About 600 appraisers (which included 150 online) of all disciplines enjoyed the 24/7 nightlife, Creole cuisine, great jazz—and some excellent education sessions—at the 2023 American Society of Appraisers International Conference in New Orleans last week. ASA CEO Johnny White welcomed the group and gave an update on ASA matters, including a new public relations campaign to spur membership. He also reminded the crowd that student membership in the ASA is free, and he urged members to visit their alma maters to promote the profession.

A wonderful keynote by Nick Talbot, CEO of the International Valuation Standards Council, told of how he got through a few near-death experiences, including being on Mount Everest in an avalanche. It was a humorous but motivating take on living a “life less usual” (he was born with cystic fibrosis and had a life expectancy of 16 years). His bottom-line message: Set one outlandish goal and go for it. Don’t be afraid to take risks and always keep improving your thinking.

Here are some takeaways from a few of the breakout sessions we attended:

• Ongoing research finds that growth rates are not all the same for different industries (growth rates were calculated for select industries backing out the effect of mergers and acquisitions, i.e., “organic” growth);
• During times of uncertainty, challenge the data you are using;
• Assume all valuations will end up in litigation, so watch your emails (even internal ones)—they are the most common items asked for during discovery;
• Discounts remain the No. 1 issue the IRS looks at when selecting business valuation cases for audit; and
• A new study finds that global “ESG leaders” earned an average annual return of 12.9%, compared to an average 8.6% annual return “laggard” companies earned (about a 50% premium).

There will be expanded coverage in the November and December issues of Business Valuation Update.

Next year’s ASA conference will be in Portland, Ore., Sept. 15-17, 2024.