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Regulatory Valuations & Financial Forensics®

In compliance with USPAP, SSVS, ASA, NACVA Standards and governmental regulations defined by the Purpose for the engagement

Regulatory Valuations & Financial Forensics®

In compliance with USPAP, SSVS, ASA, NACVA Standards and governmental regulations defined by the Purpose for the engagement

Services

RVFF Consulting offers certified value examinations, defensible value measurements and written detailed (comprehensive) or summary explanations for the Conclusion-of-Value achieved in accordance with the professional and regulatory guidance that define the Standard-of-Value and the Premise-of Value to be applied in support of the Purpose for the Business Valuation Engagement.

If a more restricted examination and measurement is required, where specific approaches and methods are agreed to in advance, a more limited Calculation-of-Value can be achieved and reported in a Calculation Report as specified within SSVS.

The Standard-of-Value achieved is the

definition of the type of equivalency to be returned in an exchange of value:

Fair Market Value
Fair Value
Investment or Strategic Value
Intrinsic Value

The Premise-of-Value defines the expected utility of the business as a "Going-concern" or as if in "Liquidation"

Both the Standard-of-Value and the Premise-of-Value impact the valuation methods applied in the measurement.

The Purpose for a Business Valuation Engagement are varied and include:

Mergers -combining value;
Acquisition -partial/full;
Reorganized capital strategy;
Liquidation -forced/orderly;
Bankrupcy (IRS Stds.);
Purchase price allocations;
Taxation issues -IRS Stds;
Divorce -State Court Stds;
ESOP -IRS + DOL Stds;
Buy-sell agreements -/Basis;
Dissenting shareholder;
Economic damage litigation;
Insurance claims -/Policy;
Incentive stock options;
Charitable contributions;
... and other reasons

Principal Profile

Timothy Blackmer, MBA, ABV, ASA (BV/IA), CVA, CBA

Mr. Blackmer provides business valuations, intangible asset valuations, and other financial consulting services through RVFF Consulting. Engagements include business appraisals, tangible and intangible asset appraisals, intellectual property appraisals, fairness opinions, economic damage investigations, and other financial examinations of closely-held companies and professional practices.

Hundreds of equity-based, net tangible and intangible asset appraisals have been prepared for clients within a variety of regulated industries (see industry experience). The most frequent focus has been within the Healthcare Industry.

Prior to the formation of Regulatory Valuations and Financial Forensics®, Mr. Blackmer was the lead Valuation Analyst involved with the development of a successful M&A Boutique in the Pacific Northwest specializing in the sale of businesses with market capitalizations below $100M. He was also a past Senior Manager for the Los Angeles office of an international insurance consulting firm specializing in claims investigations and reinsurance treaty examinations. Mr. Blackmer was also the Senior Valuation Analyst for a national Healthcare Consulting Firm which offered a full-range of strategic and consulting services to healthcare organizations.

In these capacities Mr. Blackmer was responsible for the valuation of individual assets and net asset portfolios ranging from a few hundred thousand dollars to hundreds of millions of dollars; and forensic investigations estimating property damage, business creation and refurbishment costs, and business interruption claims following natural disasters, operational accidents, and embezzlement.

Mr. Blackmer has provided expert testimony on matters involving property acquisition value, the existence and value of blocks of intangible assets, dissenting shareholder actions, the existence and value of insured personal property. Valuation testimony has been provided in depositions and within the Superior Court of the State of Montana; and the Superior Court of the State of New Jersey. Mr. Blackmer has also been a court-appointed referee in the mediation of claims for economic damage within the State of California.

Active Accreditations

Accredited in Business Valuation (ABV)

Accreditation offered through the Association of International Certified Professional Accountants (AICPA).

Active Accreditation since 1998.

Accredited Senior Appraiser in Business Valuation & Intangible Assets (ASA-BV/IA)

Accreditations offered through the American Society of Appraisers (ASA).

Active Accreditation in BV since 2002.

Active Accreditation in IA since 2013.

Certified Valuation Analyst (CVA)

Accreditation offered through the National Association of Certified Valuators and Analysts (NACVA).

Active Accreditation since 2013.

Certified Business Appraiser (CBA)

Accreditation offered through the Institute of Business Appraisers merged with the NACVA.

Active Accreditation since 1997.

Industry Experience

Healthcare Selected Exposure

General Industry Selected Exposure

Consultant for the Executor of a Physician’s Estate that required a comprehensive valuation of the medical partnership created and managed by the deceased nephrologist to include a proportional interest for each surviving partner in the group practice and the values for controlling and minority interests in multiple dialysis centers begun and directed by members and associates of this professional group.

Consultant for the Office of the Attorney General in association with the State Department of Justice and State Department of Insurance to provide an independent fair market valuation assessing the reasonableness of a proposed conversion and alliance between a state non-profit health service corporation and a multi-state Mutual Legal Reserve Company where both entities were non-investor owned national health plans.

Consultant for a healthcare system which had recently purchased multiple physician group practices and required the valuation of intangible assets of the targets in accordance with FASB ASC 805. The analyses determined fair values for payer contracts (under both capitation and fee-for-service arrangements); proprietary computer software; service marks; physician contracts and corresponding non-compete agreements.

Consultant for a regional healthcare system requiring an examination of the impact on reimbursement levels available to a new, not-for-profit owner of an outpatient imaging center previously owned by physicians within a California S Corporation; the engagement included a detailed analysis of the change in Resource-Based Relative Value Units available for both the professional and technical fee components when reimbursed under the Hospital Outpatient Prospective Payment System as contrasted with the Physician Fee Schedule.

Consultant for a not-for-profit healthcare facility that acquired a partial carve-out of services performed by an outpatient S Corporation; Fair market value measurements included selected tangible assets, hypothetical (expanded) business services, associated customer base / payer mix, assembled & trained work force and new sublease arrangements crafted from an above-market lease agreement.

Consultant for a regional healthcare foundation involved in negotiating acquisition arrangements with various physician and physician group targets practicing multiple medical specialties in affiliation with various acute-care hospitals. Engagements required comprehensive examinations of physician business practices including comparative RVU analysis of total group practice production and industry Work RVU expectations when adjusting for reasonable compensation levels of each physician practitioner.

Consultant for a health system responsible for the site development and new construction of a medical office complex; the engagement required the determination of fair market value for a proposed Master Lease Agreement and the measurement of fair market value in support of a syndicated offering of minority blocks of ownership in a Limited Liability Company being created to control the proposed office building.

Consultant for an accounting firm requiring an independent examination of a historical purchase price allocation prepared on behalf of their physician group client; the examination was performed as background to a current goodwill impairment analysis underwriting a client-firm's request to change their tax reporting status to not-for-profit.

Consultant for an acute care hospital negotiating a non-marketable, minority interest in a recently formed holding company with ownership in two related ambulatory surgery centers. The engagement required separate valuations of each ASC and the build-up of both financial and synergistic levels of value under a fair market standard.

Consultant for healthcare consulting firm requiring an investment valuation of a large medical group with multiple service locations; the engagement included separate growth and production measurements for each location demanding separate forecasts of site operations with expected changes in providers and payer contracts before preparation of consolidated financial reports.

Consultant for an outpatient rehabilitative medicine and physical therapy clinic that was negotiating a partial investment by a major acute care hospital; the engagement required a detailed examination of clinic diagnoses by disorder in conjunction with CPT (medical procedure) performed in comparison with hospital outpatient rehabilitation services in an effort to identify reimbursement advantages and synergies appropriate to an investment agreement.

Consultant for a Contract Research Organization ("CRO") performing Phase I and Phase II human trials designed to evaluate how drugs are absorbed, distributed, metabolized and eliminated by the human body. The engagement involved the preparation of this L.L.C. for acquisition by bio-technical manufacturers. Valuation required an expanded examination of economic and test markets used for patient recruitment and phase testing execution.

General Industry Selected Exposure

Consultant for an Indonesian company supported by the USTDA (U.S. Trade and Development Agency) to develop a subsea fiber-optic cabling system which will add broadband internet capacity to remote and underserved areas of Indonesia. The business plan evolves within two phases and interconnects eight sectors offering numerous investment options as each sector is managed as a unique profit center proposing capital investment and financing options. The fair market valuation of the plan was based on the 15 year tired roll-out of operating, capital and investment projections for each sector with reasoned changes in risk as each sector came online and began generating revenue.

Consultant for an FDIC lender seeking a fair market value assessment of a regional consulting firm offering professional expertise in the areas of geotechnical engineering, materials testing, special construction inspection, and third party QA/QC services. The examination revealed strong value in professional staffing and related trade name dominance in the region. Customer relationships and the professional workforce represented approximately 30% of the final value.

Consultant for an FDIC lender seeking a fair market valuation of an international firm offering translation services involving both written material and interpretive speech from one language to another. Value was captured in the thousands of independent contracts enjoyed by the company with their cadre of service providers in each of the fifty-states and Puerto Rico. The firm also provides non-emergency medical transportation services to its multi-lingual clientele.

Consultant for an East Indian Investment Group negotiating an acquisition of a minority position in a small animation studio located in Southern California. The engagement required a comprehensive valuation of the target to include reasonable compensation analyses of all levels of management; project volume and sales attrition analyses defining current and expected future customer relationships; and lack of control and marketability corrections for the unique limitations placed upon owners of minority interests.

Consultant for a regional FDIC lender seeking a fair market value assessment of key service contracts held by a regional telephone answering service provider; the examination of 169 key contracts with initiation dates ranging over a 20 year horizon, was prepared using constant rate attrition analysis with both rate and time sensitive methodologies under the income approach to value.

Consultant for a California 'C' Corporation which sought protection under the US Bankruptcy statutes; shareholders required a valuation assuming a voluntary liquidation premise. Expanded examinations addressed alleged fraud involving several business transactions and the associated misrepresentation of key assets to creditors.

Consultant for a real estate developer requiring a calculation of fair market value and related fairness opinion regarding current interest rate indices plus basis point spreads, loan to value limits and debt service coverage ratios for commercial property financing.

Consultant for a green-waste management and recycling company seeking an assessment of fair market value in conjunction with a buy-sell agreement; the valuation was also used to assist with determination of an insurable basis appropriate for key persons. Influences included state licensing and contractual restrictions, previously unidentified intangible values, as well as shareholder control and marketability limitations.

Consultant for a regional livestock hauling firm seeking a fair market value to assist with the transfer of ownership interests among family members of the limited liability company. Engagement issues included exclusive carrier contract with local food processor, long and reputable history with ranchers and processing plants in region, dependence on cost sensitive fuel products and resulting company policy changes regarding interstate hauling, and a proprietary design adjustment to hauling trailers.

Consultant for an attorney representing an insurance company involved in a claimed loss under jeweler’s block policies. The engagement required the analysis and interpretation of financial records, measuring probable inventories before and after loss event, examination of internal controls and other areas of operating weakness.

Consultant for owners of a privately-held multi-million dollar printing and paper box manufacturing company seeking per share value of common equity ownership for purposes of distributions to family member-shareholders. Key issues addressed significant annual changes in customer base and product style as well as future limitations on shareholder control and marketability. Unusual measurements included customer rate and volume attrition analysis and restricted stock indications of marketability discounts.

Consultant for a pharmaceutical manufacturer enjoying trade name value associated with health-food product line within special market niche in the local region. The engagement required the determination of the niche market value for the trade name. Unique aspects to engagement included the influence of key distributors with the placement of product.

Consultant for a majority owner of multiple physical fitness facilities involved in a dissenting shareholder action where the majority owner negotiated a sale of a partial block of the facilities to an international fitness corporation at a market price unacceptable to the minority owners. The engagement required fair market valuations of individual facilities and a consideration of the synergies underwriting a consolidated investment value.