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ASA’s Chicago Chapter Visits ICAP Seminar

Dan Daitchman, ASA during presentation

ASA Chicago volunteers enjoyed educational programs while representing ASA at the annual Seminar of ICAP (Illinois Coalition of Appraisal Professionals) on May 8, 2017, in Lisle, IL. Attended by approximately 300 real property appraisers, the ICAP educational offerings ranged from regulatory updates, current topics in cost approach, and the state of Chicago’s industrial markets.

72 icap 2

Dan Daitchman ASA with Ken Mrozek, ASA

This all-day event featured a wide variety of programs including in-depth case studies and reports on legal and regulatory issues for appraisers that were presented by experts in the field. Helping represent ASA were Barton DeLacy, ASA and Kenneth Mrozek, ASA who are both ICAP officers, Patricia H. Atwood, ASA, and Dan Daitchman, ASA who was a presenter at this year’s event. Dan’s presentation on “Business versus Real Property Appraisal,” introduced real property appraisers to basic methods and techniques of business valuation. During his presentation he illustrated three case studies that involved valuing businesses with significant real property assets. Because of his expertise, ICAP invited Dan to make this presentation in Springfield, Illinois.  Dan made the presentation in Springfield last Monday, June 5.

Barton DeLacy, ASA

Barton DeLacy, ASA

After presentations, all ASA representatives of the Chicago Chapter spent the day answering questions and giving insight on the benefits of ASA membership. The American Society of Appraisers would like to thank these volunteers for their time and hard work representing our society.

For more information on ASA membership, Visit ASA Online or call us at (800) 272 -8258.


ASA Congratulates First CEIV Credential Recipients

Logo_ASAThe American Society of Appraisers (ASA) is pleased to announce the certification of Los Angeles, CA based Brian J. Marler and Morristown, NJ based Joseph Shalhoub.

Mr. Marler and Mr. Shalhoub are the first two ASA students to complete the Certified in Entity and Intangible Valuation™ (CEIV™) certification program. Brian’s and Joseph’s accomplishment have earned them the right to bear the prestigious and notable “CEIV” credentials as a mark of their success. Brian currently is a Director of Houlihan Lokey’s Financial Advisory Services business located in the greater Los Angeles, CA and Joseph is a Vice President in the Portfolio Valuation group of Duff & Phelps located in Morristown, NJ.

When asked about their CEIV experience with ASA, Brian commented saying, “I have always been impressed with ASA’s certification courses. ASA’s online CEIV certification program was thorough and informative, easy to navigate and offered the flexibility to complete the credential process as my schedule permitted”, while Joseph commented saying, “The American Society of Appraisers is recognized as a premier organization that holds itself and its members to the highest standards when it comes to the valuation profession, and I’m honored to further my professional development through ASA with the achievement of the CEIV credential, which is recognized by Duff & Phelps as the leading best practice amongst valuation professionals within the fair value arena.”

For more information about the American Society of Appraisers or the Certified in Entity and Intangible Valuation Credential (CEIV), visit or call (800) 272-8258.

Brian J. Marler

Brian J. Marler

Brian J. Marler is a Director and member of Houlihan Lokey’s Technology, Media, Telecom Group. His experience includes valuing closely held and publicly traded businesses and providing financial advisory services in a range of transactions, including mergers, acquisitions, spin-offs, sales, repurchases of minority and controlling interest blocks, and other corporate finance activities.

Joseph C. Shalhoub Jr.

Joseph C. Shalhoub Jr.

Joseph C. Shalhoub Jr. is the Vice President of Portfolio Valuation at Duff & Phelps. He is responsible for providing a range of valuation advisory services to private equity firms, hedge funds, business development companies, limited partners, corporations, pension and endowment funds related to their alternative investment positions, including privately-held debt and equity securities.


Meet Our 2017 Equipment Valuation Conference Sponsors

On June 6-7, 2017, the American Society of Appraisers will host its 6th Annual Equipment Valuation Conference at the Metropolitan at the 9 in Cleveland, OH. Thanks to the support of our sponsors, this annual event has become the primary source for the latest insights on equipment valuation.


Russell Equipment Company │ Gold Sponsor

Russell Equipment Company is a global leader in the remarketing of used forklifts and used construction equipment. For more than 30 years, Russell Equipment has led the used forklift and material handling industry in service integrity, reliability and affordable pricing. They’ve expanded to serve customers globally, and are now one of the largest and most respected used forklifts and material handling equipment resellers in the world.


Taylor & Martin, Inc. │ Silver Sponsor

Taylor & Martin’s reputation for honesty and professionalism began in 1935 when auctioneers Charlie Taylor and Ron Martin sold everything from household goods and real estate, to agricultural equipment and livestock. For more than 50 years, Taylor & Martin, Inc. has been dedicated exclusively to the transportation industry becoming the nation’s leader in over-the-road trucking equipment re-marketing, appraisals, and consulting. Having pioneered the tractor and trailer auction business, today their auctions are considered the benchmark of the industry.



Irontrax │ Silver Sponsor

Irontrax was founded in Cleveland, Ohio in 2003 by Joe Santora, a former equipment asset manager at First Merit Bank in Akron, Ohio. Joe, and his equipment manager counterparts of various financial institutions, struggled with finding equipment appraisers that delivered true valuations upon liquidation. Joe, who made it his business to deeply understand equipment valuations, was asked by one of his former banking counterparts to appraise a piece of equipment. Seizing this need in the market, Joe subsequently left First Merit and launched Irontrax.


DFE- Logo

Direct Forklift & Equipment │ Silver Sponsor

Direct Forklift and Equipment was founded by David Braun Jr and Carl Stitzel II, and is located in Boardman, OH. Their corporate concept is geared towards leasing companies and financial institutions, their primary focus is providing exemplary service to assist clients with varying needs. With the ability to successfully navigate all avenues of the equipment leasing and sales industry, their services include: appraisals, inspection and analysis of existing fleets and applications, residual values for future returns, and storage and remarketing.



ELFA │ Friend Sponsor

The Equipment Leasing and Finance Association (ELFA) is the trade association representing financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s mission is to provide member companies a forum for industry development, a platform to advocate for the industry and a resource for information about the industry. ELFA represents more than 580 member companies, including many of the nation’s largest financial services companies and manufacturers, as well as regional and community banks and independent medium and small finance companies throughout the country.



Sencer Appraisal Associates │ Friend Sponsor

Sencer Appraisal Associates is a national machinery and equipment appraisal firm with a superb reputation backed by decades of experience. Their clients rely on their certified, accredited and professional equipment appraisers for prompt, expert appraisals of their industrial, commercial and institutional machinery and equipment. They are a full-service firm, providing professional, independent valuation services to individuals and members of the financial, legal and business communities with a team of associates in cities across the country.



Maynards Industries │ Friend Sponsor

Maynards are auctioneers and global experts in asset auctions, liquidation and asset valuation appraisal services. Maynards manages asset auctions and asset valuation projects valued up to half a billion dollars from eight permanent offices in Canada, the United States, Europe, Japan and China. As auctioneers with an established global presence and familiarity with the international marketplace, they provide project management and sales services wherever a client’s assets are located. Maynards auctioneers and appraisers leverage more than 100 years of all three qualities to efficiently match assets for sale with qualified buyers.


WebHealthCare Appraisers │ Friend Sponsor

HealthCare Appraisers was founded in 2000 for the exclusive purpose of providing valuation services to the healthcare and life sciences communities. Now their professional services firm has grown to 100+ professionals and is one of the nation’s leading healthcare consulting firm specializing in FMV analyses and transactions. Their services consider the full spectrum of FMV needs — from compensation and business enterprise valuations to appraisals of fixed assets, intangible assets and real estate.


Azure Rooftop Lounge │ Local Sponsor

Soak up the sun at Cleveland’s best rooftop lounge with an iconic view of the city, a fresh menu inspired by culinary trained chefs and refreshing handcrafted cocktails.


MTSJournal_160x32The MTS Journal │ Media Sponsor

The MTS Journal is the leading voice for machinery & equipment valuers. Published by ASA’s Machinery and Technical Specialties Discipline Committee, the MTS Journal is written both for the appraiser who values equipment on a regular basis, and for those who may have a professional interest in the subject.

To register or for more information visit ASA Online.


HAI Event Recap

On March 6, 2017, the Helicopter Association International (HAI) Finance & Leasing Committee held its annual full day seminar at the Kay Bailey Hutchison Convention Center in Dallas, Texas. This year’s sessions focused on various aspects of helicopter transactions in the global marketplace.

There were approximately 90 registered participants representing helicopter operators, financiers, lessors, and professionals from legal and accounting fraternities. All were eager to learn the intricacies of international helicopter transactions from seasoned and well-regarded professionals. This year’s keynote presenter Mr. Paul Bowen, a pre-eminent aviation photographer, had the room spellbound throughout his presentation. Attendees enjoyed the interactive sessions delivered by industry experts on critical issues relative to helicopter finance, leasing, ownership structures, and transactions. Topics included Financing & leasing alternatives for the helicopter operator; Operator bankruptcies & forced sales: views from key stakeholders; Problems to solve when doing an international leasing or financing arrangement; Importing and exporting helicopters; Ownership, structuring and registration of your helicopter; Unmanned aircraft systems in a rapidly changing environment; The helicopter market – what’s really going on out there. Participants left with a new appreciation for the intricacies and complexities involved with helicopter transactions in the global marketplace.

The seminar was successful due to the kind support and tireless work of the Finance & Leasing Committee members. The Finance & Leasing Committee Chair, David Crick, ASA, and Committee Member, Sharon Desfor, ASA, represented ASA well and provided phenomenal insight from an appraisal perspective.


ASA’s Member Spotlight on Business Valuation Appraiser: Joan D’Uva, ASA

Editor’s Note: On Tuesday, June 20th, 2017, the American Society of Appraisers will air its Valuation Report: Preparing a Critique in a Litigation Setting webinar instructed by Joan D’Uva, ASA. Ms. D’Uva is a Partner for EisnerAmper LLP working under the firm’s Forensic Litigation and Valuation Services Group. Holding over 20 years of professional experience, a good portion of her work has been involved in “fair value” measurements for financial reporting purposes, intangible assets in purchase price allocation and impairment testing, warrants and options, as well as valuation review support for EisnerAmper audit teams. As an Accredited Senior Appraiser with the American Society of Appraisers and a Certified Public Accountant and recipient of the American Institute of Certified Public Accountants’ Accredited in Business Valuation, Ms. D’Uva combines her use of appraisal and valuation skills and other financial experience to solve complex problems in all types of civil, tort, and criminal litigation. ASA got a chance to chat with this marvelous individual regarding her experiences and viewpoint of the appraisal industry.  

What interested you in becoming a business valuation professional?

Joan D’Uva, ASA

Joan D’Uva, ASA

Originally, I was a Certified Public Accountant working as an auditor but over time I became interested in business valuation. I became interested in valuation because when I visited different businesses, I was fascinated at how they operated and what value they had beyond historical cost. When fair value for financial reporting was introduced, this sparked my interests in this specialty in business valuation because it was a progressive field.

What environmental obstacles did you face in this industry?
I’ve encountered clients that were unaware of this profession and its credentials. Several individuals could not differentiate a business valuation professional who has a designation and a business broker. I believe it is our duty to market and educate the public about this industry.

In your opinion, what do you think the biggest challenge will be for the next generation of inspiring professionals?
The biggest challenge they will face will be remaining cost competitive, due to automation, outsourcing, and simply the growing number of professionals in the field.

Is there any advice you can give to help prepare them?
There are two aspects they must take into consideration when entering this growing field. First they would have to think about efficiency when completing tasks and how they can improve their efficiency for their next assignment. Second, they would have to learn how to distinguish themselves by specializing in a particular area. For example, fair value measurements for financial reporting is a specialty and there is a new designation that they can acquire. It is important to have a specialty and to be able to recognize the technical elements needed to complete the engagements. While it is wonderful to have a general knowledge, I believe to distinguish yourself you must specialize in a particular area.

IMG_4832Last year did you attend ASA’s Woman’s Networking Reception at the International Appraisers Conference in Boca Raton, Florida?

Do you think it is valuable for professionals to attend networking events like the woman’s reception?
I definitely do. When you read publications, you recognize names of ASA members who have been on committees or recognize their work. Networking events like the woman’s reception gives you a chance to connect with these individuals and grow your professional network. At the woman’s reception, I was given the opportunity to meet with individuals whose names I knew but never met in person before the woman’s reception.

Do you think there is value for professionals to have the ASA designation? 
Absolutely, in my opinion, the ASA designation is the premiere credential.

For more information on upcoming events, visit ASA Online or contact us at (800) 272 -8258.



Future of Appraisal Legislation, Regulation Discussed at NJ NAIFA Conference

72On April 19-20, 2017, the American Society of Appraisers presented at the 51st Annual NJ-NAIFA Education Conference in Atlantic City, NJ. This two-day event, hosted by the National Association of Independent Fee Appraisers (NAIFA), offered enlightening topics affecting the real property industry. Supported by an exceptionally strong roster of speakers, ASA’s extraordinary Senior Director of Government Relations and Chief Lobbyist, John D. Russell, JD, presented issues that appraisal professionals encounter. Mr. Russell’s presentation, Where Does Appraisal Regulations Go from Here, covered both a historical perspective on legislation and regulations affecting appraisers, as well as how a range of current factors will shape the discussion on possible legislative changes. His session sparked questions and discussion about specific issues on what can or cannot be done to improve current conditions. Mr. Russell’s profound insight held an everlasting impact that attendees enjoyed.

ASA and Mr. Russell would like to thank the New Jersey Chapter of NAIFA for inviting him to present. If you wish to have Mr. Russell or any ASA representatives to present at your event, please contact us at (800) 272-8258.


2017 ASA Personal Property Conference Dining Attractions


Boston, Massachusetts, offers world-class dining experiences perfect for ASA’s 2017 Personal Property Conference, The Eye of the Beholder—A Revolution in Materials and Methods. Each restaurant offers a unique flare that adds to the diversity and culture that everyone will enjoy. Here are some of the various restaurants Boston has to offer:

Click each icon for details


small logo small oyster Legal seafood summer shack Abe & Louie’s captial grille
fogo-de-chao- Grille 23 S&W kashmir sweetgreen-logo-01 Davios
Papa razzi Piattini Lucas Sorellina 40 Dalton Top of the hub
sonsie Stephanie Shake-Shack_Logo City Table
5 napkin burger towne Max brenner Back Bay Deuxave la voile
l'espalier brasserie jo mistral Cafe Jaffa Hsin pfchangs
casa romero Uni cheesecake factory Pho-Basil Boston Burger Co Boloco


For more information regarding ASA’s 2017 Personal Property Connoisseurship Conference, visit ASA Online or call us at (800) 272-8258.


Spotlight on ASA’s Washington D.C. Chapter’s Rising Star Event

DC_LogoOn Thursday, March 16, 2017, ASA’s Washington D.C. Chapter launched its Rising Stars event in Alexandria, Virginia. This unforgettable experience took place at Topgolf Alexandria encompassing competitive fun, upscale food and drinks, and an abundance of networking opportunities.

Coordinated by the Chapter’s President, Todd G. Nelson, ASA, this event was driven to connect with individuals from the area who were unfamiliar with the organization but were interested in learning in a casual setting. The event had open floorplans in a private area of the facility serving hot food and beverages. The relaxed atmosphere sparked conversations amongst attendees which allowed them to meet others in the profession. ASA’s Senior Director of Government Relations & Chief Lobbyist, John Russell and ASA’s Director of Membership Recruitment, Angelica Sullivan, swung by to answer questions regarding ASA. Hitting their target demographic of under the age of 40, this event had brilliant young professionals expanding the appraisal industry.

ASA congratulates the Washington D.C. Chapter for their hard work in hosting this spectacular event. For more information on upcoming events visit ASA Online or call us at (800) 272-8258.


Equipment Management Conference Recap

On February 26-28, 2017, the American Society of Appraisers participated at the 29th Annual Equipment Management Conference in Houston, Texas. This two-day event, hosted by the Equipment Leasing and Finance Association (EFLA), offered astonishing sessions, off-site equipment tours, first class exhibitions, and unmatched networking opportunities.

Supported by an exceptionally strong roster of ASA speakers, this conference represented a unique platform where attendees were given the ability to evaluate portfolio quality and residual values on a variety of equipment segments. Speakers and sessions included Rae E. Buck, ASA with Corporate Aircraft Market Update and Forecast; Joseph M. Santora, ASA in Construction; Frederick L. Wetzel, ASA in Basics of Assets Management; Michael E. Winterfeld, ASA in Truck Trailer; and Kimberly A. Esposito, ASA, Eric Livingston, ASA, Christopher P. Nugent, ASA, Kevin J. Sensenbrenner, ASA, and Keith J. Weber, ASA as tour moderators. Prior to the conference ELFA partnered with ASA, an official provider of the Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice, and offered ELFA members a 7-hour USPAP preconference workshop instructed by David H. Cole, ASA.

72 threeASA’s booth generated tremendous traffic thanks to the support of Jack Beckwith, ASA and David L. Helle, ASA . Beckwith and Helle gave ASA handouts, brochures, promotional items, and informed attendees about the Society’s Machinery & Technical Specialties education and accreditation programs. Both played a crucial role in representing ASA and explaining the importance of having the ASA designation. Because of their commitment and hard work, membership interest and inquiries have increased.

For more information, please visit ASA Online.


Exploring ASA’s New Discipline-Specific ARM Specialty Designation: Opening the Door to Expanded Income Opportunities

Editor’s Note: ASA recently sat down with ARM course developer and instructor, Jack Young to gain insight into ARM’s new discipline-specific specialty designation program and the newly updated courses.

[ASA] Tell us more about ASA’s new discipline-specific ARM specialty designation program?

[Mr. Young] ASA members can now add an ARM sepciatly designation to their existing ASA designation. Best of all, members can easily use their required reaccreditation CE hours to get this specialty designation that will add real value to your appraisal practice.

[ASA] What are the program’s requirements?

pic[Mr. Young] Members just need to take ARM 201-overview and ARM 204-application courses, pass the exams and turn in a demonstration report and application. Upon approval of the demonstration report you will be accredited for ARM in your existing discipline(s).

[ASA] Why should non-review appraisers consider adding an ARM specialty designation?

[Mr. Young] An ASA ARM specialty designation could lead to expanded income opportunities for litigation, loan underwriting, insurance losses, family law matters and many other areas. Past attendees of ARM classes overwhelmingly agree at the very least, the classes helped them understand the process of how their report may be reviewed, resulting in their producing better appraisal reports.

[ASA] What updates have been made to the ASA ARM courses?

[Mr. Young] The ASA ARM courses have been redeveloped and formatted to be taught in a “dialogue education style” that honors the knowledge and experience of the attendees, incorporating their professional contributions into the curriculum. Students have enthusiastically reported that dialogue with other appraisers in ARM classes has resulted in some of the best appraisal education that they’ve ever received.

[ASA] Can you tell us more about the Program’s two courses?

[Mr. Young] The ARM 201 Appraisal Review and Management Overview course, focuses on review of basic appraisal terms, uses of the ARM designation, how to avoid defamation, discussion of USPAP standard 3, logical fallacies, and review of other appraisal standards (IVS, SSVS, etc). In-class exercises guide you in constructing clear and concise arguments to support your findings while avoiding defamation. Students will review several reports for specific issues including scope of work, ethics, competency, and logic. Students also share their findings with the class creating a rich and valuable dialogue with fellow appraisers.

The ARM-204 Appraisal Review and Management Application course, is basically a hands-on appraisal review report writing class. Students bring reports to review (typically not their own) which will become the work under review for their demonstration report. The topics covered in ARM 201 will be discussed in great detail, while students review the reports under review and begin to prepare their demonstration report. Students share their findings and how they have specifically worded their argument in support of their findings in an objective way that does not leave the reviewer open to allegations of defamation. Students find great value in the discussion focused on specific findings in the reports they have brought into class. By the end of the class, each student will have the practical application knowledge of appraisal review and review report writing, including most of the components needed to assemble their demonstration report for submission for advancement. Appraisal management topics of record keeping, working with other appraisers and report signing are also covered.

Both classes are three days long with the exam on the fourth day. Courses will need to be taken sequentially.

[ASA] Where can ASA members find out more about the new discipline-specific ARM specialty designation program and classes?

[Mr. Young] Interested members should visit ASA Online or contact an ARM accreditation specialist at (800) 272-8258 or Upcoming ASA ARM classes are listed in the Society’s National Class Schedule.

Young_JackJack Young, ASA, CPA, is a machinery and equipment appraiser with NorCal Valuation. Inc. He is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers (ASA) with a designation in Machinery and Technical Specialties as well as an Appraisal Review & Management designation in the MTS specialty. Jack is an active member in the American Society of Appraisers, currently serving on the International Appraisal Review & Management Committee and also active in the local chapter, having served as Chapter President and currently serving on the Board of Directors.