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The Center for Advanced Valuation Studies (CAVS) is part of the American Society of Appraisers' Business Valuation education program. CAVS presents intense one-day seminars for appraisal professionals and those in related financial disciplines-including CPAs, attorneys and financial analysts-on key topics affecting the value of a business.

CAVS 8-hour seminars are designed to deliver specialized, on-topic advanced knowledge to meet specific needs. The veteran instructors who lead these case-based programs have a wealth of domestic and international experience in today's business world.

CAVS seminars are recommended for 8 hours of CPE credit, subject to approval by state licensing boards.

CAVS Seminar Descriptions

Cost of Capital (CAVSCC)

Topics: Examination of existing criticisms of the CAPM—exploration of current literature in search of answers and ways to improve the data used as inputs to the models—exploration of practical models for use in international markets-other cost of capital issues such as estimating returns on venture capital investments, troubled companies and pass—through entities such as S corporations

Defend Your Value: Advanced Research for Business Appraisers (CAVSBVRA)

Topics: Learn to access and utilize information on the Web to prepare defensible valuation reports—learn to identify comparable public companies, transactions, industry and economic information and research litigation support—this is a hands—on class-access to useful databases is provided—attendees are encouraged to bring their own active projects to work on in class—laptop with WIFI capability is required

Developing Reliable Valuation Models (CAVSMODS)

Topics: Understand the theoretical foundations and assumptions of the Black Scholes and binomial models and the important differences between the two—learn to properly use these models as tools when approaching the valuation of complex financial instruments

Discounts and Premiums (CAVSDP)

Topics: Controversies regarding QMDM, pre—IPO studies and restricted stock studies—why benchmarking is not an option—distinguishing between liquidity and marketability—holding period vs. liquidation period—determinants of liquidity—liquidity and block size—look back put vs. Black Scholes—comparison between different measures of DLOM/DLOL—results achieved under different methods for determining DLOM/DLOL—recent research and its application to the discounts—explore control premiums for blocks

Expert Witness Preparation and Testimony (CAVSEWP)

Topics: For valuators giving expert witness testimony: pre—engagement considerations—interaction between expert and attorney—discovery/investigation—preparation of the expert's report—critique of opposing expert's report—trial preparation—qualifying as an expert—conduct at trial: dos and don'ts while on the witness stand

Mergers and Acquisitions Strategies and Techniques (CAVSMA)

Topics: Explore the M&A market—understand the role of M&A intermediaries and their value added benefits—determine if an M&A practice is a viable adjunct to your practice—identify qualified sellers and buyers—learn how an intermediary maximizes the client's growth potential and market value—gain an appreciation of the difference between price and value—learn how negotiation and creative deal structuring leads to successful closings

Multidiscipline Valuations (CAVSMDV)

Topics: Economic obsolescence-fractional appraisals and financial overview-stock and debt approach—the implications of the excess earnings method—intangible assets-discussions of inter—relationships of disciplines, how personal property appraisers, machinery and equipment appraisers and real property appraisers work with business valuers to provide complete appraisals

Real Options and the Value of Uncertainty (CAVSRO)

Topics: Crystal Ball®'s Monte Carlo simulation and how it is employed to improve the valuation process—the business case for the use of real options—basics of real option theory—the real option solution process and methodology—case studies from different industries—latest challenges to traditional concepts of risk/reward measurement

Statistical Characteristics of Common BV Databases (CAVSBVD)

Topics: Statistical characteristics of BV databases—discuss what the databases say or might say, and what they do not or might not say—basic statistical concepts—discounts, premiums, illiquidity and control issues

The Valuation of S Corporations (CAVSSCORP)

Topics: Relevant tax court decisions—attributes of S corps—S corp models—valuation of controlling interests—Daubert challenge criteria

Outside the Box: Non-Traditional Tools for Valuation Professionals (CAVSUR)

Topics: Traditional financial analysis and other metrics tell us “what,” but not “why.” More than most endeavors, however, business valuation is about why. This unique course presents a powerful, yet practical framework that will enhance your ability to perform non-traditional analysis and embed your findings in traditional quantitative tools. The course is for all who want to upgrade their analytical capabilities and differentiate their practice of valuation. Course materials include a non-exclusive license to use proprietary graphics related to these non-traditional tools.

Valuation for Financial Reporting (FAS 141/142/144) (CAVSFA)

Topics: The fair value measurement standard for valuation reporting—the requirements for business combination reporting—the requirements for goodwill and other intangible asset reporting, as well as reporting for long—lived assets no longer useful to a business enterprise—participants will also acquire an understanding of the requirements mandated by SFAS 141, 142 and 144—heavy emphasis on intangibles

Valuation Principles for Transfer Pricing (CAVSTP)

Topics: Valuation of intangibles in cost sharing arrangements—valuation of trademarks and trade names in license agreements—determination of arm's length inter-company interest rates and debt/equity ratios—impact of transfer pricing in legal entity valuations for tax purposes

Valuing ESOP Shares (CAVSESOP)

Topics: Legislative and economic background of employee stock ownership plans (ESOPs)—relevant ESOP accounting issues, including AICPA statement of position (SOP) 93—6—the impact of financial leverage on ESOP valuations—fair market value determinations for ESOP transaction purposes—valuation factors and methodologies for ESOP securities including S Corporation ESOPs—ESOP equity allocation concepts—ESOP special issues (investment marketability, minority interest/control, repurchase liability, etc.)—the appraiser as financial advisor

Valuing Intellectual Property (CAVSVIP)

Topics: Identifying intangible assets and intellectual property—intellectual property: patents, trademarks, copyrights and trade secrets—reasons to conduct an intangible asset appraisal analysis—valuation approaches, methods and procedures-remaining useful life analysis—examples and case studies—the valuation report