Easiest-to-spot mistakes in valuation reports are also the most damaging

BVLaw’s good friends Carole Gailor, JD (Wallis & Hunt PLLC, Raleigh, NC) and Michelle Gallagher, CPA/ABV/CFF (Gallagher & Associates, Lansing, MI)  discussed common weakness they see in valuation reports at the AAML/AICPA conference in Las Vegas earlier this month.  “On average I find 20-30 errors in every valuation report I read” shared Gailor.  Her three easiest-to-spot mistakes:

  • plagiarism – specifically the omission of data source citation
  • the lack of a site visit, and
  • outdated CVs
Pass along some of their good advice to your exert witnesses: keep CVs short – “There’s no need to list every conference participation, but it is smart to mention attendance if it’s directly relevant to the case” observed Gallagher.  One of her best tips (based on sudden furious note-taking in the session!) was to contain the CV to one page and include a small but recent photo towards the bottom: “Remember, it’s likely been a month or more since the judge or trier of fact has read the valuation report. The picture connects the face with the work.”