In preparing their valuation reports, business appraisers may want to consider adopting “Kaizen,” the post-War Japanese practice of continuous daily improvement, said attorney Paul Hood said during BVR’s recent webinar, “The Business Appraisal Report: Perfecting the Art. A second path to improvement may be to “adopt a reviewer’s mentality,” added co-presenter Timothy Lee (Mercer Capital). “We may be satisfied, but with the stakeholder there is little that is convincing,” Lee said. “Lay the groundwork: own the basic facts and circumstances of the subject business,” Hood advised. And watch your writing style – “just say it so the reader can just read it,” he said.
Finally, when “offshoring” BV work is still a real threat to the profession, both presenters stressed using less “robotics”—fewer boilerplate forms and checklists. “We can easily gather data, but the future [of the profession] is how we differentiate the work product from someone else’s,” Lee said.