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ME208 in Moscow

Students of the course with instructor Norman F. Laskay, ASA.

Students of the course with instructor Norman F. Laskay, ASA.

ASA’s Marine Asset Appraisal Class, ME208 was taught on January 19-21, 2015 in Moscow, Russia. Thirteen students at the KPMG training center facilities attended. The students were all KPMG in house appraisers, almost all with engineering degrees. The KPMG offices are in the new Moscow business area surrounded by high-rise office buildings with stunning architecture.

Topics discussed over the three days included marine asset appraisal methodology, basics of marine terminology, the field inspection process, and three approaches to value in the marine industry and appraisal problems. The course covered both commercial vessels and yachts. As there is a very small yacht presence in the Russian Federation, and KPMG’s interest is mainly in businesses and plant and machinery; extra time was spent on commercial vessels. While the Moskva River was outside the class window it is not in commercial use and a field trip could not be arranged. An extensive photograph slide show allowed the class to see various types of vessels in use all over the world and the commonalities and differences in design and utility was noted as very important when doing the Cost and the Comparable Sales approaches.

ME208 was developed and instructed by Norman F. Laskay, ASA. And the course is held annually in locations around the nation including port cities of Baltimore, Long Beach, New Orleans and San Francisco, and internationally in Melbourne, Australia and now in Moscow, Russia; and often includes a tour of a local vessel for an up-close identification of marine machinery and equipment. View a video sneak peek of the course in action.

Norman F. Laskay, ASA

Norman F. Laskay, ASA

In addition to being the course instructor, 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, including the upcoming 9th International Conference on the Valuation of Plant, Machinery and Equipment to be held October 26-28, 2015 in Toyko, Japan, where he will be speaking on the factors in choosing replacement cost or comparable sales in valuing marine assets.

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ASA Signs MOU with KOAMI

(Left to right) Gary L. Smith, ASA, MGA, Richard Berkemeier, ASA, Lim Jae-yoon, Park, Young Tahk and Joo Hyun Lee

(Left to right) Gary L. Smith, ASA, MGA, Richard Berkemeier, ASA, Lim Jae-yoon, Park, Young Tahk and Joo Hyun Lee

The American Society of Appraisers recently met with representatives from the Korea Association of Machinery Industry (KOAMI) to sign a memorandum of understanding (MOU).

The MOU outlined an agreement between the organizations to maintain and develop cooperation, exchange information, provide training and promote awareness.

Attending the signing were ASA’s International President, Gary L. Smith, ASA, MGA; Machinery and Technical Specialties Discipline Governor, Richard Berkemeier, ASA; and KOAMI representatives, Executive Vice Chairman, Park, Young Tahk and Certification Team Manager, Lim Jae-yoon. Joo Hyun Lee, provided translation service.

ASA had previously participated with KOAMI in a two-day seminar in Seoul, Korea. The purpose of the joint educational seminar was to share information, particularly on how ASA’s four Principal of Valuation (POV) courses for the Machinery & Technical Specialties Discipline could be used as a model for future Korean courses as well as to promote ASA and ASA education on an international level.

The Korea ADSC_0311_150x100ssociation of Machinery Industry (KOAMI) is the leading industrial organization for the Korean machinery sector. KOAMI provides practical help for individual member companies and actively promotes the sector in general. KOAMI was established in 1969 as a nonprofit manufacturers’ association based on the ‘Promotion Act for the Machinery Industry’ proclaimed in 1967. The main purpose of KOAMI was to act as a unified body with the authority to speak for the industry. KOAMI’s member companies are located through out the country, including the local manufacturers, importers, and distributors of machinery and ancillary equipment. The majority of members are small and medium sized enterprises (SMES) and themembership subscriptions are based on company annual turnover.

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Philadelphia Chapter Hosts Inaugural Service Event to Benefit Cradles to Crayons

Susan Golashovsky, ASA and Robert Luciani, ASA with their spouses.

Susan Golashovsky, ASA and Robert Luciani, ASA with their spouses.

The Philadelphia Chapter of ASA hosted a service event and happy hour at the Great American Pub in Conshohocken, Pennsylvania on December 11, 2014 to support the local chapter of Cradles to Crayons. The mission of Cradles to Crayons is to provide children ages 0 to 12 with important essentials of life.

Cradles to Crayons volunteer Rachel Pacielllo.

Cradles to Crayons volunteer Rachel Pacielllo.

At the event, members were able to contribute cash donation or an article of essential children’s clothing to the cause while enjoying complimentary hors d’oeuvres and an open bar. The event was a great success as we raised over $400 and filled a large box with clothing for a wonderful cause. The Philadelphia Chapter of ASA looks forward to making this an annual event for its members and community.

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Unlocking Private Company Wealth – A Sneak Peek at an Upcoming Webinar for Business Advisers

Z. Christopher Mercer, ASA

Z. Christopher Mercer, ASA

Editor’s Note: ASA will air a private company wealth tutorial webinar for business advisers titled “Unlocking Private Company Wealth” on Tuesday, February 24, 2015 from 1:00-3:00p.m. ET. In preparation for this highly anticipated webinar we sat down with presenter Z. Christopher Mercer, ASA, who is one of the most respected and recognized leaders in the valuation profession, to get his insights into this topic.

What trend in the marketplace do you currently see driving this topic?
We are seeing an increasing number of closely held family business owners who are facing ownership or management transition.

What opportunities for business advisers do you currently see emerging?
Business advisers who know, understand and are able to talk to their business owner clients about the critical issues surrounding these transitions will be in demand.

What topics will the webinar cover?
We will take a close look at managing the wealth in private business; creating a budget for managing wealth; rate of return on a business owner’s investment; strategies for managing private company wealth; bad things happen to good companies; identifiable earnings create transferable value; how will the next investors look at your business?; Is your business ready for sale?; and 25 questions for business owners.

What are the webinar’s key takeaways for business advisers?
Business advisers will learn five ideas that will change the nature of conversations they have with their business owner clients; the concept of the One Percent Solution and how that applies to the wealth management of their private company owner clients; tools for managing private company wealth, including dividend policy, leveraged share repurchases, ESOPs, minority interest private equity investments, among others; and lastly, 25 questions to ask their private company owner clients to help them consider management and ownership transition issues.

Webinar registrants will receive a FREE copy of your book; tell us more about this special offer.
Yes, the book is included in the cost of the webinar (a $25 value) and will be shipped to registrants afterwards. Although key portions of the book will be touched on during the webinar, the book is a valuable reference tool that webinar registrants will be able to go back to and explore in more detail the ideas, concepts and real-life examples discussed.

 

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ASA’s Marine Survey Course Set to Sail in Moscow

The Queen Mary

The Queen Mary

ASA’s ME208: Marine Survey course will be held exclusively for KPMG, as part of ASA’s Onsite Course Program taking place January 19-23, 2015 in Moscow, Russia.

Since 2001, this unique offering has generated interest from both non-marine professionals seeking basic knowledge of the industry and marine professionals looking to learn more about the appraisal side of the industry.

The course continually receives positive reviews from registrants due to its easy-to-understand format, expert instruction, insightful tours and attractive locations.

Developed and instructed by Norman F. Laskay, ASA, the course is held annually in locations around the nation including port cities of Baltimore, Long Beach, New Orleans and San Francisco, and internationally in Melbourne, Australia and now in Moscow, Russia; and often includes a tour of a local vessel for an up-close identification of marine machinery and equipment. View a video sneak peek of the course in action.

The course was most recently held this past November aboard the legendary vessel The Queen Mary, that now serves as a popular hotel, museum, restaurant and local Southern California icon.

Norman F. Laskay, ASA

Norman F. Laskay, ASA

In addition to being the course instructor, 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, including the upcoming 9th International Conference on the Valuation of Plant, Machinery and Equipment to be held October 26-28, 2015 in Toyko, Japan, where he will be speaking on the factors in choosing replacement cost or comparable sales in valuing marine assets.

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Philadelphia Chapter: 2014 Sinclair Award Winner

 

Eric H. Hencken, ASA (left) presenting John Barton, ASA (right) with the 2014 Geroge D. Sinclair Professionalism Award

Eric H. Hencken, ASA (left) presenting John Barton, ASA (right) with the 2014 George D. Sinclair Professionalism Award

John Barton, ASA was presented the 2014 George D. Sinclair Professionalism Award at the Chapter’s November meeting. Eric H. Hencken, ASA presented Mr. Barton with the award. The Philadelphia Chapter created the George D. Sinclair Professionalism Award in 2003 to recognize individuals whose actions have enhanced the appraisal profession.

“John Barton has devoted enormous time without compensation to the Chapter’s benefit as well as made major contributions to the appraisal field as a whole, including globally,” noted a member of the nominating committee.

Mr. Barton is the President of Brandywine Valuation Consultants, LLC, a privately held valuation firm specializing in the valuation of equity, invested capital, and intangible assets for the purposes of financial reporting, estate and gift tax, and litigation support. John has been an accredited Business Valuation member since 1993 and has served on the ASA’s Business Valuation Committee, International Education Committee, Board of Examiners, and has been an instructor in the Principles of Valuation courses for many years.

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ASA Personal Property Conference March 25-27, 2015 – Message from the Conference Chair

Frances Zeman, FASA

Frances Zeman, FASA

ASA Personal Property Conference March 25-27, 2015

Issues in Determining the Authenticity of Visual Art and Objects, the Catalogue Raisonné, Art Scholarship and Value in the Marketplace

With optional Field Trip on March 28th to
Princeton University Museum, Sculpture Collection and Libraries

Message from the Conference Chair 

Dear Friends and Colleagues:

Registration for the conference is open and there has been an excellent response so far. Those of you who have already registered are going to have an outstanding experience; I want to expand on this here a bit for you, and for the benefit of those who have not yet registered. I have been actively engaged in the appraisal profession since 1980 and many of you know that I appraise fine art, antiques/decorative arts, residential contents and oriental rugs. As appraisers, we are interested in a wide range of “stuff”; even though we may not be familiar enough with these properties to appraise them, we know that there are universal issues that have the potential to affect information and advice we are going to provide to our clients. The educational and networking opportunities at this conference were developed with the idea that they will be pertinent to all areas of Personal Property.

It doesn’t matter if you appraise numismatics, wine, jewelry, African sculpture, ethnographic arts, photography, textiles, musical instruments, automotive, books, furniture, fine art, silver, porcelain, 20th century decorative arts – you name it (forgive me if I left something out): we all deal with the issues that are going to be discussed at the March conference. While there may be differences in the types of properties being appraised, each one of us must deal with issues of provenance, title, authenticity, scholarship and technology – each one of these issues has the potential to affect value. How strong can our argument for value be if we don’t at least consider these important factors? Many of us of have been attending conferences for years: through ASA, compeer organizations, museums, foundations and educational societies. Each is special in its own way: what makes this conference so unique is that there are speakers participating who do not usually present at conferences; you may recognize their names. Every one of the speakers was more than enthusiastic when asked to participate and will bring us fresh and up-to-date information and viewpoints that will contribute to expanded expertise, and to making changes that will contribute to making us better at what we do. Appraisal students, this conference was also developed with you in mind.

You will also notice that there are several ASA appraisers listed as presenters. Our organization has some brilliant minds and seasoned practitioners from whom we will learn. Think about the learning and networking opportunities; learn how to problem solve though someone else’s experience. Meet and engage with the speakers who are dealers, scholars and researchers; reach out and open a path of communication that cannot help but to enable and enhance you as a professional appraiser. The process of “authentication” is complicated and challenging, even to the extent of its meaning.

This conference program was developed to provide a very high level of educational opportunities to a broad audience. Register by December 2, 2014 and participate in a chance to win a year’s Professional Level auction database subscription provided by our enthusiastic media partner Artnet. Your registration also includes three breakfasts, three lunches, drinks/snacks at six breaks, and two evening receptions.

I have worked on many conferences in the past; this one is meant to benefit and to be of interest to every attendee. I welcome and encourage you to seize the opportunity join us at The Yale Club (and elsewhere) in New York City with your colleagues, to have a stellar experience and to earn a significant number of re-accreditation credits at the same time.  Invest in yourself and your profession, register at: http://www.appraisers.org/Education/conferences/2015-personal-property-conference.

See you in March,
Frances Zeman, FASA

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ASA BV AICPA Forensic and Valuation Services Conference Wrap Up

The AICPA Forensic and Valuation Conference was recently held on November 9-11, 2014 at the Hyatt Regency in New Orleans, LA. The conference was for valuation and forensic practitioners and consisted of educational sessions from experts in the field. Topics included how to apply complex analytical techniques, scrutinizing online consumer transactions, exploring public databases, conducting advanced interviews, facing video depositions, analyzing written statements and updates on fair value, cost of capital, goodwill and size premium.

ASA’s Business Valuation Discipline Committee had an exhibit booth, which was managed by Vanessa B. Claiborne, ASA; Riley J. Busenlener, ASA; Nene G. Gianfala; and Norman F. Laskay, ASA. ASA held a special promotional deal for attendees to receive a free copy of BV Review and raffled off an Apple iPad mini to a lucky winner. The Society’s International Vice President Linda B. Trugman, ASA, presented at the conference. Other ASA members who attended the event were; Gary R. Trugman, ASA; Harold G. Martin Jr., ASA; Tony Aaron, ASA; Mark L. Zyla, ASA; Neil J. Beaton, ASA; Nancy J. Fannon, ASA; Bethany M. Hearn, ASA; James R. Hitchner, ASA; Ronald L. Seigneur, ASA; Kevin R. Yeanoplos, ASA; Rosanne Aumiller, ASA; Randie G. Dial, ASA; Adam J. Herman, ASA; Michael Crain, ASA; Michael D. Morhaus, ASA; Carol W. Carden, ASA; R. James Alerding, ASA; Heather A. Tullar, ASA and Harold G. Martin Jr., ASA.

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ASA Leadership Training

Ernest Demba, FASA, ARM-RP; John Russell; Gary Snowdon, ASA and Richard Berkemeier, ASA during training.

Ernest Demba, FASA, ARM-RP; John Russell; Gary Snowdon, ASA and Richard Berkemeier, ASA during training.

ASA’s Leadership Training Orientation was held on Tuesday, November 18, 2014 at The American Society of Appraisers’ headquarters in Reston, VA. The leadership training was a full day of introductions, discussion, planning and presenting on ASA’s structure and governance of the Society. Topics of the day included the board’s roles and responsibilities, parliamentary procedures, strategic plan, legal duties of officers and directors and role of ASA headquarters departments. This training was vital in helping incoming leaders learn more about what to expect and insights into the ASA board and headquarters.

Attendees of the training included Gary L. Smith, ASA, MGA, International President; Linda B. Trugman, ASA, International Vice President; Gary Snowdon, ASA, Region 1 Governor; Rick Berkemeier, ASA, Discipline Governor MTS; Sandra J. Tropper, ASA, Discipline Governor PP; Ernest A. Demba, FASA, ARM-RP, Discipline Governor RP and Edith Yeomans, FASA, Parliamentarian, Board of Governors.

Guest presenters included Richard F. Dorman, CAE who provided a presentation titled ‘Board Role Discussion’, ASA Legal Counsel Jerome C. Schaefer, Esq. and ASA headquarters staff.

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Jay E. Fishman, FASA, Receives Chairman’s Public Service Award

blog_JayFishman_award-150x200

Steven Elliott (L) presenting Jay E. Fishman, FASA (R) with his award.

The American Society of Appraisers is proud to announce that Jay E. Fishman, FASA, has been awarded The Appraisal Foundation’s Chairman’s Public Service Award. This award recognizes individuals who have worked with The Appraisal Foundation for the benefit of the appraisal profession and who have gone above and beyond the call of duty. The award was presented to Mr. Fishman at The Appraisal Foundation’s fall meeting in Boca Raton, Florida on October 30-November 1, 2014.

Mr. Fishman who is the managing director of Financial Research Associates has been actively engaged in the profession since 1974. He specializes in the valuation of business enterprises and their intangible assets and has coauthored several books and written numerous articles on business valuation. Mr. Fishman is a former Chairman of the Business Valuation Committee of ASA, a former Editor of the Business Valuation Review and was for many years Chair of ASA’s Government Relations Committee. He previously served a three-year term on the IRS Advisory Council and is currently Vice Chair of the Appraisal Practices Board of The Appraisal Foundation. He was elected to ASA’s College of Fellows in 2005 and is a Life Member of ASA.

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