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Re: Plausibility of WACC - VC COE Yet Big Debt Component

by Beaton, Neil

Just my two cents: male cow manure. Most early-stage companies do not qualify for external debt funding and when they do, it is usually supplemented by a large swath of warrants (and those companies are usually later-stage start-ups). The forecast should be based on equity cash flows and then discounted at 55%, but even then, the practice aid cautions against relying solely on a DCF for a company that has never turned a profit. Is the debt convertible? That could alter the assessment as well. Happy to share more as needed. Neil J. Beaton Managing Director Alvarez & Marsal Valuation Services Cell: 206-963-5401 Direct: 206-664-8934 – Seattle Direct: 415-490-2259 – Bay Area Email: nbeaton(a)alvarezandmarsal.com From: John Schumacher via Listserv <listserv(a)ercllc.net> Sent: Thursday, October 1, 2026 5:44 PM To: ERC Serve <listserv(a)ercllc.net> Subject: [Listserv] Plausibility of WACC - VC COE Yet Big Debt Component ⚠ [EXTERNAL EMAIL]: Use Caution 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

Oct. 1, 2026

Plausibility of WACC - VC COE Yet Big Debt Component

by John Schumacher

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

Oct. 1, 2026

Becker Launches Foundations of AI for Accountants Certificate

by Dr. Michael Crain

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

Oct. 1, 2026

Re: New SBA rules

by Dr. Michael Crain

Sept. 25, 2026

Re: Doctor / Dentist Compensation

by Michael Rabe, CFA, ABV

I'm also in need of recent MGMA data. I have up to the 2022 reports but MGMA has made it very difficult for us to get the data. Michael Rabe, CFA, ABV | Business Valuation Director Litigation Services GURSEY | SCHNEIDER LLP 2121 Avenue of the Stars, Suite 1300 Los Angeles, CA 90067 310.691.1823 www.gursey.com An Independent Member of DFK International This message (and any associated files) is intended only for the use of the individual or entity to which it is addressed and may contain information that is privileged, confidential, subject to copyright, or constitutes a trade secret. If you are not the intended recipient, you are hereby notified that any use or dissemination of this message, or attachments, is strictly prohibited. Any tax advice expressed in this communication by Gursey | Schneider LLP should not be construed as a formal tax opinion unless expressly stated. If you have received this message in error, please notify us immediately by replying to the message and deleting it. From: Stefanie Sollecito via Listserv <listserv(a)ercllc.net> Sent: Tuesday, September 22, 2026 6:30 AM To: listserv(a)ercllc.net Subject: [Listserv] Doctor / Dentist Compensation 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@01DD4CCE.A82BA730]<http://www.sjsforensics.com/>

Sept. 25, 2026

Re: New SBA rules

by Rob Levis

Gatta love AI 😊 According to the AICPA, a quality of earnings (QofE) engagement is classified as a consulting service, not an attestation service. [1<https://www.google.com/goto?url=CAESjQEB6zswFXMFYrnsR7-Y1EJicnS1ZKSzTIXr2gS…>, 2<https://www.google.com/goto?url=CAESjgEB6zswFeXOwHPUfILx-E8UO26wd2dqe5nSZEt…>] Key Characteristics & Governing Standards * Governing Standards: It is performed under the AICPA’s Statement on Standards for Consulting Services No. 1 (codified as CS Section 100). [1<https://www.google.com/goto?url=CAESlQEB6zswFXakpY42scSme_fhqrqo0e5tGED0aZV…>, 2<https://www.google.com/goto?url=CAESjgEB6zswFeXOwHPUfILx-E8UO26wd2dqe5nSZEt…>] * No Formal Assurance: Because it is a consulting engagement rather than an attestation engagement, the CPA does not issue an opinion, conclusion, or formal assurance on the financial statements or assertions. [1<https://www.google.com/goto?url=CAESawHrOzAVq9Mc6ZSsubsKr2kNFBzCi8qVMRrENPK…>] * Scope Flexibility: Unlike highly structured attestation engagements—such as audits or agreed-upon procedures (AUP) governed by Statements on Standards for Attestation Engagements (SSAE)—a QofE study provides total flexibility. The practitioner and the client can freely determine the approach, depth, and specific financial metrics (like normalized EBITDA) to analyze based on the transaction's needs. [1<https://www.google.com/goto?url=CAESawHrOzAVq9Mc6ZSsubsKr2kNFBzCi8qVMRrENPK…>, 2<https://www.google.com/goto?url=CAESjQEB6zswFXMFYrnsR7-Y1EJicnS1ZKSzTIXr2gS…>, 3<https://www.google.com/goto?url=CAESlQEB6zswFXakpY42scSme_fhqrqo0e5tGED0aZV…>] Rob Levis, Grosdidier & Associates, LLC Main: 719.226.3702 | Cell: 719.651.7295 www.levisconsult.com<http://www.levisconsult.com/> From: Dr. Michael Crain via Listserv <listserv(a)ercllc.net> Sent: Friday, September 25, 2026 7:18 AM To: Karen Kaseno <kkaseno(a)gagroup.com> Cc: Ron Seigneur <ron.seigneur(a)cpavalue.com>; Katie Gilden <Katie(a)fiskeco.com>; ERC List Serve <listserv(a)ercllc.net> Subject: [Listserv] Re: New SBA rules And is this an attestation service or consulting service (as AICPA defines them)? Dr. Michael A. Crain, CPA, CFA, ABV, CFE On Sep 23, 2026, at 8:59 PM, Karen Kaseno via Listserv <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> wrote: Does anyone here already do this work? What specifically needs to be done? Karen PLEASE NOTE- The Kaseno CPA Firm, LLC was acquired by GA Group on August 17, 2026. All the same people- all of the same great service—just a new name! [Image] www.gagroup.com<http://www.gagroup.com/> [Image] <http://www.linkedin.com/company/great-american-group> Karen J. Kaseno, CPA, CVA, CFE, MAFF Managing Director Litigation Support Direct: (760) 753-7515 Email: kkaseno(a)gagroup.com<mailto:kkaseno@gagroup.com> 445 Marine View Avenue, Suite 300 Del Mar, CA 92014 <Image.png> <Image.png> ________________________________ From: Ron Seigneur <ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com>> Sent: Wednesday, 23 September 2026 10:35:04 To: Katie Gilden <Katie(a)fiskeco.com<mailto:Katie@fiskeco.com>>; Karen Kaseno <kkaseno(a)gagroup.com<mailto:kkaseno@gagroup.com>>; ERC List Serve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Subject: RE: New SBA rules The SBA should be releasing one or more technical bulletins very shortly to clarify who will be qualified to do Q of Es for SBA lending purposes, effective Oct 1, and what must be covered. From what I learned yesterday from a panel I was on including three SBA lenders I do not perceive this to be a high risk service that might be a nice service line for us BVFLS folks to focus on if we have relationships with biz brokers and SBA lenders. The ASA conference next week, which can be attended virtually for either 2 days or one day has a nice session on doing Q of E studies btw. https://www.appraisers.org/asa-international-conference Just a piece of trivia Live Oak Lending is now fulfilling 80% of all SBA loans nationally. With Wells Fargo and Key Bank a distant 2nd and 3rd. Ron V-card<http://cpavalue.com/cfwebstore/email/Ronald%20L.%20Seigneur.vcf>| Web site<http://www.cpavalue.com/> | Bio<http://www.cpavalue.com/cfwebstore/index.cfm?fuseaction=feature.display&fea…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> <image003.jpg> Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file 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 <image004.png> <image005.jpg> <image006.png> <image007.jpg> <image008.png> One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 <image009.jpg> More info or to register at: https://events.aicpa-cima.com/CannabisConf From: Katie Gilden <Katie(a)fiskeco.com<mailto:Katie@fiskeco.com>> Sent: Tuesday, September 22, 2026 4:18 PM To: Karen Kaseno <kkaseno(a)gagroup.com<mailto:kkaseno@gagroup.com>>; Ron Seigneur <ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com>>; ERC List Serve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Subject: RE: New SBA rules Yes – I had heard this as well!!!! Thanks for sharing, Ron! [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. From: Karen Kaseno via Listserv <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Sent: Tuesday, September 22, 2026 4:36 PM To: Ron Seigneur <ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com>>; ERC List Serve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Subject: [Listserv] Re: New SBA rules Well that is interesting! Thanks for passing that on, Ron! Karen PLEASE NOTE- The Kaseno CPA Firm, LLC was acquired by GA Group on August 17, 2026. All the same people- all of the same great service—just a new name! www.gagroup.com<http://www.gagroup.com/> <http://www.linkedin.com/company/great-american-group> Karen J. Kaseno, CPA, CVA, CFE, MAFF<http://www.linkedin.com/company/great-american-group> Managing Director<http://www.linkedin.com/company/great-american-group> Litigation Support<http://www.linkedin.com/company/great-american-group> <http://www.linkedin.com/company/great-american-group> Direct: (760) 753-7515<http://www.linkedin.com/company/great-american-group> <http://www.linkedin.com/company/great-american-group> Email: kkaseno(a)gagroup.com<http://www.linkedin.com/company/great-american-group> <http://www.linkedin.com/company/great-american-group> 445 Marine View Avenue, Suite 300<http://www.linkedin.com/company/great-american-group> Del Mar, CA 92014<http://www.linkedin.com/company/great-american-group> <http://www.linkedin.com/company/great-american-group> <image010.png><http://www.linkedin.com/company/great-american-group> <image011.png><http://www.linkedin.com/company/great-american-group> <http://www.linkedin.com/company/great-american-group> ________________________________ From: Ron Seigneur via Listserv <listserv(a)ercllc.net> Sent: Tuesday, 22 September 2026 13:27:03 To: ERC List Serve <listserv(a)ercllc.net> Subject: [Listserv] New SBA rules <http://www.linkedin.com/company/great-american-group> <http://www.linkedin.com/company/great-american-group> 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!<http://www.linkedin.com/company/great-american-group> <http://www.linkedin.com/company/great-american-group> Ron Seigneur<http://www.linkedin.com/company/great-american-group> 303.980.1111<http://www.linkedin.com/company/great-american-group> Sent from my Galaxy S21<http://www.linkedin.com/company/great-american-group> _______________________________________________ Listserv mailing list -- listserv(a)ercllc.net To unsubscribe send an email to listserv-leave(a)ercllc.net<http://www.linkedin.com/company/great-american-group>

Sept. 25, 2026

Re: New SBA rules

by Stacey Udell

My firm has a Transaction Advisory Services area that does Q of Es. My old one did also. [https://itmedia.azureedge.net/media/saxtechnology-000127.png] Stacey Udell Partner 389 Interpace Parkway, STE 3, Parsippany, NJ 07054 D: 973-554-6926<tel:973-554-6926> | W: www.saxadvisorygroup.com [https://itmedia.azureedge.net/media/saxtechnology-000124.png] [https://itmedia.azureedge.net/media/saxtechnology-000126.png] [Facebook]<https://www.facebook.com/SaxLLP/> [LinkedIn]<https://www.linkedin.com/company/sax-llp/> [YouTube]<https://www.youtube.com/@saxadvisorygroup> Register for the 2026 Sax Symposium Here<https://saxadvisorygroup.com/sax-business-symposium/> ________________________________ From: Dr. Michael Crain via Listserv <listserv(a)ercllc.net> Sent: Friday, September 25, 2026 9:17 AM To: Karen Kaseno <kkaseno(a)gagroup.com> Cc: Ron Seigneur <ron.seigneur(a)cpavalue.com>; Katie Gilden <Katie(a)fiskeco.com>; ERC List Serve <listserv(a)ercllc.net> Subject: [Listserv] Re: New SBA rules And is this an attestation service or consulting service (as AICPA defines them)? Dr. Michael A. Crain, CPA, CFA, ABV, CFE On Sep 23, 2026, at 8:59 PM, Karen Kaseno via Listserv <listserv(a)ercllc.net> wrote: Does anyone here already do this work? What specifically needs to be done? Karen PLEASE NOTE- The Kaseno CPA Firm, LLC was acquired by GA Group on August 17, 2026. All the same people- all of the same great service—just a new name! [Image] www.gagroup.com<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.gagroup.com_&d=DwMF…> [Image] <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.linkedin.com_compan…> Karen J. Kaseno, CPA, CVA, CFE, MAFF Managing Director Litigation Support Direct: (760) 753-7515 Email: kkaseno(a)gagroup.com<mailto:kkaseno@gagroup.com> 445 Marine View Avenue, Suite 300 Del Mar, CA 92014 <Image.png> <Image.png> ________________________________ From: Ron Seigneur <ron.seigneur(a)cpavalue.com> Sent: Wednesday, 23 September 2026 10:35:04 To: Katie Gilden <Katie(a)fiskeco.com>; Karen Kaseno <kkaseno(a)gagroup.com>; ERC List Serve <listserv(a)ercllc.net> Subject: RE: New SBA rules The SBA should be releasing one or more technical bulletins very shortly to clarify who will be qualified to do Q of Es for SBA lending purposes, effective Oct 1, and what must be covered. From what I learned yesterday from a panel I was on including three SBA lenders I do not perceive this to be a high risk service that might be a nice service line for us BVFLS folks to focus on if we have relationships with biz brokers and SBA lenders. The ASA conference next week, which can be attended virtually for either 2 days or one day has a nice session on doing Q of E studies btw. https://www.appraisers.org/asa-international-conference<https://urldefense.proofpoint.com/v2/url?u=https-3A__www.appraisers.org_asa…> Just a piece of trivia Live Oak Lending is now fulfilling 80% of all SBA loans nationally. With Wells Fargo and Key Bank a distant 2nd and 3rd. Ron V-card<https://urldefense.proofpoint.com/v2/url?u=http-3A__cpavalue.com_cfwebstore…>| Web site<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.cpavalue.com_&d=DwM…> | Bio<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.cpavalue.com_cfwebs…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.cpavalue.com_&d=DwM…> <image003.jpg> Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://urldefense.proofpoint.com/v2/url?u=https-3A__cpavalue.sharefile.com…> to send a secure file 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 <image004.png> <image005.jpg> <image006.png> <image007.jpg> <image008.png> One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 <image009.jpg> More info or to register at: https://events.aicpa-cima.com/CannabisConf<https://urldefense.proofpoint.com/v2/url?u=https-3A__events.aicpa-2Dcima.co…> From: Katie Gilden <Katie(a)fiskeco.com> Sent: Tuesday, September 22, 2026 4:18 PM To: Karen Kaseno <kkaseno(a)gagroup.com>; Ron Seigneur <ron.seigneur(a)cpavalue.com>; ERC List Serve <listserv(a)ercllc.net> Subject: RE: New SBA rules Yes – I had heard this as well!!!! Thanks for sharing, Ron! [https://designing.webmynehost.com/emailer/New-FISK/fiske-logo.png] [https://designing.webmynehost.com/emailer/fiske/fb.png]<https://urldefense.proofpoint.com/v2/url?u=https-3A__www.facebook.com_Fiske…> [https://designing.webmynehost.com/emailer/fiske/insta.png] <https://urldefense.proofpoint.com/v2/url?u=https-3A__www.instagram.com_fisk…> [https://designing.webmynehost.com/emailer/fiske/linkdin.png] <https://urldefense.proofpoint.com/v2/url?u=https-3A__www.linkedin.com_compa…> Katie Gilden Partner / Chief Operating Officer Direct: +1 954.361.7910 Office: +1 954.236.8600 Visit:<https://urldefense.proofpoint.com/v2/url?u=https-3A__fiskeco.com_&d=DwMFaQ&…> fiskeco.com<https://urldefense.proofpoint.com/v2/url?u=https-3A__fiskeco.com_&d=DwMFaQ&…> [https://designing.webmynehost.com/emailer/New-FISK/bdo.png] Please Upload files securely here<https://urldefense.proofpoint.com/v2/url?u=https-3A__exchange-2Dtaxpayer.sa…> 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. From: Karen Kaseno via Listserv <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Sent: Tuesday, September 22, 2026 4:36 PM To: Ron Seigneur <ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com>>; ERC List Serve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Subject: [Listserv] Re: New SBA rules Well that is interesting! Thanks for passing that on, Ron! Karen PLEASE NOTE- The Kaseno CPA Firm, LLC was acquired by GA Group on August 17, 2026. All the same people- all of the same great service—just a new name! [Image] www.gagroup.com<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.gagroup.com_&d=DwMF…> [Image] <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.linkedin.com_compan…> Karen J. Kaseno, CPA, CVA, CFE, MAFF Managing Director Litigation Support Direct: (760) 753-7515 Email: kkaseno(a)gagroup.com<mailto:kkaseno@gagroup.com> 445 Marine View Avenue, Suite 300 Del Mar, CA 92014 <image010.png> <image011.png> ________________________________ From: Ron Seigneur via Listserv <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Sent: Tuesday, 22 September 2026 13:27:03 To: ERC List Serve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Subject: [Listserv] New SBA rules 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 _______________________________________________ Listserv mailing list -- listserv(a)ercllc.net To unsubscribe send an email to listserv-leave(a)ercllc.net "Sax" is the brand name under which Sax LLP and Sax Advisory Group LLC and its subsidiary entities provide professional services. Sax LLP and Sax Advisory Group LLC (and its subsidiary entities) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. Sax LLP is a licensed independent CPA firm that provides attest services to its clients, and Sax Advisory Group LLC and its subsidiary entities provide tax and business consulting services to their clients. Sax Advisory Group LLC and its subsidiary entities are not licensed CPA firms

Sept. 25, 2026

Re: New SBA rules

by Dr. Michael Crain

Sept. 25, 2026

Re: New SBA rules

by Karen Kaseno

Does anyone here already do this work? What specifically needs to be done? Karen PLEASE NOTE- The Kaseno CPA Firm, LLC was acquired by GA Group on August 17, 2026. All the same people- all of the same great service—just a new name! [Image] www.gagroup.com<http://www.gagroup.com/> [Image] <http://www.linkedin.com/company/great-american-group> Karen J. Kaseno, CPA, CVA, CFE, MAFF Managing Director Litigation Support Direct: (760) 753-7515 Email: kkaseno(a)gagroup.com<mailto:kkaseno@gagroup.com> 445 Marine View Avenue, Suite 300 Del Mar, CA 92014 [signatureImage][signatureImage] ________________________________ From: Ron Seigneur <ron.seigneur(a)cpavalue.com> Sent: Wednesday, 23 September 2026 10:35:04 To: Katie Gilden <Katie(a)fiskeco.com>; Karen Kaseno <kkaseno(a)gagroup.com>; ERC List Serve <listserv(a)ercllc.net> Subject: RE: New SBA rules The SBA should be releasing one or more technical bulletins very shortly to clarify who will be qualified to do Q of Es for SBA lending purposes, effective Oct 1, and what must be covered. From what I learned yesterday from a panel I was on including three SBA lenders I do not perceive this to be a high risk service that might be a nice service line for us BVFLS folks to focus on if we have relationships with biz brokers and SBA lenders. The ASA conference next week, which can be attended virtually for either 2 days or one day has a nice session on doing Q of E studies btw. https://www.appraisers.org/asa-international-conference Just a piece of trivia Live Oak Lending is now fulfilling 80% of all SBA loans nationally. With Wells Fargo and Key Bank a distant 2nd and 3rd. Ron V-card<http://cpavalue.com/cfwebstore/email/Ronald%20L.%20Seigneur.vcf>| Web site<http://www.cpavalue.com/> | Bio<http://www.cpavalue.com/cfwebstore/index.cfm?fuseaction=feature.display&fea…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> [cid:image003.jpg@01DD4B4E.296B8EF0] Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file 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 [cid:image004.png@01DD4B4E.296B8EF0] [Diagram Description automatically generated] [cid:image006.png@01DD4B4E.296B8EF0] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image008.png@01DD4B4E.296B8EF0] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image009.jpg@01DD4B4E.296B8EF0] More info or to register at: https://events.aicpa-cima.com/CannabisConf From: Katie Gilden <Katie(a)fiskeco.com> Sent: Tuesday, September 22, 2026 4:18 PM To: Karen Kaseno <kkaseno(a)gagroup.com>; Ron Seigneur <ron.seigneur(a)cpavalue.com>; ERC List Serve <listserv(a)ercllc.net> Subject: RE: New SBA rules Yes – I had heard this as well!!!! Thanks for sharing, Ron! [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. From: Karen Kaseno via Listserv <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Sent: Tuesday, September 22, 2026 4:36 PM To: Ron Seigneur <ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com>>; ERC List Serve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Subject: [Listserv] Re: New SBA rules Well that is interesting! Thanks for passing that on, Ron! Karen PLEASE NOTE- The Kaseno CPA Firm, LLC was acquired by GA Group on August 17, 2026. All the same people- all of the same great service—just a new name! [Image] www.gagroup.com<http://www.gagroup.com/> [Image] <http://www.linkedin.com/company/great-american-group> Karen J. Kaseno, CPA, CVA, CFE, MAFF Managing Director Litigation Support Direct: (760) 753-7515 Email: kkaseno(a)gagroup.com<mailto:kkaseno@gagroup.com> 445 Marine View Avenue, Suite 300 Del Mar, CA 92014 [signatureImage][signatureImage] ________________________________ From: Ron Seigneur via Listserv <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Sent: Tuesday, 22 September 2026 13:27:03 To: ERC List Serve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Subject: [Listserv] New SBA rules 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

Sept. 24, 2026

AICPA 2026 virtual Cannabis Conference

by Ron Seigneur

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

Sept. 23, 2026