• Litigation Consulting - QuickRead Top Story - Valuation/Appraisal

    Unimpeachable Substance and Principles

    March 11, 2026

    Business Valuation Standards and the Substance and Principles of USPAP In this 25th article of the Unimpeachable Neutrality series, the author wants to make a case that he believes is both technically accurate and practically necessary: the business valuation standards of NACVA, ASA, and the AICPA do not merely conform to the substance and principles of USPAP in a passive or derivative sense. They are built upon those principles, share the same foundational architecture, and in the specific context of business valuation, complement USPAP’s framework with discipline-specific structure. The conversation that the valuation/appraisal profession needs to have is not about…

  • QuickRead Top Story - Valuation/Appraisal

    SBA SOP 50 10 8

    October 22, 2025

    Updated Valuation Guidance for 7(a) and 504 Loans (Effective June 1, 2025) SOP 50 10 8 provides specific thresholds and scenarios dictating what type of valuation is required and by whom for 7(a) and 504 loans. Valuation professionals including CVAs, CPAs, and other appraisers should understand these guidelines to ensure their appraisals meet SBA standards. All requirements cited here are drawn directly from this SOP. Effective June 1, 2025, the U.S. Small Business Administration’s (SBA) SOP 50 10 8 (Lender and Development Company Loan Programs), brought important updates and clarifications to business valuation requirements for 7(a) and 504 loan programs.…

  • Practice Management - QuickRead Top Story

    Marketing Isn’t About Us

    July 16, 2025

    It’s About Them What is the purpose of marketing? While credentials are helpful, the profession needs to reevaluate the strategies used. In this article, Rod Burkert reminds us of what the profession may consider to market the services effectively. Have you wondered why it’s getting harder to reach the leads and prospects we want to sell to and serve? What if almost everything we’ve considered to be marketing … is wrong? Let me give you a bit of history. We first complained about certain valuation organizations’ very existence. The IBA came first. Then the ASA. Apparently two organizations was all…

  • QuickRead Top Story - Valuation/Appraisal

    SBA 7(a) and 504 Loans

    April 30, 2025

    How Business Valuations Drive Smarter Lending Decisions This article provides a case study that highlights the methodology behind SBA-compliant business valuations. The article underscores the importance of grounding the analysis in standard valuation techniques, using reliable industry benchmarks, and properly documenting adjustments. The role and value of business appraisers to the lender and parties involved in a potential SBA-financed transaction is also discussed. Business valuations play a vital role in SBA financing. For both 7(a) and 504 loan programs, an independent business valuation is typically required in the following situations: The total financing amount (including SBA loans, seller financing, or…

  • QuickRead Top Story - Valuation/Appraisal

    Adequate Consideration Status Update

    August 28, 2024

    Awaiting Proposed ESOP Regulations In April of this year, the author wrote “Adequate Consideration” Defined? for QuickRead. Since then, the author has regularly checked for updates from the Department of Labor (DOL) with respect to the definition of adequate consideration as it pertains to section 408(e) of the Employee Retirement Income Security Act of 1974 and employee stock ownership plans. Although there have not been any regulatory updates from the DOL (as it pertains to the definition of adequate consideration), there is some news on the topic to share. In April of this year, I wrote “Adequate Consideration” Defined? for…

  • QuickRead Top Story - Valuation/Appraisal

    Reducing Bias in Business Valuation Engagements

    June 12, 2024

    Navigating Bias in Business Valuations Valuation analysts are tasked with gathering information, analyzing data, summarizing findings, and communicating the results. This includes quantifying the expected cash flows and risks of the business through often conflicting and misrepresented information. This article provides an overview of bias, how it affects business valuations, and provides readers with the standards and tools they need to confidently support their opinions when challenged. Introduction “When the facts change, I change my mind. What do you do?” – Sir John Maynard Keynes Our waking hours are bombarded with more information than can be absorbed. From 2009 to…

  • Litigation Consulting - QuickRead Top Story - Valuation/Appraisal

    Nailing Down the Numerator in the DCF Method

    September 13, 2023

    Theory to Practice VPS StraightTalk Webinar, June 15, 2023 This article summarizes key takeaways from the June 15, 2023, VPS StraightTalk Webinar presentation co-led by R. James Alerding, CPA, ABV and Carli D. Lehr, CPA, CVA, CSEP. The speakers discussed how to differentiate between a projection and forecast, the importance of developing a reliable cash flow or projection evaluation of specific risk to the overall valuation, lessons from court cases regarding the use of forecasts, and what valuation standards say about the use of prospective financial information in business valuations. This article summarizes key points. Business valuation analysts spend a…

  • QuickRead Top Story - Valuation/Appraisal

    The Well-Written Business Valuation Report

    August 30, 2023

    Structured, Clear, and Well-Researched and Reasoned In a litigation setting, a well-written business valuation report can position your conclusion of value as credible. When completed for tax purposes, a well-written business valuation report can help avoid an IRS challenge. In any circumstances, a well-written business valuation report can provide the business owner with ways to increase cash flow and reduce risk. After business appraisers learn information about a business, research the economy and applicable industry(ies), analyze the financial statements, and estimate the value of the business, the work is captured in a report. In many cases, it is the business…

  • QuickRead Top Story - Valuation/Appraisal

    Nailing Down the Numerator in the DCF Method

    August 9, 2023

    Theory to Practice VPS StraightTalk Webinar, June 15, 2023 This article summarizes key takeaways from the June 15, 2023, VPS StraightTalk Webinar presentation co-led by R. James Alerding, CPA, ABV and Carli D. Lehr, CPA, CVA, CSEP. The speakers discussed how to differentiate between a projection and forecast, the importance of developing a reliable cash flow or projection evaluation of specific risk to the overall valuation, lessons from court cases regarding the use of forecasts, and what valuation standards say about the use of prospective financial information in business valuations. This article summarizes key points. Business valuation analysts spend a…

  • Litigation Consulting - QuickRead Top Story - Valuation/Appraisal

    Unimpeachable Scope

    April 19, 2023

    A Synopsis of Valuation Brief 1 “Understanding the Differences: Conclusion of Value vs. Value Calculations” Valuation Brief 1, “Understanding the Differences: Conclusion of Value vs. Value Calculations” attempts to unpack the differences between that which is a conclusion of value and that which is not. In this 14th article of the unimpeachable neutrality series, the author provides a synopsis of the key takeaways from the inaugural valuation brief for which he had the pleasure of being a co-author. Society has evolved and perhaps devolved such that labels are becoming increasingly more important. From preferred pronouns to politically correct labels that…

  • QuickRead Top Story - Valuation/Appraisal

    Alternative Ways of Pricing Valuations

    July 20, 2022

    And Valuation Consultations Business valuation reports are somewhat of a competitive product. We may not feel that way because of all the effort we put into them, but many clients do not understand the value to them and look at the valuation as a “mechanical” process. Additionally, there are many other valuation preparers that provide valuations at fees substantially below what a valuation professional might charge. Here is a discussion of some alternative ways of pricing valuations and consultation services, and presenting the value to the clients. Business valuation reports are somewhat of a competitive product. We may not feel…

  • QuickRead Top Story - Valuation/Appraisal

    Shannon Pratt’s Valuing a Business

    December 1, 2021

    Preserving a Legacy In this article, Roger J. Grabowski, FASA, shares with readers a personal story regarding his friendship. The forthcoming 6th edition is a tribute to Dr. Pratt, a close friend and leader of the profession. [su_pullquote align=”right”]Tribute to Shannon Pratt[/su_pullquote] Introduction I am fortunate to have co-authored several books with Shannon. While I had gotten to know Shannon through conferences as well as through teaching valuation courses together, our collaboration began in August 2006 when Shannon asked me to co-author the Cost of Capital 3rd edition. I had edited portions of and contributed to the first two editions.…

  • QuickRead Top Story - Valuation/Appraisal

    Business Valuations

    April 28, 2021

    for SBA Lending Programs Despite the pandemic, the number of small businesses started continues to increase. This article discusses the various Small Business Administration (SBA) programs and the value of serving these lenders. “Success is a full-time job.” Grant Cardone Any entrepreneur or a small business owner would agree that running a successful small business is a full-time job. To run it well requires an enormous commitment of time and dedication. Over the last few years, the number of small businesses in the United States has continued to climb up. In fact, according to the U.S. Small Business Administration (SBA),…

  • QuickRead Top Story - Valuation/Appraisal

    FAQ Interpretations

    January 20, 2021

    Non-Litigation #2 and Litigation #4 The NACVA’s Standards Board was formed to continually review the organizations’ standards and to ensure that the NACVA’s Professional Standards remain up to date, relevant, and relatively consistent with the standards of the other professional organizations. This article addresses the second Non-Litigation and the fourth Litigation FAQ Interpretations published by the NACVA. [su_pullquote align=”right”]Resources: NACVA Professional Standards Standards FAQ Library [/su_pullquote] Business valuation/appraisal standards are promulgated by different business appraisal organizations. The NACVA’s Standards Board was formed to continually review the organizations’ standards and to ensure that the NACVA’s Professional Standards remain up to date,…

  • QuickRead Top Story - Valuation/Appraisal

    Impact of COVID-19 to Global Business Valuation and Appraisal

    April 22, 2020

    On April 8, 2020, the American Society of Appraisers (ASA), CBV Institute, Global Association of Certified Valuators and Analysts (GACVA), National Association of Certified Valuators and Analysts (NACVA), and The Royal Institution of Chartered Surveyors (RICS) collaborated to host a free virtual town hall to discuss how the COVID-19 pandemic will impact business valuation analysts and appraisal titled “Impact of COVID-19 to Global Business Valuation and Appraisal.” This article attempts to unpack the post-COVID-19 guidance discussed during this town hall and provide a synthesized breakdown of the most critical advice provided. [su_pullquote align=”right”]Resources:NACVA COVID-19 Public Service Campaign | Staying in…

  • QuickRead Top Story - Valuation/Appraisal

    Comments: A Follow-up Response to Michael McKean on ESOP Valuations

    January 22, 2020

    Robert Reilly Shares His Thoughts on Impressions Should a valuation analyst accept an ESOP valuation engagement? That is the question raised by Michael McKean in his article written in response to the recent QuickRead article series by Robert Reilly. In this article, Mr. Reilly shares his thoughts on the subject matter. I am old enough to remember the early television show, The Original Amateur Hour. I started watching the show in the 1950s, although it debuted on television in 1948 (before my time). I remember the spinning wheel and the phrase, “Round and round she goes, and where she stops…

  • Practice Management - QuickRead Top Story

    Do You Carry a Portfolio

    October 9, 2019

    Of Your Work? What can a BVFLS professional do to stand out amongst his or her peers? In this article, Rod Burkert shares his thoughts. How do BVFLS professionals like us to demonstrate our analytical skill? How do we exhibit our problem-solving acumen? How do we showcase our report writing talent? I have an idea…turns out it is somewhat controversial…but read on and let me know what you think. All creatives—artists, writers, musicians, photographers, graphic designers, website developers, etc.—carry a portfolio of their work they can show to a prospective employer or client and say, “See, I’ve done this. This…

  • QuickRead Top Story - Valuation/Appraisal

    The Unimpeachable Standard—One Voice Cannot Harmonize with Itself

    August 8, 2018

    Business Valuation Comparison Charts A quartet of present and former Standards Board chairs for the National Association of Certified Valuators and Analysts (NACVA) were on hand to harmonize about valuation standards during the 2018 NACVA and the CTI’s Annual Consultants’ Conference at Caesars Palace in Las Vegas, Nevada. During NACVA’s Industry Standards and Ethics Update, and the Around the Valuation World, they discussed the results the NACVA Standards Board’s multi-year study comparing valuation standards promulgated by NACVA, IBA, AICPA, ASA, USPAP, IVSC, RICS, and CICBV. The results of this groundbreaking study were summarized into two comprehensive charts comparing the NACVA…

  • QuickRead Featured - Valuation/Appraisal

    Business Valuation and Reporting in Matrimonial Disputes

    August 16, 2017

    Adherence to Development and Reporting Standards in Family Law Litigation Family law practitioners deal with a host of complexities when resolving matrimonial disputes.  In high net worth cases, financial considerations soon become paramount.  Often the largest financial asset on the marital balance sheet is an interest in a closely held business controlled and operated by the family or single spouse.  In these cases, a significant portion of the marital estate and, accordingly, the key to a party’s financial future rests on the results of a proper valuation.  This article discusses the importance of development and reporting standards in litigation engagements.