Thursday, June 26, 2014

We've Moved The Blog

We moved our blog to our new web site  The new blog is shown on the ribbon under the title and has the content of our latest blog. latest posts may be found on the far right of all of the web site pages.  Important blogs and articles are shown below the latest blog under the title "Articles."

This move puts everything in one place.  We hope this will make things more convenient for everyone.

Monday, June 23, 2014

We Have Modified Our Name

We have modified our name to more accurately reflect our vision and mission, both of which are shown below.  We are, of course, still sponsored by Business Valuation Resources, LLC (BVR) and Seattle Pacific University (SPU).  

Also, we have found that accounting students are expressing interest in valuation and should be included along with finance students in our competition.  Our mission reflects this.

Our vision: To help close the gap between typical textbook theory and professional appraisal practice, particularly as it applies to private and closely held assets. In support of this vision…

Our Mission:  To provide an annual private business valuation competition with cash prizes for teams of university accounting and finance students.  

We believe that a competition with cash prizes is one of the best ways to encourage the development of accounting and finance majors competent in valuing actual business asset combinations such as companies, divisions, and joint ventures.  Teams update by one year an actual professionally prepared business valuation report and make video and in-person presentations of their work to valuation professionals.

Wednesday, May 21, 2014

BVWire Report on the Valuation Challenge

The recent Business Valuation Resources' BVWire Issue #140-3 included a nice write-up about the Valuation Challenge.  Here it is in its entirety with the permission of BVR:

Budding BVers compete in BVR/SPU Valuation Challenge

Promising young business valuators competed in the third annual BVR/SPU Valuation Challenge at Seattle Pacific University (SPU). This year, for the first time, university teams and faculty from across the U.S. competed in the challenge. Also, unlike other finance competitions, students valued a real U.S. private company using special appraisal information in a contest judged by 20 of the nation's senior valuation experts. The experts selected six teams from among 18 U.S. university first-round entrants to come to Seattle for the final round.

And the winner is: The competition was won by the University of Denver. Portland State University took second-place honors, and SPU was third. Middle Tennessee State University, University of Maryland (University College), and William Paterson University were the other participants.

BVR provided research support to the competing student teams. Moss Adams provided a full valuation report with only names and some locations changed. Three local experts—Willis Eayrs, deputy chairman of the International Association of Consultants, Valuators and Analysts (IACVA); Joseph Maas, principal of Synergetic Finance; and Miranda Rickert, senior analyst at Moss Adams—judged the competition's final round. William Hanlin, CEO of IACVA, participated as a consultant.
BVR congratulates all of the students who competed in this year’s Valuation Challenge and gives its thanks to Dr. Herbert Kierulff, SPU professor, who runs the event. For more information on the BVR/SPU Valuation Challenge, click here.

Wednesday, May 14, 2014


The 2014 BVR/SPU Valuation Challenge was fortunate to have a distinguished panel of judges evaluate the student presentations and advise us.  All of them hold senior positions in their valuation firms; many have made important and groundbreaking contributions to the literature and practice in their profession.  We congratulate them on their achievements and greatly appreciate their willingness to spend time and effort working with us and with the teams of students who participated.  We are proud to present them here with our thanks.

Rob Brewer, CPWA
SVP/Private Client Advisor
U.S. Trust, Bank of America Private Wealth Management

Peter J. Butler, CFA, ASA, MBA
Valtrend, LLC

Nathan DiNatale, CPA/ABV, CVA
Senior Vice President
SC&H Group, LLC

Robert Dohmeyer, ASA
Dohmeyer Valuation Corp

Willis E. Eayrs, CVA, CM&AA, CMAP, CEPA, ICVS
Deputy Chairman
IACVA e. V. International Association of
Consultants, Valuators and Analysts.

William A. Hanlin, Jr. CPA, CVA, CFE, CFD, ICVS
President & CEO

William L. "Larry" Houff, CPA, ABV, CVA, CFF
Carr, Riggs & Ingram, LLC
Jerome Karsh, CPA
Karsh Forensic Consulting, LLC

Founder and Principal
Synergetic Finance

Alina V. Niculita, CFA, ASA, MBA
President and COO  
Shannon Pratt Valuations, Inc.

Marek Omilian CFA
Managing Director 
Value Prism Consulting

Miranda Rickert
Senior Financial Analyst
Moss Adams, LLP

Katie Robinette CFA
Managing Director of Private Equity
Cornerstone Advisors  

Robert Schlegel, ASA, MCBA
Houlihan Valuation Advisors

Ronald L. Seigneur, MBA, CPA/ABV, ASA, CVA, CFF
Seigneur Gustafson LLP

Erich Sylvester, JD, MBA, ASA
Sylvester Valuation Group, Inc.

Gary R. Trugman CPA/ABV, MCBA, ASA, MVS
Trugman Valuation Associates, Inc.

Linda Trugman CPA/ABV, CBA, ASA, MBA
Vice President
Trugman Valuation Associates, Inc.

Mark L. Zyla CPA/ABV, CFA, ASA
Managing Director

Acuitas, Inc.

Sunday, May 11, 2014


My congratulations and thanks to my academic colleagues and to the team members who were selected for the final round of the BVR/SPU Valuation Challenge this year.  It was a privilege and a joy to work with you.  Here you are listed by university affiliation:

Middle Tennessee State University 


Nick Ferran,
Jack Coleman,
Nathan Jones
Blake Allen

Faculty:  Charles Beauchamp

Portland State University


Chris Park-Williams
Michael Bush
Khalid Alanazi
Shreya Goyal
Matt Jin
Cortny Bourbonnais

Faculty:  Janet Hamilton

Seattle Pacific University


Michael Brooks
Cody Dutton
Marco Price
David Zazzi

Faculty:  Herbert Kierulff

University of Denver


Jordyn Michaud
Suyun Gu
Ryan Stine
Daniel OLaughlin
Paul Diegnau
Douglas Brothers

Faculty:  Keith Sellers and Jeff Brothers

University of Maryland (University College)

Presenter:  Roman Morey 

Faculty:  William Marcoux, Jr.

William Paterson University


Elvis Pinos
Chris Vartanian
Michael Cerone
Osiris Mason
Sonia Morales
Sholpan Nugmanova

Faculty:  Peter Caiazzo