Publications and Resources
Many visitors to our site have a vague notion of valuation but would like to know more about how the ‘value’ of a company differs from book value. We are commonly asked about this difference from clients who are going to sell their firm. In November 2007 MBVG presented a PowerPoint presentation at the Annual Summit for Olsen Thielen Technologies, Inc., a subsidiary of Olsen Thielen & Co., Ltd., which also owns MBVG. In it we talk about intangible assets and help identify them. This is a useful exercise for owners, directors, employees, and other stakeholders to learn more about their firms and what constitutes value.
We are making this available as a primer so that our clients can develop a sense of value offered by intangible assets which are not normally capitalized in financial statements. It is available as two downloads: a PowerPoint presentation and a presentation paper. We suggest that you download both and print the paper (you will require Adobe Acrobat Reader – see below) before viewing the PowerPoint, which references the paper.
Contact us if you are having problems viewing the paper or the PowerPoint.
Download paper on Blue Sky.
Download PowerPoint on Blue Sky
During February/March 2009, MBVG President Randall Schostag was interviewed for two major national groups: The Financial Executives Institute (FEI) and the Chartered Financial Analyst’s (CFA) Institute. Following the meltdown in the financial industry in late 2008, the whole treatment of Fair Value came under intense scutiny. Here are the articles in which Schostag was quoted:
FEI Article
CFA Magazine Article
In the March/April 2008 issue of the Value Examiner, published by the National Association of Certified Valuation Analysts (NACVA), Minnesota Business Valuation Group’s Randall Schostag published the first of a two-part series pertaining to the valuation issues which confront portfolio managers. Changes in accounting requirements by the Financial Accounting Standards Board with the introduction of SFAS 157, coupled with pressure from the Securities Exchange Commission have put a heavy burden on fund managers for reporting to investors. Since the market meltdown in late 2008, the Financial Accounting Standards Board, Congress, the SEC, and many others have suddenly become aware of what Schostag wrote about long before the meltdown. The first article discusses the background of why Fair Value was written the way it was and the likely consequences. His second article in the May/June 2008 issue actually offered some possible solutions before the problem became widely known. It addresses possibly automating the process as a solution.