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Advanced Valuation Topics: Warrant Financing Barry Goodman CFA , ASA, CPA/ABV, CBA, CFP

Advanced Valuation Topics: Warrant Financing Barry Goodman CFA , ASA, CPA/ABV, CBA, CFP Advanced Valuation Analytics, Ltd. Assumptions. Rate of Return To Sellers. Present Value To Sellers. Breakdown of Debt. Things To Consider. Option valuation method Dilution effect from warrants

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Advanced Valuation Topics: Warrant Financing Barry Goodman CFA , ASA, CPA/ABV, CBA, CFP

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  1. Advanced Valuation Topics: Warrant Financing Barry Goodman CFA, ASA, CPA/ABV, CBA, CFP Advanced Valuation Analytics, Ltd.

  2. Assumptions

  3. Rate of Return To Sellers

  4. Present Value To Sellers

  5. Breakdown of Debt

  6. Things To Consider • Option valuation method • Dilution effect from warrants • Volatility factor • Exercise terms/redemption

  7. What Accountants Need From Appraisers

  8. The Chicken and Egg Dilemma • ESOP compensation expense (asc 718-40) • Expense from synthetic equity (asc 718-10) • Expense related to warrants

  9. Who Can the Appraiser Talk To? When? • ESOP committee • ESOP trustee(s) • Seller(s) • Seller/participants • Participants • Investment bankers • Commercial bankers • Others

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