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European Valuation Conference Recap


International President, Linda B. Trugman, ASA Speaking at the European Valuation Conference

The American Society of Appraisers held its first European Valuation Conference on May 26, 2016 in Prague, Czech Republic. This conference was an important milestone not only in the history of ASA but also for the valuation industry in Europe.

Supported by an exceptionally strong roster of speakers, this conference represented a unique platform where investors, executives, regulators and valuation professionals discuss the current challenges of business valuation. Speakers and sessions included Roger J. Grabowski, FASA with New Developments in Cost of Capital: Beyond CAPM, APT and Black Scholes, Jan Marek, ASA with Implied ERP-Key Drivers, Misinterpretations, Mauro Bini with Comparison of Private _JMI8965Transactions and Publicly Traded Companies Multiples, Gustavo Tella with A Fundamental Approach to the Cost of Debt, Aswath Damodaran with Valuation: Six Lesson to Take Away!, and Mark Kantor with Ethical standards of Expert Witnesses.

The evening ended with a reception where attendees were given the opportunity to meet and network with prominent individuals in the field.

The American Society of Appraisers would like to thank our sponsors for their support. Thank you to Deloitte, S&P Global Market Intelligence, MiddleCap, EY, PwC, iiBV International Institute of Business Valuers, and Fakulta Sociálních Věd Univerzita Karlova

To view photos from this event click here.


ASA/USC 11th Annual Fair Value Conference – Los Angeles Recap

RadissonThis year’s 11th Annual Fair Value Conference took place on Wednesday, June 8th at the Radisson Hotel at USC. Hosted by the American Society of Appraisers’ and the University Of Southern California Leventhal School Of Accounting, this event featured important updates on fair value matters impacting financial reporting and their importance.

This event was an opportunity for attendees to obtain insight from various internationally recognized representatives on the needs of valuation in the development of audits and their fair value estimates. These insights could then become employed in a technical or business management practice setting. Topics and speakers included FASB Update on Fair Value Matters by Adam Kamhi, SEC Update by Kristopher Shirley, Transaction Due Diligence Considerations by Mike Kim and Razmik FVC_USCLibarian, Valuation Profession Initiative Update by Tony Aaron, Volatility Estimation and Measurement by Amanda Miller, Contingent Consideration Task Force Update by Alok Mahajan, PCAOB Update by George Wilfert, Pepperdine Capital Markets Survey Update by Craig Everett, Credit Value Adjustments by Anthony Law, and AICPA Fair Value Update by Mark Smith.

Each panel encouraged the audience to ask questions and to become engaged in their areas. In addition to the panels and lectures, attendees were able to enjoy exceptional networking opportunities from leading firms and top valuation boutiques. This event truly proved to be an extraordinary opportunity for all who attended.

Special thanks goes to our sponsors for making this event a great success.


globalview advisors




5th Annual Equipment Valuation Conference Recap

IMG_0143The American Society of Appraisers recently held its 2016 5th Annual Equipment Valuation Conference on June 8-9 in Cleveland, Ohio at the Metropolitan at The 9.

Sponsored by ASA’s Machinery and Technical Specialties Committee, this annual event has grown to become the central source for the latest insight into the equipment valuation process. The welcome reception kicked off the event offering mouthwatering hors d’oeuvres, refreshing cocktails, and an abundance of networking opportunities at the Azure Sun Lounge.

On Wednesday morning, introductions and welcome remarks were made by the head event coordinator, Joseph M. Santora, ASA. Guest speakers provided insight of the industry and its trends. This year’s lineup included Jeffrey Dunn on Aircraft, David L. Helle, ASA on Bank Regulations, Mekael Teshome on Economic Outlook, Andy Decker onIMG_0271 Forklift/Lift Truck, R. Lee Robinette, ASA on Ins and Outs of USPAP, Thomas M. Hazelhurst on Machine Tools, Mark A. Craig, ASA on Mining, Brad Hartsburg, ASA on Oil, Gas, and Fracking, Will Tefft and Kevin Sensenbrenner, ASA on Residual Setting, and Michael E. Winterfeld, ASA on Transportation. And as an added bonus, an offsite tour was offered for attendees of the Great Lakes Towing Company where they were able to gain a hands-on experience in appraising equipment.

The American Society of Appraisers would like to thank Taylor & Martin, Inc., Ritchie Bros. Auctioneers, Gordan Brothers Group, Irontrax, Equipment Leasing & Finance Association, Spencer Appraisal Associates, Exact Crane & Equipment Corp., Azure, and the MTS Journal for their support.

To view photos from the event chick here.


2016 AAM MuseumExpo Recap

The exhibit entrance of the 2016 AAM MuseumExpo

The exhibit entrance of the 2016 AAM MuseumExpo

Over 6,000 museum professionals attended this year’s American Alliance of Museum Annual Meeting and MuseumExpo. ASA was represented by Connecticut-based personal property appraiser John A. Wood, ASA, Maryland-based personal property appraiser Genice R. Lee, ASA, and Jennifer Schleining, Accreditation and Reaccreditation services specialist from ASA’s National Office.

The MuseumExpo brunch kicked off the event with live music, giveaways, and extensive networking opportunities. Attendees were then redirected to meeting areas where numerous seminars and demonstrations took place. Speakers ranging from political activists to creators of television programs gave more than 698 presentations during the conference. Robert M. Edsel, author of Monuments Men, was amongst the many memorable guest speakers that attended. In his segment he discussed the success of his novel and the impact it had on society. The novel acknowledges unidentified heroes who saved art and cultural treasures during World Word II and how they helped preserve it. He closed his segment by stating, “I challenge all of you to become advocates for the return of artworks to their rightful owner. We most honor those, both past and present, who safeguard our cultural heritage in times of war.”

More than 294 exhibitors from across the region, both new and seasoned, participated in AAM, many offering hands-on interactions with their products and services. Attendees were able to try virtual reality headsets or watch live art being created. Exhibitors received positive reviews from attendees, who said, “You can’t find this information anywhere else.” Others said, “This was the most successful conference by far.”

Jennifer Schleining speaks with AAM attendees about the “Find an Appraiser” tool

Jennifer Schleining speaks with AAM attendees about the “Find an Appraiser” tool

ASA volunteers and staff spent the majority of their time speaking to attendees about the criteria needed to become an appraiser, and the importance of having an accredited appraiser when valuing pieces. Our exhibit’s main attraction was the “Find an Appraiser” tool that is featured on ASA’s homepage. This tool, which is open to the public, can help anyone searching for an appraiser with ASA membership by discipline and location. Several museum professionals say that they inform the public about our tool and have redirected them to ASA. Users tell us, “We love your tool! It makes it easier for us to see which appraisers are in our area versus relying on an open search engine.”

The conference was a huge success—well-organized and filled with informative presentations and networking opportunities. One satisfied attendee put it best, saying, “Everything is evolving and we must evolve with it. This conference is a great way to find new resources to help you strategize on how to grow and compete.”

To view photos from the conference click here.


ASA Department Profile Series: Accreditation & Reaccreditation


(Left to Right) ASA’s Accreditation & Reaccreditation Team: Megan Seid, Joy Brown and Jennifer Schleining

The American Society of Appraisers (ASA) confers two designations upon qualified candidates—the Accredited Member (AM) and the Accredited Senior Appraiser (ASA). Additionally, the Society also offers various specialty programs like Ad Valorem/Mass Appraisal, Aircraft, Appraisal Review & Management, Intangible Assets, Master Gemologist and others.

Keeping track of the thousands of individuals and their pursuit of these designations or specialties falls under the responsibility of ASA’s Accreditation & Reaccreditation Department. Each year the department generally receives, reviews and processes approximately 200 accreditation applications and over 500 reaccreditation applications, responds to 3,000 phone and 13,500 e-mail inquiries and updates more than 2,000 member records. The department also works closely with Society and local chapter event planners to ensure continuing education offerings are properly managed and recorded.

The department is currently comprised of three people: Joy Brown, Jennifer Schleining and Megan Seid:

Joy Brown presenting on ASA headquarters’ new zero-waste recycling program.

Joy Brown presenting on ASA headquarters’ new zero-waste recycling program.

Joy Brown, Senior Manager, is responsible for the overall management of ASA’s accreditation and reaccreditation services as well as the processing of accreditation and reaccreditation applications for the Machinery & Technical Specialties and Appraisal Review & Management disciplines. Her dedication and commitment were recognized in 2015 with the bestowing of the Society’s Sylvia Wade Olson Award. She also was instrumental in launching a new zero-waste recycling program at ASA’s headquarters in Reston, VA. She has been with the Society for a full decade. Joy’s tenure, along with her educational background and 10 years of work experience provide her with an in-depth knowledge of the various complex systems and policies/procedures necessary to successfully run an international multidiscipline organization. She has a Bachelor of Arts degree in Psychology with an emphasis in Business and a minor in Merchandising from Marymount University where she graduated cum laude, and has spent her entire career with ASA. Joy may be reached at (703) 733-2134 or

Jennifer Schleining representing ASA at the 2016 American Alliance of Museums MuseumExpo.

Jennifer Schleining representing ASA at the 2016 American Alliance of Museums MuseumExpo.

Jennifer Schleining, Services Specialist, oversees all accreditation and reaccreditation services related to the Real Property and Personal Property disciplines. She also serves as staff liaison for the Personal Property Discipline Committee and recently assisted with sponsor procurement for the 2016 ASA Personal Property Annual Connoisseurship Conference and represented the Society at the 2016 American Alliance of Museums MuseumExpo. She has been with the Society for over two years. Jennifer’s educational background and 10 years of work experience are an excellent fit for her role and help her speak to and understand the unique needs of the professionals she engages with. She has a Bachelor of Arts degree in Art History with a minor in Classical Studies from the University of North Carolina at Greensboro, a Master of Arts degree in Curatorial Studies and Art in Contemporary Culture from Bard College, Center for Curatorial Studies and a Certificate in Meeting and Event Planning from the University of North Carolina at Charlotte, Continuing Education Department. Prior to ASA Jennifer worked as a membership director for The Charlotte Museum of History and in various fundraising and development positions for organizations including The Corcoran Gallery of Art, the National Association for Music Education (NAfME), Give a Note Foundation, Tudor Place Historic Home and Garden and The Madeira School. Jennifer may be reached at (703) 733-2117 or

Megan Seid representing ASA at the 2016 Heckerling Institute of Estate Planning Conference.

Megan Seid representing ASA at the 2016 Heckerling Institute of Estate Planning Conference.

Megan Seid, Services Specialist, oversees all accreditation and reaccreditation services related to the Business Valuation & Gems & Jewelry disciplines. She has also represented the Society at various course sites, committee meetings and the 2016 Heckerling Institute of Estate Planning Conference. She has been with the Society for over two years. Megan’s educational background, technology expertise and 10 years of work experience enable her to respond quickly and accurately in her data-driven role. She has a Bachelor of Science degree in Communication with a minor degree in Marketing from Old Dominion University, along with an extensive technology training/usage in Aptify, Euclid Clear Vantage, SharePoint, Noah, Peachtree, Salesforce and others. Prior to ASA Megan worked as an assistant manager of continuing education for the Brick Industry Association and as a credentialing manager for the Board of Registered Polysomnographic Technologists. Megan may be reached at (703) 733-2122 or

Together, these three individuals help grow and usher in a new generation of credentialed members and assist in the continued advancement of members and other allied professionals.


Sneak Peek – ASA’s ME208 – Marine Survey Class

IMG_0107_croppedASA’s Marine Survey is a three- day class which was designed for the nonmarine professional who wants basic knowledge of the industry, and for the marine professional who wants to learn more about the appraisal of yachts and commercial craft. ASA will be hosting this class on October 27-29, 2016 in Norfolk, VA. The class will be held at the Sheraton Norfolk Waterside.

Topics covered in the course include marine equipment; the marine industry and functions of marine surveyors and appraisers; the three approaches to value as they apply to commercial and yacht appraisal; identification of marine equipment and systems, both commercial and yacht; and following USPAP in report writing.

IMG_0110_croppedTopics covered in the course include marine equipment; the marine industry and functions of marine surveyors and appraisers; the three approaches to value as they apply to commercial and yacht appraisal; identification of marine equipment and systems, both commercial and yacht; and following USPAP in report writing.

The full class schedule includes:

Introduction to commercial and pleasure craft marine assets; The functions of marine surveyors and marine appraisers; comparing and contrasting machinery and equipment and marine appraisers and their appraisals; purposes of marine appraisal and definitions used; the three approaches to value; valuation problems.

The three approaches to value; valuation problems; detailed exploration of vessel types and systems; photo tour of vessel construction and vessel types.

Off site- field trip; Marine data bases; information sources; sample reports/USPAP and marine appraisals; field safety; review; test.

The class is looking to include an off-site field trip to a commercial vessel. Past students who attended class had an offsite field trip to a fireboat vessel and have raved about it stating, “The fire boat tour was incredible! And essential for non-surveyors to have a better understanding of the course material.” These field trips are an important part of the learning process and help facilitate hands on learning. Norfolk offers a number of possibilities to be onboard a modern Z-drive ship docking tug.

This class has been held annually in locations around the nation including port cities such as Long Beach, CA; Baltimore, MD; New Orleans, LA; and internationally at locations such as Moscow, Russia; and Melbourne, Australia.

Norman F. Laskay, ASA

Norman F. Laskay, ASA

The instructor and developer of this course is Norman F. Laskay, ASA. Mr. Laskay, a designated member of the Society for more than 25 years, is a veteran marine appraiser/surveyor and of council for Metairie, LA based Dufour, Laskay & Strouse, Inc. and a frequent presenter at industry conferences.

To view past year’s photos of Marine Survey, click here and to view a past blog posts about this class click here.

To register for this class visit ASA Online.

Norfolk, VA is home to the largest Navy base in the world, Naval Station Norfolk and is the location of corporate headquarters Maersk Line, Limited, which manage the world’s largest fleet of US-flag vessels.

Norfolk International Airport is situated three miles northeast of the central business district of Norfolk and is a short plane ride many nearby cities such as Washington D.C.; New York; Charlotte, NC and many more.

Plane Drive
Washington DC 50 minutes 4 hours
Baltimore 50 minutes 5 hours
Philadelphia 1 hour 6 hours
New York 1 hour 15 minutes 6-7 hours
New Jersey 1 hour 15 minutes 6-7 hours
Charlotte, NC 1 hour 5 hours
Raleigh/Durham, NC 2.5 hours 3 hours

Spotlight – ARM Designation Program

There are a few important questions all appraisers should consider.Gavel_01

  • Are you current with the appraisal requirements?
  • Are your appraisal reports and appraisal reviews a potential source for litigation?
  • Are you aware of the potential liabilities the appraiser exposes his/herself to in doing an appraisal or appraisal review
  • When asked to opine on another appraiser’s work product, are you not clear about how to organize or articulate your findings or are you concerned about avoiding issues related to defamation of character?
  • When your appraisal work relies upon another appraiser’s work product what liabilities are you accepting?
  • Are you aware of the increased litigation regarding appraisal work and do you ever worry that your appraisal reports might not stand up to the standards that appraisal reports are measured against or that you might be sued for negligence or gross negligence?
  • Are you ready to expand your business and better protect your reputation?
  • Are you up to speed on USPAP Review Standard requirements for proper way to review an appraisal?
  • Could your own work product be improved by spending time analyzing the work product of others?

If you answered yes to at least one of these questions then ASA’s Appraisal Review and Management Overview course is a must to enhance your professional career and protect your professional reputation.

This course is centered on providing an in depth understanding of the appraisal standards that govern the practice of appraisal, this course will compare, contrast and interpret real property, personal property and business valuation standards including USPAP, IVS Standards, RICS, AICPA, IBA, AI, ASA, AMEA, ISA, AAA, IFA and other appraisal association’s standards. It also covers narrative appraisal report writing as an argument, the review paradigm and provides a hands-on review of approximately thirty (30) actual reports. The course is a mix of class lecture, discussion and practices appraisal review by using actual redacted appraisals for all disciplines.

Take a tip from Paul Golubovs, MBA, ASA. Paul, (whose ASA accreditations include four specialty designations in Personal Property, as well as accreditation in Appraisal Review and Management), credits ARM training with taking him “to the next level of professionalism” in his work, stating that he gained “a heightened awareness of the numerous types of errors which result in inaccurate analysis and invalid conclusions of value.”

Due to increased litigation over appraisal reports and appraisal reviews appraisal review is a growing concern in the appraisal industry. New legislation as well as the pressure from the regulators has created a large demand qualified appraisal reviewers with credentials and continues to grow. This is creating a need for qualified credentialed reviewers opening up a new or expanded field for individuals to fill. Don’t be left behind, seize the opportunity and become a credentialed reviewer with the skills required by taking the ARM Courses. Appraisal reviews are in demand for legal cases of all kinds, collateral loans, business deals, insurance settlements and marital dissolution. Reviewers are needed in every appraisal specialty, from the variety of personal property valuations to business valuation, real estate and machinery and equipment.

Appraisal review raises the bar on appraisal reports by providing professional, expert review of the appraiser’s qualifications, how well the report aligns with standards of appraisal practice, and whether or not the appraisal report itself makes logical sense to a trained professional. Without this training, even an ASA could be producing appraisal reports that would not pass a qualified appraisal review process. Arm yourself! Knowing what to look for and how to conduct effective appraisal reviews improves your own valuation and reporting skills, increasing your reputation and expertise.

As an Accredited Senior Appraiser, you can take Appraisal Review and Management to earn your ARM designation in your own discipline. These classes have been completely revised and are now taught using a dialogue education format, avoiding the usual slide/lecture system. Past students have declared the class a big hit, they have enjoyed the class interaction and project-based instruction more than the usual lecture mode and felt they had a better grasp of the material covered. To learn more about Appraisal Review and Management, visit the discipline’s website here.

Jack Young, ASA, instructor for NorCal's ARM201 class.

Jack Young, ASA, instructor for NorCal’s ARM201 May 19-22, 2016 class.

The NorCal Chapter of ASA is hosting Appraisal Review & Management on May 19-22, 2016 in Oakland, CA. Instructor for the NorCal ARM class is Jack Young, ASA. Jack Young is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers specializing in Machinery and Equipment Appraisals (MTS) and Appraisal Review and Management (ARM). He is also a Certified Public Accountant. Jack reviewed hundreds of appraisals while auditing banks and other financial institutions at KPMG. Subsequent to KPMG, Jack was a financial analyst in the insurance and international micro-finance industries. Jack is an active member of the Northern California Chapter of the ASA, where he serves as Chapter Past President. Previous to accreditation he worked for many years as an auctioneer and auction manager of business assets and equipment. Jack received his B.S. Accountancy, Arizona State University. To register for this NorCal class or for more information click here.

Written by Jack Young, ASA.


Sneak Peek – ASA/USC 11th Annual Fair Value Conference – Los Angeles

FVC_USCThe American Society of Appraisers’ and University of Southern California Leventhal School of Accounting are hosting their 11th Annual Fair Value Conference – Los Angeles on Wednesday, June 8, 2016 at the Radisson Hotel at USC. This conference will be of significant interest to financial executives and accountants and will provide important updates on a range of fair value matters impacting financial reporting. The Fair Value Conference is focused on the needs of valuation and accounting professionals involved in the development and audit of fair value estimates. Insights can be immediately employed in your technical or business management of your professional practice.

This year’s conference location, Radisson Hotel Los Angeles Midtown at USC, is adjacent to USC’s 226-acre main campus.

This year’s conference location, Radisson Hotel Los Angeles Midtown at USC, is adjacent to USC’s 226-acre main campus.

Internationally recognized representatives of the SEC, FASB, PCAOB and senior accounting and valuation professionals from the Big 4 and other leading accounting firms will be attending this years’ conference. To view a list of past attendees, click here. Presentation topics include FASB Update on Fair Value Matters, SEC Update, Valuation Profession Initiative Update, Volatility Estimation and Measurement, PCAOB Update, Credit Value Adjustments and other Fair Value Topics.

Why should you attend? The 11th Annual Fair Value Conference – Los Angeles can offer attendees practitioner focused, timely updates on topics of current interest by nationally recognized speakers, exceptional networking opportunities with valuation practitioners from leading accounting firms and top boutique valuation firms and ASA and AICPA continuing professional education credits in a cost effective way. ASA and USC continue to price this conference at a low cost as a benefit to its membership and community at large.Logo_ASAUSCLeventhal_200x50

Sponsors of this conference include local sponsor Globalview Advisors and media sponsor, BV Review. Early bird registration ends May 6, 2016. To register or to learn more, visit ASA Online or call (800) 272-8258.



ASA’s ME203 & ME204 Wrap Up: Nigeria


Leslie H. Miles, Jr. FASA; Paul Osaji and students.

The American Society of Appraisers (ASA) recently conducted an onsite training course in Nigeria for Paul Osaji & Co. Estate Surveyors and Valuers. The Society’s ME203 – Advanced Topics and Case Studies and ME204 – Machinery & Equipment Valuation – Advanced Topics and Report Writing were presented to almost 20 students from March 1-11, 2016, with instruction provided by Leslie H. Miles, Jr. FASA, FAPI. The attendees consisted of various appraisers from the local area of the capital city of Lagos.


Instructor Leslie H. Miles, Jr. FASA teaching the class.

Advanced Topics and Case Studies focused on introducing advanced concepts and techniques than those taught in ME201 and ME202. The course explored exponential pricing techniques, cost estimation, reproduction vs. replacement costs, quantifying functional obsolescence, use of research data, time value of money calculations and more. Machinery & Equipment Valuation – Advanced Topics and Report Writing was merely an extension of the advanced areas with an introduction of such things as leasing, inutility and fair rental value as well as carrying the income approach to a little higher level as we do more on the discount rate development. The students, a good majority of them experienced appraisers, were extremely happy and impressed with the more advanced information and the way it was presented. The course material, as expected, had new and very important additional information and training that students had not been exposed to in their previous work.  The order and content of these courses is well set out and is much of the reason ASA education is in demand.

It is through Paul Osaji’s underwriting and coordinating that ASA has come to Africa with these “in demand” special offering POV courses. In closing I must acknowledge those people that did the same thing (in Australia, Japan); expanding ASA’s footprint in places we were not so well recognized in the past. Thank you to all for that “value added” benefit to this discipline and the overall valuation profession!” stated Leslie H. Miles, Jr. FASA, FAPI.

The Society’s Onsite Course Program is a popular option for organizations in need of training large groups or entire departments of staff. These special, client-centric courses provide educational experiences that can be customized to meet an organization’s individual needs. The courses provide a convenient and cost effective means of helping employees with professional development opportunities and to achieve a designation with ASA.


Farewell to a Pioneer: Remembering Elizabeth “Betty” Blagbrough – ASA’s First Woman International President

ASA’s lost a great leader, mentor and friend on March 26, 2016. Elizabeth “Betty” Blagbrough, FASA was the Society’s first woman president in 1988.

A clipping of the St. Louis Post from August 16, 1977, announcing Elizabeth Blagbrough as ASA’s first woman president of the St. Louis chapter.

A clipping of the St. Louis Post from August 16, 1977, announcing Elizabeth Blagbrough as ASA’s first woman president of the St. Louis chapter.

Ms. Blagbrough was involved in ASA for over 40 years where she held multiple leadership positions, most notably on the Personal Property Discipline Committee, Educational Foundation Committee and the Ethics Committee. Betty was also very active in the St. Louis Chapter of ASA and was the first woman president of the Chapter. Betty forged the path for other woman to become involved in ASA at the national level and was a strong advocate for the Personal Property discipline and its growth.

Edith Yeomans, FASA, chair of the Society’s Personal Property Discipline Committee in a fitting tribute said it best, saying “Betty was one of our great leaders. She was the first woman international president of the ASA and forged the path for other women to become active in the Society at the national level. For many of us, she was a mentor, friend and someone who was not afraid to pull our chain when we veered off path! Her efforts made it possible for us to do what we do today. We honour her memory by carrying on and doing the best that we can.”

“Betty was a friend and mentor. We shared many related professional experiences and history for more than 30 years. She had a great sense of humor and spoke from her head and heart. Betty lived out her life as she wished, did not complain and focused on the positive. She loved her family and was so happy to have them and her friends with her. She was a vital and special person,” stated Fran Zeman, FASA.

View Betty Blagbrough’s obituary here.

Condolences may be sent in care of the following link here.