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PRODID:-//hacksw/handcal//NONSGML v1.0//EN
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BEGIN:VEVENT
DTSTART:20261021T123000Z
DTEND:20261021T140000Z
LOCATION:Gleneagles Country Club
UID:2961820261021T123000ZValuation of Private Equity 
DTSTAMP:20261002T134142Z
DESCRIPTION:\nESTATE PLANNING COUNCIL OF NORTH TEXAS\n \nBREAKFAST MEETING \n \nWEDNESDAY, OCTOBER 21\n \nBreakfast served 7:30-8:00 a.m.\n \nProgram 8:00-9:00 a.m.\n \nGLENEAGLES COUNTRY CLUB (5401 West Park Blvd., Plano)\n \nRegistration Deadline: OCTOBER 13 (5:00 p.m.)\n \nREGISTRATION WILL NOT BE AVAILABLE AFTER THE REGISTRATION DEADLINE\n \nWALK-INS ARE NOT GUARANTEED A MEAL. CASH OR CHECK AT THE DOOR\n \nMember: $30\n \nGuest: $40\n \nVALUATION OF PRIVATE EQUITY\n \n\n \nWILL FRAZIER\n \nSponsored by Armanino and Wealth Advisors Trust Company\n \nValuing a noncontrolling interest in a privately held business presents challenges that are not encountered when valuing publicly traded securities. This presentation examines the economic characteristics that distinguish private equity interests, with particular attention to the investor’s inability to readily convert the investment to cash. Private equity encompasses many different business segments. These will be discussed but we will focus on the Buyout funds, primarily. We will consider how expected holding period, uncertainty surrounding the timing and form of an eventual liquidity event, and the size and characteristics of the underlying company affect an investor’s required rate of return. The discussion will explore market evidence that can be used to measure the cost of illiquidity, including private equity secondary transactions and liquidity relationships observed in public equity and debt markets. We will also examine why a static discount for lack of marketability may not fully capture the economics of an investment whose prospects for liquidity change over time.\n \nWill Frazier, FASA, has over 50 years of experience in valuation, investment banking, mergers and acquisitions, and litigation advisory services. For the last 25 years, Will's career has focused on valuing family-owned businesses and holding entities, such as family limited partnerships. He has performed valuations for estate and gift taxation, fairness/solvency opinions, bankruptcy and reorganization, disputes related to business transactions and shareholder disputes, family law matters, purchase and sale advisement, employee stock ownership plans, equity compensation, financial reporting, and other litigation, tax and corporate matters. Additionally, Will has served as an expert witness and appraiser in several U.S. Tax Court cases.\n \nContinuing education credit for attorneys, accountants and financial planners is pending for this meeting. The handout will be available on the website under the document library a few days prior to the presentation.\n \nREGISTER WITH THE LINK BELOW\n \nWe would like to thank the following Sponsors for their support for 2026-2027: Argent Trust, Armanino, Communities Foundation of Texas, Frost Bank, Glast Phillips Murray Zopolsky, Lindquist Eisenberg LLP, NDBT, Regions Bank, Texas Bank & Trust, The Catholic Foundation, Value, Inc, American National Bank & Trust, Texas Health Resources Foundation, Prosperity Bank, Heritage Auctions, Wealth Advisors Trust Company, Happy Trust Company\n \nIMPORTANT: Sign in Sheets will not be available at the meeting. The continuing ed links are provided with receipt - save the links for the day of the meeting \n \nPAYMENT IS REQUIRED AT TIME OF REGISTRATION\n \n$30 - Member \n \n$40 - Guest \n \nTO PAY VIA CREDIT CARD:  follow these instructions:\n \nScroll down to “Register Now”\n \nCLICK on “REGISTER NOW” \n \nComplete the contact information\n Payment Method: click “Credit Card or PayPal” REMEMBER TO FINALIZE PAYMENT THRU PAYPAL – YOU MUST COMPLETE THE STEPS BELOW FOR PAYMENT Click “Pay Now” “Pay with Debit or Credit Card” “PayPal Guest Checkout”  “Pay Now” PLEASE NOTE:  YOU WILL RECEIVE A RECEIPT IMMEDIATELY FOLLOWING THE TRANSACTION – PLEASE PRINT FOR YOUR RECORDS \nNOTE: If a company computer blocks the payment link, please try using a personal computer\n
SUMMARY:Valuation of Private Equity  - Estate Planning Council of North Texas 
PRIORITY:3
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