In a major step forward for the BV profession, the American Society of Appraiser’s Board of Governors voted August 19th to allow its Business Valuation Committee (BVC) to formulate a business plan regarding a joint venture with the Canadian Institute of Chartered Business Valuators (CICBV) to expand internationally. The organizations will use education to accomplish the goal, developing new programs specifically for the valuation markets that are developing overseas in Europe, Asia, and Central/South America. The old model of using U.S. and Canadian instructors to teach North American valuation practice overseas will evolve into a model in which experienced professionals in each market will teach in their own markets.
John Barton, the new Chair of the BVC, offers the following assessment of the opportunity in the latest ASA BVE-Letter:
"One criticism of the BV industry is that there is no single business valuation association in North America that has united practitioners into one voice. We have different practice standards and different educational programs for each professional society. While one unified set of BV standards has eluded us domestically, we are hopeful that this educational effort will begin an international association of business valuation practitioners who at least adhere to one comprehensive training program. How these practitioners end up being organized into professional societies remains to be seen. An umbrella concept of associated BV associations is one concept that has been proposed."“I have submitted a Plan and have asked the Board for a formal ‘yes’ or ‘no’ vote at their September meeting,” Barton tells the ‘Wire. “I will keep you posted.”
BVR applauds this step. Both CICBV and ASA have been providing superior training for members, and this can only be enhanced by a joint effort to bring business appraisers from other countries into the effort. This is not just a North American profession, and efforts by IVSC and others have opened the door for international practices and standards.