For years Bill Quackenbush (Advent Value) has provided thoughtful leadership as ASA’s BVC Chair. As he passes the baton to Linda Trugman (Trugman Valuation Assoc.) at the end of this month, Quackenbush encourages valuation practitioners to continue to develop the BV profession along the highest professional and analytical standards.
In the latest (and his last) ASA E-letter, Quackenbush points out:
“What was considered a best practice 10 years ago—or even 5 years ago—may no longer be considered, so as we develop our theory and courts, regulators, or other controlling bodies raise the bar or change the rules. Can we rely solely on benchmarking for discounts?...Have we fully considered the modifications to fair value for financial reporting by FASB regarding market participant perspective and contingent price considerations?”
Quackenbush also advises appraisers:
- To maintain currency in their professional acumen;
- To actively and aggressively pursue opportunities to educate the marketplace, proactively work to shape the forces that affect them, and hold high their expectations regarding the demeanor and activities of their members;
- To work together cooperatively with other BV organizations to positively impact the profession; and
- To foster the development of valuation theory and practice in a way that is meaningful and reliable.