Conference Presentations, Webinars, and Professional Journal Articles


Our analysts frequently deliver conference speeches and author journal articles on topics related to business and intangible asset valuation, forensic analysis, and financial advisory services. The presentations are delivered at seminars and conferences of national and local bar associations, national and state CPA societies, estate planning associations, taxation institutes, and valuation associations, to name a few. The presentation materials from some of these conference speeches are available here.

Our analysts frequently publish in accounting, finance, and legal professional journals. And, our analysts frequently author technical issue white papers for professional organizations. Recent journal articles and white papers authored by Willamette Management Associates analysts are also available here.

Below we list articles authored by our analysts that have recently appeared in publications that are not readily available online.


  “Analyst Considerations of a Taxable Stock Purchase M&A Structure”
By Robert F. Reilly, firm managing director, published in the November 2016 issue of QuickRead, a publication of the National Association of Certified Valuators and Analysts.
Robert’s article summarizes some of the tax benefits—and the tax complexities—associated with a taxable stock purchase acquisition structure. Although analysts are not expected to be transaction income tax advisors, analysts opining on deal price fairness to any deal participants should be generally aware of these transaction structure considerations. Robert’s article is available here. See More

  “Considerations of a Taxable Stock Purchase Acquisition Structure”
By Robert F. Reilly, firm managing director, published in the October 2016 issue of Transaction Advisors.
Robert’s article summarizes some of the tax benefits—and the tax complexities—associated with a taxable stock purchase acquisition structure. For illustrative purposes, Robert analyzes a hypothetical transaction involving the acquisition of a C corporation by an LLC. Subscribers can access Robert’s article here. See More

  Intangible Asset Valuation: Cost Approach Valuation Methods and Procedures
Robert F. Reilly, a managing director of our firm, delivered a webinar for the National Association of Certified Valuators and Analysts Consultants’ Training Institute. Robert’s webinar was held on November 11, 2016.
Robert discusses the generally accepted intangible asset valuation approaches and methods. He then explores considerations related to the cost approach. Robert provides an illustrative example of the cost approach. Finally, Robert reviews intangible asset valuation report considerations. See More

  Valuation of Businesses, Securities, and Intangible Assets for Bankruptcy Purposes
Robert F. Reilly, a managing director of our firm, delivered a webinar for the National Association of Certified Valuators and Analysts Consultants’ Training Institute. Robert’s webinar was held on November 7, 2016.
Robert discusses the common reasons for conducting a bankruptcy valuation. He explores analytical issues that practitioners face in performing bankruptcy valuations. Finally, Robert reviews caveats for valuation analysts performing bankruptcy valuations. See More

  The Benefits of Professional Standards to CA Valuation Specialists?
Robert F. Reilly, a managing director of our firm, delivered a presentation to the Business Valuation and Forensic Accounting Conference, which was held September 12-14, 2016, in Melbourne, Australia. The conference was sponsored by the Chartered Accountants of Australia and New Zealand.
Robert presented an overview of the development of standards in the United States. He explored the difference between transactional valuations and notational valuations and discussed the various types of valuation services. Robert also reviewed the differences and similarities between U.S. and Australian/New Zealand standards. See More

  Intangible Asset Valuation Approaches, Methods, and Procedures
Robert F. Reilly, a managing director of our firm, presented a workshop at the Business Valuation and Forensic Accounting Conference, which was held September 12-14, 2016, in Melbourne, Australia. The conference was sponsored by the Chartered Accountants of Australia and New Zealand.
Robert’s workshop explored the identification of various types of intangible assets and intellectual property. He reviewed data gathering and due diligence procedures. Robert explored the cost approach, income approach, and market approach to intangible asset valuation and presented an illustrative example of each method. See More

  Intangible Asset Valuations for Controversy Purposes
Robert Schweihs, a managing director of our firm, delivered a presentation to the Kentucky Society of CPAs Business Valuation and Litigation Conference, which was held on August 12, 2016, in Louisville, Kentucky.
Bob discussed various types of intangible asset analyses. He reviewed the generally accepted intangible asset valuation approaches and methods. Bob explored the differences between a business valuation and an intangible asset valuation. Finally, he discussed intangible asset damages measurement methods and considerations. See More

  Income Approach Issues in Valuations Prepared for Property Tax Purposes
Aaron Rotkowski, a vice president of our firm and the leader of our property tax valuation practice, delivered a presentation to the Institute for Professionals in Taxation Northwest Regional Property Tax Seminar, which was held on August 4, 2016, in Hillsboro, Oregon.
Aaron discussed issues related to the valuation of intangible assets using the income approach. These issues include estimating a supportable long-term growth rate, assessing the reasonableness of market data in the income approach, assessing the reasonableness of normalized depreciation expense and capital expenditures, and the internal consistency of assumptions. See More

  Valuation: Beyond the Basics—The Five Marketability Forces and the IRS Job Aid on S Corporations
Fady Bebawy, a vice president in our Chicago office, delivered a presentation to the American College of Trust and Estate Counsel 2016 Ohio Fellows Meeting, which was held April 15-17, 2016.
Fady reviewed considerations in the estimation of the discount for lack of marketability (DLOM). He discussed the five marketability forces and how they related to the DLOM. Fady also explored the recent IRS Job Aid on S Corporations. Finally, he considered the issue of tax-affecting versus not tax-affecting. See More

  Economic Obsolescence and Market Value
Aaron Rotkowski, a vice president of our firm and the leader of our property tax valuation practice, co-delivered a presentation to the 46th Annual Taxation Conference: Appraisal for Ad Valorem Taxation of Communications, Energy and Transportation Properties, which was held in Wichita July 24-28, 2016. Aaron’s co-presenter was Michael Mangan or Tonkon Torp.
Aaron and Michael focused their presentation on the consideration of economic obsolescence within the cost approach to unit valuation for ad valorem taxation purposes. Topics included factors that contribute to economic obsolescence, appropriate methods for the estimation of economic obsolescence, and proper application of the obsolescence quantification methods. They examined the effect of economic obsolescence on the valuation of businesses for ad valorem taxation purposes. See More

  Building a Cap Rate Study: How Could Anything Go Wrong?
Robert F. Reilly, a managing director of our firm, co-delivered a presentation to the 46th Annual Taxation Conference: Appraisal for Ad Valorem Taxation of Communications, Energy and Transportation Properties, which was held in Wichita July 24-28, 2016. Robert’s co-presenter was Keith Fuqua of Colonial Pipeline Company.
Robert and Keith presented an overview of the process of developing a unit valuation capitalization rate study. They examined the procedures involved in such a study. Such procedures include consideration of the objective of the valuation analysis, development of the appropriate capital structure, development of the cost of debt rate, development of the cost of equity rate, and arriving at the final capitalization rate conclusion. See More

  "Intellectual Property Market Approach Valuation Methods in Bankruptcy Controversies”
By Robert F. Reilly, firm managing director, published in the June/July 2016 issue of the Financial Valuation Litigation Expert.
Robert discusses the various types of debtor company IP that analysts are asked to value within a bankruptcy controversy context. He summarizes the generally accepted IP valuation approaches and methods. Finally, Robert describes and illustrates a common market approach valuation method to analyze debtor company IP. See More

  "The Market Approach to Valuing Intangible Assets”
By Robert F. Reilly, firm managing director, published in the May/June 2016 issue of Valuation Strategies.
Robert discusses the various methods within the market approach that may be used to value various types of intangible assets. These methods include the sales comparison method, the relief from royalty method, and the comparable profit margin method. See More

  "The CPA Valuation Analyst and the Economic Substance Doctrine”
By Robert F. Reilly, firm managing director, published in the April 2016 issue of FVS Consulting Digest, a publication of the AICPA.
The IRS has recently stepped up its challenges of what it believes to be suspect taxpayer transactions based on the so-called “economic substance doctrine.” Analysts are often called upon to perform economic substance analyses. Robert explores some key definitions for these analyses and then reviews a few recent court decisions that dealt with this issue. See More

  "Intangible Asset Valuation Process”
By Robert F. Reilly, firm managing director, published in the March/April 2016 issue of Valuation Strategies.
The valuation process provides an overall analytical framework that assists the analyst in the collection, assessment, analysis, and interpretation of market-derived valuation evidence. Robert reviews the various steps in this valuation process. Following this process may help ensure the successful completion of the intangible asset valuation assignment.

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  "Selling Employee/Shareholder Transition Period Payments after the Construction Company Acquisition”
By Robert F. Reilly, firm managing director, published in the March/April 2016 issue of Construction Accounting and Taxation.
There has been considerable consolidation in the construction industry in recent years. In the acquisition of a construction company, it is common for the company buyers to request that any individual employee/shareholder seller agree to continue to work for the acquired construction company during a specified transition period. Issues may arise as to how these selling employee/shareholders should be compensated. Robert’s article discusses the structuring of transition payments, factors to consider when characterizing the transition payments, and legal precedent for the characterization of transition period payments.

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  "Valuation of Intellectual Property in the Marital Estate” Parts 1 and 2
By Robert F. Reilly, firm managing director, published in the Winter 2016 and Spring 2016 issues of the American Journal of Family Law.
Robert explores the types of intellectual property that may be encountered in a marital estate. He discusses the due diligence procedures that should be performed in an intellectual property valuation for divorce purposes. Robert explains the generally accepted approaches and methods used to value intellectual property. He concludes with a discussion of the procedures for reaching a valuation synthesis and conclusion.
Part 1    Part 2

  "The Five Marketability Forces Framework”
By Fady F. Bebawy, a vice president of our firm in our Chicago office, published in the January 2016 issue of Trusts & Estates.
Disputes that arise from the audit of gift tax returns often involve the selection of the discount for lack of marketability (DLOM). Fady discusses customizing the selection of the DLOM. One tool that may be used is a variation of the Michael Porter’s “Five Forces.” The five forces that may be used in selecting an appropriate DLOM are supply, demand, substitutes, turnover, and competition. Fady discusses each of these forces as they relate to the DLOM.


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  "What Lawyers Need to Know about Distinguishing Personal Goodwill from Entity Goodwill in the Closely Held Company Valuation”
By Robert F. Reilly, firm managing director, published in the Winter 2016 issue of The Practical Tax Lawyer.
In many tax-related valuations, it is often important for the closely held business owners and their advisers to allocate the total enterprise value between the company-owned entity goodwill and the individual shareholder/employee’s personal goodwill. Robert’s article summarizes what counsel need to know with regard to the elements of, the separability of, and the documentation of a shareholder/employee’s personal goodwill. This article also discusses a recent Tax Court decision: Bross Trucking v. Commissioner.


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  "Valuation of Health Care Entity Transactions,” Part One
By Robert F. Reilly, firm managing director, published in the February/March 2016 issue of Financial Valuation and Litigation Expert.
Robert’s article summarizes what analysts need to know about the regulatory considerations that affect the valuation of health care entity transfers of property and services. The article also presents analyst common misconceptions related to health care entity valuations.


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  "Distinguishing Personal Goodwill from Entity Goodwill in the Closely Held Company Acquisition”
By Robert F. Reilly, firm managing director, published in the December 2015 issue of Transaction Advisors, a monthly journal available at www.transactionadvisors.com. An extensive abstract of the article is available at https://www.transactionadvisors.com/insights/distinguishing-personal-goodwill-entity-goodwill-closely-held-company-acquisitionSee More. Subscribers may access the full text of the article.
In an acquisition of a closely held company, it is often important for the business buyers and sellers to allocate the total enterprise value between the closely held company—owned entity goodwill and the individual selling shareholder/employee’s personal goodwill. Robert’s article summarizes the analyst’s considerations with regard to the elements of, the separability of, and the documentation of a selling shareholder/employee’s personal goodwill and utilizes several key Tax Court decisions as illustration.



  Representations & Warranties Insurance—The Claims Expert’s Perspective
Shawn Fox, a managing director of our firm and the leader of our economic damages analysis practice, co-delivered a presentation along with Michael Conway, litigation partner and national business litigation practice leader at Shook Hardy & Bacon L.L.P. Mr. Fox and Mr. Conway were interviewed by Casey Zgutowicz, vice president at Lockton Companies' Chicago office.
Mr. Fox discussed key considerations in calculating economic damages on indemnification claims, accounting disputes for the buyer and seller, and the role of the forensic accountant in merger and acquisition disputes. Mr. Conway discussed the legal claims involved in situations of material misrepresentations and fraudulent misrepresentation and navigating through coverage issues under a representation and warranties policy (including definition of loss, materiality, exclusions, scope of exclusions, carve-outs, and interpretation of asset purchase agreement, among others). Lockton is a leading risk management, insurance, and employee benefits consulting services firm. This presentation can be viewed using this link: https://vimeo.com/146699664



  Separating Intangible Assets from Real Property in Real Estate Appraisals
Robert Reilly, a managing director of our firm, delivered a presentation at the 2015 Forensic and Valuation Services Conference. The conference, which is sponsored by the American Institute of Certified Public Accountants, was held November 9-10, 2015, in Las Vegas.
Robert’s presentation discussed the identification of intangible assets and various reasons to value these assets. He also explored the generally accepted intangible asset valuation approaches and methods. Robert also discussed various reasons to extract intangible asset value from the overall enterprise value. Illustrative examples were provided for the direct subtraction method, the income allocation method, and the royalty rate method..


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  Differences between a Business Valuation and an Intangible Asset Valuation
Robert Reilly, a managing director of our firm, delivered another presentation at the 2015 Forensic and Valuation Services Conference. The conference, which is sponsored by the American Institute of Certified Public Accountants, was held November 9-10, 2015, in Las Vegas.
Robert’s presentation began with a discussion of the valuation purpose and objective. He then explored various types of analyses and opinions. Robert examined the generally accepted business valuation approaches as well as the generally accepted intangible asset valuation approaches. He discussed the differences in applying the income, market, and cost (or asset-based) approaches for a business valuation and an intangible asset valuation..


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  TEC Industries Current Property Tax Issues and USPAP Update
Robert Reilly, a managing director of our firm, delivered a presentation at the 2015 Advanced Annual Property Tax Seminar. The seminar, which is sponsored by the National Association of Property Tax Representatives—Transportation, Energy, Communications, was held October 27, 2015, in Savannah, Georgia.
Robert’s presentation discussed issues related to property tax professional standards. He explored the current property tax issues related to the transportation, energy, and communications industries. And, Robert discussed recent and pending changes to the Uniform Standards of Professional Appraisal Practice.


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  "Valuation of Taxpayer Companies with NOL Carryforwards”
By Robert F. Reilly, firm managing director, and Aaron M. Rotkowski, vice president and leader of our property tax valuation practice, published in the Fall 2015 issue of The Practical Tax Lawyer, a quarterly professional journal.
During the last five to ten years, many taxpayer companies have experienced operating losses, at least periodically. This discussion describes how to consider those operating losses—and the associated NOL tax attributes—in valuations performed for property tax purposes. The article defines an NOL carryforward and an NOL carryback and explores whether an NOL carryforward should be categorized as tangible property. The article then analyzes the use of the 0 percent tax rate assumption in a valuation intended to conclude a market value estimate. It considers applying an after-tax capitalization rate to a pretax income stream. The article goes on to describe the statutory limitations on the use of a NOL carryforward and the implications of incorporating an NOL carryforward in a direct capitalization method valuation. Finally, it summarizes the factors that affect the market value of an NOL carryforward.


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  Patent Valuation: Practical Applications
Robert Reilly, a managing director of our firm, delivered a presentation at the 2015 Advanced Business Valuation Conference. The conference, which is sponsored by the American Society of Appraisers, was held October 18-21, 2015, in Las Vegas.
Robert’s presentation discussed the various types of intellectual property and reasons to analyze intellectual property. He explored the various types of patents and patent-related intangible assets. Robert discussed due diligence procedures and the various databases available for researching royalty rates. Illustrative examples were provided for each of the three generally accepted patent valuation approaches: the cost approach, the market approach, and the income approach.


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  "Structuring Transition Period Payments in Closely Held Company Acquisitions”
By Robert F. Reilly, firm managing director, published in the September 2015 issue of Transaction Advisors, a monthly journal available at www.transactionadvisors.com. An extensive abstract of the article is available at https://www.transactionadvisors.com/insights/structuring-transition-period-payments-closely-held-company-acquisitions. Subscribers may access the full text of the article.
In an acquisition of a closely held company, acquirers often ask the selling employee/shareholders to continue to provide services to the company for a transition period post-sale. This is done to ensure an efficient transition of the sellers' relationships with the company's customers, suppliers, and employees. Robert’s article discusses a number of factors a transaction advisor—and the transacting parties themselves—should consider when characterizing these payments. These factors include the transition services conditions, the proportionality of the transition payments and the target company price valuation, among others.



  "Estate of Giustina v. Commissioner”
By Christopher Silvetti, an associate in our Chicago office, published in the September 23, 2015, issue of QuickRead, a publication of the National Association of Certified Valuators and Analysts.
Christopher’s article discusses the recent decision from the Ninth Circuit Court of Appeals which reversed an earlier Tax Court decision in this matter. The case has now been remanded back to Tax Court for recalculation of its valuation of a 41.128 percent interest in the Partnership.
In its opinion, the Ninth Circuit addressed the Tax Court’s use of valuation methods, the selected weightings, the selected valuation discounts, and the selected company-specific risk premium as part of an equity cost of capital calculation. To read Christopher’s article:


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  Identification, Valuation and Extraction of Exempt Intangible Personal Property
Robert Reilly, a managing director of our firm, co-delivered a two-part presentation at the 45th Annual Appraisal for Ad Valorem Taxation of Communications, Energy and Transportation Properties Conference. The conference was held June 26-30, 2015, in Wichita, Kansas. Robert’s co-presenter was Marshall Mungle.
Part 1 of Robert’s presentation was titled “Identification and Valuation of Intangible Assets.” Robert and Marshall discussed the identification of intangible assets, reasons to value intangible assets, intangible asset property tax considerations, generally accepted approaches for valuing intangible assets. They also provided illustrative examples of the three generally accepted approaches.
Part 2 of Robert’s presentation was titled “Extraction of Intangible Assets.” In this part of the presentation, Robert and Marshall discussed reasons to extract intangible asset value, basic property appraisal accumulation and extraction procedures, common exempt property extraction procedures, and methods for intangible asset extraction from the total value. They also provided illustrative examples of the direct subtraction, income allocation, and royalty rate methods.


Part 1


Part 2