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2.24.18 Business Valuation, Strategy, and Unsystematic Risk (Live Webinar) 8 CPE / 7 CLE

2.24.18 Business Valuation, Strategy, and Unsystematic Risk (Live Webinar) 8 CPE / 7 CLE

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Course Number:BUSVALW18
  • When:Saturday, February 24th, 2018. 9:00 am to 5:00 pm EST
  • Location:Your home or office
  • CPE Credits:4 Finance & 4 Management CPE
  • CLE Credits:7 Substantive CLE / 6 Substantive CLE (PA)*
  • Delivery Method:Group Internet-Based

The value of a company is an effect. Identifying, analyzing, and quantifying the underlying causes that give rise to that effect is a primary responsibility of the analyst. In terms of systematic [SR] and unsystematic risk [USR], the analyst focuses on USR. Unfortunately, the icons who originated the concept of modern portfolio analysis more than a half-century ago assumed away the existence of USR by positing that (a) rational investors hold diversified portfolios, and (b) as a result, USR can be eliminated through diversification. That assumption discouraged future research into USR until Warren Miller’s 2010 book, Value Maps: Valuation Tools That Unlock Business Wealth, was published. It introduced a tri-level framework to help analysts analyze USR.

Learning Objectives:
  • Explore the valuation process at the three USR levels: Macro-economic, Domain, and Company.
  • Examine the SPARC FRAMEWORK—Strategy, People, Architecture, Routines, Culture

The Speaker:

With his bride, Dorothy Beckert, Warren Miller cofounded BECKMILL RESEARCH, LLC, in 1991. The firm provides valuation, strategy, and applied research services. Miller wrote Value Maps: Valuation Tools That Unlock Business Wealth (2010) and BVR’s Guide to Valuing Wholesalers (2011). He also had two case studies published in Harvard Business Review. Warren has taught valuation and related subjects to CPAs and CAs in Canada, 33 states, and the District of Columbia. He designed the VALUE MAP process to help SMEs build competitive advantage, extend its duration, reduce risk, and increase equity value. He is one of 26 professionals worldwide who holds the Chartered Financial Analyst [CFA], Accredited Senior Appraiser [ASA] in business valuation, and Certified Public Accountant [CPA] designations. He and Dorothy live in the Shenandoah Valley outside Lexington, Virginia.



When: Friday, February 24th, 2018. 9:00 am to 5:00 pm EST
Where: Your home or office
Speaker: Warren D. Miller, CFA, ASA, CPA
CPE Credits: 4 Finance & 4 Management CPE
CLE Credits: 7 Substantive CLE / 6 Substantive CLE (PA)*
Program Level: Basic
Prerequisites: None
Advanced Preparation: None
Delivery Method: Group Internet-Based
Tech Support: Bill Kline Email: william.kline@ceworkshops.com or Phone: 267-251-3805


* McDevitt and Kline's live, internet-based courses are approved as Distance Learning courses by the PA Supreme Court CLE Board. For additional information, please visit http://www.pacle.org/. Check with your State CLE Board for rules pertaining to live webcasts. These rules differ from state to state. For example, PA attorneys may earn up to 6 CLE credits per compliance period via live webcasts (or 6 out of 12 credits per year); NJ and DE attorneys may earn up to 12 CLE credits per compliance period via live webcasts (or 12 out of 24 credits per two years).

McDevitt & Kline, LLC 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 addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site:www.nasba.org.


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