group is the grouping of assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of SAAS VALUATIONS AND THE RULE OF 40 The basic concept implies that SaaS companies with revenue growth plus margins at or above 40% should trade at higher multiples than those below 40%. As shown in Figure 2, if Company A reported revenue growth of 10% and EBITDA margins of 20%, and Company B reported revenue growth of 100% and EBITDA margins of negative 50%, we expect Company BNEIL STEINKAMP
nsteinkamp@stout.com. Office. Mobile. +1.646.807.4229. +1.646.455.9430. VCard. Share. Neil Steinkamp is a well-recognized expert and consultant on a broad range of strategic, organizational, and financial issues to government, business, court and community leaders and their advisors. He has nearly 20 years of experience covering many industries LIBOR TRANSITION: IMPLICATIONS FOR THE VALUATION OF April 15, 2020. Share. The reign of the most popular floating rate benchmark, the London Inter-Bank Offered Rate (LIBOR), is coming to an unceremonious end with the phase out looming at the end of 2021. The transition from LIBOR and its non-U.S. dollar inter-bank equivalent indices (IBORs) to an alternative floating rate index is expected to THE VALUATION OF OIL AND GAS PROPERTIES: ARE THEY REALLY Share. Valuing oil and gas properties held by individuals or estates at three times (3x) annual cash flow (“3x Cash Flow”) has been a widely used rule of thumb for decades. More sophisticated users of the rule might apply it only to working interests and apply a higher (say 5x) multiple for royalty or overriding royalty interests(“ORRIs”).
STOUT COMPLETES ACQUISITION OF FMV OPINIONS CHICAGO, March 1, 2017 – Stout, a premier global advisory firm, has completed its previously announced acquisition of FMV Opinions, Inc., a California-based valuation advisory firm with offices in Irvine, New York, Dallas, and San Francisco. The acquisition was finalized on February 28, 2017. FMV Opinions delivers valuations for a variety of transactional and succession planning requirements VALUATION TECHNIQUES FOR BANK LOAN PORTFOLIOS A confluence of factors has led to increased focus on the measurement and analysis of bank loan portfolios. Commercial and consumer loans represent the largest asset on bank balance sheets, and the application of fair value accounting to bank loan assets has been a WHY ARCHITECTURE AND ENGINEERING FIRMS MAKE GREAT ESOP Benefits to A/E Firms. While we have primarily outlined why ESOPs are common from a seller’s point of view, there are several overlapping themes that make ESOPs attractive for A/E firms and their employees as well. The primary advantages include the (1) cultural fit; (2) increased ability to attract and retain talent; and (3) corporate tax IN CASE YOU WERE WONDERING: HOW DOES SOCIAL SECURITY In 1993, Mr. Alexander was diagnosed with cancer and subsequently retired at the end of 1994. As a result of his disability, Mr. Alexander began receiving Social Security benefits, including $16,800 annually on behalf of the children. Trial Court Decision: The trial court determined that Mr. Alexander’s income available for supportwas
HARRIS ANTONIADES
Harris Antoniades is a Managing Director and leads the complex securities & financial instruments practice with over 20 years of experience in complex securities and derivatives valuations, advance financial analytics, and risk management issues. DOMINIC BARRETT-EVANS Dominic Barrett-Evans is a Managing Director in the Investment Banking group and is based in Stout’s London office. He has over 20 years of experience providing strategic and corporate finance advisory services, with a primary focus on sell-side transactions, mergers and acquisitions, alliance transactions, and private equity.JOE DEMETRIUS
Joe Demetrius is a Director in the Valuation Advisory group. His concentration is in ESOP and ERISA advisory services. Joe has experience in the valuation of business interests in both private and public corporations for numerous purposes across a variety of industries and has extensive experience in the valuation of ownership interests in companies owned by Employee Stock Ownership PlansCHRISTOPHE LAPAQUE
Christophe Lapaque is a Managing Director within the Investment Banking group and Head of the Lausanne, Switzerland office. He has extensive experience in supporting entrepreneurs, family businesses, and financial sponsors across a large spectrum of corporate finance matters, including mergers and acquisitions with both buy- and sell-side assignments, leveraged buyouts, joint ventures, LIBOR TRANSITION: IMPLICATIONS FOR THE VALUATION OF April 15, 2020. Share. The reign of the most popular floating rate benchmark, the London Inter-Bank Offered Rate (LIBOR), is coming to an unceremonious end with the phase out looming at the end of 2021. The transition from LIBOR and its non-U.S. dollar inter-bank equivalent indices (IBORs) to an alternative floating rate index is expected to THE VALUATION OF OIL AND GAS PROPERTIES: ARE THEY REALLY Share. Valuing oil and gas properties held by individuals or estates at three times (3x) annual cash flow (“3x Cash Flow”) has been a widely used rule of thumb for decades. More sophisticated users of the rule might apply it only to working interests and apply a higher (say 5x) multiple for royalty or overriding royalty interests(“ORRIs”).
STOUT COMPLETES ACQUISITION OF FMV OPINIONS CHICAGO, March 1, 2017 – Stout, a premier global advisory firm, has completed its previously announced acquisition of FMV Opinions, Inc., a California-based valuation advisory firm with offices in Irvine, New York, Dallas, and San Francisco. The acquisition was finalized on February 28, 2017. FMV Opinions delivers valuations for a variety of transactional and succession planning requirements VALUATION TECHNIQUES FOR BANK LOAN PORTFOLIOS A confluence of factors has led to increased focus on the measurement and analysis of bank loan portfolios. Commercial and consumer loans represent the largest asset on bank balance sheets, and the application of fair value accounting to bank loan assets has been a WHY ARCHITECTURE AND ENGINEERING FIRMS MAKE GREAT ESOP Benefits to A/E Firms. While we have primarily outlined why ESOPs are common from a seller’s point of view, there are several overlapping themes that make ESOPs attractive for A/E firms and their employees as well. The primary advantages include the (1) cultural fit; (2) increased ability to attract and retain talent; and (3) corporate tax IN CASE YOU WERE WONDERING: HOW DOES SOCIAL SECURITY In 1993, Mr. Alexander was diagnosed with cancer and subsequently retired at the end of 1994. As a result of his disability, Mr. Alexander began receiving Social Security benefits, including $16,800 annually on behalf of the children. Trial Court Decision: The trial court determined that Mr. Alexander’s income available for supportwas
HARRIS ANTONIADES
Harris Antoniades is a Managing Director and leads the complex securities & financial instruments practice with over 20 years of experience in complex securities and derivatives valuations, advance financial analytics, and risk management issues. DOMINIC BARRETT-EVANS Dominic Barrett-Evans is a Managing Director in the Investment Banking group and is based in Stout’s London office. He has over 20 years of experience providing strategic and corporate finance advisory services, with a primary focus on sell-side transactions, mergers and acquisitions, alliance transactions, and private equity.JOE DEMETRIUS
Joe Demetrius is a Director in the Valuation Advisory group. His concentration is in ESOP and ERISA advisory services. Joe has experience in the valuation of business interests in both private and public corporations for numerous purposes across a variety of industries and has extensive experience in the valuation of ownership interests in companies owned by Employee Stock Ownership PlansCHRISTOPHE LAPAQUE
Christophe Lapaque is a Managing Director within the Investment Banking group and Head of the Lausanne, Switzerland office. He has extensive experience in supporting entrepreneurs, family businesses, and financial sponsors across a large spectrum of corporate finance matters, including mergers and acquisitions with both buy- and sell-side assignments, leveraged buyouts, joint ventures,HALLE MATTHEWS
Halle Matthews is a Manager in the Disputes, Compliance, & Investigations group. With over five years experience, her practice concentrates on the valuation of intellectual property and the determination of economic damages in intellectual property litigation. THE M&A BUY SIDE PROCESS: AN OVERVIEW FOR ACQUIRING In these situations, an acquirer may exclusively engage the investment banker to execute a comprehensive “buy side” process for identifying, accessing, and facilitating the successful closing of one or more M&A transactions. The investment banker will also act as a critical bridge to connecting with M&A opportunities while themanagement
A BRIEF UPDATE ON SPAC VALUATION JUSTIN BURCHETT. Well, thank you everyone for tuning in. In this session we're going to talk about the valuation of SPAC instruments. These are the complex financial instruments that are used to finance special purpose acquisition companies.STEPHEN KOINIS
Stephen Koinis is a Vice President in the Accounting and Reporting Advisory practice. He has over 15 years of experience in accounting and financial reporting, serving a variety of publicly traded companies across multiple industries, including automotive, industrials, consumer, and retail. WHAT'S YOUR DAIRY FARM WORTH? Drivers of a Dairy Farm Valuation. The primarily cash inflows and outflows of a dairy farm are as follows: 1. Milk Sales. The obvious and largest cash inflow of a dairy business is milk sales, which is primarily a function of prices and milk production. As a commodity-based business, a dairy farmer experiences large fluctuations in dairy prices NON-COMPETITION COVENANTS: SELLER CONSIDERATIONS AND As a general matter, sellers need to be comfortable that they can abide by the following aspects of non-competition covenants: 1) the definition of a competitive business or enterprise, 2) the duration of the covenant, 3) the geographic scope of the covenant, 4) restrictions affecting the seller’s ongoing relationships with (a) customers and FREEZE PARTNERSHIPS: ESTABLISHING THE PREFERRED RATE A preferred partnership is a limited partnership or LLC (“PLP”) with at least two classes of equity, including a preferred class and common class. The preferred interests may be issued in exchange for capital contributions at the inception of the PLP, or may be issued in exchange for interests in an existing family limited partnership or THE TAXING SIDE OF DIVORCE: DIVISION OF NON-QUALIFIED The Taxing Side of Divorce: Division of Non-Qualified Employee Benefits. Nonqualified employee benefit plans are often used to pay employees. However, these plans lack some of the tax benefits offered by qualified plans. For example, benefits may not be available for immediate distribution, and more important in the context of adivorce, it is
DOMINIC BARRETT-EVANS Dominic Barrett-Evans is a Managing Director in the Investment Banking group and is based in Stout’s London office. He has over 20 years of experience providing strategic and corporate finance advisory services, with a primary focus on sell-side transactions, mergers and acquisitions, alliance transactions, and private equity.DAVE EASTERLY
Mobile. +1.303.223.2231. +1.303.726.6493. VCard. Share. Dave Easterly is a Managing Director in the Valuation Advisory group. Dave is responsible for developing new and managing existing client relationships. He facilitates firm resources necessary to respond to clients’ valuation, investment banking and litigation support needs. ASC 321 THE NEW WORLD OF ACCOUNTING FOR EQUITY Brief Summary of ASC 321. The key changes to equity investment accounting included in the new rules are elimination of the “trading” and “available for sale” balance sheet classifications and the need to wrestle with the concept of “other than temporary impairment.”. For investments with a readily determinable fair value (RDFV), the THE VALUATION OF OIL AND GAS PROPERTIES: ARE THEY REALLY Share. Valuing oil and gas properties held by individuals or estates at three times (3x) annual cash flow (“3x Cash Flow”) has been a widely used rule of thumb for decades. More sophisticated users of the rule might apply it only to working interests and apply a higher (say 5x) multiple for royalty or overriding royalty interests(“ORRIs”).
STOUT COMPLETES ACQUISITION OF FMV OPINIONS CHICAGO, March 1, 2017 – Stout, a premier global advisory firm, has completed its previously announced acquisition of FMV Opinions, Inc., a California-based valuation advisory firm with offices in Irvine, New York, Dallas, and San Francisco. The acquisition was finalized on February 28, 2017. FMV Opinions delivers valuations for a variety of transactional and succession planning requirements VALUATION TECHNIQUES FOR BANK LOAN PORTFOLIOS A confluence of factors has led to increased focus on the measurement and analysis of bank loan portfolios. Commercial and consumer loans represent the largest asset on bank balance sheets, and the application of fair value accounting to bank loan assets has been a WHY ARCHITECTURE AND ENGINEERING FIRMS MAKE GREAT ESOP Benefits to A/E Firms. While we have primarily outlined why ESOPs are common from a seller’s point of view, there are several overlapping themes that make ESOPs attractive for A/E firms and their employees as well. The primary advantages include the (1) cultural fit; (2) increased ability to attract and retain talent; and (3) corporate tax IN CASE YOU WERE WONDERING: HOW DOES SOCIAL SECURITY In 1993, Mr. Alexander was diagnosed with cancer and subsequently retired at the end of 1994. As a result of his disability, Mr. Alexander began receiving Social Security benefits, including $16,800 annually on behalf of the children. Trial Court Decision: The trial court determined that Mr. Alexander’s income available for supportwas
THE M&A BUY SIDE PROCESS: AN OVERVIEW FOR ACQUIRING In these situations, an acquirer may exclusively engage the investment banker to execute a comprehensive “buy side” process for identifying, accessing, and facilitating the successful closing of one or more M&A transactions. The investment banker will also act as a critical bridge to connecting with M&A opportunities while themanagement
HARRIS ANTONIADES
Harris Antoniades is a Managing Director and leads the complex securities & financial instruments practice with over 20 years of experience in complex securities and derivatives valuations, advance financial analytics, and risk management issues. DOMINIC BARRETT-EVANS Dominic Barrett-Evans is a Managing Director in the Investment Banking group and is based in Stout’s London office. He has over 20 years of experience providing strategic and corporate finance advisory services, with a primary focus on sell-side transactions, mergers and acquisitions, alliance transactions, and private equity.JOE DEMETRIUS
Joe Demetrius is a Director in the Valuation Advisory group. His concentration is in ESOP and ERISA advisory services. Joe has experience in the valuation of business interests in both private and public corporations for numerous purposes across a variety of industries and has extensive experience in the valuation of ownership interests in companies owned by Employee Stock Ownership Plans ASC 321 THE NEW WORLD OF ACCOUNTING FOR EQUITY Brief Summary of ASC 321. The key changes to equity investment accounting included in the new rules are elimination of the “trading” and “available for sale” balance sheet classifications and the need to wrestle with the concept of “other than temporary impairment.”. For investments with a readily determinable fair value (RDFV), the THE VALUATION OF OIL AND GAS PROPERTIES: ARE THEY REALLY Share. Valuing oil and gas properties held by individuals or estates at three times (3x) annual cash flow (“3x Cash Flow”) has been a widely used rule of thumb for decades. More sophisticated users of the rule might apply it only to working interests and apply a higher (say 5x) multiple for royalty or overriding royalty interests(“ORRIs”).
STOUT COMPLETES ACQUISITION OF FMV OPINIONS CHICAGO, March 1, 2017 – Stout, a premier global advisory firm, has completed its previously announced acquisition of FMV Opinions, Inc., a California-based valuation advisory firm with offices in Irvine, New York, Dallas, and San Francisco. The acquisition was finalized on February 28, 2017. FMV Opinions delivers valuations for a variety of transactional and succession planning requirements VALUATION TECHNIQUES FOR BANK LOAN PORTFOLIOS A confluence of factors has led to increased focus on the measurement and analysis of bank loan portfolios. Commercial and consumer loans represent the largest asset on bank balance sheets, and the application of fair value accounting to bank loan assets has been a WHY ARCHITECTURE AND ENGINEERING FIRMS MAKE GREAT ESOP Benefits to A/E Firms. While we have primarily outlined why ESOPs are common from a seller’s point of view, there are several overlapping themes that make ESOPs attractive for A/E firms and their employees as well. The primary advantages include the (1) cultural fit; (2) increased ability to attract and retain talent; and (3) corporate tax IN CASE YOU WERE WONDERING: HOW DOES SOCIAL SECURITY In 1993, Mr. Alexander was diagnosed with cancer and subsequently retired at the end of 1994. As a result of his disability, Mr. Alexander began receiving Social Security benefits, including $16,800 annually on behalf of the children. Trial Court Decision: The trial court determined that Mr. Alexander’s income available for supportwas
THE M&A BUY SIDE PROCESS: AN OVERVIEW FOR ACQUIRING In these situations, an acquirer may exclusively engage the investment banker to execute a comprehensive “buy side” process for identifying, accessing, and facilitating the successful closing of one or more M&A transactions. The investment banker will also act as a critical bridge to connecting with M&A opportunities while themanagement
HARRIS ANTONIADES
Harris Antoniades is a Managing Director and leads the complex securities & financial instruments practice with over 20 years of experience in complex securities and derivatives valuations, advance financial analytics, and risk management issues. DOMINIC BARRETT-EVANS Dominic Barrett-Evans is a Managing Director in the Investment Banking group and is based in Stout’s London office. He has over 20 years of experience providing strategic and corporate finance advisory services, with a primary focus on sell-side transactions, mergers and acquisitions, alliance transactions, and private equity.JOE DEMETRIUS
Joe Demetrius is a Director in the Valuation Advisory group. His concentration is in ESOP and ERISA advisory services. Joe has experience in the valuation of business interests in both private and public corporations for numerous purposes across a variety of industries and has extensive experience in the valuation of ownership interests in companies owned by Employee Stock Ownership PlansSTEPHEN KOINIS
Stephen Koinis is a Vice President in the Accounting and Reporting Advisory practice. He has over 15 years of experience in accounting and financial reporting, serving a variety of publicly traded companies across multiple industries, including automotive, industrials, consumer, and retail.HALLE MATTHEWS
Halle Matthews is a Manager in the Disputes, Compliance, & Investigations group. With over five years experience, her practice concentrates on the valuation of intellectual property and the determination of economic damages in intellectual property litigation. LIBOR TRANSITION: IMPLICATIONS FOR THE VALUATION OF April 15, 2020. Share. The reign of the most popular floating rate benchmark, the London Inter-Bank Offered Rate (LIBOR), is coming to an unceremonious end with the phase out looming at the end of 2021. The transition from LIBOR and its non-U.S. dollar inter-bank equivalent indices (IBORs) to an alternative floating rate index is expected to THE M&A BUY SIDE PROCESS: AN OVERVIEW FOR ACQUIRING In these situations, an acquirer may exclusively engage the investment banker to execute a comprehensive “buy side” process for identifying, accessing, and facilitating the successful closing of one or more M&A transactions. The investment banker will also act as a critical bridge to connecting with M&A opportunities while themanagement
VALUATION TECHNIQUES FOR BANK LOAN PORTFOLIOS A confluence of factors has led to increased focus on the measurement and analysis of bank loan portfolios. Commercial and consumer loans represent the largest asset on bank balance sheets, and the application of fair value accounting to bank loan assets has been a WHAT'S YOUR DAIRY FARM WORTH? Drivers of a Dairy Farm Valuation. The primarily cash inflows and outflows of a dairy farm are as follows: 1. Milk Sales. The obvious and largest cash inflow of a dairy business is milk sales, which is primarily a function of prices and milk production. As a commodity-based business, a dairy farmer experiences large fluctuations in dairy prices ESTATE PLANNING WITH SPAC FOUNDER SHARES As with carried interest in a PE fund, there is an opportunity for members of the SPAC sponsor to engage in estate planning with their founder shares (or, more accurately, interests in the sponsor entity holding the shares). Some may be tempted to assume the nominal price they paid for the founder shares would also be the fair marketvalue
NON-COMPETITION COVENANTS: SELLER CONSIDERATIONS AND As a general matter, sellers need to be comfortable that they can abide by the following aspects of non-competition covenants: 1) the definition of a competitive business or enterprise, 2) the duration of the covenant, 3) the geographic scope of the covenant, 4) restrictions affecting the seller’s ongoing relationships with (a) customers and THE TAXING SIDE OF DIVORCE: DIVISION OF NON-QUALIFIED The Taxing Side of Divorce: Division of Non-Qualified Employee Benefits. Nonqualified employee benefit plans are often used to pay employees. However, these plans lack some of the tax benefits offered by qualified plans. For example, benefits may not be available for immediate distribution, and more important in the context of adivorce, it is
CHRISTOPHE LAPAQUE
Christophe Lapaque is a Managing Director within the Investment Banking group and Head of the Lausanne, Switzerland office. He has extensive experience in supporting entrepreneurs, family businesses, and financial sponsors across a large spectrum of corporate finance matters, including mergers and acquisitions with both buy- and sell-side assignments, leveraged buyouts, joint ventures, ASC 321 THE NEW WORLD OF ACCOUNTING FOR EQUITY Brief Summary of ASC 321. The key changes to equity investment accounting included in the new rules are elimination of the “trading” and “available for sale” balance sheet classifications and the need to wrestle with the concept of “other than temporary impairment.”. For investments with a readily determinable fair value (RDFV), the THE VALUATION OF OIL AND GAS PROPERTIES: ARE THEY REALLY Share. Valuing oil and gas properties held by individuals or estates at three times (3x) annual cash flow (“3x Cash Flow”) has been a widely used rule of thumb for decades. More sophisticated users of the rule might apply it only to working interests and apply a higher (say 5x) multiple for royalty or overriding royalty interests(“ORRIs”).
STOUT COMPLETES ACQUISITION OF FMV OPINIONS CHICAGO, March 1, 2017 – Stout, a premier global advisory firm, has completed its previously announced acquisition of FMV Opinions, Inc., a California-based valuation advisory firm with offices in Irvine, New York, Dallas, and San Francisco. The acquisition was finalized on February 28, 2017. FMV Opinions delivers valuations for a variety of transactional and succession planning requirements VALUATION TECHNIQUES FOR BANK LOAN PORTFOLIOS A confluence of factors has led to increased focus on the measurement and analysis of bank loan portfolios. Commercial and consumer loans represent the largest asset on bank balance sheets, and the application of fair value accounting to bank loan assets has been a WHY ARCHITECTURE AND ENGINEERING FIRMS MAKE GREAT ESOP Benefits to A/E Firms. While we have primarily outlined why ESOPs are common from a seller’s point of view, there are several overlapping themes that make ESOPs attractive for A/E firms and their employees as well. The primary advantages include the (1) cultural fit; (2) increased ability to attract and retain talent; and (3) corporate tax IN CASE YOU WERE WONDERING: HOW DOES SOCIAL SECURITY In 1993, Mr. Alexander was diagnosed with cancer and subsequently retired at the end of 1994. As a result of his disability, Mr. Alexander began receiving Social Security benefits, including $16,800 annually on behalf of the children. Trial Court Decision: The trial court determined that Mr. Alexander’s income available for supportwas
THE M&A BUY SIDE PROCESS: AN OVERVIEW FOR ACQUIRING In these situations, an acquirer may exclusively engage the investment banker to execute a comprehensive “buy side” process for identifying, accessing, and facilitating the successful closing of one or more M&A transactions. The investment banker will also act as a critical bridge to connecting with M&A opportunities while themanagement
HARRIS ANTONIADES
Harris Antoniades is a Managing Director and leads the complex securities & financial instruments practice with over 20 years of experience in complex securities and derivatives valuations, advance financial analytics, and risk management issues. DOMINIC BARRETT-EVANS Dominic Barrett-Evans is a Managing Director in the Investment Banking group and is based in Stout’s London office. He has over 20 years of experience providing strategic and corporate finance advisory services, with a primary focus on sell-side transactions, mergers and acquisitions, alliance transactions, and private equity.JOE DEMETRIUS
Joe Demetrius is a Director in the Valuation Advisory group. His concentration is in ESOP and ERISA advisory services. Joe has experience in the valuation of business interests in both private and public corporations for numerous purposes across a variety of industries and has extensive experience in the valuation of ownership interests in companies owned by Employee Stock Ownership Plans ASC 321 THE NEW WORLD OF ACCOUNTING FOR EQUITY Brief Summary of ASC 321. The key changes to equity investment accounting included in the new rules are elimination of the “trading” and “available for sale” balance sheet classifications and the need to wrestle with the concept of “other than temporary impairment.”. For investments with a readily determinable fair value (RDFV), the THE VALUATION OF OIL AND GAS PROPERTIES: ARE THEY REALLY Share. Valuing oil and gas properties held by individuals or estates at three times (3x) annual cash flow (“3x Cash Flow”) has been a widely used rule of thumb for decades. More sophisticated users of the rule might apply it only to working interests and apply a higher (say 5x) multiple for royalty or overriding royalty interests(“ORRIs”).
STOUT COMPLETES ACQUISITION OF FMV OPINIONS CHICAGO, March 1, 2017 – Stout, a premier global advisory firm, has completed its previously announced acquisition of FMV Opinions, Inc., a California-based valuation advisory firm with offices in Irvine, New York, Dallas, and San Francisco. The acquisition was finalized on February 28, 2017. FMV Opinions delivers valuations for a variety of transactional and succession planning requirements VALUATION TECHNIQUES FOR BANK LOAN PORTFOLIOS A confluence of factors has led to increased focus on the measurement and analysis of bank loan portfolios. Commercial and consumer loans represent the largest asset on bank balance sheets, and the application of fair value accounting to bank loan assets has been a WHY ARCHITECTURE AND ENGINEERING FIRMS MAKE GREAT ESOP Benefits to A/E Firms. While we have primarily outlined why ESOPs are common from a seller’s point of view, there are several overlapping themes that make ESOPs attractive for A/E firms and their employees as well. The primary advantages include the (1) cultural fit; (2) increased ability to attract and retain talent; and (3) corporate tax IN CASE YOU WERE WONDERING: HOW DOES SOCIAL SECURITY In 1993, Mr. Alexander was diagnosed with cancer and subsequently retired at the end of 1994. As a result of his disability, Mr. Alexander began receiving Social Security benefits, including $16,800 annually on behalf of the children. Trial Court Decision: The trial court determined that Mr. Alexander’s income available for supportwas
THE M&A BUY SIDE PROCESS: AN OVERVIEW FOR ACQUIRING In these situations, an acquirer may exclusively engage the investment banker to execute a comprehensive “buy side” process for identifying, accessing, and facilitating the successful closing of one or more M&A transactions. The investment banker will also act as a critical bridge to connecting with M&A opportunities while themanagement
HARRIS ANTONIADES
Harris Antoniades is a Managing Director and leads the complex securities & financial instruments practice with over 20 years of experience in complex securities and derivatives valuations, advance financial analytics, and risk management issues. DOMINIC BARRETT-EVANS Dominic Barrett-Evans is a Managing Director in the Investment Banking group and is based in Stout’s London office. He has over 20 years of experience providing strategic and corporate finance advisory services, with a primary focus on sell-side transactions, mergers and acquisitions, alliance transactions, and private equity.JOE DEMETRIUS
Joe Demetrius is a Director in the Valuation Advisory group. His concentration is in ESOP and ERISA advisory services. Joe has experience in the valuation of business interests in both private and public corporations for numerous purposes across a variety of industries and has extensive experience in the valuation of ownership interests in companies owned by Employee Stock Ownership PlansSTEPHEN KOINIS
Stephen Koinis is a Vice President in the Accounting and Reporting Advisory practice. He has over 15 years of experience in accounting and financial reporting, serving a variety of publicly traded companies across multiple industries, including automotive, industrials, consumer, and retail.HALLE MATTHEWS
Halle Matthews is a Manager in the Disputes, Compliance, & Investigations group. With over five years experience, her practice concentrates on the valuation of intellectual property and the determination of economic damages in intellectual property litigation. LIBOR TRANSITION: IMPLICATIONS FOR THE VALUATION OF April 15, 2020. Share. The reign of the most popular floating rate benchmark, the London Inter-Bank Offered Rate (LIBOR), is coming to an unceremonious end with the phase out looming at the end of 2021. The transition from LIBOR and its non-U.S. dollar inter-bank equivalent indices (IBORs) to an alternative floating rate index is expected to THE M&A BUY SIDE PROCESS: AN OVERVIEW FOR ACQUIRING In these situations, an acquirer may exclusively engage the investment banker to execute a comprehensive “buy side” process for identifying, accessing, and facilitating the successful closing of one or more M&A transactions. The investment banker will also act as a critical bridge to connecting with M&A opportunities while themanagement
VALUATION TECHNIQUES FOR BANK LOAN PORTFOLIOS A confluence of factors has led to increased focus on the measurement and analysis of bank loan portfolios. Commercial and consumer loans represent the largest asset on bank balance sheets, and the application of fair value accounting to bank loan assets has been a WHAT'S YOUR DAIRY FARM WORTH? Drivers of a Dairy Farm Valuation. The primarily cash inflows and outflows of a dairy farm are as follows: 1. Milk Sales. The obvious and largest cash inflow of a dairy business is milk sales, which is primarily a function of prices and milk production. As a commodity-based business, a dairy farmer experiences large fluctuations in dairy prices ESTATE PLANNING WITH SPAC FOUNDER SHARES As with carried interest in a PE fund, there is an opportunity for members of the SPAC sponsor to engage in estate planning with their founder shares (or, more accurately, interests in the sponsor entity holding the shares). Some may be tempted to assume the nominal price they paid for the founder shares would also be the fair marketvalue
NON-COMPETITION COVENANTS: SELLER CONSIDERATIONS AND As a general matter, sellers need to be comfortable that they can abide by the following aspects of non-competition covenants: 1) the definition of a competitive business or enterprise, 2) the duration of the covenant, 3) the geographic scope of the covenant, 4) restrictions affecting the seller’s ongoing relationships with (a) customers and THE TAXING SIDE OF DIVORCE: DIVISION OF NON-QUALIFIED The Taxing Side of Divorce: Division of Non-Qualified Employee Benefits. Nonqualified employee benefit plans are often used to pay employees. However, these plans lack some of the tax benefits offered by qualified plans. For example, benefits may not be available for immediate distribution, and more important in the context of adivorce, it is
CHRISTOPHE LAPAQUE
Christophe Lapaque is a Managing Director within the Investment Banking group and Head of the Lausanne, Switzerland office. He has extensive experience in supporting entrepreneurs, family businesses, and financial sponsors across a large spectrum of corporate finance matters, including mergers and acquisitions with both buy- and sell-side assignments, leveraged buyouts, joint ventures,VALUATION ADVISORY
Valuation Advisory. When the stakes are high, you need an advisor you can trust. An advisor with the expertise and resources to provide a credible valuation of a business enterprise or its underlying assets, the industry knowledge to understand how market trends may impact value, an understanding of the applicable legal, tax, or regulatory ASC 321 THE NEW WORLD OF ACCOUNTING FOR EQUITY Brief Summary of ASC 321. The key changes to equity investment accounting included in the new rules are elimination of the “trading” and “available for sale” balance sheet classifications and the need to wrestle with the concept of “other than temporary impairment.”. For investments with a readily determinable fair value (RDFV), the A TAXONOMY OF TRACING RULES: ONE SIZE DOES NOT FIT ALL Cozen O'Connor. +1.312.474.4477. jcarriglio@cozen.com. Imagine that a client has deposited $1 million to a surety company as collateral guaranteeing the fulfillment of promised services. The surety company has agreed to return the $1 million as soon as your client renders the VALUATION TECHNIQUES FOR BANK LOAN PORTFOLIOS A confluence of factors has led to increased focus on the measurement and analysis of bank loan portfolios. Commercial and consumer loans represent the largest asset on bank balance sheets, and the application of fair value accounting to bank loan assets has been a STOUT COMPLETES ACQUISITION OF FMV OPINIONS CHICAGO, March 1, 2017 – Stout, a premier global advisory firm, has completed its previously announced acquisition of FMV Opinions, Inc., a California-based valuation advisory firm with offices in Irvine, New York, Dallas, and San Francisco. The acquisition was finalized on February 28, 2017. FMV Opinions delivers valuations for a variety of transactional and succession planning requirements ASC 842 AND THE IMPACT ON BUSINESS VALUATION Figure 1. Finance vs. Operating Leases Under ASC 842. ASC 842-20-45-1 requires finance and operating lease ROU assets and lease liabilities to be disclosed separately from each other and from other assets and liabilities. The weighted-average discount rate, segregated between those for finance and operating leases, must also be disclosed.HARRIS ANTONIADES
Harris Antoniades is a Managing Director and leads the complex securities & financial instruments practice with over 20 years of experience in complex securities and derivatives valuations, advance financial analytics, and risk management issues. THE VALUATION OF OIL AND GAS PROPERTIES: ARE THEY REALLY Share. Valuing oil and gas properties held by individuals or estates at three times (3x) annual cash flow (“3x Cash Flow”) has been a widely used rule of thumb for decades. More sophisticated users of the rule might apply it only to working interests and apply a higher (say 5x) multiple for royalty or overriding royalty interests(“ORRIs”).
CAPITAL GAINS EXCLUSION FOR QUALIFIED SMALL BUSINESS STOCKSEE MORE ON STOUT.COMCAPITAL GAINS FROM BUSINESSCAPITAL GAINS ON LONG TERM STOCK SALESCAPITAL GAINS ON STOCK SALESSTOCK CAPITAL GAINS RULES ASC 360 IMPAIRMENT TESTING: LONG-LIVED ASSETS CLASSIFIED Grouping Long-Lived Assets Classified as Held and Used. In order to perform a long-lived asset impairment analysis, the asset group needs to be determined. As defined in ASC 360-10-35-23, an asset group is the grouping of assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows ofVALUATION ADVISORY
Valuation Advisory. When the stakes are high, you need an advisor you can trust. An advisor with the expertise and resources to provide a credible valuation of a business enterprise or its underlying assets, the industry knowledge to understand how market trends may impact value, an understanding of the applicable legal, tax, or regulatory ASC 321 THE NEW WORLD OF ACCOUNTING FOR EQUITY Brief Summary of ASC 321. The key changes to equity investment accounting included in the new rules are elimination of the “trading” and “available for sale” balance sheet classifications and the need to wrestle with the concept of “other than temporary impairment.”. For investments with a readily determinable fair value (RDFV), the A TAXONOMY OF TRACING RULES: ONE SIZE DOES NOT FIT ALL Cozen O'Connor. +1.312.474.4477. jcarriglio@cozen.com. Imagine that a client has deposited $1 million to a surety company as collateral guaranteeing the fulfillment of promised services. The surety company has agreed to return the $1 million as soon as your client renders the VALUATION TECHNIQUES FOR BANK LOAN PORTFOLIOS A confluence of factors has led to increased focus on the measurement and analysis of bank loan portfolios. Commercial and consumer loans represent the largest asset on bank balance sheets, and the application of fair value accounting to bank loan assets has been a STOUT COMPLETES ACQUISITION OF FMV OPINIONS CHICAGO, March 1, 2017 – Stout, a premier global advisory firm, has completed its previously announced acquisition of FMV Opinions, Inc., a California-based valuation advisory firm with offices in Irvine, New York, Dallas, and San Francisco. The acquisition was finalized on February 28, 2017. FMV Opinions delivers valuations for a variety of transactional and succession planning requirements ASC 842 AND THE IMPACT ON BUSINESS VALUATION Figure 1. Finance vs. Operating Leases Under ASC 842. ASC 842-20-45-1 requires finance and operating lease ROU assets and lease liabilities to be disclosed separately from each other and from other assets and liabilities. The weighted-average discount rate, segregated between those for finance and operating leases, must also be disclosed.HARRIS ANTONIADES
Harris Antoniades is a Managing Director and leads the complex securities & financial instruments practice with over 20 years of experience in complex securities and derivatives valuations, advance financial analytics, and risk management issues. THE VALUATION OF OIL AND GAS PROPERTIES: ARE THEY REALLY Share. Valuing oil and gas properties held by individuals or estates at three times (3x) annual cash flow (“3x Cash Flow”) has been a widely used rule of thumb for decades. More sophisticated users of the rule might apply it only to working interests and apply a higher (say 5x) multiple for royalty or overriding royalty interests(“ORRIs”).
CAPITAL GAINS EXCLUSION FOR QUALIFIED SMALL BUSINESS STOCKSEE MORE ON STOUT.COMCAPITAL GAINS FROM BUSINESSCAPITAL GAINS ON LONG TERM STOCK SALESCAPITAL GAINS ON STOCK SALESSTOCK CAPITAL GAINS RULES ASC 360 IMPAIRMENT TESTING: LONG-LIVED ASSETS CLASSIFIED Grouping Long-Lived Assets Classified as Held and Used. In order to perform a long-lived asset impairment analysis, the asset group needs to be determined. As defined in ASC 360-10-35-23, an asset group is the grouping of assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of LIBOR TRANSITION: IMPLICATIONS FOR THE VALUATION OF April 15, 2020. Share. The reign of the most popular floating rate benchmark, the London Inter-Bank Offered Rate (LIBOR), is coming to an unceremonious end with the phase out looming at the end of 2021. The transition from LIBOR and its non-U.S. dollar inter-bank equivalent indices (IBORs) to an alternative floating rate index is expected toHALLE MATTHEWS
Halle Matthews is a Manager in the Disputes, Compliance, & Investigations group. With over five years experience, her practice concentrates on the valuation of intellectual property and the determination of economic damages in intellectual property litigation. ASC 842 AND THE IMPACT ON BUSINESS VALUATION Figure 1. Finance vs. Operating Leases Under ASC 842. ASC 842-20-45-1 requires finance and operating lease ROU assets and lease liabilities to be disclosed separately from each other and from other assets and liabilities. The weighted-average discount rate, segregated between those for finance and operating leases, must also be disclosed. WHAT'S YOUR DAIRY FARM WORTH? Drivers of a Dairy Farm Valuation. The primarily cash inflows and outflows of a dairy farm are as follows: 1. Milk Sales. The obvious and largest cash inflow of a dairy business is milk sales, which is primarily a function of prices and milk production. As a commodity-based business, a dairy farmer experiences large fluctuations in dairy prices NON-COMPETITION COVENANTS: SELLER CONSIDERATIONS AND As a general matter, sellers need to be comfortable that they can abide by the following aspects of non-competition covenants: 1) the definition of a competitive business or enterprise, 2) the duration of the covenant, 3) the geographic scope of the covenant, 4) restrictions affecting the seller’s ongoing relationships with (a) customers and ASC 360 IMPAIRMENT TESTING: LONG-LIVED ASSETS CLASSIFIED Grouping Long-Lived Assets Classified as Held and Used. In order to perform a long-lived asset impairment analysis, the asset group needs to be determined. As defined in ASC 360-10-35-23, an asset group is the grouping of assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of WHY ARCHITECTURE AND ENGINEERING FIRMS MAKE GREAT ESOP Benefits to A/E Firms. While we have primarily outlined why ESOPs are common from a seller’s point of view, there are several overlapping themes that make ESOPs attractive for A/E firms and their employees as well. The primary advantages include the (1) cultural fit; (2) increased ability to attract and retain talent; and (3) corporate tax IN CASE YOU WERE WONDERING: HOW DOES SOCIAL SECURITY In 1993, Mr. Alexander was diagnosed with cancer and subsequently retired at the end of 1994. As a result of his disability, Mr. Alexander began receiving Social Security benefits, including $16,800 annually on behalf of the children. Trial Court Decision: The trial court determined that Mr. Alexander’s income available for supportwas
CHRISTOPHE LAPAQUE
Christophe Lapaque is a Managing Director within the Investment Banking group and Head of the Lausanne, Switzerland office. He has extensive experience in supporting entrepreneurs, family businesses, and financial sponsors across a large spectrum of corporate finance matters, including mergers and acquisitions with both buy- and sell-side assignments, leveraged buyouts, joint ventures, ADVISED ON BANKRUPTCY SALE OF LEADING PRODUCE, FRESH Stout advised Country Fresh Holding Company Inc. and its affiliates (collectively “FFG”) on the successful sale of its assets. The deal, which closed in April 2021, was conducted through three separate transactions pursuant to Section 363 of the U.S. Bankruptcy Code and an ancillary Companies’ Creditors Arrangement Act (“CCAA”) proceeding in Canada. This website stores cookies on your computer. These cookies are used to collect information about how you interact with our website and allow us to remember you. We use this information in order to improve and customize your browsing experience and for analytics and metrics about our visitors both on this website and other media. Find out more about the cookies we use , our Terms of Use , and our Privacy Policy.
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CELEBRATING 30 YEARS OF RELENTLESS EXCELLENCE® (1991 - 2021)Learn More
CELEBRATING 30 YEARS OF RELENTLESS EXCELLENCE® (1991 - 2021)Learn More
STOUT IS A GLOBAL INVESTMENT BANK AND ADVISORY FIRM SPECIALIZING IN CORPORATE FINANCE, VALUATION, FINANCIAL DISPUTES, AND INVESTIGATIONS. WE SERVE A RANGE OF CLIENTS, FROM PUBLIC CORPORATIONS TO PRIVATELY HELD COMPANIES IN NUMEROUS INDUSTRIES. OUR CLIENTS AND THEIR ADVISORS RELY ON OUR PREMIER EXPERTISE, DEEP INDUSTRY KNOWLEDGE, AND UNPARALLELED RESPONSIVENESS ON COMPLEX MATTERS.WHAT WE OFFER
RELENTLESSNESS ON BEHALF OF OUR CLIENTS.All Services
INVESTMENT BANKING
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Stout’s investment banking team specializes in providing mergers and acquisitions advice, private capital raising, and other financialadvisory services.
TRANSACTION ADVISORY__
Stout leverages its considerable deal experience to assist clients in making sound business decisions to successfully complete their critical transactions.VALUATION ADVISORY
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Stout provides expertise across a broad spectrum of industries in the valuation of business enterprises, complex securities, intellectual property, real estate, and personal property. DISPUTES, COMPLIANCE, & INVESTIGATIONS__
Stout provides expert testimony and consulting, as well as investigative, compliance, and corporate monitoring services for financial-related matters.SPECIALTY SERVICES
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Stout offers specialized services focused on helping companies optimize operations, reduce risk, make informed decisions, and enhancevalue.
All Services
OUR INSIGHTS
OVER 30 YEARS OF DEEP INDUSTRY KNOWLEDGE AND THOUGHT LEADERSHIP.All Insights
COMMENTARY
WHAT I WISH I KNEW ABOUT SELLING A BUSINESS BEFORE I SOLD MY BUSINESSCOURT CASE REVIEW
MICHAEL JACKSON’S ESTATE MOONWALKS PAST THE IRS IN TAX COURT BATTLECOMMENTARY
5G, IOT, AND STANDARD ESSENTIAL PATENTSVIDEO/AUDIO
NAVIGATING THE ENERGY MARKET DURING COVID-19: VALUATION ISSUES CURRENTLY IMPACTING ENERGY COMPANIESAll Insights
OUR EXPERIENCE
EXPERTISE AND STRONG TRACK RECORD OF DELIVERING RESULTS.All Experience
Healthcare & Life Sciences ADVISED ON SALE OF LEADING RETINAL OPHTHALMOLOGY PRACTICE Healthcare & Life Sciences ADVISED OPERATOR OF REHABILITATION, MEDICAL CARE CENTER ON STAKE SALEAll Experience
WHO WE ARE
STRATEGIC MINDS READY TO REDUCE COMPLEXITY.All Professionals
NICK JACHIM
Managing Director
* Investment BankingTIM CUMMINS
Managing Director
* Transaction Advisory * Valuation Advisory * Disputes, Compliance, & InvestigationsHARRIS ANTONIADES
Managing Director
* Valuation Advisory * Specialty ServicesNICK JACHIM
Managing Director
* Investment BankingTIM CUMMINS
Managing Director
* Transaction Advisory * Valuation Advisory * Disputes, Compliance, & InvestigationsHARRIS ANTONIADES
Managing Director
* Valuation Advisory * Specialty ServicesGLOBAL REACH.
BOUNDLESS CAPABILITIES.Locations
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2021 Stout Risius Ross, LLC | Stout is not aCPA firm.
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2021 Stout Risius Ross, LLC | Stout is not a CPA firm.Details
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