Live and Online Broadcast Options BVFLSConference.com See Inside Back Cover for Registration Fees and Discounts 2020 Business Valuation and Financial Litigation Super Conference June 17-20, 2020 | Loews Philadelphia Hotel | Philadelphia, PA USA NACVA and the CTI’sBusiness V aluation and Financial Litigation Super Confer ence 2 2020 Super Conference Co-Chairs A Message From the Chairs NACVA and the CTI Frank Merenda CVA, ASA, BCA, MSChE, MBA Edward Bortnick CPA, CVA, MAFF, CFF Tonisha M. Pinckney PhD, MSCJ, CFE, MAFF, CBE, CSCD, CCII Parnell Black MBA, CPA, CVA Chief Executive Officer Stephen White CVA Brien K. Jones Chief Operations Officer and Executive Vice President With a new decade upon us, demographic, economic, social, and technology shifts are changing the way we live and operate in the world. Why wait until later in the year to seize the tools you need now? Join us! The NACVA and the CTI’s 2020 Business Valuation and Financial Litigation Super Conference will deliver a cross-section of critical updates, trends, and strategies presented by the profession’s titans and up-and comers to help you navigate this new terrain. Demography and Social Engagement Ty Bennett’s keynote presentation, Partnership is the New Leadership—Cultivating Commitment, Collaboration, and Consensus will spark a dialogue on bridging the generational divide. Economic and Industry Drivers Chris Mercer’s session, Vision 2020—The Future of Our Profession and Your Role In It will address the increasing privatization of businesses and how the demand for financial consulting services will evolve. Solid Numbers, Cutting Edge Methodology, and Thorough Research—Are They Enough to Persuade the Judges? featuring Judges Timothy Driscoll, Elizabeth Gonzalez, and Steven Platt will offer perspectives on business valuation and financial forensic opinions and how they are (or are not) embraced by the triers of fact. Skills Development and Technological Advances The four-day Super Conference agenda will dive into specialty areas of practice, methodologies, approaches, trends, business applications, communication, and practice management. Advances in technology—cloud migration, cybersecurity, data analytics, databases, and software—will also be addressed. Join us for the first major conference of the year in the financial consulting profession! New Decade. New World. Fresh Perspectives.Loews Philadelphia Hotel 1200 Market St. Philadelphia, PA 19107 CTI Group Rate: $219 single/double* Expires May 22, 2020 Reservations: BVFLSConference.com Reservation Line: (888) 575-6397 Philadelphia International Airport: 13 miles to hotel Travel Services Call Sue Ellen at (800) 355-3644 Relax! Let NACVA Travel Services remove the stress and handle your arrangements for Philadelphia. They are good at it—they have been doing it for over 30 years. NACVA Travel Services is dedicated to finding the very best combination of service and convenience available at any given time. They will save you time and, because they know the ins and outs of the travel business, will often be able to save you money. Spouses and Guests Invite your spouse/guest to attend the Super Conference networking functions, including: continental breakfasts, AM and PM breaks, luncheons, and receptions during the June 17–20 Super Conference. ($375 per person). See Inside Back Cover for Registration Fees and Discounts * Group rate not guaranteed. Book as soon as possible; rooms available on a first-come, first-served basis. Group rate valid Thursday, June 11, 2020, through Monday, June 22, 2020. Business V aluation and Financial Litigation Super Confer ence 3 Loews Philadelphia Hotel Could Loews Philadelphia’s history be any richer? We do not think so. Our landmark structure was one of America’s first skyscrapers, rising a commanding 33 stories into the air. Using curved glass and bold geometric shapes, it was constructed in the Art Deco period and was home to our country’s first savings bank. Rare woods along with marble and granite from over 30 countries were utilized to dramatic effect, and clocks by Cartier made sure everyone was on time. From 20 miles away, you can still catch sight of the undisturbed sign of the original owners—The Philadelphia Savings Fund Society—as PSFS glows in glorious red neon. Today, you can still see the imposing bank vault doors in our hotel lobby—an homage to our history and a striking art installation. For decades, our landmark structure has hosted Philadelphia’s elite— and guests just like you. With a perfect downtown location, stunning guestrooms, a relaxing spa and an indoor pool, we like to think we are proof that you really can have it all.Leadership is NOT about your name on the door, your years in the business, the title you hold, or where your office is located. It is about your people and the significance, value, and connection you share with them. Bottom line? Relevance Equals Influence. Which equals commitment, collaboration, trust, teamwork, and performance. Ready to make a transformational change in your business? Raise your relevance and increase your influence. Leading with fear or trading on titles is no longer effective. In their place, partnership, communication, inclusion, and connection have become game-changers. Ultimately, we are in the people business, which is, without question, the business of building relationships. How? Using specific, time-tested skills and solutions to cultivate trust, encourage collaboration, deliver value, inspire ideas and insights, and yes, fuel commitment amongst team members to do more, reach higher, and develop their own leadership skills. Ty is the founder of Leadership Inc. Institute, a speaking and training company with a mission to empower individuals and organizations to challenge their status quo, cultivate exceptional relationships, and compete in extraordinary ways. He is changing lives—one leader at a time. • At 21, Ty and his brother built a direct sales business to over $20 million in annual revenues. • He developed a system and organization that would help over 500 leaders fine-tune their sales and leadership skills in over 37 countries. • He was featured as one of the Top 40 Under 40. • He was dubbed one of the 10 Coolest Entrepreneurs in Utah. • He is the author of three best-selling books: Partnership is the New Leadership; The Power of Influence: Increase Your Income and Personal Impact; and The Power of Storytelling: The Art of Influential Communication. These are used in graduate courses at multiple universities including MIT, as today’s version of How to Win Friends and Influence People. • He has traversed the world speaking to tens of thousands of audience members transforming the lives, careers, and business practices of leaders from some of the most recognizable brands in the world such as: Coca-Cola, Subway, Blue Cross Blue Shield and RE/MAX. • He is a husband and a father and he is passionate about helping leaders cultivate the relevance and influence they need to challenge old ways and open new doors. Partnership is the New Leadership— Cultivating Commitment, Collaboration, and Consensus Thursday, June 18 | 8:10 a.m.–9:50 a.m. Broadcast Live Opening Keynote Address Business V aluation and Financial Litigation Super Confer ence 4 Ty Bennett Leadership Inc. InstituteA confluence of trends is creating very real opportunities for the business appraisal profession. The number of public companies continues their decades-long shrinkage, and the barriers to “going public” continue to rise. This comes at a time when there is increasing privatization of businesses with massive amounts of private equity money looking for opportunities in the private world. To top all that, there will be a rising number of ownership and management transitions through sales of businesses or other forms of transfers. The market for the services of business appraisal and related services should be expanding. Now combine these trends with the fact that the business appraisal profession is aging, at least at the upper end. Baby boomers will continue to age up and out into retirement in increasing numbers. With the markets we serve expanding, and the supply of senior appraisers declining, there should be major opportunities for the Millennials and Gen Xers who are following in the Age Wave. Now add in the coming changes in the business valuation professional association landscape—no one knows what will happen, but everyone knows things will change—and we will see changes that will help the younger generations of appraisers in their emergence. In this session, Chris Mercer will speak to the reality of this evolving marketplace for business appraisers. He will offer forecasts regarding the future and he will discuss strategies for maximizing your personal potential and your firm’s potential as we emerge into the next decade. Z. Christopher Mercer is the founder of Mercer Capital, a national business valuation and financial advisory firm. He has valued hundreds of companies for many different reasons, and he has testified on many occasions in courts in jurisdictions around the country. He is known as a thought leader in the business valuation profession and has written several books that have advanced valuation theory and practice. In addition, he has written about buy-sell agreements and the application of valuation concepts to private companies. He has spoken on these topics nationally and internationally, and has written hundreds of external articles, articles for Mercer Capital publications, and articles for his blogs. Chris Mercer is a Fellow of the American Society of Appraisers (FASA) and holds a four-digit certificate number from the CFA Institute (CFA). He also holds the Accredited in Business Appraisal Review (ABAR) designation from NACVA. He has been involved in the development of business valuation standards for many years. Vision 2020—The Future of Our Profession and Your Role In It Friday, June 19 | 8:10 a.m.–9:50 a.m. Broadcast Live Concurrent Plenary Session Business V aluation and Financial Litigation Super Confer ence 5 Z. Christopher Mercer, FASA, CFA, ABAR Mercer CapitalBusiness V aluation and Financial Litigation Super Confer ence 6 Being an effective expert in business valuation and financial forensics requires extensive education, training, and years of experience. Our profession is fortunate to have a wealth of leadership, empirical evidence, standards, education, and continually evolving methodology to provide us with the tools to effectively serve our clientele. Often, however, financial experts are challenged and frustrated when their best work is not enthusiastically embraced by the triers of fact (judge or jury). In this session, Judges Driscoll, Gonzalez, and Platt share their experiences with us and give us valuable insights on how our workproduct— our valuation and financial forensic opinions—can be more credible and more likely to prevail in the battle of the experts. Honorable Judge Timothy Sean Driscoll Justice of the New York State Supreme Court—Commercial Division Judge Timothy S. Driscoll was elected to a 14-year term in November 2007, serving in the Nassau County Commercial Division. He is a member of the Chief Judge’s Advisory Council on Commercial Litigation in New York State, and serves as co-chair of the Subcommittee on Alternative Dispute Resolution. In addition to his judicial responsibilities, Judge Driscoll is a teaching team member at the Harvard Law School’s Trial Advocacy Workshop. Prior to his term, he served as Deputy Nassau County Executive for Law Enforcement and Public Safety, as Assistant United States Attorney in the Eastern District of New York, and served as Assistant District Attorney in Nassau County. Judge Driscoll is a graduate of Harvard Law School (cum laude 1991), Hofstra University (summa cum laude 1988), and Holy Trinity High School in Hicksville, which inducted him into its Hall of Fame in 2005. Honorable Judge Elizabeth Gonzalez District Court of Clark County of 8th Judicial District Elizabeth Gonzalez is a Judge of the 8th Judicial District Court in Clark County Nevada, handling primarily business and civil cases. Prior to taking the bench, she practiced predominantly in complex civil litigation that included business, mass tort, and construction defect litigation. Judge Gonzalez is a past president of the Nevada District Judges Association, is a past president of the American College of Business Court Judges, and has served as a Business Court Representative to the ABA Business Law Section. Currently she serves as the Chair of the Education Committee of the Judicial Council of the State of Nevada. She previously served on the Supreme Court Jury Improvement Commission, the Supreme Court Access to Justice Commission, and the State of Nevada Ethics Commission. Judge Gonzalez attained a BA in History, with honors, from the University of Florida in May of 1982 and received her law degree from the University of Florida College of Law in 1985. She was admitted to the State Bar of Nevada in 1985. Honorable Judge Steven I. Platt (Ret.) The Platt Group, Inc. Judge Steven I. Platt (Ret.) retired as a full-time Circuit Court Judge on January 15, 2007. He has since been approved by the Court of Appeals to be recalled in all eight Circuits and the Court of Appeals to try cases and conduct settlement conferences as a recalled judge. He is also engaged in private mediation, arbitration, and neutral case evaluation of complex civil litigation, including: medical malpractice cases, legal malpractice cases, product liability cases, construction litigation, and business disputes. Judge Platt is a trained mediator having completed the basic 40-hour course, as well as advanced courses. He serves as a panel arbitrator and mediator for the American Arbitration Association (AAA), International Institute for Conflict Prevention and Resolution (CPR), Resolute Systems (RS), and Financial Industry Regulatory Authority (FINRA), as well as his own company, The Platt Group, Inc. Michael G. Kaplan, CPA, ABV, CFF, CVA, MAFF (moderator) Kaplan Forensics Solid Numbers, Cutting Edge Methodology, and Thorough Research— Are They Enough to Persuade the Judges? Friday, June 19 | 8:10 a.m.–9:50 a.m. Broadcast Live Concurrent Plenary SessionThe 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: For NASBA-related information on CPE, please refer to BVFLSConference.com. Wednesday, June 17, 2020 Business V aluation and Financial Litigation Super Confer ence 7 For session details and faculty bios, visit BVFLSConference.com. Business Valuation Healthcare Financial Reporting Exit Planning/ Mergers & Acquisitions Financial Litigation/ Expert Witness Practice Management Broadcast Live I Broadcast Live via YouTube (No CPE) Super Conference Agenda 6:15–8:30 a.m. REGISTRA TION AND C ONTINENT AL BREAKF AST 6:30–8:15 a.m. 2 Hrs CPE Business Valuation Report Peer Review— Case Analysis in Person (CAP) Round Tables (Additional Registration Fee Required) Industry Standards and Ethics Mark Kucik, C. Zachary Meyers, Carl Steffen (Additional Registration Fee Required) SESSION TRACKS Current Update in Valuations (CUV) Pre-Conference Symposium (Additional Registration Fee Required) 8:30–10:15 a.m. 2 Hrs CPE Current Update in Valuations 10:15–10:30 a.m.MORNING BREAK , REGISTRA TION , AND EXHIBIT S 10:30 a.m.–12:15 p.m. 2 Hrs CPE Current Update in Valuations (continued) 12:15–1:30 p.m.L UNCH ON OWN , REGISTRA TION , AND EXHIBIT S 1:30–3:15 p.m. 2 Hrs CPE Current Update in Valuations (continued) 3:15–3:30 p.m.AFTERNOON BREAK , REGISTRA TION , AND EXHIBIT S 3:30–5:15 p.m. 2 Hrs CPE Current Update in Valuations (continued) 5:15–6:15 p.m.BRO THERL Y L OVE OPENING RECEPTION AND EXHIBIT S 7:00 p.m. PHILLIES BASEBALL GAME / PHIL ADELPHIA AR T MUSEUM (both require prior ticket purchase)Business V aluation and Financial Litigation Super Confer ence 8 Business Valuation Healthcare Financial Reporting Exit Planning/ Mergers & Acquisitions Financial Litigation/ Expert Witness Practice Management Broadcast Live I Broadcast Live via YouTube (No CPE) Thursday, June 18, 2020 6:30–8:00 a.m.REGISTRA TION , C ONTINENT AL BREAKF AST , AND EXHIBIT S 7:00–7:50 a.m. 1 Hr CPE Around the Valuation World Morning Show Around the Valuation World Correspondents 8:10–9:50 a.m. 2 Hrs CPE KEYNOTE: Partnership is the New Leadership—Cultivating Commitment, Collaboration, and Consensus Ty Bennett 9:50–10:10 a.m.MORNING BREAK AND EXHIBIT S SESSION TRACKS Track OneTrack TwoTrack ThreeTrack FourTrack FiveTrack Six Business Valuation and Financial Litigation— How to Do It: From Foundations to Advanced Current Trends Business Applications, Communication, and Practice Management Specialty Areas of Practice Healthcare Track Moderated by Jessica Bailey- Wheaton and Todd Zigrang 10:10–11:50 a.m. 2 Hrs CPE Litigation Case Study— Explaining and Presenting Your Cost of Capital Estimates Roger Grabowski Lost Profits and the Modern New Business Rule—How it Works and How Defendants Try to Attack It Allyn Needham Best Merger and Acquisition Strategies for Small and Mid-Sized CPA Firms Ron Loberfeld Cloud Migration Best Practices—Practical Guidance for Sole Practitioners and Small Accounting Firms Ben Podraza Emerging Issues in the Cannabis and Hemp Industries—Hot Buttons, Lessons Learned, and Trap Doors Ryan Cram, Ron Seigneur Regulatory Overview for Valuation Professionals Healthcare Experts Panel 11:50 a.m.–12:50 p.m.NET WORKING L UNCHEON AND EXHIBIT S 12:50–1:40 p.m. 1 Hr CPE Tax Calculations and Adjustments for BV—A Critical Skill for CPAs and Non-CPAs Chris Hamilton The Practical Use of Data Analytics in Your Forensics Practice Rebekah Smith The Epidemic of Financial Elder Abuse and How We Can Help Karen Kaseno A New Way of Thinking, A New Path to Growth—Building Your Business in the New Decade Mel Abraham Deal or No Deal— Distressed Enterprise Valuation and Risk Analysis Complexities in Bankruptcy Tony Wayne The Due Diligence Imperative in the Era of Value-Based Reimbursement Healthcare Experts Panel 1:40–2:00 p.m.QUICK BREAK AND EXHIBIT SRepeat Sessions 2:00–3:40 p.m. 2 Hrs CPE Advanced Issues Using the Single Period Capitalization of Cash Flow Model Richard Goeldner Forensic Asymmetries Darrell D. Dorrell ESOP—Disrupting the Exit Strategy Platform Stephen White Normalizing Owner Compensation with RCReports Demonstration Paul Hamann, Stephen Kirkland Calculating Lost Earnings or Lost Economic Support for Truck Drivers Shannon Shipp The Valuation of Healthcare Enterprises in a Changing Reimbursement Environment Healthcare Experts Panel 3:40–4:00 p.m.AFTERNOON BREAK AND EXHIBIT S 4:00–4:50 p.m. 1 Hr CPE Information Forthcoming Handling the Interrogator— How to Thrive Under Cross- Examination Michael Molder NextGen Practitioners— The Future is Here Hubert Klein Ooops! How to Avoid a Trip to the Ethics Committee Robert Schlegel How to Value and Sell a Content or SaaS Business Thomas Smale Stark Law Modernization—The Healthcare Valuation Implications Healthcare Experts Panel 4:50–5:10 p.m.SESSION RESET 5:10–6:00 p.m. 1 Hr CPE Hardball with Hitchner—Solid Answers to Your Tough Questions Jim Hitchner and Panelists 6:00–11:00 p.m.DINE-AROUNDSBusiness V aluation and Financial Litigation Super Confer ence 9 Business Valuation Healthcare Financial Reporting Exit Planning/ Mergers & Acquisitions Financial Litigation/ Expert Witness Practice Management Broadcast Live I Broadcast Live via YouTube (No CPE) Friday, June 19, 2020 6:30–8:00 a.m.REGISTRA TION , C ONTINENT AL BREAKF AST , AND EXHIBIT S 7:00–7:50 a.m. 1 Hr CPE Around the Valuation World Morning Show Around the Valuation World Correspondents 8:10–9:50 a.m. 2 Hrs CPE Vision 2020—The Future of Our Profession and Your Role In It Z. Christopher Mercer Solid Numbers, Cutting Edge Methodology, and Thorough Research— Are They Enough to Persuade the Judges? Moderated by Michael Kaplan; Panel: Honorable Judge Timothy S. Driscoll, Honorable Judge Elizabeth Gonzalez, Honorable Judge Steven I. Platt (Ret.) 9:50–10:10 a.m.MORNING BREAK AND EXHIBIT S SESSION TRACKS Track OneTrack TwoTrack ThreeTrack FourTrack FiveTrack Six Business Valuation and Financial Litigation— How to Do It: From Foundations to Advanced Current Trends Business Applications, Communication, and Practice Management Specialty Areas of Practice Healthcare Track Moderated by Jessica Bailey- Wheaton and Todd Zigrang 10:10–11:50 a.m. 2 Hrs CPE Valuation of C Corps and Pass- Through Entities Under the TCJA Daniel Van Vleet Divorce Taxation Including the Impact of the 2017 TCJA Jeff Urbach The Baby Boom Tsunami of Exiting Owners has Reached the Shoreline—How to Position Your Practice to Address the Marketplace Opportunity John Leonetti, Chris Mellen Your Report Meets Spec—Why That's a Problem for Your Pricing Rod Burkert Valuing Businesses in the Global Marketplace Moderated by Jim Horvath; International Panel Competitive Forces in the Healthcare Industry Healthcare Experts Panel 11:50 a.m.–12:50 p.m.NET WORKING L UNCHEON AND EXHIBIT S 12:50–1:40 p.m. 1 Hr CPE “Oh, say can you see”— Why Our View from the Weeds, Trees, and Forest can Influence Equity Value Assessment Carl Sheeler Cautionary Tales of Valuation Adjustments and Potential Forensic Implications in Litigation Karolina Calhoun Keeping Up with the Joneses— Jones v. Commissioner: More than Just Tax Affecting Chris Treharne Dealing with Cybersecurity Risk in Business Valuation Raymond Hutchins, Dave Miles Working Together— Valuations for Financial Reporting Intertwine the Tangible and Intangible Douglas Krieser Development of a Commercial Reasonableness Opinion Healthcare Experts Panel 1:40–2:00 p.m.QUICK BREAK AND EXHIBIT SRepeat Sessions 2:00–3:40 p.m. 2 Hrs CPE Using Regression Analysis in the Market Approach (GCTM) Fred Hall Audit Evidence Versus Forensic Evidence Francisco "Frank" Rosillo Angel Eyes—Valuing the Start-Up Company from the Perspective of the Investors Jamison Rounds Red Flags to Fraud/Misrepresentation in a Small Business Valuation Dr. Robert K. Minniti Becoming a Strategic Growth Consultant John Leonetti, George Sandmann Technological Advancements in the Healthcare Industry Healthcare Experts Panel 3:40–4:00 p.m.AFTERNOON BREAK AND EXHIBIT S 4:00–4:50 p.m. 1 Hr CPE Information Forthcoming Role of Financial Litigation Consultants in Class Certification Michael Pakter Five Second Impression— Data Visualization for More Effective and Persuasive Reports Don Drysdale Information Forthcoming Hypothetically Speaking Bill Ditty Healthcare Reform and Regulatory Updates—2020 Healthcare Experts Panel 4:50–5:10 p.m.SESSION RESET 5:10–6:00 p.m. 1 Hr CPE Hardball with Hitchner—Solid Answers to Your Tough Questions Jim Hitchner and Panelists 6:00–11:00 p.m.DINE-AROUNDSNext >