In this issue

Volume 37, Issue 1 | Spring 2012

The Canadian Institute of Chartered Business Valuators 277 Wellington St. West, Suite 710 Toronto, ON M5V 3H2 Telephone: (416) 977-1117 Fax: (416) 977-7066 E- mail: admin@cicbv.cawww.cicbv.ca

Published by the Institute to inform Members of CICBV activities and developments in the business valuation field. (ISSN 0703 - 1939)

EDITOR:Robert Doran, CBV

ValuatorThe Business

1

Message from the Chair of the Board of Directors2012 has started off with lots of activity. Allister Byrne took over as our new President & CEO on January 1st and he has been a terrific addition to our team. I would like to extend a big thank you to the CICBV staff for their effort and dedication through this time of change.

On January 18th, we announced our 84 new Members in the Globe & Mail. It was my honour to present certificates to some of our new CBVs on January 18th in Vancouver and on March 7th in Toronto. Congratulations again to Patrick Padmore, who placed first in the MEE, James Samograd who placed second, and Bartosz Dziarski who placed third—well done!

The Board of Directors had a very productive meeting on March 8th, a summary of which will be distributed shortly to Members by the Regional Reps.

We currently have elections going on for new CICBV Board Regional Directors in both BC and Quebec. Ballots are due no later than March 30th.

As part of our initiative to increase awareness of the CBV brand, we will be creating a series of five videos featuring several CBVs across the country. Filming will begin late March and wrap up in early April. We will also be placing ads in CA Magazine, CGA Maga-zine and Canadian Lawyer Magazine in May—watch for them!

On April 10th, the CICBV is co-hosting the Private Equity Symposium—Opportunities & Challenges in Turbulent Times. The event is being held in Toronto, with live video broad-cast into Vancouver, Calgary, Montreal, Ottawa and Halifax.

The CICBV’s Annual General Meeting will be held in Toronto on June 21st at 4:00 PM ET, so mark your calendars now.

One of the highlights this year will be the CICBV’s National Conference, which will be held in Vancouver on September 20th and 21st at the Westin Bayshore. The planning is well underway and registration will be opening soon. The Westin Bayshore is located on the seawall next to Stanley Park—it promises to be a memorable conference—I hope to see you there.

Best regards,

Eleanor M. Joy, CBV

Message from the Chair of the Board of Directors

Member Recognition AwardsRegional Election UpdateImportant information

for Members Students’ CornerUpcoming EventsCommittee ReportsAnnouncements, Appearances

and AccoladesWriter’s Edge Advertisements

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Member Recognition AwardsThe CICBV is currently accepting nominations for a number of 2012 Awards that will recognize Member achievement. We encourage you to nominate fellow Members who you feel have made a significant contributing to the business valuation profession.

Please refer to the Member Recognition section of our website for criteria and nominating information for each award:

Top CBV Under 40 Award— In Memory of David Cornfield The CICBV Top CBV Under 40 Award, sponsored by Deloitte & Touche LLP, in memory of David Cornfield, CA, CBV, is intended to recognize younger CBVs who have demonstrated success in a broad diversity of interests, brought distinction to the profession and given outstanding service. Their successes will be a combination of professional and personal life endeavours.

Read more about David Cornfield here.

Communicator AwardThe CICBV Communicator Award is granted each year to a deserving CBV who has undertaken communication activities and actions that have had a beneficial impact on the promotion of the business valuation profession in Canada to non-CBVs.

Life MembershipAny Member in good standing, and who is no longer actively engaged in business valuations and does not intend to further pursue the profession, who, in the opinion of the Board of Direc-tors has rendered distinguished service to the business valuation profession may on resolution of the Board of Directors be designated as having a Life Membership in the Institute.

Nominations must be submitted by April 30, 2011, by e-mail, fax or mail, to:

Allister Byrne, FCA President & CEO The Canadian Institute of Chartered Business Valuators 277 Wellington Street West, Suite 710 Toronto, Ontario, M5V 3H2 Fax: 416-977-7066 Email: byrnea@cicbv.ca

For more information, please contact Megan Kennedy at kennedym@cicbv.ca or 416-977-1117 ext. 228

Regional Election UpdateVoting ballots were sent to all Members in the provinces of BC and Quebec for their respective regional elections. Ballots are due no later than 5:00 PM EST on Friday March 30, 2012.

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Important information for Members Contact informationThe Institute’s By-Laws allow us to communicate electronically with our Members and Stu-dents. To ensure you receive all important information from the Institute, please keep your contact information, especially your e-mail address, up-to-date. Failure to do so could result in your being suspended or terminated without your knowledge.

Mandatory Continuing Education NEW REPORTING METHOD!Don’t miss the March 31st, 2012 deadline!

For the 2009, 2010, and 2011 period due to be reported in 2012 Members will have the fol-lowing options to submit their Continuing Education Compliance report.

1. Members can continue using the tracking system by entering their events attended throughout the year. If you have the required hours in the tracking system, you do not need to complete the compliance form.

2. Fill out a compliance report. The new compliance form will no longer require Members to enter their completed hours, but rather to confirm they have read the Continuing Education Policy and have completed the required hours for the three year period.

Please keep in mind that:

• Members are responsible for tracking their Continuing Education Hours, including record-ing Structured and Non-structured hours, and maintenance of supporting documentation. Members are not required to submit their records unless requested by the Institute.

• The Institute will randomly conduct Member audits to ensure that all members comply with the mandatory Continuing Education requirements. The first audit process will begin in 2015.

If you have any questions, please contact Judith Roth at rothj@cicbv.ca or 416-977-1117 ext. 226.

Membership FeeThe annual Membership Fee Invoice was uploaded to your Member profile on January 1, 2012. The Institute has sent three Membership payment notices on January 1st and January 26th and February 24th by email.

If you have not paid your 2012 Membership Fee, you can access your Membership Fee Invoice by logging in onto the cicbv.ca and clicking on My Account>Invoices/Receipts. You can pay the invoice online or you can submit your payment by mail.

If you have any questions please contact Judith Roth at rothj@cicbv.ca or 416-977-1117 ext. 226.

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Students’ Corner2012 Membership Entrance Examination (MEE)The 2011 MEE will be held on September 10, 2012. All documents relating to the 2012 MEE, including the application form, can be found on the Institute’s website. If you have any ques-tions regarding the 2012 MEE, please contact Deborah Pelle at 416-977-1117 ext. 222 or pelled@cicbv.ca.

The application deadline is May 4, 2012.

Spring/Summer RegistrationRegistration for the Spring/Summer 2012 semester will be available starting April 20 and it will close on May 22, 2012. You may register online here after April 20.

Upcoming EventsAnnual General MeetingThis year’s Annual General Meeting will be held on Thursday, June 21, 2012 from 4:00 PM – 4:30 PM at the Hyatt Regency on King St. West, Festival Room, 9th Floor, Toronto, Ontario.

National Conference—September 20 and 21— VancouverThe CICBV National Conference will be held in Vancouver September 20 and 21, 2012. With approximately 600 Members and delegates from the business community in attendance, the National Conference is expected to stimulate discussion and the exchange of ideas between attendees. Topics are technical and/or topical in nature and are intended to be relevant to CBVs and the business community at large. More details to come.

Other Organizations’ Events• April 25, 2012—Calgary—Calgary CFA Society Professional Development Workshop: Credit

Risk & Credit Risk Modeling. CICBV Members and Students receive member pricing for the event.

Committee ReportsCommunications CommitteeThe 2012 plan is in progress. Video production for five new videos will begin late March. Ads will be placed in Canadian Lawyer, CA Magazine and CGA Magazine during the months of May, June, September and October. There will also be ads placed in the Globe & Mail—both online and print.

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Recent Presentations & University Events1. University of Toronto Training Session—Monday January 20, 2012—CBV Brad Borkwood

trained case competition participants.

2. University of Toronto Case Competition—4th Annual Case Competition. Judges Bob Boul-ton, Brad Borkwood. Steven Polisuk, Christine Sawchuk. With over 40 participants, it was our most well attended Case Competition yet.

3. University of Saskatchewan Edwards School of Business Accounting Club Designation Night—Tuesday, January 24, 2012—CBV Nadine Wightman presented information on the CBV designation to finance and accounting students.

4. Wilfred Laurier Accounting Club CICBV Information Session—Wednesday Feb 1—CBV Don McKinnnon presented information on the CBV designation to finance and accounting students.

5. Rotman School of Finance Women in Business Event—Thursday Feb 9—CBV Miranda Hubbs participated in a networking information session about women excelling in careers in finance.

4th Annual CICBV Case Competition at University of Toronto a SuccessThe 4th annual CBV Case Competition was held on Friday January 20, 2012 at the University of Toronto and drew dozens of accounting and finance student attendees, making it the most well attended Case Competition to date. Students worked in teams to solve and present a business valuation case to a panel of judges which included CBVs Brad Borkwood, Bob Boulton, Chris-tine Sawchuk, and Steven Polisuk. CBV Brad Borkwood also facilitated the training session on Monday January 16, which prepared students for the event.

CBV Bob Boulton (left), Case Competition winners (center) CBVs Steven Polisuk Brad Borkwood, Christine Sawchuk (far right)

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CICBV Case Competition participants

The Case Competition, presented in association with Rotman Commerce Finance Association (RCFA), exposed students to the dynamic possibilities of a career in business valuation, and was part of the CICBV University Visits program, an initiative that promotes the CBV designa-tion to university students across Canada. For student participants, the Case Competition was an opportunity to explore the exciting potential of a career in business valuation in a hands-on way. “The CBV Case Competition challenges students and allows them to apply their learned academic knowledge. Such an opportunity is truly a valuable learning experience for students,” said Hailey Vasyliw, Director of Corporate Relations, RCFA, and a 2nd Year Finance & Econom-ics Student at the University of Toronto.

The CICBV would like to extend a special thank you to the judges who took time out of their busy schedules to participate in this event. If you are interested in participating in the 2013 Case Competition, or any other university events, please contact Lauren Kirshner, External Relation Coordinator, at kirshnerl@cicbv.ca.

Continuing Education/Events CommitteesWorkshops BC

January 18, 2012: Helmut Pastrick of Central 1 Credit Union presented his annual Economic Out-look to 66 attendees. Twelve new BC CBVs were recognized and presented with their certificates by CICBV Board Members Eleanor Joy, CBV (Vice-Chair) and Andy Shaw, CBV (Director); see photo on the following page.

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Nova Scotia

• February 13, 2012: A recognition evening was held in Nova Scotia to recognize the 4 new members in Atlantic Canada.

Ontario

• March 7, 2012: Recognition evening in Toronto at the Hyatt on King to approximately 65 attendees.

Interested in presenting?Are you a subject matter expert? If so, we’d love to hear from you. We welcome proposals for webinar topics that would be of interest to other Members and Students. Presenting is easy— you can do it right from your own office; CICBV staff will walk you through a demo ahead of time and provide technical and administrative support during your webinar. Please contact us if you are interested in becoming a presenter, or finding out more details.

Announcements, Appearances and AccoladesCBV Steven Rayson was recently appointed to the Board of Directors of the Clarendon Founda-tion (Cheshire Homes) Inc. in Toronto. The Clarendon Foundation is a charitable organization pro-viding assisted living services for persons with a disability to enable them to live independently in their community. Steven will serve as Treasurer, and as Chair of the Finance and Audit Committee.

CBV Anish Chopra was appointed Vice Chair of the User Advisory Council for the Canadian Insti-tute of Chartered Accountants (CICA) as well as Chapter Executive for the Chartered Alternative Investment Analyst (CAIA) Association’s Toronto Chapter. The School of Accounting and Finance at the University of Waterloo also recognized Anish as a Fellowship Honouree. In addition, in December, 2011, he appeared on CityTV discussing business and investment issues. Anish was also the keynote speaker for both the Chartered for Finance Conference for the Institute of Chartered Accountants of Ontario (ICAO) as well as the DECA U Ontario Provincial Conference in January, 2012. DECA U is Canada’s largest association of undergraduate business students.

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Are you participating in an event, donating your time to a good cause, or have some news to share?Please let us know — we would like to mention you or your event in the Newsletter. Contact Megan Kennedy at kennedym@cicbv.ca.

CBVs in the News• December 23, 2012, CBV Sue Loomer had an article entitled “Independence and the

Financial Expert” published on Family Lawyer Magazine online.

• February 3, 2012, CBV Drew Dorweiler explained Superbowl Economics on the Business News Network. View the video here.

• February 29, 2012, CBV Chris Nobes was featured in CICA’s Career Vision e-newsletter. To view the article, click here.

• February 28, 2012, CBV Matthew Wall had an article published in the Bloomberg BNA Transfer Pricing Report entitled “A Lesson from Alberta Printed Circuits: Intangibles Key to Proper TNMM Analysis”.

Have you written an article of have been featured in the media? Please let us know. Contact Megan Kennedy at kennedym@cicbv.ca.

Writer’s Edge Citation Formatting By Ingrid Sapona*

Finally, after three years of writing this column, someone sent in a question—and a very good one at that. The reader, a CBV student, wrote:

I was wondering if you can help me identify the proper way to reference textbooks, articles, etc., when writing a valuation report. What is your opinion on referencing a textbook in the body of a valuation report (as I’ve done below) versus using footnotes?

According to The Appraisal of Real Estate (2nd Canadian Edition), a Fee Simple Inter-est is defined as:

“Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat.”

In this column I’ll cover the format of citations and references. In my next column I’ll offer ad-vice on where to place references.

No Profession-Specific Cite FormatImplied in the reader’s question is the notion that perhaps there’s a specific cite format fol-lowed by business valuators. Since I’m not a CBV, I had to do a bit of research before respond-ing. I informally surveyed a few seasoned CBVs and I also looked at the Institute’s Practice Standards to see if the issue is addressed there. From what I gather, unlike some fields (like

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law and some natural and social sciences) I don’t believe there are profession-specific rules for references in valuation reports.

So, with no prescribed rules, what’s a valuation report writer to do? Well, you have to rely on common sense and the (hopefully helpful) advice of someone like me.

Essential Elements of a ReferenceThe key to crafting any reference—whether to something published in print or electronically—is to provide enough information for readers to be able to find the source. The exact information you should provide will depend on the source, but the bare essentials are:

• author (or editor, compiler, or institution standing in the place of an author),

• title, and

• publication date.

The reference set out in the question meets two of these: the title of the book is clear and refer-ence to the second Canadian edition is essentially the publication date. But, it doesn’t name the author. I suspect this was an oversight because the book is commonly referred to simply by its title or perhaps because an author’s name doesn’t appear on the cover. Regardless, the author is crucial and so an indication that the book is compiled by the Appraisal Institute of Canada should have been included.

In addition to the essential elements, you should also consider including other information, such as:

• specific page references,

• the volume or issue (if the publication is a periodical),

• the publisher, and

• the Uniform Resource Locator (URL) or file transfer protocol (ftp) address for information published on the internet.

Reference Formatting Rules of ThumbAs for how to formatting these elements, I offer the following general advice1:

• Author’s Name(s)—In notes (footnotes or endnotes), give the author’s full first and last name—in that order. This format applies even if there’s more than one author. Of course, if an author is best known by his initials—like J.D. Salinger—just use them. If an author has a common name and you know the middle initial, include it too, to help avoid confusion.

The rule is slightly different if you’re listing sources in a bibliography or a list of references. In such cases, list authors alphabetically using their last name, followed by a comma and then their first name. But, list co-authors in the traditional manner: full first name then last name.

• Title—Italicize book titles and provide them after the author’s name. Put the title of articles, chapters, papers, etc., that are published in something (a book, magazine, journal, etc.) in quotation marks (in a normal font) and then give the full name of the publication in italics. Put commas between each element.

• Publication Date—The publication date could be an actual calendar date (for example, for a printed newspaper article); a year (in the case of a book); a volume or issue number; or an edition number. The publication date is the last of the three essential elements and is usually in parentheses.

1. My suggestions are derived from years of experience as a writer and editor, my training as a journalist and law-yer, and reference to: University of Chicago Press, The Chicago Manual of Style, 15th Ed. (Chicago: University of Chicago Press 2003).

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• Page number—This isn’t one of the three essential elements of a reference UNLESS the reference relates to a direct quote. I’ll discuss direct quotes in the next issue, but I’d be remiss if I didn’t make it clear that if you’re referencing a direct quote you should provide the exact page(s) the quote is on, so the reader can find the quote. The page number is the last element. (See example 2 below.)

Shortening CitationsYou may shorten a reference after you’ve provided a full citation to the source. In crafting shortened citations, for example, you might list the author’s last name and the title, or some shortened (but clear) version of the title. Naturally, the shortened form must provide enough information for the reader to find the full cite. (Sample number 6 below shows a shortened citation.)

References to On-line Sources and Digital MediaThere’s far less agreement about the proper way to cite on-line sources. Without addressing the question of the quality of information available on the internet, the simple reality is that it’s a key source for information and there will be times when you’ll need to reference information you found on the internet.

The main point to keep in mind is that providing a URL is not sufficient (largely because URLs often change). You should provide as much of the basic information (author, title, publication date) as possible, in addition to the URL. The more information you provide, the easier it is for readers to assess the credibility of the source and to find the information through alternative means (such as by contacting the publisher or author directly).

If the reference is to something published in a digital format, like a CD-ROM or DVD, indicate this in parentheses after the publication date.

Publication-dictated formatsKeep in mind that some publications, such as scholarly journals, have their own specific rules about cite formats. So, be sure to ask the editor (or coordinator, in the case of a conference, for example) what style they prefer.

Sample References

Here are some examples to illustrate how to apply the rules described above:

1. Ingrid Sapona, “The Art of Writing Good Headings”, Business Valuator, vol. 36, no.2 (July 2011), 14.

2. Lynn Truss, Eats, Shoots & Leaves (Gotham Books, 2003).

3. Cheryl Mendelson, Home Comforts: The Art and Science of Keeping House (Scribner, 1999).

4. University of Chicago Press, The Chicago Manual of Style, 15th Ed. (Chicago: Univer-sity of Chicago Press 2003), Chaps. 16-17.

5. Ingrid Sapona, “E-mail Best Practices”, CheckMark, Autumn 2008 (Institute of Char-tered Accountants of Ontario), republished at: http://www.goodwithwords.com/email_best_practices.pdf.

6. Mendelson, Home Comforts, 441.

*Owner of Good with Words

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Ingrid welcomes your feedback, questions, and suggestions for topics you’d be interested in reading about. Drop Ingrid a line at: ingrid@goodwithwords.com, or call 416-259-3399.

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Volume 37, Issue 1 | Spring 2012

The Business Valuator

12

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Volume 37, Issue 1 | Spring 2012

The Business Valuator

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This is a paid advertisement. The CICBV is neither affiliated with, nor endorses, this program.

Preparatory Programs

For 2012 CICBV Membership Exam Weekly, Two- and Three-Day Intensive Seminars, and Guided Self-

Study

Online registration - www.meepreps.com

Toronto Weekly Seminar Ð 85% Pass Rate Success speaks for itself Ð Enroll Today

All programs will cover and include: ¥ 2012 Examination Syllabus ¥ Review, discussion and explanation of

technical material, pertinent topics & current topics

¥ Suggested approaches to answering questions

¥ Practice exam-writing & paper flow management

¥ Detailed review of past exam questions and suggested approaches

¥ Exam time-management ¥ Comprehensive set of course notes

Cost $

Course #

Toronto Weekly - 10 sessions - Thursday evenings starting July 5 - 6:00pm-9:15pm Weekly extra sessions - Tuesday evenings July 17, August 7, 14 & 28 Intensive Ð Two-day seminar Ð Saturday/Sunday, July 14 - 15 Intensive Ð Three-day seminar Ð Saturday-Monday, July 14 - 16 Intensive Ð Two-day seminar Ð Saturday/Sunday, August 10 - 11 Intensive Ð Three-day seminar Ð Saturday-Monday, August 10 - 12

Calgary Intensive Ð Two-day seminar Ð Saturday/Sunday, July 28 - 29 Intensive Ð Three-day seminar Ð Saturday-Monday, July 28 - 30

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Optional Practice Exam Marking and Individual Counseling available on request (*) For those candidates located out of town but interested in a weekly session via videoconferencing, please contact us.

1,950 425 1,400 1,850 1,400 1,850

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Guarantee: If you are unsuccessful, you may attend any future course offering for $495. Instructors Melanie Russell CA∗CBV, CFE, CIM, TEP was a CICBV Silver Medalist, and has been involved with preparing, marking, instructing and counseling for the MEE since 1991. She has also taught at various educational and professional institutions (York University of Toronto, ICAO, CICA). Melanie practices as a full-time professional business valuator. Harry Figov CA∗CBV, MBA, CPA, CFA, CFP provides preparatory educational seminars to the financial services industry for candidates enrolled in the CBV and CFA¨ programs. He served as a marker for the MEE exam and an instructor for the ÒAdvanced Business & Securities ValuationÓ course and teaches in the MBA Programs at Concordia University and Wilfred Laurier University. Harry practices as a professional business valuator.

Volume 37, Issue 1 | Spring 2012

The Business Valuator

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