2019 ASA Advanced Business Valuation Conference Recap

The American Society of Appraisers recently held its 38^th annual Advanced Business Valuation Conference on August 25-27, 2019 in New York City, NY at the New York Marriott Marquis.

This conference presented the most comprehensive Business Valuation educational programming available, taught by the world’s top Business Valuation professionals. This two-day event offered attendees more than 30 highly focused educational sessions in areas of business valuation, fair value and a variety of specialized topics.

To see photos of the Joint ASA 2019 Advanced Business Valuation and International Appraisers Conference, click here.

The 2019 Advanced BV Conference was held in conjunction with ASA’s 2019 International Appraisers Conference, allowing a unique opportunity for attendees to expand their global professional network and interact with attendees and exhibitors. The conference kicked off Sunday night at the Welcome Reception giving attendees the opportunity to mingle and network with one another.

Monday was the first full day of the conference with introductions and welcoming remarks from ASA’s International President Douglas R. Krieser, ASA. Next, Johnnie White, ASA’s CEO, spoke and then invited Krieser back to the stage, along with ASA’s past President Robert B. Morrison, ASA, IA. Morrison subsequently thanked Lee P. Hackett, FASA for serving as ASA’s interim CEO for one and one-half years. Hackett was presented an award in appreciation for his service.

Next, Morrison invited the ASA Joint Conference Keynote Sponsor, Chad Sandstedt, Co-Founder and CEO of TagniFi to the stage to introduce keynote speaker, Sir David Tweedie, Chairman, International Valuation Standards Council (IVSC). Sir David Tweedie then discussed: “Globalization, the Public Interest and Recognition of the Valuation Profession.”

Following the keynote presentation, attendees adjourned to the appropriate specialized educational track they chose.

Breakout sessions followed the keynote and included topics such as A Closer look at International Valuation featuring Adriana Berrocal, ASA BV/IA, FRICS, MBA, Partner, Deloitte Mexico; Raymond Moran, ASA, MRICS, CEO, MG Valuation; Mercedes Falcon, ASA, Senior Vice President, Valuation Research Corporation; and PJ Patel, ASA, CFA, Senior Managing Director and Co-CEO, Valuation Research Corporation; Entertainment – Film & Music by David R. Dunn, Managing Partner, Shot Tower Capital and Travis Cloyd, CEO & Founder, Worldwide XR; and USPAP Update by R. Lee Robinette, ASA, President, Collateral Evaluation Associates, Inc.

Next were presentations that focused on: Intersection of Big Data and Patent Valuation by Michael Pellegrino, President, Pellegrino & Associates, LLC; Fair Value in Appraisal Rights Cases by David G. Clarke, ASA, Managing Principal, Griffing Group; and Reducing the Gap Between IVS and USPAP Practices by Jack Beckwith, ASA, CEA, President, EAGI.

The annual International Awards Luncheon followed these educational sessions. ASA International President Douglas Krieser presented the following awards:

ASA’s Chapter Member of the Year Award was given to Melanie Modica, ASA, ARM-PP and Pamela Bensoussan, ASA, ARM-PP from the Houston Chapter. The Chapter Education Event Award was designated for the ASA-NAIFA New Jersey Atlantic-Cape South Chapter and The Chapter Outreach Program Award for the Chicago Chapter. The Chapter of the Year Award was given to the Houston Chapter.

Next Krieser presented the Rising Star Award winners: Chelsey Janzen, ASA, Stella Law, ASA, Mack Mangan III, ASA, Lauren P. Miller, ASA, Mathew J. Muller, ASA, Carolina Rocha and Kathleen Turner.

Following that Krieser announced that the Board of Examiners recognized Paul D. Roberts, ASA, for the Examiner of the Year Award.

Next the NAIFA award winners were announced. The NAIFA Appraiser-of-the-Year Award was given to Sherrie Galderisi, ASA; the NAIFA Educator of the Year Award to Margaret Orman; and the NAIFA Paul Wetzel Award to Charles E. Blau, ASA, IFAC.

Lunch was served and following that Krieser returned to the stage to present the individual awards. The Jerry Larkins Volunteer Service Award was given to Juanita E. Addeo, ASA, MGA, and The Sylvia Wade Olson Award of Merit to Sabriya Tony.

Next, The Woman Appraiser of the Year Award was designated for Jamie Allen, ASA.

Following the awards presentation, Krieser recognized the current past ASA president Robert B. Morrison, ASA, IA. Then he asked the members of the Board of Governors in attendance to stand and be recognized.  Finally, he asked International Secretary Treasurer David Crick, ASA,  and International Vice President Lorrie Beamont, ASA, to stand.

Up next were the following sessions: FASB Update by Joy Sy, Supervising Project Manager, FASB; One Company, Four Offers by Chris M. Mellen, ASA, MCBA, CVA, ICVS, ABAR, CM&AA, Managing Director, Valuation Research Corporation; Across Disciplines: What Appraisers Should Know About Property Tax Appeal, by Mary O’Connor, ASA, CFE, Partner, Sikich LLP; Machine Learning: Overview and Valuation Use Case byChandu Chilakapati, Managing Director,  Alvarez & Marsal Valuation Services; Issues in Professional Sports Valuation byBryce Erickson, ASA, MRICS, Senior Vice President,  Mercer Capital; and Kevin G. Kane, ASA, CFA, CFO, Managing Director, Empire Valuation Consultants; Best Ways to Create a Strong Referral Network byJay E. Fishman, FASA, FRICS, Managing Director, Financial Research Associates; Z. Christopher Mercer, FASA, CFA, ABAR, Founder, Chief Executive Officer,  Mercer Capital; AICPA Valuation Guide – Applicability to Real EstatebyWilson McCauley , Manager,  EY LLP, and Sean A. McKee, National Audit Leader – Investment Management,  KPMG LLP; Same Facts, Different Answers byRussell Chapman, ASA, Director / Valuation Services, Duff & Phelps, Oksana Westerbeke, CFA, Principal, Grant Thornton, and Jason Andrews, Senior Director, Alvarez & Marsal Valuation Services LLC; and Engaging Millennials in the WorkplacebyDillon Knight Kalkhurst, Founder, The Center for Intergenerational Engagement.

The ASA’s Rising Stars event was held Monday evening. The reception gave attendees the opportunity to meet and network with other rising professionals in the appraisal industry.

The Educational Foundation Silent Auction and President’s Networking Reception also followed Monday’s educational classes in the evening. The auction was a huge success due to over 60 items being donated. With Dueling Pianos for entertainment, the auction and President’s Networking Reception concluded the first full day of the conference.

An Early Riser session: Collaboration for the Future was held Tuesday morning at 7:00 am. The participants in the discussion were: Johnnie White, MBA, CAE, CMP, CEO/Executive Vice President, American Society of Appraisers; Mary Jane Andrews, President & CEO, CBV Institute; Ray Moran, ASA, MRICS, CEO/MG Valuation, Chair, Marketing Committee/iiBV; and Neil Shah, Regional Managing Director, Americas, RICS.

Educational sessions began immediately after the Early Riser Session, namely: IRS Valuation Update – What Appraisers Need to Know by Cheryl Teifer, Director, Field Operations Engineering, Eastern Compliance Practice Area, LB&I Internal Revenue Service, and Frank Molinari, SRA, CVA, Appraisal Team Leader, Internal Revenue Service; A Holistic View of Small Stock Premiums by Adam Smith, ASA, Managing Director,  PricewaterhouseCoopers, and Anthony Pumphrey, ASA, CFA, Vice President, Valuation Research Corporation; How to Have More Influence and Impact in the Courtroom by Deborah Johnson, M.C., President, High-Stakes Communication, LLC; and The Effect of Size on Betas & Volatility byMarina Kagan, Director, Financial Analytics and Derivatives,  PricewaterhouseCoopers.

Next was round-table discussion: What Experts Need to Know: A View from the Bar and the Bench, featuring the Honorable Matthew F. Cooper, New York State Supreme Court Justice, New York Supreme Court, New York County; Allen E. Mayefsky, Esq., Aronson Mayefsky and Sloan LLP; Jay E. Fishman, FASA, FRICS, Managing Director, Financial Research Associates; and Kenneth J. Pia, Jr., ASA, CPA, ABV, MCBA, Partner-in-Charge, Business Valuation Services, Marcum LLP.

The following sessions were held after lunch: Firm Quality and Impact on the Size Effect by Roger J. Grabowski, FASA, Managing Director, Duff & Phelps; and Anas Aboulamer, Ph.D., Director of Research,  Duff & Phelps; Expert Witness: Know Your Audience by Joel Levin, Esq., Owner,  Levin & Associates Co., L.P.A.; Discount for Lack of Marketability When the Restriction Period Is Long by John D. Finnerty, Ph.D., Professor of Finance, Fordham University; Valuation of Hedge Fund Management Firms by Vladimir Korobov, ASA, CPA/ABV, Partner, Marcum LLP;  Technology for the Appraiser by Garrett Schwartz, ASA, CEA, Senior Equipment Appraiser, Sencer Appraisal Associates; Cost of Capital Data Choices: Duff & Phelps Navigator vs. BVResources Cost of Capital Professional byJames R. Hitchner, ASA, CPA/ABV/CFF; Valuing Debt in a Down Market — Implications From the New AICPA PE/VC Guide by Amanda A. Miller, Executive Director, Ernst & Young, LLP, and Shaan Elbaum,Managing Director, Valuation Services,  PricewaterhouseCoopers; and How to Overcome Common Obstacles to Marketing and Achieve Success by Mellanie Bartlett, Co-Owner, Sweeney & Bartlett Marketing Partners, and Debby Sweeney, Co-Owner Sweeney & Bartlett Marketing Partners.

ASA hosted a series of educational courses in New York City prior the Conference. The given courses were: Introduction to Business Valuation, Market Approach; Introduction to Business Valuation, Asset Approach, Discounts & Premiums; Introduction to Machinery and Equipment Valuation; Machinery & Equipment Valuation – Advanced Topics & Report Writing; Appraisal Review and Management Overview.

Those unable to attend the conference in person were able to sign up and view key sessions from the conference via live streaming online.

The American Society of Appraisers would like to thank the conference sponsors: Platinum: TagniFi, RICS, Gold: Knowcraft Analytics, Silver: Borrowman Baker LLC, BV Resources, Sweeney & Bartlett Marketing Partners, Inc., Bronze: Gem-A USA, Helivalue$, Inc., National Association of Certified Valuators and Analysts (NACVA), Exhibitors: Forensic Expert Witness Association (FEWA), NARMCO/Southeast Appraisal, Duff & Phelps, Crown of Light, RC Reports, GF Data Systems, Sectilis.

ASA would also like to thank the planning committee and advisors for all of their hard work and support: BV Conference Chair Jay E. Fishman, FASA, FRICS, Scott A. Nammacher, ASA, PJ Patel, ASA, CFA, Kenneth J. Pia, Jr., ASA, CPA, ABV, MCBA, Adam Smith, ASA.

Save the Date! Make plans to attend the 2020 ASA Business Valuation Conference in Chicago, October 11-13, 2020.

Check back here to see more conference photos—to be added soon