Business Valuation Tools

Transcription

1 Business Valuation Tools Enhance Your Efficiencies with Tools Built on the Microsoft Excel Platform Featuring Business Valuation Manager Pro (for Office ) Express Business Valuation Business Valuation Report Writer Valuation Databases BUSINESS VALUATION MANAGER PRO BUSINESS VALUATION REPORT WRITER EXPRESS BUSINESS VALUATION 30-Day Money-Back Guarantee See inside for details The Comprehensive Valuation Tools Kit Get BVM Pro, BVRW, and 10 databases for under $3,000! See page for details

2 Introducing Business Valuation Manager Pro Pro National Association of Certiied Valuators and Analysts I was lucky to have the opportunity to beta test Business Valuation Manager Pro v4.0. It is a significant improvement over the last version. In particular, the user interface is much more intuitive and easy to use. I am looking forward to using Business Valuation Manager Pro as an important tool in my valuation practice. Pro Gregory M. Pearl, MBA, MS, AVA Alteris LLC National Association of Certiied Valuators and Analysts Microsoft Excel and Word Compatibility National Association of Certiied Valuators and Analysts BVM Pro is 100% built on Excel (for the analysis) and 100% built on Word (for the written reports). Enjoy the best of both worlds a sophisticated valuation application as well as the flexibility and capacity to customize in Excel and Word. Switch to Excel to view/add/change formulas and formats and use Word to edit the automatically generated reports. The Paragon of Proficiency It didn t take long after its introduction in 004 for Business Valuation Manager Pro to become the dominant business valuation software on the market. As John W. (Jay) Dunbar, CPA, CVA, says, BVM Pro is by far the easiest to use and most comprehensive valuation tool I have seen and used. NACVA s 0 years of experience in software development, coupled with our ValuSource partnership, produced a benchmark software utility that meets and exceeds the demands of the new user as well as the most experienced. National Association of Certiied Valuators and Analysts With BVM Pro v4.0 for Microsoft Office 003, v.0 for Office 007, or v.0 for Office 010, you can enjoy 0 additional ground-breaking features: Completely customize your work product because it s built on Excel and Word Automate and standardize your valuation practice Document your Standard of Care and Standards of Compliance Integrate data from a variety of different, essential valuation databases Enjoy comprehensive financial statement input/adjustments and valuation analysis (1 valuation methods) Generate 0+ page reports with the optional standards-based Report Writer Page The National Association of Certified Valuators and Analysts

3 The redesign of the software makes the program much easier to navigate. Ease of data entry is greatly improved. Check out These User-Friendly BVM Pro Features Glenn Block, CPA/ABV, CVA Whether you re engaged in litigation support, doing a buy/sell analysis, or IRS compliance, BVM Pro has everything you need: complete support for all the standard valuation methods, with room for adding your own methods; comprehensive financial analysis with easy access to indispensable data; thorough testing of your conclusion of value; and optional automatic report generation using Business Valuation Report Writer. Built on 100% Excel for your analysis and 100% Word for your written report so you can enjoy a sophisticated valuation application as well as flexibility and maximum customization All assumptions are summarized on a single page for each section of the program making it faster and easier to set them up and check them for each section Balance sheet display and input can be set to either all years or the most recent year only A schedule that reconciles non-operating assets and liabilities A new summary forecast model that uses four growth and balance sheet change assumptions to generate a full balance sheet and income statement forecast for up to ten years Fully customizable charts in Excel customize the existing charts or create your own. The charts now support a secondary axis for displaying a series of data with widely varying values WACC is now automatically iterated Handles tax treatment for pass-through organizations (Sub-Chapter S and partnerships) Income statement normalization adjustments can be tax affected automatically against a tax table or manually input The integrated Business Valuation Report Writer generates automatic standards-based reports BVM Pro s Comprehensive Analysis Business Valuation Manager Pro is a fully customizable business valuation application that will meet the needs of the most demanding valuation practitioner. The 00-plus pages of the analysis, for example, cover the following areas: Financial statement input adjustments (including partial period annualization) Financial statement analysis Eighteen methods of valuation, including Asset, Income, and Market Approaches Conclusion of value Custom analysis (add your own analysis/spreadsheets) Sanity check Integrated valuation databases Save Time and Effort with Databases BVM Pro makes incorporating data from a variety of optional valuation databases easy. No cutting and pasting or copying just click to select the data you need, and BVM Pro incorporates it directly into your analysis. The following databases are available from NACVA (see pages -11 for descriptions and prices): BIZCOMPS DoneDeals or Mid-Market Comps IBA Market Data (subsection of Appraisal Database and Mentoring Services - ADAM) Ibbotson SBBI Valuation Yearbook IRS Corporate Ratios Mergerstat Review Control Premiums and Discounts Mergerstat Review Price to Earnings Ratios RMA Annual Statement Studies RMA Annual Statement Studies Valuation Edition System Requirements Office 003 (requires BVM Pro v4.0) Office 007 (requires BVM Pro v.0) Office 010 (requires BVM Pro v.0) Hard drive 0GB space for program, 130+MB for tutorials CD-ROM Drive 1GB memory, GB recommended Sound card and Windows Media Player for tutorials Super VGA Display (104 x 7 resolution) Microsoft Windows 000/XP/Vista/Windows 7 Pentium 4 Processor,.4GHz recommended BVM Pro is not compatible with paperless engagement/management systems (CCH, PPC, Pro FX, etc.) BVM Pro Price (before NACVA Member Discount) BUSINESS VALUATION MANAGER PRO Single User... $ Multi-User (each additional seat)... $ 0 Prices are subject to change Money-Back Guarantee NACVA offers a 30-Day Money-Back Guarantee (databases excluded). If you are not satisfied with the quality of any NACVA software product and have not registered the software, return it to NACVA within 30 days and we will refund your money. (00) Page 3

4 Business Valuation Report Writer N ow there s a way to automate and standardize your reports in Microsoft Word and Excel in half the time! Incorporating over 0 years of experience, Business Valuation Report Writer (BVRW) was specifically designed to reduce the amount of time it takes to create professional and BESWEB comprehensive business valuation reports. Web-based MULTI-ATTRIBUTE UTILITY MODEL PLURIS DLOM DATABASE TM BUSINESS VALUATION REPORT WRITER RISK PREMIUM REPORT BIZCOMPS NATIONAL ECONOMIC REVIEW DONEDEALS Optional Report Content MERGERSTAT PREMIUMS AND DISCOUNTS Valuation Library MERGERSTAT PRICE TO EARNINGS BVRW Price* (before NACVA Member Discount) BUSINESS VALUATION REPORT WRITER Single User... $4 Multi-User (each additional seat)... $4 0 Business Valuation Report Writer runs on Windows XP, Vista, and Windows 7. Office 003 requires BVRW Version 4, Office 007 requires BVRW Version or CD,Web-based and Office 010 requires BVRW Version (same as BVM Pro). BVRW requires 00 megabytes of disk space. BVRW is not compatible with paperless engagement/management systems (CCH, PPC, Pro FX, etc.) QMDM MID-MARKET COMPS The reports that come with BVRW are smart, so that only the appropriate sections are included in your Web-based or CD your own Web-based Product reports. You can also build report templates that contain acdvariety of topics, and when you generate a report, you decide which topics get included and which don t. Imagine looking at a comprehensive report table of MGMA COMP & PUBLIC MGMA COST COMPANYable to select PROD SURVEY SURVEY contents and then GUIDELINE being what goes into the report. Darrell D. Dorrell, CPA, MBA, ASA, CVA, CMA, DABFA, CMC, financialforensics System Requirements IBA MARKET DATA RMA ANNUAL TM STATEMENT STUDIES IRS CORPORATE RATIOS EXPRESS BUSINESS VALUATION 1 Hot-Linked Data The Report Writer saves substantial report construction and review time and enhances the result. I strongly recommend the BVRW for report intensive assignments. BUSINESS VALUATION MANAGER PRO Keeping all your Excel workbook numbers, tables, and charts in sync with your Word Web-based Web-based or CD document presents a major problem. You need all of the data contained in your Excel workbook to be hot-linked to your valuation report created in Word. BVRW makes this a very easysbbi process. The reports that come with BVRW automatically pull the correct data from your BVM Pro project. You can also add an unlimited number of additionalcdlinks (numbers,cdtables, Product Product charts) to reports. RMA ANNUAL STATEMENT STUDIES VE You can now create Web-based your own business valuation report library. Most valuators are constantly searching for previous reports to find a paragraph or section to copy and paste into their current report. All this searching, copying, and pasting is time consuming and tedious. Wouldn t it be better if you could create a well-organized, comprehensive library of formatted report sections that you could access and share with others in the firm? This is exactly what the BVRW Library allows you to do. So Easy to Use The learning curve has been drastically reduced because you already know how to use Microsoft Word. You still create your report using Word, but the Report Writer gives you a layer of additional functionality on top of Word to make the process much faster and easier. So stop wasting time creating business valuation reports and automate and standardize your report generation process today! * Prices are subject to change Page 4 The National Association of Certified Valuators and Analysts

5 Express Business Valuation Save 0% of the time it takes to perform a valuation (including the written report!) using Microsoft Excel and Word guaranteed. Express Business Valuation (EBV) from ValuSource is a full-featured business valuation product that includes valuation analysis, a variety of optional valuation databases (purchased separately), and automatic report generation in Microsoft Word. Since Express Business Valuation is written completely in Excel and Word, it s fully customizable. What Can Express Business Valuation Do for You? If you want to standardize and automate your business valuation practice, you need Express Business Valuation. EBV is easy to learn because you already know how to use Excel and Word. Since business valuation is not an exact science, you ll love the fact that EBV spreadsheets are completely customizable in Excel and the EBV reports are completely customizable in Word. EBV takes you step-by-step through the entire process of performing a business valuation. You can download the best valuation data available (10 different databases). So, whether you are a CPA, valuator, or other financial professional, you can be confident that EBV will save you a significant amount of time and allow you to provide more professional, accurate, and comprehensive valuation opinions. If you need a detailed or customizable chart of accounts, liquidation value, a detailed Discounted Cash Flow Method, sensitivity analyses, or more detailed analyses, you should consider NACVA s Business Valuation Manager Pro (see pages -3). Overview EBV is a comprehensive and fully customizable business valuation application that will meet the needs of both your simplest and most demanding valuation engagements. The 1+ schedules (as opposed to 00+ schedules in Business Valuation Manager Pro) of analysis cover the following areas: Financial Statement Input and Adjustments (up to six years of historic input; includes annualization by last 1 months or percentages) Financial Statement Analysis (five schedules and 30 charts) Money-Back Guarantee NACVA offers a 30-Day Money-Back Guarantee (databases excluded). If you are not satisfied with the quality of any NACVA software product and have not registered the software, return it to NACVA within 30 days and we will refund your money. General Schedules (premiums and discounts, excess/non-operating assets, working capital analysis, capital expenditure analysis, and longterm debt analysis) Deal Structure and What-If Analysis (includes sanity check, deal scenarios, pay-back analysis, IRR, and what-if scenarios) Valuation Methods (use up to valuation methods) Income Approaches (four methods) Market Approaches (1 methods) Cost Approaches (three methods) Custom Methods (up to three methods) EBV s Quick Report Writer Included Now you can automatically generate a fully customizable + page valuation report in Microsoft Word in just 0 seconds! The reports are hot-linked back to the EBV Excel project file, so whenever your project changes, all of your numbers, tables, and charts in your written report in Word are automatically updated as well. If you need a fully functional, NACVA standards-compliant report writer, see NACVA s Business Valuation Report Writer (page 4). System Requirements EBV runs on Office (Office 003 requires EBV.0) (Office 007 requires EBV.0) (Office 010 requires EBV.0) EBV is not compatible with paperless engagement/management systems (CCH, PPC, Pro FX, etc.) EBV Price* (Before NACVA Member Discount) EXPRESS BUSINESS VALUATION Single User... $ Multi-User (each additional seat)... $ 0 (00) Page I find EBV a great complement to the spreadsheets I ve developed myself. Since EBV is written in Excel, I can use Excel to customize it just like I customize my own spreadsheets and get exactly what I want. Richard Claywell, CPA, CVA, CM&AA, CFFA * Prices are subject to change

6 Comprehensive Valuation Tools Kit Standardize and automate your valuation practice: Built on 100% Microsoft Excel for your analysis and 100% Microsoft Word for your written report so you can enjoy a sophisticated valuation application as well as have complete flexibility and total customization One-click access to 10 must-have valuation databases (see list) Use a comprehensive valuation system that is relied on (and court-tested) by thousands of your peers Automatic standards-based report generation saves up to 0% of the time it takes to create a valuation report Standard valuation methods Comprehensive financial analysis Sanity checks Automatic report generation Technical support GUARANTEED to save you an incredible amount of time We strongly encourage you to at least check out this Kit and judge for yourself. With our UNCONDITIONAL, no-questionsasked, 30-day money-back guarantee on BVM Pro and BVRW, you have absolutely nothing to lose.* The Kit Includes: Business Valuation Manager Pro (BVM Pro).... retail $ Business Valuation Report Writer (BVRW)... retail $4 Technical Support (one year) retail $3 BIZCOMPS.... retail $ DoneDeals.... retail $4 IBA Market Data... retail $4 IRS Corporate Ratios retail $ Mergerstat Review Premiums & Discounts... retail $1 Mergerstat Review P/E.... retail $1 Pluris DLOM Database.... retail $ Public Company Data.... retail $4 RMA Annual Statement Studies Valuation Edition.. retail $ Ibbotson SBBI Valuation Yearbook and CD... retail $0 Only $,7! Save 0% off the full retail price of $,70 The Comprehensive Valuation Tools Kit incorporates BVM Pro and the Business Valuation Report Writer (BVRW) with all the must-have databases for only $,7! This is over 0% savings off the full retail price of $,70. Call Member Services at (00) to purchase. DoneDeals is a registered trademark of Thomson Reuters. * The databases must be unopened to receive a full refund. Multi-user pricing available. NACVA s BVM Pro and EBV Power Packs Save while you automate and standardize your valuation practice with NACVA s and ValuSource s Power Packs, which combine time-tested software with must-have valuation databases. The Express Business Valuation Power Pack comes with a built-in report writer, and the add-on Business Valuation Report Writer is available for both the NACVA Business Valuation Manager Pro (BVM Pro) and ValuSource s Express Business Valuation (EBV) Power Packs. BVM Pro EBV BVM Pro... $ Express Business Valuation.... $ BIZCOMPS...$ $ Ibbotson SBBI Valuation Yearbook....$0 $0 RMA Annual Statement Studies Valuation Edition...$ $ IRS Corporate Ratios...$ $ Total... $,10 $,10 Pack Price... $1, $1,4 Savings... $1 $71 Multi-user pricing available. Page The National Association of Certified Valuators and Analysts

7 Appraisal Database and Mentoring Services (ADAM) is a subsection of the National Association of Certified Valuators and Analysts (NACVA ), established when the Institute of Business Appraisers (IBA) merged into NACVA in July 01. ADAM subscribers receive a suite of services and benefits previously only available to IBA members with a few enhancements: Unlimited downloads from the IBA Market Database One-year subscription to Business Appraisal Practice (electronic copy)* One-year subscription to Around the Valuation World in 0 Minutes * One-year subscription to the Article Archives Database Online Mentoring Services (additional fees may apply) 10% discount off most courses offered at the Consultants Training Institute (CTI), plus the Annual Consultants Conference IBA Market Database: The largest source of transaction data for privately held business sales in the U.S. Featuring more comparables (over 37,000), more industries (70 SIC codes), large company sales (over 4,000 transactions valued at over $1M), and recent sales (contains over 10,000 sales/deals from the last five years). You will also receive the IBA Market Data Analyzer, an Excel template that imports and analyzes your selected data. Business Appraisal Practice: One of the industry s most widely acclaimed peer-reviewed technical business appraisal journals. Around the Valuation World in 0 Minutes : Each month, subscribers log into this webzine series wherein leading professionals summarize and discuss the latest news, methods, procedures, court decisions, and other timely, up-to-the-minute summaries of the most important professional developments you won t want to miss. Article Archives Database: This library contains over 3,000 articles on business valuation, financial forensics, litigation, and related topics drawn from general and specialized trade publications, government reports, white papers, and other sources. Online Mentoring Services: More details coming soon. Subscriber Price:... $4 * Additional fees apply for CPE credit Subscribe today at or call (00) (00) Page 7

8 Valuation Databases & Programs One of the definitive characteristics of BVM Pro is its capacity to upload a variety of databases, thus saving you hours of time. These must-have databases can be used by themselves or in conjunction with BVM Pro and EBV as indicated below. BIZCOMPS (CD) (Works with: BVM Pro, EBV, and Excel) Here s the ultimate tool for the market data approach methodology (or a useful sanity check for other methods). BIZCOMPS is a collection of over 1,000 privately brokered sales of small businesses under one million dollars. In the past, market data on these small business transactions has been difficult to obtain, leaving valuators to speculate about the fair market value of comparable enterprises involved. But the BIZCOMPS studies remove this marketplace uncertainty and provide the user with detailed, meaningful financial information about these real-world transactions. The built-in Market Data Appraisal Module automatically generates a 10-plus page valuation report in less than 30 minutes. Price... Single: $...Multi: $7 DoneDeals /Mid-Market Comps (CD) (Works with: BVM Pro, EBV, and Excel) The DoneDeals /Mid-Market Comps database provides mid-market sales comparables, which are valuable for anyone interested in determining the value of a mid-size ($1 $0 million) company. The database provides almost,00 comparable sales transactions for private and public midmarket companies over the prior 10 years. Business sale prices range from $1 million to $0 million, with 0% being under $10 million. Ideal for market approaches, this electronic database also contains graphs and calculates analytical statistics for selected transactions. DoneDeals includes quarterly updates delivered via with a link for one-click installation. Mid-Market Comps is updated annually. Duff & Phelps Risk Premium Report with Risk Premium Calculator (PDF & Web) The Duff & Phelps Risk Premium Report is an invaluable resource for developing equity risk premiums for small companies. The Risk Premium Report plus the Risk Premium Calculator are now available from NACVA. The data can be used not only by Excel users, but by Business Valuation Manager Pro, ValuSource Pro, and Express Business Valuation software owners. A premium resource for determining discount rates, the Risk Premium Report provides equity risk premiums for companies sized by eight different criteria: market capitalization, book value, net income, market value of invested capital, total assets, EBITDA, sales, and number of employees. The underlying data for the Risk Premium Report is drawn from both the CSRP and Compustat databases, covering 47 years (13 010) of financial reports from companies listed on the New York Stock Exchange, the NASDAQ, and the AMEX. The web-based Risk Premium Calculator is both easy to use and will save the appraiser time in calculating cost of equity (COE) for the subject company of a valuation. Based on the subject company s size and risk characteristics, the Risk Premium Calculator will: 1) Automatically estimate levered and unlevered cost of equity; ) Automatically make an Equity Risk Premium (ERP) adjustment to account for differences between ERP as of valuation date and market risk premium used to calculate the risk premiums publish in the Risk Premium Report; 3) Automatically generate an Executive Summary of COE estimates in Word, including CAPM, Build-Up and unlevered COE, which includes Excel output of the values and calculations. Price: Years of Data...$3 Price: 17 Years of Data...$7 DoneDeals (updated quarterly): Price... Single: $4...Multi: $7 Mid-Market Comps (updated annually): Price... Single: $3...Multi: $1 DoneDeals is a registered trademark of Thomson Reuters. Page The National Association of Certified Valuators and Analysts

9 Ibbotson SBBI Valuation Yearbook (CD) (Works with: BVM Pro, EBV, and Excel) This is the data valuators have relied upon since 13: the industry standard reference for determining company risk and cost of capital. It allows you to perform income approaches to valuation without debating over the right foundational risk rates. The Ibbotson SBBI Valuation Yearbook is complete with real-world examples and useful graphs to illustrate the analyses, and it will help you make the most informed decisions in your cost of capital estimation. The Valuation Edition also contains an easy-to-understand overview and comparison of the Build-Up Method, CAPM (Capital Asset Pricing Model), Fama-French 3-factor Model and DCF (Discounted Cash Flow) approach. SBBI data includes risk-free rate of return, equity risk premium, small stock risk premium for the 10, 10A, 10B, and micro-cap deciles, for both excess of CAPM and arithmetic means 300-plus industry risk premiums. The discount model is based upon the Build-Up Method, which is recognized industry wide. Price...Single: $0...Multi: $3 Mergerstat Review Premiums and Discounts (CD) (Works with: BVM Pro, EBV, and Excel) Given the recent IRS rulings, calculating discounts and premiums is more important than ever. With this one-of-a-kind study, critical and difficult-to-define premiums and discounts for M&A transactions are now a snap. Contains over 0 separate industry categories of real, market-based control, and minority transactions. Price... Single: $1...Multi: $00 Mergerstat Review Price to Earnings Ratios (CD) (Works with: BVM Pro, EBV, and Excel) Although public company price-to-earnings (P/E) ratios are rarely appropriate for small business conclusions, they can and often do provide a useful and important benchmark of an entity s worth. This database offers P/E ratios segregated by industries for the current year and for a five-year weighted average. By simply making a choice, you can download and incorporate selected P/E ratios into your analysis. If you want to use the industry composition valuation method, you will need this database. Price...Single: $1...Multi: $00 (00) Page

10 IRS Corporate Ratios (CD) (Works with: BVM Pro, EBV, and Excel) Operating ratios are an indispensable way to benchmark company performance and pinpoint business strengths and weaknesses. By comparing the performance of a business to others of the same relative size within a given industry, you can readily determine areas of competitive advantage and disadvantage. This database compiled from over five million corporate tax returns displays, analyzes, and customizes financial statement information, as well as calculated percentages and ratios. It provides industry standard financial statement benchmarking data for over 0 industries. It also includes an Excel tool that allows you to track, analyze, and display up to nine years of IRS historical data to compare to your subject company. Price... Single: $...Multi: $30 Public Company Data Plus the Guideline Analyzer (Web) (Works with: Excel) Get the public company data you need, faster and more cost effectively than ever before. When you employ the Guideline Public Company Method, you face two expensive challenges: first, finding a source of public data that is complete and provided in a standard financial statement format; and, second, selecting appropriate comparable companies (i.e., those companies that are comparable based on the specifics of the subject company). To meet these challenges, ValuSource s web-based Public Company Data allows you to enter simple selection criteria to quickly and easily obtain potential public company matches. The product contains both annual and quarterly data (including full financial statements) for five years. Once you have selected potentially comparable companies, you can use ValuSource s exclusive Guideline Analyzer Excel template to compare the financial performance of your subject company and the potentially comparable public companies. The analyzer will help you determine which public companies are truly comparable. You can also export the data to Excel to perform your own analysis. Similar products cost $,000 and up and still leave the comparability study for you to create yourself. Free sources of financial information like Yahoo, Google, and Edgar can be very expensive when you consider the amount of time it takes to get the financial statement data into a consistent format in a spreadsheet. Stop wasting your time and money use ValuSource s/nacva s Public Company Data. Prices are for a one-year subscription. Price downloads: $...0 downloads: $3...unlimited downloads: $4 Pluris DLOM Database (Web) (Works with: Excel) The Pluris DLOM Database is your best source of data for arriving at your discount for lack of marketability. Why? Because recent court decisions point to three key characteristics the courts like to see in the calculation of discount rates: 1) Data drawn from restricted stock studies, ) Data drawn from similar companies, and 3) Data drawn from recent transactions. The Pluris DLOM Datbase is the largest restricted stock DLOM database available on the market today (over 3,400 transactions to date more than ten times as many as other commercial databases.) It gives you the widest possible range of industries and company sizes. The data is updated quarterly to provide you with the most recent transactions for your valuations, and the search interface allows you to customize your search. Prices are for a one-year subscription. Price downloads: $ downloads: $ downloads: $400...unlimited: $ Page 10 The National Association of Certified Valuators and Analysts

11 Risk Management Association (RMA) ANNUAL STATEMENT STUDIES * (CD) (Works with: BVM Pro, EBV, and Excel) Because determining whether a business is a top, median, or a low producer is critical to placing a value on the business, you must know how other businesses in a given industry perform. That s why RMA is a must: it s the only source of financial ratio benchmarks derived directly from more than 00,000 statements of financial institution borrowers and prospects and includes over 700 industries. The data includes income statement and balance sheet common size comparisons as well as 1 operating ratios. (Note: If you are going to incorporate RMA data in your reports, you must have a license agreement. We have arranged with RMA for the license you ll need to replicate the data in your reports, and it is included with this CD. This license also applies to any RMA hardbound editions you may have purchased in the past.) Price...Single: $...Multi: $7 Risk Management Association (RMA) ANNUAL STATEMENT STUDIES * Valuation Edition (CD) (Works with: BVM Pro, EBV, and Excel) Available exclusively from NACVA and ValuSource, the new Valuation Edition features not only the national data contained in the standard RMA Annual Statement Studies database, but: Enhanced financial ratios for better benchmarking for each ratio the Valuation Edition contains 10 ratios and a standard deviation, enabling you to see the entire distribution curve and easily rank a company against RMA Annual Statement Studies norms National and regional data (six regions) help more accurately benchmark a company s performance in relation to regional economic activity Percentages and real dollar values presented in the Income Statement and Balance Sheet Industry growth rates For every industry and category of RMA Annual Statement Studies data, you have one-, two-, three-, and four-year industry growth rates, which not only demonstrate an understanding of the industry, but enable you to develop defensible, sustainable growth rates as well. Price... Single: $...Multi: $1,0 For data from previous years, contact Member Services. Quantitative Marketability Discount Model (QMDM) (CD) (Works with: Excel) Marketability discounts can be one of the largest adjustments made in a business valuation report. The QMDM financial model will help you develop, quantify, and defend your discount. It will allow you to calculate a marketability discount for closely held companies based on specific situations rather than just the average results from marketability studies. And even if you are not going to use it for your valuation, you should be familiar with its theory and application because it is a popular methodology and you may have to review a valuation report using it or even come up against it in court. Price... Single: $1...Multi: $00 *ANNUAL STATEMENT STUDIES, RMA THE RISK MANAGEMENT ASSOCIATION, and the RMA Logo are trademarks of the Risk Management Association. RMA owns the copyright in the ANNUAL STATEMENT STUDIES data. The data is used under license from RMA. (00) Page 11

12 Damages Advocate (Web) (Works with: Excel and Word) Damages Advocate consists of three easy-to-use web applications (can be purchased together or separately) that automate and standardize the complex damages calculations required for personal injury, wrongful death, and employment law cases. A transparent view of the data entered and the underlying calculations is delivered in an Excel workbook to generate convincing reports. You can also evaluate a potential case or prepare for trial using life and worklife expectancy. Analysis, data, and reporting are integrated into fast and secure programs that use industrystandard encrypted communication (between your computer and our server) as well as encrypting all case-specific data that resides on our server. With Damages Advocate, you can be assured that you will complete your calculations quickly and efficiently, that the results will be accurate and well-documented, and that your confidential data will remain safe. Prices are for a one-year subscription. Choose From Three Applications: Personal Injury Wrongful Death Employment Law One Application Price...$4...Two Applications Price...$7...Three Applications Price...$1,0 Additional user licenses are available. Medical Databases MGMA Cost Survey (CD) (Works with: Excel) If you are doing medical practice valuation or consulting, the MGMA Cost Survey will provide you with the detailed information necessary to accurately assess a medical practice s performance. The built-in benchmarking report provides ranking information so you can tell exactly where a practice is performing against MGMA norms. This indispensable report provides detailed information to aid in making high-level financial management and operational decisions, including highly detailed data categories with multilevel operating cost breakouts, information for various types of single and multi-specialty groups, comprehensive accounts receivable (A/R) data, and capitation, fee-for-service charges and revenues. Price... Single: $7...Multi: $1, MGMA Physicians Compensation and Production Survey (CD) (Works with: Excel) If you re valuing or advising a medical practice, you will need to normalize the physicians compensation to fair market values. The Physicians Compensation and Production Survey data for over 100 specialties will allow you to quickly determine fair market value compensation so you can develop and defend your adjustments. The survey will also give you the data and benchmarking tools to compare a physician s production to industry norms, which will provide valuable insight into the physician s and practice s performance. This data is equally valuable for medical practice valuation and medical practice consulting. Price... Single: $7...Multi: $1, Page 1 The National Association of Certified Valuators and Analysts

13 BIZCOMPS Source Provides Why You Need This Database Small business transaction sale data over past 10+ years, over 1,000 small business sales < $1 million. DoneDeals and Mid-Market Comps Ongoing (10+ yrs) SEC filing data from,00 businesses. Sales transactions of $ $00 million sales businesses. Duff & Phelps Drawn from both CSRP and Compustat databases covering 47 years (13-010) of financial reports from companies listed on NYSE, NASDAQ, and AMEX. Sales price, terms, and financial ratios of private companies. Special feature: Market data appraisal method tool with written report. Sales price, terms, and financial ratios for public companies. Equity risk premiums for companies sized by eight different criteria. IBA Market Data (subsection of Appraisal Database and Mentoring Services ADAM) Collected by the IBA from business brokers and M&A firms. Over 37,000 small business transaction sale data. Ibbotson SBBI Valuation Yearbook Equities market trades/transactions. IBA Market Data for privately held business sales in the U.S.A. Risk-free rate, equity risk premia, small company risk premia, and industry-specific risk premia. IRS Corporate Ratios Based on IRS tax returns, 1 years of data. Ratios and common size statements broken down by 13 sales size categories. Mergerstat Review Premiums and Discounts Ongoing ( years) SEC filing data from business sales. Based upon transactions discounts based on control premiums. Provides quantitative support for discount/ premium selection. Mergerstat Review Price to Earnings Ratios Best source of comparable data for businesses sold at or less than $1 million. Charge $00 $1000 for a market appraisal: generate report in less than 30 minutes. Best source when looking for comparables of businesses sold between $ $00 million. It has gained wide acceptance as a source of risk premium data and should also be considered, along with Ibbotson SBBI, in determining accurate and defensible risk premiums. Provides a large number of comparables for many SIC/ NAICS codes plus expanded data. A must-have database, providing the risk rates used in calculating discount and capitalization rates for all income approaches. A complete, comprehensive and easy-to-use source of data for financial statement benchmarks. Quantifiable data source to base or justify a minority interest discount or control premium on. Ongoing ( years) SEC filing data from business sales. Provides price/earnings ratios. Publicly traded benchmark ratios provide a basis for privately held performance and value. Medical Group Management Association Cost Survey MGMA Survey. Comprehensive benchmark data on 00+ financial/ operational aspects of a medical practice. Special feature: Practice performance benchmark tool. The benchmark data is like having a supercharged RMA database just for physicians. The database contains a practice performance benchmark tool, which generates a financial statement, staffing, A/R, and ratio analysis in under 0 minutes. Medical Group Management Association Physicians Compensation and Production Survey MGMA Survey. Comprehensive data on physician compensation and production (RVUs), includes 0+ specialties and data by A must-have resource for adjusting/normalizing physician compensation in a medical practice valuation. state. Pluris DLOM Database Private placement data from PrivateRaise and restricted stock transaction and warrant transactions from LiquiStat. Public Company Data Based on Morningstar public company data (five years of annual and quarterly data). NACVA Database Summary Restricted stock transactions over 3,000 transactions to date. Updated quarterly, web-based, and searchable. A way to compare the financial performance of your subject company with potentially comparable public companies. Offers the best source of data for arriving at discount for lack of marketability, with the widest possible range of industries and company sizes. When you use the Public Company Guideline Method, it provides complete public data in standard financial statement format and allows you to select appropriate comparable companies. Risk Management Association (RMA) Annual Statement Studies Accepted financial institution loan applications. Ratios and common size statements broken down by sales and asset categories for 700 industries. A complete, comprehensive and easy-to-use source of data for financial statement benchmarks. Risk Management Association (RMA) Annual Statement Studies Valuation Edition Accepted financial institution loan applications. Enhanced financial ratios, national and regional data, percentages and real dollar values, and industry growth rates. Better benchmarking, more accurate company performance ranking, develop defensible, sustainable growth rates. (00) Page 13

14 Save with NACVA s Automatic Database Renewal Discount Program Working in concert with ValuSource (the provider of NACVA s proprietary software Business Valuation Manager Pro [BVM Pro]), we publish annual updates of databases that are uploadable to BVM Pro, EBV, or Excel. Helpful and necessary in your valuation analysis, these databases streamline the process, save considerable time, and promote a higher quality work product. NACVA s Automatic Database Renewal Discount (ADRD) program is a database update subscription service that not only assures you that your data is always current, but saves you money as well. When you enroll in the ADRD program, every database you have subscribed to is automatically sent to you when it is updated. And you receive an increasing discount percentage as the retail value of your commitment increases. You will only be billed when the updated database is sent to you, but you receive the discounts as if you had purchased them all at once. Here is what you can save with the ADRD program: Value of Annual Upgrades Software and Technical Support Discount* Up to $74...% $70 $1,4...10% $1,0 $1,74...1% Over $1, % Discount is based on total annual database purchase amount. Prices are effective September 1, 01, and are subject to change. Ibbotson SBBI Valuation Yearbook and CD and Duff and Phelps Risk Premium Report PLUS Risk Premium Calculator purchases cannot be discounted, but purchases of these products are added to your total annual database purchase amount for discount calculation. Damages Advocate and Quantitative Marketability Discount Model (QMDM) are not part of the ADRD program. MGMA databases only qualify for discount if you are an MGMA member. NACVA is committed to maintaining a level of support for its software users that is unsurpassed for any business valuation software product in the industry. Consequently, for both software and technical support, we have enlisted the expertise and experience of ValuSource, which has been developing state-of-the-art business valuation applications, M&A applications, valuation and medical databases, and report writers for over 0 years. Recognized as the industry leader, ValuSource works closely with Microsoft to develop products that are either built around, or are compatible with, Microsoft Excel and Word. New purchases of NACVA/ValuSource software and database products come with three months free technical support, from the date of purchase. Database products are entitled to unlimited free support and do not require a support contract when related to installation (if you desire to ask about calculations or manipulation of data, support agreements are required). Extended Technical Support relating to matters directly concerning the application, use, and operation of NACVA s software is available from ValuSource for $3 for 1 months for single users or $ for multi-users. Call ValuSource at (00) -73 for details. Technical support will be available for both technical problems as well as valuation theory questions. Those with a technical support contract will receive a % discount on BVM Pro and Business Valuation Report Writer upgrades. ValuSource also conducts free weekly live training seminars on BVM Pro, Business Valuation Report Writer, and EBV for NACVA software users. These typically last one hour, include training tips and ideas for new or newer users, and include a question and answer session. The telephone conference calls are hosted via GoToMeeting software, which is available free online. Advance registration is required, at which time you receive the conference call phone number and meeting identification number. For more information and to register, contact us via [email protected] or call (71) -400, Ext. 11. Software support is available Monday through Friday (except holidays) between the hours of :00 a.m. and :00 p.m. mountain time. [email protected] or call (71) -400, Ext. 3. Money-Back Guarantee NACVA offers a 30-Day Money-Back Guarantee (databases excluded). If you are not satisfied with the quality of any NACVA product and have not registered the software, return it to NACVA within 30 days and we will refund your money. Page 14 The National Association of Certified Valuators and Analysts

15 NACVA Software Order Form Name: Firm Name: Address: City: State: ZIP: Telephone: Fax: Valuation Tools: q BVM Pro (Specify Office version: ) (Single: $, Multi: $0 for each addl. user in same office)...$ q Business Valuation Report Writer (BVRW) (Specify Office version: ) (Single: $4, Multi: additional $4 for each add. user in same office)...$ q Express Business Valuation (EBV) (Specify Office version: ) (Single: $, Multi: $0 for each addl. user in same office)...$ BVM Pro/BVRW/EBV: $ q 10% discount off purchase if NACVA member:...$ < > q NACVA credit voucher, gift certificate, or Pacesetter Points...$ < > For Pacesetter Points info, please visit Tools Kit & Power Packs: (See page for pricing and details) q Comprehensive Tools Kit (Specify Office version: )...$ q BVM Pro Power Pack (Specify Office version: )...$ q EBV Power Pack (Specify Office version: )...$ Individual Databases: (Specify database name, see pages 7-1 for pricing) Total:...$ SHIPPING AND HANDLING*:...$ Grand Total:...$ * $10 for regular ground, $0 for two-day express, $30 for overnight delivery in Continental U.S. Must provide physical address for delivery (no P.O. boxes). (Please call NACVA for other shipping costs.) $ $ $ $ $ Payment Method Check #: (payable to NACVA) or VISA MasterCard AMEX Discover Diners Club Card Number Expiration Date Credit Card Billing Address ( Same as above address) X Signature Your signature will authorize NACVA to confirm your order via and/or fax and authorize NACVA to use either medium for future communication. NACVA will not disclose or share this information with third parties to secure confidentiality. Four Easy Ways to Order Phone: (00) (01) Fax: (01) Mail: NACVA 1111 Brickyard Road, Suite 00 Salt Lake City, UT Internet: Note: Prices subject to change. SLM01

16 The National Association of Certified Valuators and Analysts 1111 Brickyard Road, Suite 00 Salt Lake City, UT Change Service Requested PRSRT STD U.S. Postage PAID SLC, Utah Permit No. 74 Practical Benefits of NACVA Valuation Tools BVM Pro offers you incomparable value the diversity of features that enables you to literally manage your entire engagement from start to finish. Unprecedented flexibility in your choice of methodologies Expanded graphic capabilities to present dramatic, understandable visuals Full Microsoft Excel compatibility Business Valuation Report Writer interface enabling standards-compliant report writing Multiple layers of training and support Upload and work with a variety of databases Look inside or call NACVA Member Services today at (00) The Comprehensive Valuation Tools Kit Get BVM Pro, BVRW, and 10 databases for under $3,000! See page for details