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Spotlighting four best practices to be covered in ASA’s upcoming BV541 Legal Entity Valuation Best Practices webinar.

By Judd Schneider, CFA and Michael Rigby, CFA

In the complex world of multinational corporations, the preparation of legal entity valuations is a critical aspect of strategic decision-making and compliance. Whether it’s for tax planning, regulatory compliance, mergers and acquisitions, or financial reporting purposes, understanding the nuances of legal entity valuations is essential. Here, we delve into various aspects of legal entity valuations and best practices for preparing these valuations, with a focus on those prepared for various purposes for multinational corporations.

1. Various Types of Legal Entity and Other Tax-Related Valuations

Legal entity valuations may be prepared for many purposes tailored to multinational corporations’ specific needs. These may include valuations for intercompany transactions, including movements of assets, shares or intangible property, business restructurings, mergers and acquisitions, transfer pricing compliance, among others. Each type of valuation may require a nuanced approach, considering factors such as specific characteristics of the entities involved, jurisdictional regulations, and industry standards.

Valuations performed for legal entity restructuring purposes, for instance, require evaluating the impact of restructuring activities on the entities’ financial position, assessing projections and tax liabilities, and ensuring consistency within the global organizational structure.  Transfer pricing valuations necessitate careful analysis of comparable transactions to ensure arm’s length pricing.  Likewise, Intellectual property valuations demand expertise in assessing intangible assets’ fair market value or arm’s length value, considering factors like market demand, technological advancements, and legal protections.

2. Common Reasons for Undertaking Legal Entity and Other Tax-Related Valuations

Multinational corporations undertake legal entity valuations for various reasons, often driven by regulatory requirements and strategic objectives. Compliance with transfer pricing regulations, such as the OECD’s guidelines, is necessary to ensure that intercompany transactions involving intangible property reflect market conditions. Mergers, acquisitions, and divestitures necessitate valuations to determine fair market value of legal entities and/or assets and allocate purchase price among assets and liabilities.

Tax planning is another significant driver, as corporations seek to align global operations with evolving business requirements, amidst an ever-changing regulatory and tax landscape. Additionally, financial reporting standards, such as Accounting Standards Codification (ASC) 805, Business Combinations, and International Financial Reporting Standards (IFRS) 3, Business Combinations, mandate valuations for business combinations to accurately reflect the entities’ fair values of acquired assets and assumed liabilities in financial statements.

3. Key Considerations in the Preparation of Legal Entity and Other Tax-Related Valuations

Several key considerations emerge when preparing legal entity valuations for multinational corporations. Firstly, understanding the entities’ unique characteristics, including their business operations, industry dynamics, and geographic footprint, is paramount. This ensures the selection of appropriate valuation methodologies and assumptions that lead to supportable valuation conclusions.

Secondly, navigating the complexities of cross-border transactions and diverse regulatory environments requires a deep understanding of complex corporate finance issues, such as the interaction of different currencies of projected cash flows and discount rates used, international tax laws, transfer pricing regulations, and local valuation standards. To avoid compliance issues and effectively manage tax benefits (and risks), multinational corporations need to keep up with changing rules and court decisions. Valuation providers also need to be aware of local valuation requirements that may differ from what is acceptable in other jurisdictions.

Thirdly, managing data is crucial in valuation exercises, especially when dealing with large volumes of financial and operational data across multiple jurisdictions. Hiring a reputable valuation firm and establishing proper internal controls, including data management and review and sign-off procedures, can enhance the accuracy and credibility of valuations.

4. Best Practices for Preparing and Documenting Legal Entity and Other Tax-Related Valuations

To ensure the integrity and defensibility of legal entity valuations, multinational corporations should adhere to best practices in preparation and documentation. This includes engaging qualified valuation professionals with expertise in international taxation, accounting, and finance, who can navigate the complexities of cross-border valuations.

Moreover, transparency and documentation are essential, with comprehensive documentation supporting the valuation methodologies, key assumptions, and data sources used. This not only enhances credibility with tax authorities and regulators, but also provides a clear audit trail for internal and external stakeholders.

Regular reviews and updates of valuations must reflect changes in business operations, market conditions, and regulatory requirements. Multinational corporations should adopt a proactive approach to valuation management, incorporating valuations into their strategic planning processes and risk management frameworks.

In conclusion, legal entity valuations for multinational corporations require a deliberate and thoughtful approach that considers the diverse regulatory, tax, and business dynamics across multiple jurisdictions. By following best practices in preparation and documentation, corporations can navigate these complexities effectively, ensuring compliance, optimizing tax efficiency, and supporting informed decision-making.

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Looking for a deeper dive into this specialty? Register for ASA’s BV541 Legal Entity Valuation Best Practices webinar, June 6, 2024, from 1:00-2:30 PM EDT, presented by Judd Schneider and Michael Rigby.

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ABOUT THE AUTHORS

Judd Schneider is a Managing Director and the Boston Office City Leader, and part of the Valuation Advisory Services business unit of Kroll. He also serves as the Industrial Products Industry Leader and Co-Head of U.S. Tax Valuation Services. Judd focuses on industrial, consumer products, gaming and technology companies and has nearly 24 years of experience in the valuation of business enterprises, legal entities, debt and equity securities, intangible assets, intellectual property and derivative instruments for purposes of financial and tax reporting, merger and acquisition planning, tax reorganizations and restructurings and intercompany transfer pricing.

Michael Rigby is a Managing Director in the Valuation Advisory Services practice of Kroll, based in Chicago. Michael is part of the Industrial Products industry group of the firm and Co-Head of U.S. Tax Valuation Services. Michael’s clients include large multinational corporations, mid-/small-cap companies and private equity firms across a broad spectrum of industries, including advertising, aerospace and defense, automotive, chemicals, education services, industrial products, magazine and book publishing, media, oil and gas services, software and technology.

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Spotlighting key critical development opportunities offered by ASA’s upcoming 2024 Business Valuation – Professional Development Growth Conference.

By William Johnston, ASA, BV-IA, CEO – Empire Valuation Consultants

In the business valuation, technical prowess is undeniably critical. However, the significance of soft skills cannot be overstated, particularly for entry to mid-level professionals seeking to carve out their niche in this profession. Beyond crunching the numbers, the ability to effectively communicate, build relationships, and navigate other complexities is becoming increasingly indispensable. That is why we created this conference – to help valuation professionals develop the other skills needed for a rewarding career.

Topics to be covered include:

• Selling Valuation Services Using Visual Models
• Important Issues for the Next Generation of Valuers
• Business Development
• Wear the Shoes…and Other Lessons I Have Learned as a Successful Valuation Professional

Looking to Improve in These Critical Areas?

If so, please register for ASA’s 2024 Beyond Valuation – Professional Development and Growth Conference, held virtually May 29 from 1:00-5:15 pm ET. Event offers up to 4.5 hours of ASA CE and CPE credit. Register online or by calling (800) 272-8258.

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About the Conference Chair

William Johnston, ASA, is CEO and a Senior Managing Director of Empire Valuation Consultants, where he has worked since 1994. He is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers, and one of the first recipients of the American Society of Appraiser’s intangible asset designation. Bill has over 29 years of experience in business and intangible asset valuations. He has managed and prepared numerous valuations for financial reporting purposes, including purchase price allocation, goodwill impairment testing and cheap stock (ASC 718/409a). He is also an active ASA member volunteer leader, most notably serving as a member of the Board of Governors, Chair of the Business Valuation Committee, President of the New York City Chapter and as chair of the annual New York City Fair Value Conference. Lastly, Bill is the present chair of the 2024 Business Valuation – Professional Development Growth Conference.

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By Thomas Dawson, ASA

Spotlighting five key areas appraisers need to know to be covered in ASA’s upcoming PP163 Property Insurance Fundamentals webinar.

In the property insurance industry, appraisers play a vital role, particularly when it comes to claims. Understanding the nuances of property insurance coverage and the claims function is essential for appraisers to effectively carry out their duties. As an Accredited Senior Appraiser and a licensed insurance broker with over ten years of real-world experience, in my forthcoming webinar, I will guide participants through the following five topics, offering a unique opportunity to deepen their understanding of property insurance fundamentals and enhance their appraisal skills.

Whether you’re a seasoned professional or new to the field, join us to gain valuable insights that will help you communicate effectively with clients and insurance professionals, interpret key insurance terminology, explain the claims function, and educate your clients about the value of a professional appraisal for insurance purposes.

1. Understanding Property Insurance Basics

Property insurance serves as a financial safety net for property owners in the event of property damage or total loss. The essence of insurance is a contract between two parties, the insured and the insurer. Understanding what constitutes a legally binding contract, as well as the obligations of each involved party, is key to explaining the value of a professional appraisal to your clients. Insurance industry terminology such as risk, premium, loss, deductibles, coverage limits, and perils are some of the fundamental concepts appraisers must grasp.

Different property insurance policies have unique features and limitations. For example, homeowners insurance covers a different set of risks than a business owners policy. Although all property insurance policies have certain elements in common, I will guide participants through the subtle yet important differences appraisers should be aware of, such as the difference between what is referred to in the insurance industry as replacement cost coverage and actual cash value coverage, general liability and professional liability, and general exclusions in property insurance policies such as inherent vice, wear and tear, and fraud.

2. The Claims Function

People buy insurance policies for protection against financial loss. When policyholders make claims under their policies, the insurer is called upon to make good on the promises they made in the policy. Policyholders, insurers, and appraisers each have distinct roles and responsibilities in the claims process. Policyholders are tasked with proving the facts of a loss, while insurers must conduct a good-faith investigation of claims, and pay valid claims in a timely manner. Appraisers bridge the gap by providing an unbiased, informed opinion of value that assists insurers in processing claims, and insureds in receiving proper compensation for their loss.

Because the policyholder is obligated to prove the facts of a loss, the value to the client in having their property appraised by an unbiased professional is of tremendous benefit in the event of a property loss claim.

3. Fundamentals of Property Appraisal for Insurance

Integrating property insurance considerations into appraisal methodologies starts with properly identifying the appraisal problem. The approach to problem identification may be the same in the context of an appraisal for charitable gift or estate tax; however, in an insurance context, appraisers are often faced with specific challenges such as evaluating a property that has already been damaged or stolen. In these situations, hypothetical conditions may be necessary. I will guide participants through problem identification and scope of work requirements specific to insurance appraisals, where the goal of the appraiser remains the same ever: credible results.

4. Navigating Disputes and Resolving Claims

Disputes often arise in property insurance claims, stemming from disagreements over coverage, property values, or the extent of damages. Appraisers can play a crucial role in resolving disputes amicably, first and foremost by providing unbiased, credible opinions of value. Helping to shape your client’s expectations around insurance by understanding property insurance fundamentals, can help avoid potential disputes before they arise. Legal considerations, such as adherence to contractual obligations, are integral to resolving contentious claims. Case studies provide valuable insights into real-world scenarios and offer precedents for handling similar disputes effectively.

5. Best Practices for Appraisers

Effective communication is paramount for appraisers when working with insurers and policyholders throughout the claims process. A basic understanding of the principles of property insurance terms and concepts can help make what is sometimes a very painful situation involving a life-changing loss no worse than it already is.

Continuing education and professional development opportunities, such as those offered by organizations like the American Society of Appraisers (ASA), enable appraisers to stay abreast of industry trends, regulatory changes, and advancements in appraisal techniques, enhancing their proficiency and credibility in the field. In ASA’s upcoming PP163 Property Insurance Fundamentals webinar, I’m looking forward to sharing my insights and real-world experience with my fellow appraisers as it relates to the insurance industry.

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Looking for a deeper dive into this topic? Register for ASA’s PP163 Property Insurance Fundamentals: What Appraisers Need to Know webinar on June 6, 2024 from 2:00-3:00 PM EDT, presented by Thomas Dawson, ASA.

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About the Author

Thomas Dawson, ASA, principle of Resonance Appraisals, has regularly bought and sold musical instruments and equipment since 1998. He has regularly appraised musical instruments, instrument collections, music collections, music equipment, music archives and archives of manuscripts and valuable papers for payment since 2017. While running a P&C insurance agency he insured millions of dollars worth of personal property including musical instruments and collections, equipment, books and manuscripts, and photographs. He became a certified commercial insurance specialist in 2016, and has quoted, written and managed thousands of insurance policies covering personal property, homes, autos, businesses and much more. An accomplished guitarist, and music producer, and music editor, he has collaborated with top music industry producers and performed with platinum-selling artists. He negotiated multiple music synchronization licensing contracts to feature his original compositions in nationally broadcast commercials. After graduating from the University of Oregon School of Music he worked as a guitar instructor for over 10 years. He has bought, sold and traded guitars and other music related property for 20 years. He has written, recorded, marketed and sold multiple physical album releases as well as digital releases. He has been a royalty collecting member of ASCAP (American Society of Composers, Authors and Publishers) as a music creator, and publishing company owner since 2008.

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This month we spotlight details on May events, the search for our new CEO, and the upcoming ASA elections.

May is shaping up to be a very busy month for ASA. In addition to two USPAP offerings and a slew of discipline Principles of Valuation Courses in May–including POV courses for five of our six disciplines–we also have two virtual conferences.

The first, on May 2, is the Machinery & Technical Specialties (MTS) first-ever “Valuation of Inventory” conference, which will cover topics on the valuation of different inventory types and for different purposes.

The second, the Business Valuation (BV) “Beyond Valuation—Professional Development and Growth Conference,” is scheduled for May 29 and offers great speakers to help our members with professional development and growth.

There are also three virtual conferences in June: the 13^th Annual MTS Equipment Valuation Conference on June 3-4, the BV ESOP Virtual Conference on June 11, and the introductory ASA ASAI Symposium on June 27.

A full list of upcoming conferences and events is available online at https://bit.ly/ASA-Conferences

CEO Search Update

In May, the Board of Governors will be conducting final interviews for our CEO. The CEO Search Committee, headed up by ASA International Vice President G. Adrian Gonzalez, Jr. and assisted by our outside recruitment firm, went through almost 100 applicants for the position and pared it down to two finalists. The finalists will be interviewed by the full Board of Governors in mid-May, and we hope to have a CEO hired quickly after that. I would note, though, that whomever we hire may need time to communicate with their own employer or organization, so it may be an extra week or two before we are able to make a formal announcement.

ASA Leadership Elections

As if that wasn’t enough, in May we also have ASA elections. As we have for the last few years, ASA will send out election ballots via eBallot, an independent and secure online voting platform This year’s election includes that for the new Multinational Governor seat, the newly-created Region Governor position for the hundreds of ASA members outside of the U.S. and Canada. Elections will also be held for a discipline governor seat and for members-at-large and officer positions on our various discipline committees.

I urge you to review the candidates appropriate for your location and discipline. These positions set the long-term direction of our Society and are vital to maintaining the high standards that are the foundation of ASA and our profession.

In this election, we also have three candidates for International Secretary/Treasurer. The winner of that race will help shape the direction of ASA for the next few years and will be the presumptive International President in 2026-2027.

These officer positions are key within our governance structure. In the last few years as an international officer, I wrote the resolutions to change the structure of our Board of Governors and resolutions to update policies for ASA on issues like educational resources and our accreditation process. This year, as International President, I appointed chairs to our international committee and created working groups to address key strategic issues, including working groups to assess our discipline system, the structure of our chapters, and the roles of the members of our Board of Governors. The work that I’ve done as an international officer began by winning the election for International Secretary/Treasurer a few years ago. Please take the time to read the bios and watch the videos from the three International Secretary/Treasurer candidates so that you can make an informed choice.

A full list of candidates, with their bios and election statements, is available online at https://bit.ly/ASA-2024-Elections.

Thank you for your continued support of ASA.

Best regards,

Garrett Schwartz

ASA International President
president@appraisers.org

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By Sherrie Lisa Galderisi, ASA, IFA

The ASA-IFA Eastern Region Appraisal Conference was recently held at the Golden Nugget Hotel & Casino in Atlantic City, NJ over the course of two days. The conference offered students either the option of “In Person” or “Virtual/Zoom”.

The speaker’s presentations were structured around the latest up to date methods, issues or concerns facing Real Estate Appraisers. Included among the speakers were conference chair Sherrie Lisa Galderisi who opened the conference on both days, welcoming attendees and giving a brief overview of topics covered during the sessions. Her message was clear that she wants all appraisers to come together for the difficult issues ahead. “We are stronger together than as a single entity, bring your ideas and let’s brainstorm together!”

The first day of this conference focused solely on the USPAP Update and Case Studies. The USPAP 7 Hour Update course was presented by David R. Doering, Robert J. Luciani, and Michael T. Orman. To end the day. Numerous attendees were extremely pleased with the exchange and collaboration of these three educators! Monday evening, we had a Social Networking dinner and live music.

A big thank you to Rob Luciani and his accompaniment, Margaret, for donating their time and playing live music during the dinner. This really added a special touch to a fine evening.

The second day of the conference began with a presentation by NJ State Board President Carmen F. Brocato, and past NJ State Board President John McCann, giving attendees insight on updates to the national real estate board. The second presentation entitled “The Future of UAD including: Corelogic, FNMA, Freddie Mac & More.” was presented by Joel Baker, Shawn Teldord, and Lyle Radke. Following the second presentation, Michael Pratt, Louis A. Bonato, Michael J. Pratico, and Betsy Magnuson shared their thoughts on the appraisal industry and what the future will hold for real property appraisers.

To conclude the final day of the conference, David Doering and Michael T. Orman presented on appraisal biases and valuation discrimination in the real property field. The class was well received since it was not scripted or rigid. The information was presented with clear intent and used real life examples of what to do or not do.

The conference supported the NAIFA Education Research & Trust as the recipient of this year’s donation. A huge thank you to Richard Cornogg who won the 50/50 and then donated his full winnings back to the Trust!

Lastly, I would like to thank our sponsors, without whose support we would not have a conference of this magnitude. We thank this year’s sponsors for their continued support, ASA International, Landy Insurance, Columbia Bank, ASA Northern NJ chapter and ASA-IFA NJ Atlantic-Cape South chapter.

A big thank you to those that volunteered for registration or being a moderator for each of the educational segments each day. The conference committee consisted Sherrie, Mike Blythe, Marty & Bob are truly grateful for the continued support of everyone who attends this conference every year.

Sherrie Lisa Galderisi, ASA, IFA, 2024 Conference Chairperson

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Spotlighting four key ways appraisers can lead the charge towards a sustainable future by reshaping supply chains, redefining value, and fostering collaboration to be covered in ASA’s upcoming ME188 There’s Cash in that Trash. The Appraisers’ Role in Creating the Circular Economy webinar.

By C.J. Nord, C.M.P, CSCP

In the quest for sustainable development, the concept of a circular economy has emerged as a beacon of hope, offering a path to reduce waste, conserve resources, and mitigate environmental degradation. At the heart of this transition lies the indispensable role of appraisers, whose expertise is pivotal in reshaping the economic landscape towards circularity. Here, we delve into the multifaceted contributions of appraisers in fostering a circular economy and elucidate how they can leverage their skills to drive transformative change.

1. Recognizing the Appraiser’s Role in Building a Circular Economy:

Appraisers serve as linchpins in the transition to a circular economy by virtue of their unique skill set and knowledge base. They play a pivotal role in assessing the value of assets, including tangible goods, materials, and resources, thereby influencing consumption patterns and investment decisions. By recognizing the inherent value in underutilized or discarded assets, appraisers contribute to the ethos of reuse, refurbishment, and recycling, essential pillars of the circular economy paradigm.

2. Differentiating Between Linear and Circular Supply Chains:

In a linear supply chain, products follow a linear trajectory from extraction to disposal, resulting in a linear flow of resources and a significant generation of waste. Conversely, a circular supply chain emphasizes closed-loop systems, where products are designed for longevity, reuse, and eventual recycling. Appraisers play a pivotal role in facilitating this transition by evaluating the potential for resource recovery and identifying opportunities for remanufacturing and repurposing. By delineating the economic viability of circular supply chain initiatives, appraisers incentivize businesses to embrace sustainable practices and minimize their environmental footprint.

3. Utilizing Knowledge of the Secondary Market to Build a Resource for the Future:

Appraisers possess a deep understanding of the secondary market, where surplus or obsolete assets find new life through resale or redistribution. This expertise positions them as custodians of valuable resources that might otherwise be relegated to landfills. By tapping into the secondary market, appraisers create a reservoir of materials and components that can be reintegrated into the production cycle, thus conserving energy and reducing the need for virgin resources. Moreover, by appraising the economic potential of secondary market transactions, appraisers foster a vibrant ecosystem of circular exchanges, where value is derived from the efficient allocation of existing resources.

4. Leveraging New Knowledge to Expand Client Base:

Armed with insights into circular supply chains and the economics of resource recovery, appraisers are well-equipped to expand their client base to include supply chain professionals. By offering their expertise in assessing the value of circular assets and optimizing resource utilization, appraisers become indispensable partners in supply chain optimization efforts. Whether it’s identifying cost-saving opportunities through material reuse or quantifying the environmental benefits of circular practices, appraisers add tangible value to supply chain operations. By forging strategic alliances with supply chain professionals, appraisers not only broaden their market reach but also catalyze the adoption of circular principles across diverse industries.

In conclusion, appraisers wield significant influence in catalyzing the transition to a circular economy. Their role extends beyond mere valuation to encompass advocacy, innovation, and collaboration with stakeholders across the supply chain. By harnessing their expertise and leveraging emerging opportunities, appraisers can spearhead a transformative shift towards a more sustainable and resilient economic paradigm.

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Looking for a deeper dive into this topic? Register for ASA’s ME188 There’s Cash in that Trash. The Appraisers’ Role in Creating the Circular Economy webinar, May 29, 2024 from 1:00-2:30 PM ET, presented by C.J. Nord, C.M.P, CSCP.

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About the Author

C.J. Nord, C.M.P, CSCP, founder of Supply Chains for Good has over 25 years of distinguished leadership in the manufacturing sector, C.J. Nord is recognized for her supply chain acumen, visionary thinking, and steadfast commitment to ethical standards. Throughout her career, C.J. has collaborated with government and private entities to avert major disruptions to the supply chain, and to support public safety. In 2019, C.J.’s personal battle with cancer fueled her drive to make a broader impact, leading her to establish Supply Chains for Good. Through this innovative platform, she leverages supply chain methodologies to tackle pressing societal issues, driving legislative changes, and fostering impactful initiatives. Notably, C.J. is the architect behind the Supply Chains for Good Civic Academy and the pioneering “There’s Cash in that Trash” Profit-Driven Circularity workshop. In addition, C.J. offers comprehensive services encompassing training, consulting, appraisal, and advocacy. Widely acknowledged for her expertise, C.J. Nord has been featured in esteemed publications including the Los Angeles Times Business section and The Wall Street Journal. Yet, despite her numerous accomplishments her dog remains unimpressed.

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Join us for ASA’s Beyond Valuation Professional Development and Growth Conference, offering virtual attendance, taking place on May 29th, 2024 at 1:00 PM ET. Piece by piece, reach new heights with your business valuation career alongside industry professionals. Explore our comprehensive Conference Agenda to see sessions covering Business Development, Important Issues for the Next Generation of Valuers, and more. Don’t miss out—reserve your spot today to discover a pathway toward success as a distinguished business valuer by mastering pivotal skills that will distinguish you in the early stages of your career.

Our current lineup includes:

Rod Burket | rbCoaching
In one way, shape, or form I’ve been performing valuations since the late 1980s. In July 2000, I started Burkert Valuation Advisors, LLC in Philadelphia where I ran a “traditional” valuation practice for 10 years. In March 2010, I began traveling full time throughout the US and Canada in an RV with my wife and our dogs. Later, I started rb Coaching, which morphed into rb Training, and rb Webinars – all in the BVFLS space. Today, I run a mobile consulting firm that includes my valuation practice, a report review service, online education, and a coaching business … all of which I built by leveraging my professional network and social media and hiring virtual assistants to make the available technology work for me.

Weston Kirk | Willamette Management Associates
Weston Kirk is a managing director with Willamette Management Associates. He is also the director of the Atlanta office. His practice includes business valuation, economic analysis, and financial opinion services. Weston has performed various types of valuation and economic analyses, including business and stock valuations, debt and promissory note valuations, ESOP formation and adequate consideration analyses, fairness opinions, Internal Revenue Service audit rebuttals, litigation disputes and damages analyses, merger and acquisition valuations, undivided interests in real estate valuations, and intellectual property valuations.

Jacquelyn Marsac | VRC
Ms. Marsac specializes in business enterprise valuations and intangible-asset valuations. Additionally, she completes valuations of financial instruments including preferred and common stock in complex structures for publicly and privately held companies and equity derivatives. Ms. Marsac holds the designations of both chartered financial analyst (CFA) and accredited senior appraiser (ASA). In addition, she holds a master’s degree in business administration and a bachelor’s degree in chemical and biomolecular engineering, both from Tulane University.

Roslyn Lo | Empire Valuation Consultants
Roslyn specializes in real estate valuations of commercial properties of all types. She has performed valuations for purposes including financing, financial reporting, estate and gift tax planning, tax appeal, litigation, and eminent domain.

Samantha Albert | Mercer Capital
Samantha Albert is a vice president with Mercer Capital. Samantha is experienced in the valuation of companies across a variety of industries, and has specific experience working with trucking companies and related enterprises as well as asset holding entities. Along with Nick Heinz, Samantha publishes research on valuation issues related to the trucking industry in the newsletter Value Focus: Transportation and Logistics. She is involved in the valuation of trucking companies for a variety of purposes including corporate planning, estate and gift tax planning, mergers and acquisitions, profit sharing plans, compliance matters, litigation support, and ESOPs. In addition, Samantha is a member of the firm’s Financial Reporting Valuation Group. She has experience providing valuation analyses related to intangible assets, contractual agreements, and complex capital structures. Samantha also works regularly on complex valuation assignments related to litigated matters.

Anthony Zecca | Growth Path Partners
Anthony Zecca, CPA, is CEO of Growth Path Partners, a technical accounting and advisory firm focused on preparing and supporting companies through Mergers & Acquisitions, SPAC’s, IPOs, and Reverse Mergers. He was formerly a consultant with Esposito CEO2CEO, and is a retired partner at CohnReznick, where he was national director of the advisory group.

Laurie-Leigh White | BVA Group
Laurie-Leigh White is a Partner with BVA Group and serves as the head of the firm’s Houston office. She is responsible for overseeing the execution of a variety of valuation and litigation engagements and specializes in the valuation of companies, partnerships, intangible assets, complex securities for financial reporting and tax purposes, and employee stock ownership plans. Laurie-Leight has been involved in thousands of valuation projects for a wide variety of purposes, including financial reporting, employee stock ownership plans, valuations for tax purposes, transaction advisory, and fairness opinions.

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Join ASA’s NYC Chapter for a presentation by Ray Dragon, ASA, entitled Heresy? A Radical Rethink & Quantification of Company-Specific Risk Premium.

The presentation will cover the following: The Company-Specific Risk Premium (“CSRP”) is a foundational element of private company valuation; however, it is perhaps the most weakly supported element in theory and often arbitrary in practice. Join Ray Dragon, ASA for an explorative rethink of the premises of the CSRP and what it implies for a more accurate quantification of this important variable.

Heresy? Rethink & Quantification of Company-Specific Risk Premium [VIRTUAL]

May 20, 2024 │Webinar | 12:00 pm – 1:00 pm EDT

While tickets are free for ASA Members, please sign up with your email address for continuing education (“CE”) credit.

Speaker

Ray Dragon, ASA
Director and Leader of the Valuation Practice at Anchin
Ray has an MBA from Northwestern University’s Kellogg School of Management and a Masters in Financial Economics from the University of London. An executive with over 25 years of experience in valuation, M&A, corporate finance, forensic accounting, and expert testimony, Ray has the distinction of having served as President of both the New York City and Northern New Jersey ASA Chapters. Ray has an MBA from Northwestern University’s Kellogg School of Management and a Masters in Financial Economics from the University of London. His practice includes valuations for litigation, shareholder disputes, estate and gift planning, and financial reporting.

Click Here to Register

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Join ASA’s NYC Chapter for a presentation by Graham Wetzbarger entitled Appraising Handbags & Avoiding Counterfeits.

The presentation will cover the following:

• What you need to know to get started.
• How to learn the basics.
• Tips for applying the basics in practice.
• How to grow your competency.

Appraising Handbags & Avoiding Counterfeits

April 16, 2024 │Webinar | 12:00 pm – 1:00 pm EDT

While tickets are free for ASA Members, please sign up with your email address for continuing education (“CE”) credit.

Speaker

Graham Wetzbarger
Founder & CEO, Luxury Appraisals & Authentication
Graham Wetzbarger is a world-renowned expert of personal luxury goods, specifically in authentication and appraisals of collectible handbags jewelry and watches. Over the past 15 years, Graham has worked with some of the largest resale businesses including The RealReal, eBay, and Sotheby’s. His authentication expertise grew from his education in Fashion Design and Art History. His thirst for knowledge has taken him around the world, studying at some of the best institutions including the GIA, Christie’s, Fordham Law School, London College of Fashion, NYU, and FIT. Graham has spoken at SXSW, the Fashion Law Institute, Stern Business School, Southern Methodist University, and The Federal Bar Association. Graham donates his time as a National Board member of the Costume Society of America, a member of the Couture Council at FIT, and the International Trademark Association.

Click Here to Register

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Join us for ASA’s Fair Value Conference, offering both in-person and virtual attendance options, taking place on April 25th, 2024 at 9:00 AM ET. Dive into the latest developments and trends in fair value alongside industry leaders. Explore our comprehensive Conference Agenda to see sessions covering risk measurement, ESG’s impact on valuations, and more. Don’t miss out—reserve your spot today to connect with peers and stay at the forefront of fair value discussions.

Our current lineup includes:

Myron Marcinkowski | Kroll, LLC
Myron Marcinkowski joined Duff & Phelps (rebranded to Kroll) in 2006. He is a managing director and North American Valuation Services Leader and part of the firm’s Valuation Advisory Services practice. Myron is also the firm’s Consumer Products and Retail industry leader. He has more than 31 years of experience in providing valuation and financial advisory services.

Josh Putnam | Ernst & Young LLP
Business valuation professional with extensive experience in the valuation of the business enterprise, equity and intangible assets. These valuations have been used by clients to support allocations of purchase price in corporate mergers and acquisitions (for both accounting and tax purposes), litigation and arbitrations, bankruptcy and reorganizations, estate and gift taxes and planning, and corporate planning and internal restructuring. Industry sectors include Media & Entertainment, Retail and Consumer Products and Private Equity.

Manish Choudhary, ASA, CFA | Deloitte
Manish Choudhary is a Managing Director in Deloitte Advisory’s Valuation practice in New York. Manish has supervised and performed diverse valuation engagements for over 20 years involving business enterprises, intangible assets, equipment, and facilities. Manish manages and performs valuation studies in a variety of industries including technology, telecommunications, media, consumer business, health care, financial services and manufacturing for purchase price allocations, impairment testing, fair value reporting, mergers and acquisition analyses, tax and regulatory compliance, bankruptcy re-organizations and strategic financial planning.

Martin Mazin | KPMG
Martin is a partner in the Economic & Valuation Services practice of KPMG LLP. He serves as the New York Metro market leader as well as the National Life Sciences Industry Leader for the valuation practice. Martin is also the former chair of the firm’s Valuation Services Technical Committee. He has approximately 20 years of valuation experience and has been responsible for and involved in a wide range of valuation assignments including, valuations of business and business interests, intangible assets, stock options, and preferred stock.

Andrew Pappania | PwC
Andrew Pappania is a Principal in the Deals Practice concentrating in Valuation. He has performed valuations of businesses, both domestic and international, ranging in size from small, closely held businesses to Fortune 50 companies. He has performed appraisals for purposes such as reorganizations, acquisitions and divestitures, litigation support and for various tax purposes. Currently his projects focus on with issues surrounding financial reporting requirements (ASC 718, 805, 350 & 360 and 460-10) and US tax requirements (IRC 338(h)10, IRC 382). He currently leads PwC’s Beverages sector for Valuation Services.

Aswath Damodaran | Stern School of Business at New York University
Aswath Damodaran holds the Kerschner Family Chair in Finance Education and is Professor of Finance at New York University Stern School of Business. Before coming to Stern, he also lectured in Finance at the University of California, Berkeley. Professor Damodaran’s contributions to the field of Finance have been recognized many times over. His skill and enthusiasm in the classroom garnered him the Schools of Business Excellence in Teaching Award in 1988, and the Distinguished Teaching award from NYU in 1990. In addition to myriad publications in academic journals, Professor Damodaran is the author of several highly-regarded and widely-used academic texts on Valuation, Corporate Finance, and Investment Management. Professor Damodaran currently teaches Corporate Finance and Valuation to the MBAs, and his interests lie in disentangling value drivers and understanding market pricing and behavior.

William Johnston, ASA | Empire Valuation Consultants
Bill Johnston is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers and was one of the first recipients of the ASA’s intangible asset designation. He has over twenty-nine years of experience in business and intangible asset valuations. Bill has managed and performed numerous valuations for financial reporting purposes, including purchase price allocation, goodwill impairment testing, and cheap stock (ASC 718/409a). He is a past member of the Board of Governors for the ASA and is Past Chair of the ASA’s Business Valuation Committee. He is also past President of the ASA’s New York City Chapter and chaired the first national conference co-sponsored by the ASA covering financial reporting valuations. Bill has acted as a guest lecturer at Fordham University, speaking on the topic of intangible asset valuation. He is a member of the Appraisal Foundation’s Working Groups on Valuing Contingent Consideration and Intangible Asset Discount Ratesand a member of the Appraisal Issues Task Force (AITF). Bill previously served as Empire’s chairperson for its Technical and Standards Committee and currently chairs an annual fair value conference and professional development conference for the ASA.

Mark Shayne, ASA, CPA, ABV, CGMA | Empire Valuation Consultants
Mark is a Senior Managing Director of Empire Valuation Consultants. He is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers, and is a Certified Public Accountant (CPA) and Accredited in Business Valuation (ABV) by the American Institute of Certified Public Accountants. Mark has over 25 years of valuation experience with operating, real estate and intangible assets. He also has extensive experience in the valuation of business interests and assets for purposes of Fair Value Measurement (ASC 820), Business Combinations (ASC 805), Property, Plant and Equipment (ASC 360-10), financial SEC reporting, fairness opinions, estate and gift tax and litigation. In addition, he has prepared and supervised over 3,000 valuations of direct and indirect investments in debt, equity and real-estate backed assets on behalf of major alternative asset managers, family offices and business owners worldwide.

Craig Ter Boss | Eisner Advisory Group LLC
Craig Ter Boss is a Partner in the Corporate Finance Group, with nearly 20 years’ experience providing valuation services to public and private clients. Craig delivers services across a range of industries, including consumer products, apparel, technology, business services, financial services, manufacturing, media, retail and health care. Craig’s depth of experience and skill set is a unique combination, positioning him as a specialist with client-facing concerns as well as an expert in fair value measurement issues for audit engagements. Types of engagements include allocation of purchase price, goodwill impairment, corporate strategic and tax planning, corporate transactions (e.g., mergers, acquisitions), litigation and arbitration.

Fizza Khan | Silver Regulatory Associates LLC
Fizza Khan is an expert on regulations governing investment advisers, broker-dealers and registered and private funds. As a hands-on leader across the firm’s flagship service lines – Regulatory Compliance, ESG and Due Diligence Preparation – Fizza ensures Silver’s clients are fully prepared to withstand regulator and investor scrutiny. Through leadership positions at compliance consultancies, in-house legal counsel and compliance roles at various financial institutions and law firm practice, Fizza developed an approach for her clients that calibrates best practices with their business realities. Having personally handled numerous SEC examinations while in-house and as a consultant, Fizza knows how to satisfy regulator and investor expectations without creating unmanageable complexity. Prior to founding Silver, Fizza was the Chief Operating Officer for U.S. Compliance Consulting and a Managing Director at Duff & Phelps. She joined Duff & Phelps in January 2016 as a result of their acquisition of CounselWorks LLC where she was a Partner. At both Duff & Phelps and CounselWorks, Fizza managed the day-to-day provision of compliance services to firm clients and built the foundations upon which advice was given.

David Fitzgerald | Sadis & Goldberg LLP
David Fitzgerald’s practice focuses on investment funds, securities, joint ventures, regulatory compliance and investment advisers. He regularly structures and organizes hedge funds, private equity funds, funds of funds, separately managed accounts and hybrid funds. Additionally, he advises private fund managers on structure, compensation, employment and investor issues, and other matters relating to management companies. Drawing on his 16 years of experience as an institutional Chief Compliance Officer and General Counsel, David provides ongoing advice to investment advisers on securities law issues, including SEC filings. His practice also involves counseling clients in SEC regulatory matters, including compliance issues related to registered advisers.

Carla Nunes, CFA, ABV | Kroll LLC
Carla S. Nunes, CFA, ABV is a Managing Director in the Office of Professional Practice of Kroll and a Kroll Institute Fellow. In addition, Ms. Nunes is the Global Leader of Kroll’s Valuation Digital Solutions group, which produces cost of capital thought leadership content and data housed in the Cost of Capital Navigator. She has over 25 years of experience in valuation, financial reporting and tax, conducting numerous business and asset valuations for a variety of purposes including purchase price allocations, goodwill and asset impairments, mergers & acquisitions, tax restructuring, debt analysis, and gift and estate tax planning. Ms. Nunes also has extensive experience working with multinational companies, having addressed complex tax, international cost of capital, and foreign exchange issues. She is a co-author of the “Valuation Handbook” series and co-creator of the Kroll Cost of Capital Navigator. Ms. Nunes is a Practitioner Director in the Board of FMA International.

Josh Schaeffer, Ph.D. | Equity Methods
Josh Schaeffer is a managing director and practice leader for Equity Methods’ valuation practice. He leads the delivery of valuation and advisory services related to complex securities. Josh works closely with finance executives across a broad array of public and private firms. His clients range from early-stage, pre-IPO upstarts to some of the largest public companies in the world. He’s a frequent presenter for the National Association of Stock Plan Professionals, the American Society of Appraisers, and other industry organizations. Prior to joining Equity Methods, Josh worked with Deloitte Financial Advisory Services and Cornerstone Research. In these roles, he focused on valuations and statistical analyses of businesses and investments for financial reporting, tax, consulting, litigation, and arbitration purposes.

James Milne | Equity Methods
James Milne is a manager for Equity Methods’ valuation practice. He brings a wide variety of practical business experience to the valuation and equity compensation space. James has worked closely with finance executives across a broad range of public and private firms. He manages teams in valuing a wide variety of derivative instruments pertaining to compensation agreements, private companies, partnerships, earn-outs, and guarantees. He has also valued the equity, debt and intangible assets of privately held firms spanning a large number of industries including financial services, real estate, entertainment, and consumer products. Prior to joining Equity Methods, James worked with Deloitte Financial Advisory Services and a number of small valuation firms including Simon Financial, and Cronkite & Kissell. In these roles, he focused on valuations for financial reporting, tax, consulting, litigation, and arbitration purposes.