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What you'll learn...
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In just two power-packed days you will learn everything you need to know about corporate finance, including:
- Understanding Financial Statements
- Financial Analysis and Financial Ratios Clearly Explained
- Common Manipulations and Financial Misrepresentations
- How to Determine the True Value of a Business
- How to Cross Examine the Opposition's Valuation Experts
A practical, intensive seminar custom-designed to meet the CLE needs of the legal profession. No other two-day CLE program provides lawyers with more financial training.
The most successful business attorneys understand financial analysis and business valuation. Now you can too - in just two days.
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Seminar Agenda
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Understanding the Basics
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- Definitions, Rules and Generally Accepted Accounting Principles (GAAP)
- Debits & Credits: Clearly Explained
- Accrual Accounting: Why We Use it
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Using the Balance Sheet
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- How Items are Arranged on the Balance Sheet and Why; Using the Four Quadrants of the Balance Sheet
- How to Instantly Determine Liquidity and Too Much Debt; Strong Balance Sheets Explained
- How a Firm Gets Equity: Two Ways
- The Business Operating Cycle: How a Business Gets its Cash
- Tricks 'n' Traps of the Balance Sheet
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Using the Income Statement
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- How to Use Profit Checkpoints
- Why Gross and Net Margin are Critical Measures; Instantly Determine Profitability
- Determine Law Firm Specialty Practice Area Profitability
- Calculate Break-Even for a Law Firm
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Common Manipulations
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- Identifying Common Fraud
- How to Locate Padded Expenses and How to Present Your Evidence
- Manipulating Net Income by Overstating (Understating) Inventory
- Spotting the Five Most Common Deceptive Accounting Practices Currently in the News
- Sarbanes-Oxley and Corporate Governance
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Ratio Analysis: What the Numbers Really Mean
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- Horizontal and Vertical Analysis for a Rapid Understanding
- Liquidity Ratios: Current Ratio; Quick Ratio; Cash Ratio
- Activity Ratios: Days Sales Outstanding (DSO); Days Sales in Inventory (DSI); Asset Turnover; Return on Assets (ROA)
- Leverage Ratios: Debt to Equity; Interest Coverage
- Profitability Ratios: Return on Equity (ROE); Return on Invested Capital (ROIC); Gross Margin; Net Margin (ROS); Book Value; Price to Earnings (P/E) Multiple
- How to Find and Use Industry Averages (Including Law Firms)
- Predicting Bankruptcy
- Trend Analysis: Five-year and Quarterly
- Presenting Financial Information to a Jury
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The Statement of Cash Flows
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The Statement of Changes in Shareholder Equity
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- Retained Earnings and Dividends
- How to Account for Stock Splits
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Using Annual Reports
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- Footnotes and What to Notice
- Types of Audit Reports and What They Mean - the CPA's Legal Liability
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How to Use Value Line
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Business Valuation Situations
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- Commercial Litigation and Litigation Support
- Economic Loss Analysis; Insurance
- Buy-Sell Agreements: Sample Agreements
- Partnership Buy-ins or Buy-outs; Franchises
- M&A; Divestiture; Spin-off; IPO; ESOPs
- Bankruptcy and Foreclosure
- Divorce, Mediation and Arbitration
- Estates and Trusts
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Business Valuation Terminology
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- Value of What to Whom?
- Alternative Definitions of Value
- Cash Flow, Free Cash Flow and Discounted Cash Flow (DCF)
- Capitalization and Discount Rates
- Control Premium and Minority Discount
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Preliminary Steps in the Valuation
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- The Engagement Letter: Defining What is Being Valued: Equity; Assets; Other
- Preliminary Analysis: Prior Financials; Ratios and Trends; Company History; Industry Averages; Tax Considerations
- Typical Normalization Adjustments
- Balance sheet: Value of Tangible Assets;Unrecorded Debt; Goodwill and More!
- Finding the Market Price of Similar Firms
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Forecasting Cash Flows
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- How to Determine Cash Flow to the Owners
- How to Spot Unrealistic Projections
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Time Value of Money
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- Net Present Value (NPV) and Discounted Cash Flow (DCF) Mechanics Explained in Simple Terms - and What Questions to Ask
- How Risk Impacts the Calculation
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Valuation Mechanics: Explanation and Case Study
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- Establishing Discount, Capitalization and Growth Rates
- Calculating the Weighted After-tax Cost of Capital (WACC); The Cost of Debt and Equity
- Methodologies for Private Firms
- Establishing and Normalizing the Stream of Income to Be Valued (Capitalized)
- Income Concepts: NIBT; Operating Income; Excess Earnings
- Cash Flow Concepts: Cash Flow from Operations; Free Cash Flow
- Projecting Income to Be Valued
- Supporting the Projected Growth Rate
- Supporting (Attacking) a Terminal Value
- Comparison to Other Valuation Approaches
- Case Study: How To Value a Law Firm
- Reconciling Differences Between Methods
- Premiums and Discounts
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Special Valuation Issues
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- LLC, LLP and Sub-S (Service Firms)
- Partnerships; Joint Ventures; Non-Profits
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How to Value Intangible Assets-Overview and Examples
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- Market-based Assets (Branding)
- Contract-based Assets
- Technology-based Assets
- Statutory-based Assets
- Workforce-based Assets
- Corporate Organizational Assets
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Understanding the Valuation Report
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- Standards: Full, Letter and Oral Reports
- Full Written Report: Required Disclosures
- How to Critically Review a Business Valuation Report for Cross Examination
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Ten Most Common Errors Found in Valuation Reports
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Working with Valuation Experts
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- Selecting an Expert (Credentials)
- Analysis of Opposing Valuation
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Summary of IRS Revenue Rulings on How To Value a Business
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MCLE Credits
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This seminar is approved in many states for MCLE credit. Contact NCCE for specific information on MCLE credit in your state.
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Who Should Attend?
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Any attorney who would like to learn in just two days how to: (1) understand and analyze financial statements and (2) how to value a business should plan to attend. Included in this group are attorneys who deal with: commercial litigation; PI; insurance and economic loss analysis; M&A; franchise and buy-sell agreements; SEC work; bankruptcy; divorce; estate; trust and taxation. This seminar is also ideal for corporate counsel and their staff and attorneys who work in banking, securities or insurance.
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Instructors
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In-house Presentations ...
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If you have a group of 12 or more employees who need to learn the critical elements for success, NCCE’s customized training may be the cost-effective solution for your organization. Bring "The Two Day MBA for Attorneys:Understand Financial Analysis and Business Valuation" in-house and ensure that your staff understands the key drivers behind successful M&A activities.
Some of the organizations who have taken advantage of NCCE’s custom training include: Stanley Tools; US Small Business Administration; US Robotics; Aetna; Western Union and law firms such as: Jones, Day, Reavis & Pogue; Weil, Gotshal & Manges; Irell & Manella; and King and Spalding.
For more information or to schedule a custom in-house program, email NCCE at contact@nccetraining.com or telephone 800-635-9615.
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