FOR PARTICIPANTS FOR THE THIRD ANNUAL BVR/SPU VALUATION
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.
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.
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
The students and professors from the first 24 schools to respond
by email to Dr. Herbert Kierulff (firstname.lastname@example.org)
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.
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.
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.
the evening of May 9 there will be a dinner and speaker at which
time the winners of the Challenge will be announced.