BVWire wishes to extend its deepest condolences to the many friends and family of Raymond C. Miles, who passed away on Sept. 3, 2013.

Ray Miles was a trailblazer in the BV profession and the founder of the Institute of Business Appraisers (IBA) in 1978, the first membership association in the business appraisal profession. His best-known contribution to the business appraisal profession is the development of the direct market data method (DMDM) of valuing small to midsize closely held businesses.

Originally trained as an engineer, he became an independent management consultant and business broker in the mid-1970s. He found a dearth of information and resources, so he did his own research and eventually wrote a book, Basic Business Appraisal. He founded the IBA so that individuals like himself could leave a pathway of knowledge for others to follow. He helped develop the Certified Business Appraiser credential that was so rigorous that even some of the top names in business appraisal struggled to obtain it. He also wrote several BV-related books and many peer-reviewed articles and technical studies. “Retiring” in his 88th year, Ray continued to participate in conversations about business appraisal and the direction of the profession.

Shannon Pratt, one of the lions of the profession, tells BVWire: "I was sorry to hear about the passing of Ray Miles. Ray was a pioneer in the establishment of a private company transaction database, and I dedicated my book, The Market Approach to Business Valuations, to him." 

Also, one IBA governor says: “The roots of mentoring in the business valuation profession stem back to Ray Miles. He is perhaps the main reason why so many people in this profession ‘pay it forward.’”

In lieu of flowers, donations can be made to the Raymond Miles Memorial Fund, to furnish the science lab at St. Jerome Catholic School, in the hope that one more lively mind may be inspired. The school is located at 2601 SW 9th Ave., Fort Lauderdale, FL 33315.

As one of his many friends and colleagues stated: “His spirit will live on in all of us.”