“Value is a useless word by itself,” according to Bruce Bingham, ASA, Trenwith Valuation, LLC (New York), who spoke at the ASA’s 2006 International Appraisal Conference at the beginning of August.  Without any accompanying standard or definition, “value” has no real value in the business appraisal industry, most would agree.

Most appraisers might also debate the differences between fair market value and fair value in varying contexts—but Bingham challenges any appraiser to come up with “a specific instance where fair market value and fair value are different.”  If you can do it—“Business Valuation Review will publish it on page one.”  If anyone’s up for the challenge, contact the BVWire editor, and we’ll forward your email to Bingham.