Overview:
Valuation is rarely about arriving at a single
number. It's about building a defensible position grounded in the right
methodology, the right inputs, and a clear-eyed assessment of commercial
reality. Whether you're advising a family-owned business on succession,
producing a valuation that will stand up to Revenue scrutiny, or stepping into
the increasingly scrutinised space where auditors perform valuation work, the
stakes are high and the margin for error is thin. This CPD session cuts through
the theory to focus on what actually goes wrong in practice and how to get it
right.
Key Features of the Course:
This CPD session will cover:
• Family business valuations: choosing the right methodology (asset-based vs. earnings-based vs. market-based), normalisation adjustments, and the impact of minority discounts, key-person dependency, and lack of marketability on value.
• Valuations for tax purposes: what Revenue expects in a valuation report, the defensibility of DCF models, and why poorly substantiated comparables and inflated assumptions are routinely challenged and rejected.
• Tax advisors undertaking valuations: the growing scrutiny on firms providing both tax and valuation services to the same client.
• Normalisation adjustments: owner's salary, related-party transactions, non-operating assets, and personal expenses buried in the P&L that move value dramatically yet are frequently overlooked or poorly substantiated.
• Common pitfalls in DCF construction: unrealistic terminal growth rates, unsupportable discount rates, and cherry-picked comparables that produce precise answers to the wrong question.
• Valuing shares for incentive schemes: growth shares, rights issues, and restricted stock; unpacking the interaction between share class rights, vesting conditions, and probability-weighted outcomes, and why mispricing these instruments creates both tax and commercial exposure.
• Discounts and premiums: minority interest, lack of marketability, and control premia applied without commercial justification; one of the most contested and frequently challenged areas in Irish valuation practice.
• Revenue challenges & implications: Why the cost of getting it wrong dwarfs the cost of engaging the right expertise upfront.
Speaker:
Tom Murray, Director, Friel Stafford
Tom Murray is a valuation expert at Friel Stafford with extensive experience in business advisory services.He previously served as President of ACCA Ireland and as a member of the ACCA Global Council.
With a strong background in M&A, Tom advises on corporate transactions and strategic growth. He is best known as a specialist in corporate insolvency, helping clients navigate complex restructuring scenarios.
Tom is a seasoned professional in business valuations for firms across various sectors. He is known for his practical approach and deep understanding of market trends and regulations.