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2026-2027 RMA Renewal - Reply to Confirm or Add by 10/28
by Jamie Badger Oct. 8, 2026

Oct. 8, 2026

All - following are the participants who have shared in the cost of the RMA (eStatement Studies) subscription. The cost is dependent on the number of users. (Note: with this number of participants we had last year, the cost will be around $255/ea) Please reply by Wednesday 10/28 to confirm your renewal, or to sign up for this subscription. RMA Renewal List: Charlie Burak Leslie Dawson Robert Levis Sharyn Maggio Kevin Summers Jeffrey Urbach Clay Danielson Diane Womack Thank you, Jamie Badger Direct Dial: (517) 664-9386 Email: jbadger(a)gfkcpa.com<mailto:jbadger@gfkcpa.com>

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Becker Launches Foundations of AI for Accountants Certificate
by Dr. Michael Crain Oct. 7, 2026

Oct. 7, 2026

https://finance.yahoo.com/technology/ai/articles/becker-launches-foundation… Dr. Michael A. Crain, CPA, CFA, ABV, CFE

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Plausibility of WACC - VC COE Yet Big Debt Component
by John Schumacher Oct. 2, 2026

Oct. 2, 2026

ERCers. Have any of you ever prepared a traditional WACC analysis, applied in a 5-year DCF, where the required return on equity component was based on early stage VC rate of return as per the AICPA cheap stock practice aid (~55%), and then still included a meaningful debt component in the WACC? Or alternatively, could this make sense to you in certain fact patters? The certain fact pattern in the instant case is that the subject company does indeed have a significant amount of "interest-bearing debt" but the lender is also the majority shareholder, and thus the debt is not arm's length. And the value of the debt is almost certainly below its face value. The subject interest is a controlling interest (arguably so), in a privately held company that has never turned a profit and generated significant losses since its inception over 5 years ago. The forecast at first blush is quite aggressive, so the VC rate of return for the equity makes sense to me, but the debt component of the WACC is completely neutering the equity rate of return as the opposing expert is assuming a capital structure in the WACC that is overwhelmingly debt. The opposing expert is saying the % of debt in the capital structure was determined "iteratively" but does not specify the goal post for what he/she was iterating towards but I suspect it is anchoring on the cap structure of an outlier GPC that is well below investment grade. Any insight on something I have never seen in my 20+ years in valuation would be appreciated. John John Schumacher, CFA Email: jcs(a)tfpov.com<mailto:jcs@tfpov.com> | Direct: 312.933.2148 True Financial POV, LLC

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Re: New SBA rules
by Dr. Michael Crain Sept. 25, 2026

Sept. 25, 2026

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Doctor / Dentist Compensation
by Stefanie Sollecito Sept. 25, 2026

Sept. 25, 2026

Good morning, Wondering if anyone has access to MGMA 2025/26 data (or similar)? I'm looking for market comp for an ophthalmologist and dentist (different people) for a 3/31/2026 valuation date. Thanks! Stef [cid:image001.jpg@01DD3F93.8DCCE220]<http://www.sjsforensics.com/>

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New SBA rules
by Ron Seigneur Sept. 24, 2026

Sept. 24, 2026

The new SBA rules effective October 1, require a Quality of Earnings analysis for all SBA loans over $3 million by a credentialed expert. They have not yet announced who will be qualified to do these, but it might require a CPA and it will be a huge opportunity for those willing to do this type of work. Stay tuned! Ron Seigneur 303.980.1111 Sent from my Galaxy S21

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AICPA 2026 virtual Cannabis Conference
by Ron Seigneur Sept. 23, 2026

Sept. 23, 2026

Just fyi for anyone with clientele in the cannabis sector. The AICPA virtual two-day cannabis conference is next week on Sept 29/30. I am moderating a panel on cash flow and capital and also on the closing Ask the Experts panel. It is a solid line up of topics and speakers. Info on the agenda and speakers is at: https://events.aicpa-cima.com/CannabisConf Discount code is: CAN26 Regards, [cid:image001.png@01DD4B61.0AD931A0] Ronald L. Seigneur, MBA CPA/ABV ASA CVA Brenda M. Clarke, CPA/ABV CVA CFF Ryan Cram, CVA David Velasco, CVA Christine Kemper [cid:image002.jpg@01DD4B61.0AD931A0] Seigneur Gustafson LLP 940 Wadsworth Blvd., Suite 200 Lakewood, Colorado 80214 Voice (303) 980-1111 Fax (303) 308-6969 www.cpavalue.com<http://www.cpavalue.com/> Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file [cid:image003.jpg@01DD4B61.0AD931A0] [90x90] [cid:image005.png@01DD4B61.0AD931A0] [DiagramDescription automatically generated] [cid:image007.png@01DD4B61.0AD931A0] [cid:image008.png@01DD4B61.0AD931A0] [A book cover of a financial valuation AI-generated content may be incorrect.] Your recognized source for over 30 years for quality business appraisal, financial forensics and litigation support services THIS MESSAGE CONTAINS INFORMATION WHICH MAY BE CONFIDENTIAL AND PRIVILEGED. UNLESS YOU ARE THE ADDRESSEE (OR AUTHORIZED TO RECEIVE FOR THE ADDRESSEE), YOU MAY NOT USE, COPY OR DISCLOSE TO ANYONE THE MESSAGE OR ANY INFORMATION CONTAINED IN THE MESSAGE. IF YOU HAVE RECEIVED THIS MESSAGE IN ERROR, PLEASE ADVISE THE SENDER BY REPLY E-MAIL TO ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> AND DELETE THE MESSAGE. THANK YOU. P Please consider the environment before printing this e-mail Connect with me: [cid:image010.jpg@01DD4B61.0AD931A0] <http://www.linkedin.com/in/ronseigneur> Thought for the quarter: "I used to have a handle on life, but it broke" - Anonymous Last quarters thought: "Choose to be optimistic, it feels better." - Dalai Lama One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image011.jpg@01DD4B61.0AD931A0] More info or to register at: https://events.aicpa-cima.com/CannabisConf

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art appraiser
by Katie Gilden Sept. 23, 2026

Sept. 23, 2026

Has anyone worked with any good art appraisers for gift tax valuation purposes? Recommendations are greatly appreciated. Best, [https://designing.webmynehost.com/emailer/New-FISK/fiske-logo.png] [https://designing.webmynehost.com/emailer/fiske/fb.png]<https://www.facebook.com/FiskeAdvisory> [https://designing.webmynehost.com/emailer/fiske/insta.png] <https://www.instagram.com/fiskeadvisory/> [https://designing.webmynehost.com/emailer/fiske/linkdin.png] <https://www.linkedin.com/company/fiskeadvisory> Katie Gilden Partner / Chief Operating Officer Direct: +1 954.361.7910 Office: +1 954.236.8600 Visit:<https://fiskeco.com/> fiskeco.com<https://fiskeco.com/> [https://designing.webmynehost.com/emailer/New-FISK/bdo.png] Please Upload files securely here<https://exchange-taxpayer.safesendreturns.com/DropOff/6wd0000f00000> CONFIDENTIALITY NOTICE: The information in this message is confidential and may be legally privileged. It is intended solely for the addressee. If you are not the intended recipient, any disclosure, copying, or distribution of the message, or any action or omission taken by you in reliance on it, is prohibited and may be unlawful. Please immediately contact the sender if you have received this message in error. Thank you.

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Feedback on Valuation Firm - Scalar
by John Schumacher Sept. 22, 2026

Sept. 22, 2026

ERCers, Do any of you have any experience with the quality of the work product coming out of a firm called Scalar? I think they are HQ's in Draper, UT. If so, I would be interested in a little bit of color if you were willing to share (e.g., robo shop like Carta or more than that). Happy to do via phone if that works better. I have never heard of them, but based on their website and their profile on LinkedIn, they are far larger than I was expecting. They have another office in Dallas, 2 offices in Argentina and an office in Israel. Thank you in advance. John John Schumacher, CFA Email: jcs(a)tfpov.com<mailto:jcs@tfpov.com> | Direct: 312.933.2148 True Financial POV, LLC

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LAST CALL: ERC- 2026 ERI Renewal
by Jamie Badger Sept. 21, 2026

Sept. 21, 2026

All - following are the participants who have confirmed their renewal. 1. Charlie Burak 2. Leslie Dawson 3. Don DeGrazia 4. Jerome Johnson 5. Greg Kaseno 6. Ron Seigneur/Brenda Clarke 7. Sheri Fiske Schultz/Katie Gilden 8. John Schumacher 9. Stefanie Jedra Sollecito 10. Diane Womack 11. Clay Danielson If you are not on this list and want to be added, please reply to me ASAP. Once we have the list finalized, we will send invoices. Thank you, Jamie Badger JBadger(a)gfkcpa.com<http://JBadger@gfkcpa.com/> Direct Dial: (517) 664-9386

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