The 2014 BVR/SPU Valuation Challenge is an opportunity for students to assess the stand-alone value of a real private company selected by the accounting firm of Moss Adams, LLP.  Student teams may use the extensive database of Business Valuation Resources, LLP (BVR) for one year at no charge in addition to other research sources.  The database materials explain why smaller public and private companies exhibit significantly lower multiples of value than their larger public counterparts and demonstrate how to calculate these lower values. The BVR database includes materials that would otherwise cost each student over $5,000 plus BVR material available free to subscribers only. Twenty-four teams will be asked to participate with the top six invited to Seattle on May 9, 2014 as finalists for cash prizes.  Below are the details of the Challenge.

1. The winning team will receive a cash award of $5,000 and team members will receive commemorations signifying their success. The second place team will receive a $2,500 cash award and individual commemorations; the third place team, The Joseph Maas / Synergetic Finance Award for Valuation Excellence ($1,500 cash award) and individual Award commemorations. Members of the other teams will each receive commemorations signifying excellence in valuation. The teams’ achievements will appear in the Challenge’s web site and other sites including BVR publications.

2.  Each school may select one team to participate in the Challenge. A team should consist of three to five students who are seniors or master’s degree students at the participating university or who have graduated within six months of the date of the Challenge. The team may be selected from a class in valuation or formed independently.

3.  The students and professors from the first 24 schools to respond by email to Dr. Herbert Kierulff ( will receive access to the BVR database and the case. Each school should have a professor acting as a contact person to Dr. Kierulff. The material is offered to entire classes if the best team is to be picked from a class of 50 students or fewer. Schools receiving database access and the case thereby agree to participate in the Challenge.

4.  No later than April 21, 2014, each of the 24 teams will email a 30 minute video presentation of their valuation to Dr. Kierulff. At minimum, the presentation should include an economic analysis, an industry and case company analysis, a discussion of the market method and income method of valuation as it applies to the case company, and a conclusion of value. Each video will be evaluated by valuation professionals who will choose the six best presentations according to the presentation evaluation form available on the Challenge web site. The comments of the valuation professionals will be provided to all participating teams and the best presentations will be announced on April 28.

5. The six teams chosen along with their professors or professors’ representatives will come to Seattle on May 9 to participate in the in-person Challenge at Seattle’s Columbia Tower Club. Hotel arrangements will be forthcoming. At that time each team will make a presentation of up to 45 minutes followed by up to 15 minutes of Q&A from the panel of judges. The presentation materials must be submitted to Dr. Kierulff no later than May 8 and may not be changed after that date.

6. In the evening of May 9 there will be a dinner and speaker at which time the winners of the Challenge will be announced.


♦   Presentation Evaluation Form (Excel)

♦   Recommended Library Resources (Excel)