Business Valuation Tools

(1)

Enhance Your Efficiencies with Tools Built on the Microsoft

®

_{Excel Platform}

Featuring

Business

Valuation

Manager

™

Pro

(for Office 2003-2010)

Express Business

Valuation

Business Valuation

Report Writer

™

Valuation Databases

30-Day Money-Back Guarantee

See inside for details

Business Valuation Tools

CD Product BUSINESS VALUATION MANAGER PRO CD Product BUSINESS VALUATION REPORT WRITER EXPRESS BUSINESS VALUATION

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Page 2

National Association of Certiied Valuators and Analysts

Nat ion al A sso cia tio n o f C ert iie d V alu ato rs a nd Ana lys ts Nat ion al A sso cia tio n o f C ert iie d V alu ato rs a nd Ana lys ts

The Paragon of Proficiency

I

t didn’t take long after its introduction in 2004 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 20 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.

With BVM Pro v4.0 for Microsoft

®

_{Office 2003, v5.0 for}

Office 2007, or v6.0 for Office 2010, you can enjoy 50

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 (18 valuation methods)

• Generate 50+ page reports with the optional standards-based Report Writer

Introducing

Business

Valuation Manager

™

Pro

“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.”

–Gregory M. Pearl, MBA, MS, AVA

Alteris LLC

Page 2

Microsoft

®

Excel and Word

Compatibility

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.

Pro

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National Association of Certiied Valuators and Analysts

Nat ion al A sso cia tio n o f C ert iie d V alu ato rs a nd Ana lys ts Nat ion al A sso cia tio n o f C ert iie d V alu ato rs a nd Ana lys ts

Check out These User-Friendly

BVM Pro Features

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 200-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 8-11 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 2003 (requires BVM Pro v4.0) Office 2007 (requires BVM Pro v5.0) Office 2010 (requires BVM Pro v6.0)

Hard drive 80GB space for program, 130+MB for tutorials CD-ROM Drive

1GB memory, 2GB recommended

Sound card and Windows Media Player for tutorials Super VGA Display (1024 x 786 resolution) Microsoft®_{Windows 2000/XP/Vista/Windows 7}

Pentium®_{4 Processor, 2.4GHz recommended}

BVM Pro is not compatible with paperless engagement/management systems (CCH, PPC, Pro FX, etc.)

BVM Pro Price

†

_{(before NACVA Member Discount)}

Single User ...

$

995

Multi-User (each additional seat) ...

$

250

CD Product

BUSINESS VALUATION MANAGER PRO

† 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.

“The redesign of the software makes the

program much easier to navigate. Ease of

data entry is greatly improved.”

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Page 4

N

ow there’s a way to automate and standardize

your reports in Microsoft

®

Word and Excel—

in half the time! Incorporating over 20 years

of experience, Business Valuation

Report Writer™ (BVRW) was

specifically designed to reduce

the amount of time it takes

to create professional and

comprehensive business

valuation reports.

1 Hot-Linked Data

Keeping all your Excel workbook numbers, tables, and charts in sync with your Word 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 easy 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 additional links (numbers, tables, charts) to reports.

2 Optional Report Content

The reports that come with BVRW are smart, so that only the appropriate sections are included in your reports. You can also build your own report templates that contain a variety 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 contents and then being able to select what goes into the report.

3 Valuation Library

You can now create 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!

System Requirements

Business Valuation Report Writer runs on Windows XP, Vista, and Windows 7. Office 2003 requires BVRW Version 4, Office 2007 requires BVRW Version 5, and Office 2010 requires BVRW Version 6 (same as BVM Pro). BVRW requires 200 megabytes of disk space. BVRW is not compatible with paperless engagement/management systems (CCH, PPC, Pro FX, etc.)

BVRW Price*

(before NACVA Member Discount)

Single User ...

$

495 $

445 Business Valuation Report Writer

™

GUIDELINE PUBLIC COMPANY Web-based 459 45959565656687687687575757545454 456 45688 552062065454 3463465757 452 452 452 4522454545454566 666555554 45456456456456 4566688 8 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 456 6 4565688 346 645 56 4595959 456 4566888 5656 4 452 4568 8 66666 4599 4566 456568 8 3465645 57856 45252 45 52 6 23.5.55666 456568 520655 57575785856 459 459 5656687687 MGMA COST SURVEY CD Product 459 45959565656687687687575757545454 456 45688 552062065454 3463465757 452 452 452 4522454545454566 6665555544545456456456 4566688 8 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 456 6 4565688 346645 56 4595959 456 4566888 5656 4 452 4568 8 66666 4599 4566 456568 8 3465645 57856 45252 45 52 6 23.5.55666 456568 520655 5757578856 459 459 5656687687 IRS CORPORATE RATIOS Web-based or CD 459 459 565668768757575454 456 45688 552062065454 3463465757 452 452 45252245454545456666 6555554 45456456456456 4566 45688 8 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 4565 6 456 45688 346 645 56 459599 456 456 456888 5656 4 452 4568 8 66666 4599 4566 456568 8 3465645 57856 45252 45 52 6 23.5.55666 456568 520655 57575785856 459956687 NATIONAL ECONOMIC REVIEW Web-based 459 459 565668768757575454 456 45688 552062065454 3463465757 452 452 45252245454545456666 65555544545456456456 4566 45688 8 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 4565 6 456 45688 346645 56 45959 456 456 456888 5656 4 452 4568 8 66666 4599 4566 456568 8 3465645 57856 45252 45 52 6 23.5.55666 456568 520655 5757578856 459956687 MID-MARKET COMPS CD Product 459 459 565668768757575454 456 45688 552062065454 3463465757 452 452 452522 45454545456666 6555554 4545456456456 4566 45688 8 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 4565 6 456 45688 346 645 56 459599 4566 456888 5656 4452 4568 8 66666 4599 4566 456568 8 3465645 57856 45252 45 52 6 23.5.55666 456568 520655 5757578856 4599 56687 QMDM CD Product 459 459 565668768757575454 456 45688 552062065454 3463465757 452 452 45252245454545456666 6555554 4545456456456 4566 45688 8 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 4565 6 456 45688 346 645 56 459599 4566 456888 5656 4452 4568 8 66666 4599 4566 456568 8 3465645 57856 45252 45 52 6 23.5.55666 456568 520655 5757578856 459956687 MERGERSTAT PREMIUMS AND DISCOUNTS CD Product 459 459 565668768757575454 456 45688 552062065454 3463465757 452 45 45252454545454545666666 54455555 454545456456456 4566688 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 456.256 23.56 4565688 346 645 56 459599 456 4556688 8 5656 4 452 4568 8 66666 4599 4566 456568 8 34655645 57856 45252 45 52 6 23.5.55666 456568 520655 575778568 459 459 5656687687 MERGERSTAT PRICE TO EARNINGS CD Product 459 459 565668768757575454 456 45688 552062065454 3463465757 452 45 452522454545454545666666 5455555 454545456456456 4566688 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 456.256 23.56 4565688 346 645 56 459599 456 456688 8 5656 4 452 4568 8 66666 4599 4566 456568 8 34655645 57856 45252 45 52 6 23.5.55666 456568 520655 575778568 459 459 5656687687 BIZCOMPS CD Product Web-based or CD 459 45959565656687687687575757545454 456 45688 552062065454 3463465757 452 452 452 4522454545454566 66 65555544 4545456456456 4566688 8 555220620654 54 645645 459 5656687 456456456 456 45688 8 645645645 4 452 456456 6 4565688 346 645 57856 45959 456 455656888 5656 4 452 4568 8 66666 4599 45656 456568 8 3465645 57856 45252 45 52 6 23.5.55666 456568 520655 575778856 459 45959565656687687687 CD Product Web-based BESWEB CD Product BUSINESS VALUATION MANAGER PRO CD Product EXPRESS BUSINESS VALUATION CD Product BUSINESS VALUATION REPORT WRITER MULTI-ATTRIBUTE UTILITY MODEL CD Product 459 459 565668768757575454 456 45688 552062065454 3463465757 452 452 452522454545454545666666 54455555 454545456456456 4566688 8 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 456 6 456 45688 645 56 459595956 456 456888 5656 4 452 4568 8 66666 4599 4566 456568 8 3465645 57856 45252 45 52 6 23.5.55666 456568 520655 575778856 459 459 5656687687 PLURIS DLOM DATABASE Web-based 459 459565668768757575454 456 45688 552062065454 3463465757 452 452 452 522454545454545666666 54455555 454545456456456 4566688 55522062065454 645645 4595656687 456456456 456 456688 8 645645645645 452 456 6 456 45688 645 56 459 59 5 4566 456888 8 5656 4 452 4568 8 66666 4599 4566 456 568 8 34657645 57856 452 52 45 52 6 23.5.55666 456 568 520655 575778856 459 4595656687687 RISK PREMIUM REPORT CD Product 459 459565668768757575454 456 45688 5520620654543463465757 452 452 452 522454545454545666666 54455555 454545456456456 4566688 8 55522062065454 645645 4595656687 456456456 456 456688 8 645645645645 452 456 6 456 45688 645 56 459 59 59 56 456 456888 5656 4 452 4568 8 66666 4599 4566 456 568 8 34657645 57856 452 52 45 52 6 23.5.55666 456 568 520655 575778856 459 4595656687687 IBA MARKET DATA Web-based or CD 459 459 565668768757575454 456 45688 552062065454 3463465757 452 452 45252454545454545666666 54455555 454545456456456 4566688 8 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 45656 6 456 45688 645 56 4595959 45656 456888 8 5656 4 452 4568 8 66666 4599 4566 456568 8 3465645 57856 4525245 52 6 23.53.55666 456568 520655 575778856 459 459 5656687687 Web-based or CD 459 459 565668768757575454 456 45688 552062065454 3463465757 452 452 452522454545454545666666 54455555 454545456456456 4566688 8 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 45656 6 456 45688 645 56 459595 4566 456888 8 5656 4 452 4568 8 66666 4599 4566 456568 8 3465645 57856 45252 45 52 6 23.5.55666 456568 520655 575778856 459 459 5656687687 BIZCOMPS SBBI CD Product 459 459 565668768757575454 456 45688 552062065454 3463465757 452 45 45252454545454545666666 5455555 454545456456456 45665688 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 456.256 23.56 4565688 346645 56 45959 456 45566888 5656 4 452 4568 8 66666 4599 4566 456568 8 34655645 57856 45252 45 52 6 23.5.55666 456568 520655 575778856 459 459 5656687687 DONEDEALS CD Product 459 459 565668768757575454 456 45688 552062065454 3463465757 452 452 45252245454545456666 6555554 4545456456456 4566 45688 8 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 4565 6 456 45688 346645 56 459599 45656 456888 5656 4 452 4568 8 66666 4599 4566 456568 8 3465645 57856 45252 45 52 6 23.5.55666 456568 520655 5757578856 459956687 CD Product 459 45959565656687687687575757545454 456 45688 552062065454 3463465757 452 452 452 4522454545454566 666555554 45456456456456 4566688 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 456 6 4565688 346645 56 4595959 456 45566888 5656 4 452 4568 8 66666 4599 4566 456568 8 3465645 57856 4525245 52 6 23.5.55666 456568 520655 5757578856 459 459 5656687687

MGMA COMP & PROD SURVEY CD Product 459 459 565668768757575454 456 45688 552062065454 3463465757 452 4452522454545454545666666 5455555 454545456456456 4566688 8 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 456.256 23.56 4565688 346 645 56 459599 456 456688 8 5656 4 452 4568 8 66666 4599 4566 456568 8 34655645 57856 45252 45 52 6 23.5.55666 456568 520655 5757785856 459 459 5656687687 RMA ANNUAL STATEMENT STUDIES VE TM CD Product 459 459 565668768757575454 456 45688 552062065454 3463465757 452 445252454545454545666666 5455555 454545456456456 4566688 8 55522062065454 645645 459 5656687 456456456 456 456688 8 645645645645 452 456.256 23.56 4565688 346645 56 45959 456 4566888 5656 4 452 4568 8 66666 4599 4566 456568 8 34655645 57856 45252 45 52 6 23.5.55666 456568 520655 575778568 459 459 5656687687 RMA ANNUAL STATEMENT STUDIESTM

“The Report Writer saves substantial

report construction and review time

and enhances the result. I strongly

recommend the BVRW for report

intensive assignments.”

—Darrell D. Dorrell, CPA, MBA, ASA,

CVA, CMA, DABFA, CMC,

financialforensics

* Prices are subject to change

CD Product

BUSINESS VALUATION REPORT WRITER

(5)

Express Business Valuation

S

ave 50% 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

busi-ness 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

com-pletely 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 2-3).

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 125+ schedules (as opposed to 200+ 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 12 months or percentages) • Financial Statement Analysis (five schedules and 30 charts)

• General Schedules (premiums and discounts, excess/non-operating assets, working capital analysis, capital expenditure analysis, and long-term 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 22 valuation methods) • Income Approaches (four methods)

• Market Approaches (12 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 25+ page valuation report in Microsoft Word in just 60 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 2003-2010 (Office 2003 requires EBV 2.0) (Office 2007 requires EBV 5.0) (Office 2010 requires EBV 6.0)

EBV is not compatible with paperless engagement/management systems (CCH, PPC, Pro FX, etc.)

EBV Price*

(Before NACVA Member Discount)

Single User ...

$

595 $

250

CD Product

EXPRESS BUSINESS VALUATION

“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

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.

(6)

Page 6

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 50% 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-questions-asked, 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 $995

Business Valuation Report Writer™ (BVRW)

. . . . retail $495

Technical Support (one year) . . . . retail $395

BIZCOMPS® . . . . retail $465

DoneDeals® . . . . retail $495

IBA Market Data

. . . . retail $445

IRS Corporate Ratios . . . . retail $225

Mergerstat Review Premiums & Discounts

. . . . retail $125

Mergerstat Review P/E . . . . retail $125

Pluris DLOM Database™ . . . . retail $595

Public Company Data . . . . retail $495

RMA Annual Statement Studies® Valuation Edition . . retail $665

Ibbotson® SBBI® Valuation Yearbook and CD . . . . retail $260

Only $2,795!

Save 50% off the full retail price of $5,780

The Comprehensive Valuation Tools Kit incorporates BVM

Pro

and the Business Valuation Report Writer (BVRW)

with all the must-have databases for

only $2,795!

This is

over 50% savings off the full retail price of $5,780.

Call Member Services at (800) 677-2009 to purchase.

DoneDeals is a registered trademark of Thomson Reuters. * The databases must be unopened to receive a full refund. Multi-user pricing available.

Comprehensive Valuation Tools Kit

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 . . . $995 —

Express Business Valuation . . . .

— $595

BIZCOMPS® . . . .

$465 $465

Ibbotson® SBBI® Valuation Yearbook . . . .

$260 $260

RMA Annual Statement Studies® Valuation Edition . . . .

$665 $665

IRS Corporate Ratios . . . .

$225 $225

Total . . . .

$2,610 $2,210

Pack Price . . . .$1,995 $1,495

Savings . . . .$615 $715

Multi-user pricing available.

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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 2012.

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 60 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 (780 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 60 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: . . . $495

* Additional fees apply for CPE credit

(8)

Page 8

Valuation Databases & Programs

O

ne 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 12,000 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: $465 ...Multi: $745

DoneDeals

®

_{/Mid-Market Comps}

_(CD)

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–$250 million) company. The database provides almost 8,500 comparable sales transactions for private and public mid-market companies over the prior 10 years. Business sale prices range from $1 million to $250 million, with 50% 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 e-mail with a link for one-click installation. Mid-Market Comps is updated annually.

DoneDeals®_{(updated quarterly):}

Price ... Single: $495 ...Multi: $795 Mid-Market Comps (updated annually):

Price ... Single: $385 ...Multi: $615

DoneDeals®_{is a registered trademark of Thomson Reuters.}

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 (1963– 2010) 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; 2) 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: 2 Years of Data ...$399

Price: 17 Years of Data ...$759

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Ibbotson

®

_SBBI

®

_{Valuation Yearbook}

_(CD)

This is the data valuators have relied upon since 1983: 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: $260 ...Multi: $395

Mergerstat Review

Premiums and Discounts

(CD)

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 50 separate industry categories of real, market-based control, and minority transactions.

Mergerstat Review

Price to Earnings Ratios

(CD)

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.

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Page 10

IRS Corporate Ratios

(CD)

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 250 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.

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 $5,000 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 ...10 downloads: $245 ...20 downloads: $345 ...unlimited downloads: $495

Pluris DLOM Database™

(Web)

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, 2) 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 ...1-3 downloads: $210 ...4-6 downloads: $330

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Risk Management Association (RMA)

ANNUAL STATEMENT STUDIES

®

_*

_(CD)

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 200,000 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 19 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: $465 ...Multi: $745

Risk Management Association (RMA)

ANNUAL STATEMENT STUDIES

®

_*

Valuation Edition

(CD)

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: $665 ...Multi: $1,065

For data from previous years, contact Member Services.

Quantitative Marketability Discount Model (QMDM)

(CD)

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.

*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}

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Page 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 industry-standard 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...$495...Two Applications Price...$795...Three Applications Price....$1,095

Additional user licenses are available.

MGMA Cost Survey

(CD)

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: $795 ...Multi: $1,895

MGMA Physicians Compensation and

Production Survey

(CD)

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: $795 ...Multi: $1,895

Medical Databases

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—

Source

—

Provides

—

Why You Need This Database

—

BIZCOMPS®

Small business transaction sale data over past 10+ years,

over 12,000 small business sales < $1 million. Sales price, terms, and financial ratios of private compa-nies. Special feature: Market data appraisal method tool

with written report.

Best source of comparable data for businesses sold at or less than $1 million. Charge $500–$1000 for a market appraisal: generate report in less than 30 minutes.

DoneDeals®_{and Mid-Market Comps}

Ongoing (10+ yrs) SEC filing data from 8,500 businesses.

Sales transactions of $2–$200 million sales businesses. Sales price, terms, and financial ratios for public companies. Best source when looking for comparables of businesses sold between $2–$200 million.

Duff & Phelps

Drawn from both CSRP and Compustat databases cover-ing 47 years (1963-2010) of financial reports from compa-nies listed on NYSE, NASDAQ, and AMEX.

Equity risk premiums for companies sized by eight

different criteria. 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.

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. IBA Market Data for privately held business sales in the U.S.A. Provides a large number of comparables for many SIC/NAICS codes plus expanded data.

Ibbotson®_SBBI®_{Valuation Yearbook}

Equities market trades/transactions. Risk-free rate, equity risk premia, small company risk

premia, and industry-specific risk premia. A “must-have” database, providing the risk rates used in calculating discount and capitalization rates for all income

approaches.

IRS Corporate Ratios

Based on IRS tax returns, 12 years of data. Ratios and common size statements broken down by 13

sales size categories. A complete, comprehensive and easy-to-use source of data for financial statement benchmarks.

Mergerstat Review Premiums and Discounts

Ongoing (5 years) SEC filing data from business sales. Based upon transactions discounts based on control

premiums. Provides quantitative support for discount/ premium selection.

Quantifiable data source to base or justify a minority interest discount or control premium on.

Mergerstat Review Price to Earnings Ratios

Ongoing (5 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 600+ 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 60 minutes.

Medical Group Management Association—Physicians Compensation and Production Survey

MGMA Survey. Comprehensive data on physician compensation and

production (RVUs), includes 90+ specialties and data by state.

A “must-have” resource for adjusting/normalizing physician compensation in a medical practice valuation.

Pluris DLOM Database™

Private placement data from PrivateRaise and restricted

stock transaction and warrant transactions from LiquiStat. Restricted stock transactions—over 3,000 transactions to date. Updated quarterly, web-based, and searchable. Offers the best source of data for arriving at discount for lack of marketability, with the widest possible range of

industries and company sizes.

Public Company Data

Based on Morningstar public company data (five years of

annual and quarterly data). A way to compare the financial performance of your sub-ject company with potentially comparable public

companies.

When you use the Public Company Guideline Method, it provides complete public data in standard financial state-ment format and allows you to select appropriate compa-rable 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 per-formance ranking, develop defensible, sustainable growth rates.

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Page 14

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 20 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 $395 for 12 months for single users or $595 for multi-users. Call ValuSource at (800) 825-8763 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 25% 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 e-mail: [email protected] or call (719) 548-4900, Ext. 112.

Software support is available Monday through Friday (except holidays) between the hours of 8:00 a.m. and 5:00 p.m. mountain time. E-mail [email protected] or call (719) 548-4900, Ext. 3.

Save with NACVA’s Automatic

Database Renewal Discount Program

Software and Technical Support

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.

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 Discount*

Up to $749 ...5%

$750–$1,249 ...10%

$1,250–$1,749 ...15%

Over $1,750 ... 20%

Discount is based on total annual database purchase amount. Prices are effective September 1, 2012, 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.

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NACVA Software Order Form

Name: Firm Name:

Address: City: State: ZIP:

Telephone: Fax: E-mail:

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 e-mail 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

Valuation Tools:

 BVM Pro (Specify Office version: _________________)

(Single: $995, Multi: $250 for each addl. user in same office) ...$

 Business Valuation Report Writer (BVRW) (Specify Office version:______)

(Single: $495, Multi: additional $445 for each add. user in same office) ...$

 Express Business Valuation (EBV) (Specify Office version:_____________)

(Single: $595, Multi: $250 for each addl. user in same office) ...$

BVM Pro/BVRW/EBV: $

 10% discount off purchase if NACVA member: ...$ < >

 NACVA credit voucher, gift certificate, or Pacesetter Points ...$ < >

For Pacesetter Points™_{info, please}

visit www.nacva.com/pacesetter.asp

Tools Kit & Power Packs:

(See page 6 for pricing and details)

 Comprehensive Tools Kit (Specify Office version: ______________) ...$

 BVM Pro Power Pack (Specify Office version: _____________) ...$

 EBV Power Pack (Specify Office version: _____________)...$

Individual Databases:

(Specify database name, see pages 7-12 for pricing)

$ $ $ $ $ ToTAl: ...$

SHIPPING AND HANDlING*: ...$

GRAND ToTAl: ...$ * $10 for regular ground, $20 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.)

Note: Prices subject to change.

Phone:

(800) 677-2009 (801) 486-0600

Fax:

(801) 486-7500

Mail:

NACVA

1111 Brickyard Road, Suite 200 Salt Lake City, UT 84106-5401

Internet:

www.nacva.com

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The National Association of

Certified Valuators and Analysts

1111 Brickyard Road, Suite 200 Salt Lake City, UT 84106-5401

PRSRT STD U.S. Postage

PAID

SLC, Utah Permit No. 5274

Change Service Requested

B

VM

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

®