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VALUATION 2021: Minority and Illiquidity Discounts



Content Partner:  Financial Poise
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Description: VALUATION 2021 Series
Episode #4: Minority and Illiquidity Discounts
May 5, 2021 at 2:00 PM CST
 
Like the sale of goods, sometimes the share of ownership in a company must be discounted due to difficulty in finding a buyer. Liquidation costs of equity in private businesses may be substantial, and the equity’s value is discounted for that potential illiquidity. Likewise, partial ownership of a private firm may be worth less than proportional share of the total business. This webinar delves into these types of discounts and how they may impact the valuation of your asset.
 
As with every Financial Poise Webinar, each episode is delivered in Plain English so that you do not have to be an Intellectual Property Law Specialist to understand and benefit from them.  And, as with every Financial Poise Webinar, each episode brings you into engaging, sometimes humorous, conversations designed to entertain as it teaches. Each episode in the series is designed to be viewed independently of the other episodes so that participants will enhance their knowledge of this area whether they attend one, some, or all episodes.
 
Speaker Information
Moderator:
John Levitske, Senior Managing Director, Ankura Consulting Group
 
John Levitske is a Senior Managing Director at Ankura, focused on business valuation and complex financial disputes. He has served as a senior advisor to companies, owners, executives, and legal counsel in business disputes, shareholder disputes, and M&A transactions regarding issues of valuation, finance, damages, and accounting. John is based in Chicago.

With more than two decades of Big Four public accounting and international consulting experience, John is seasoned in business valuation, financial analysis, economic damage quantification, forensic accounting, retrospective solvency analysis, and post-merger & acquisition accounting calculations. He handles appraisals of healthy and distressed companies for buyouts of shareholders and creditors, transaction planning, estate and gift taxation, financial accounting, bankruptcy proceedings, and litigation disputes.

John has provided consulting and expert witness testimony services and has served as a neutral party in arbitration and mediation. He has testified as an expert witness in the US and Europe in depositions, hearings, bench and jury court trials, and domestic and international arbitration (ICC, SCC, AAA, JAMS, FINRA, and ad hoc arbitrations) and has served as a neutral arbitrator. In addition, he has rendered binding decisions on disputed matters.

He is co-author of the “Managing Post-Merger & Acquisition Purchase Price Disputes” chapter in the American Bar Association’s 2016 Alternative Dispute Resolution Handbook for Business Lawyers. John has lectured on valuation, financial analysis, and forensic accounting topics to various professional groups, including the American Bar Association, the Chicago Bar Association, the Association of Insolvency & Reorganization Advisors, and DailyDAC-Financial Poise.

In addition, he served as an accounting, finance, and auditing adjunct professor at both the University of Pittsburgh and Point Park University, and as a national exam question writer for both the Uniform CPA Exam and the American Institute of Certified Public Accountants’ Accredited in Business Valuation Exam.

Panelist #1:
Angela Sadang, Principal, Marks Paneth LLP

Angela Sadang is a Principal in the Advisory Services group at Marks Paneth LLP. Ms. Sadang specializes in business valuations and the valuation of intangible assets and has over 20 years' experience providing corporate financial consulting services and performing valuations. She serves both publicly traded and closely held companies in a wide range of industries that also involves various asset classes. Ms. Sadang is a Chartered Financial Analyst (CFA) as designated by the CFA Institute and is an Accredited Senior Appraiser (ASA) with specialty certifications in business valuation and intangible assets as designated by the American Society of Appraisers. She also holds an Accredited in Business Valuation (ABV) credential from the American Institute of Certified Public Accountants.

Her valuation experience includes business enterprise and intangible asset valuation for financial and tax reporting, transfer pricing, mergers, acquisitions, divestitures, reorganizations, gift/estate tax compliance, family wealth planning and ownership succession, audit and litigation support, shareholder disputes, ESOPs, going private or public, and fairness and solvency opinions. Most of her assignments include valuation of minority and controlling interests in the capital stock of closely held corporations in various stages of development, publicly-traded securities and restricted securities, and preferred stock warrants, options, and debt securities as well as expert testimony services for various audit and litigation purposes. Ms. Sadang is also experienced and fully certified in the valuation of intangible assets and intellectual property, including trademarks/tradenames, patents, customer relationships, employee contracts, and technology.

Ms. Sadang started her management consulting career at a Big Four professional services firm where she was involved in global structuring services performing and managing numerous transfer pricing and tax valuation projects for both US and foreign multinational companies in the financial services, manufacturing, technology, pharmaceutical, consumer, and retail industries. She has subsequently held senior positions in the corporate financial advisory and valuation consulting practices of other professional services firms in the New York metropolitan area.

Before joining the consulting industry, Ms. Sadang worked in the financial services industry at JP Morgan Securities and Schroders PLC focusing on institutional equity research covering the Asian equity markets.

Ms. Sadang is an Editorial Board Member of the Value Examiner, a widely known bimonthly publication of the National Association of Certified Valuators & Analysts (NACVA). In 2020, she was recognized as a Notable Woman in Accounting & Consulting by Crain’s New York Business. She holds a master’s degree in Business Administration with a concentration in Finance from The Wharton School of the University of Pennsylvania. She is based in Marks Paneth's midtown Manhattan headquarters. 

Panelist #2:
Lee Gould, Managing Member, Gould & Pakter Associates, LLC

Mr. Gould focuses on performing valuations of closely held businesses, lost profit and economic damages determination and forensic and financial accounting analysis. He has almost forty years of experience in diverse engagements in numerous industries. Mr. Gould has testified in Federal and State courts and participated in alternative dispute resolutions. He has been recognized as an expert in business valuations, economic damages determination, financial analysis, tracing assets and sources of funds used to purchase assets, revenue and expense analyses and business economics.

Mr. Gould provides business valuations, business consulting services and testimony for trial lawyers and their clients. He has experience in business valuations for family law proceedings, shareholder dissent and oppression matters, estate and gift tax compliance purposes and in conjunction with the preparation of buy/sell agreements. He provides business valuations and related consulting services for middle-market, closely held businesses including, when appropriate, allocation of personal and enterprise goodwill.

Mr. Gould performs lost profit and financial damages calculations in commercial litigation matters including breach of contract, lost profits and business interruption claims. He has provided litigation consulting services in a variety of industries including manufacturing, distribution, retail, construction, financial services, professional service corporations and real estate. He performs forensic accounting analyses to assist in locating unreported or hidden assets, determining the source of funds used to acquire assets, examining financial transactions, determining and preparing cash flow analyses, determining the reasonableness of contract and/or project related costs and investigating claims of misappropriation.

Mr. Gould is a Certified Public Accountant, licensed in the State of Illinois. The AICPA has recognized him additionally as accredited in business valuation (ABV) and certified in financial forensics (CFF). He is certified fraud examiner (CFE), which credential denotes proven expertise in fraud prevention, detection and deterrence.

Mr. Gould earned his Bachelor of Science Degree in Accountancy from the University of Illinois at Champaign and a Juris Doctorate from Loyola University of Chicago School of Law. He is active in numerous professional, philanthropic, community and other associations and organizations including the Digestive Health Foundation and the CPA Endowment Fund of Illinois.

Panelist #3
Mark Zyla, Managing Director, Zyla Valuation Advisors, LLC
 
 Mark L. Zyla is a Managing Director of Zyla Valuation Advisors, LLC, an Atlanta Georgia based valuation and litigation consultancy firm. 
Mark received a BBA degree in Finance from the University of Texas at Austin and an MBA degree with a concentration in Finance from Georgia State University.  Mark also completed the Mergers and Acquisitions Program at the Aresty Institute of The Wharton School of the University of Pennsylvania and the Valuation Program at the Graduate School of Business at Harvard University.  He is a Certified Public Accountant, Accredited in Business Valuation (“CPA/ABV”), Certified in Financial Forensics (“CFF”) by the American Institute of Certified Public Accountants (“AICPA”), a Chartered Financial Analyst (“CFA”), and an Accredited Senior Appraiser with the American Society of Appraisers certified in Business Valuation (“ASA”).

Mark is the Chairman of the Standards Review Board of the International Valuation Standards Council (“IVSC”).  He recently served on the AICPA’s Forensic and Valuation Services Executive Committee.  Mark is a member of the Business Valuations Committee of the ASA where he also serves as a member of the Business Valuation Standards and Technical Issues subcommittees.  Mark is on the Advisory Council of the Master of Science in Finance program at the University of Texas at Austin.  In 2013, he was inducted into the AICPA Business Valuation Hall of Fame.

Mark is a frequent presenter and author on valuation issues. He has served on the faculty of the Federal Judicial Center and the National Judicial College teaching business valuation concepts to judges.  Mark is author of Fair Value Measurement: Practical Guidance and Implementation 3rd. ed. published by John Wiley & Sons, Inc. (2020).  He is also the author of the course, “Fair Value Accounting: A Critical New Skill for All CPAs” published by the AICPA. Mark is also co-author of several portfolios related to Fair Value Measurement published by Bloomberg BNA.


Practice Areas: Banking & Finance Law, Litigation & Appeals
Online Media Type: Audio
Production Date: 05/05/2021 3:00 PM EDT
Level: Intermediate
Category: Standard
Duration: 1 Hours, 0 Minutes
Online Format: Live

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Expiration: 05/04/2022
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Speakers:
John Levitske - Senior Managing Director, Ankura Consulting Group, LLC
Lee A. Gould - CPA/ABV, JD, CFE, CFF; Managing Member, Gould & Pakter Associates, LLC
Angela Sadang - Principal, Marks Paneth LLP
Mark Zyla - Managing Director, Acuitas, Inc, Atlanta, GA
This product is designed to provide information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.


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