In light of ASA’s upcoming virtual 2021 ASA Complex Securities Conference on 5/20, we interviewed one of our conference chairs, P.J. Patel, ASA. This first ever ASA event is filled with session content representing leading edge topics selected for their importance to professionals that perform complex securities valuations.
ASA sat down with Conference Chair P.J. Patel, ASA for a Q&A to discuss this debut event.
Q: What will this event cover?
A: SPACs, contingent consideration, determining the appropriate volatility and other issues related the valuation of complex securities.
Q: Who should attend?
A: Valuation specialists, auditors, regulators, accounting and finance executives, especially at early stage companies.
Q: What are the drivers or needs behind this event?
A: More and more valuations involve the use of complex mathematical models. In this event the speakers will share best practices and approaches they use when asked to value securities of this type.
Q: What will be the benefits of attending?
A: Getting ideas and earning best practices from industry experts that are often providing guidance on best practices.
This past month has marked a flourish of operational planning activities by myself, staff and member volunteers in preparation for our upcoming 2021 conferences, including a brand new event for financial securities experts. Starting in March, registration, website launches and promotions will begin for four key events:
In addition to these events, ASA’s Houston chapter will also be hosting their popular and award winning, 2021 Energy Valuation Conference, May 12, Online.
Speaking of chapter’s, there has been a significant uptick throughout the Pandemic in local chapter activities. The ease and convenience of meeting virtually has opened new doors for many to learn and network. An upcoming event to spotlight is the ASA International Virtual Chapter’s “The Deal” – A BV, RP and MTS Case Study, March 10, Online.
Continuing our spotlight on education, ASA’s ARM discipline has completed the update of its Principles of Valuation (POV) courses and has reopened its pathway for appraisers to earn an AM or ASA designation in Appraisal Review & Management. The full upcoming schedule of ASA ARM classes may be viewed online.
Efforts have also been taken to support our Gems and Jewelry discipline, whose members have faced many challenges during the pandemic. First a new benefit partner, Jump Suit Group (JSG), was added to ASA’s exclusive list of vendors providing discounts to members. JSG provides expertise and services to help small business owners better manage and promote their services online. In case you missed it, news about this exciting partnership was covered by Instore. ASA is also working with JSG to develop a new Facebook Group for gems & jewelry appraisers. More news about this will be released shortly. Second, an awareness campaign was run during the Valentine’s Day holiday period promoting the expertise and need to hire qualified ASA-GJ appraisers. Our news release was picked up by 88 leading media outlets, like Morningstar, Yahoo Finance and MarketWatch, with a combined audience of 122 million followers; and was opened by over 1,000 individuals of whom 84 clicked on links to ASA. Last, a new strategic partnerships was established with Jewelers of America (JA) to help promote ASA’s education, credentialing and membership programs to more than 8,000 JA member jewelers across America.
On the government relations front, ASA also participated in the Federal Housing Finance Agency (FHFA) public listening session on appraisal-related policies, practices and processes. Strategic Partnership Officer, John Russell presented on behalf of ASA. View session video, transcript and presentations here.
Last, I had the opportunity to share my thoughts about what 2020 taught me about leadership with my fellow association CEOs via the American Society of Association Executives (ASAE) Lead2021 Playbook. Read my and other leaders reflections here.
To read other important news visit my Message from the CEO column on ASA’s Blog, or follow me on Twitter @johnniewhiteCEO and LinkedIn: http://www.linkedin.com/in/johnnniewhiteceo for more ASA updates.
Posted in February 26, 2021 ¬ 12:58 pmh.adminComments Off on NJ ASA NAIFA Chapter Makes Donation to Goryeb Children’s Hospital
TweetConference Chair, Bob Solotist, ASA, IFA, pictured with hospital personnel.
ASA-NAIFA New Jersey State Educational Committee hosted the ASA-NAIFA Eastern Region Virtual Appraisal Conference on November 11-12, 2020. As part of a long-standing tradition for the event, a portion of the proceeds and donations from our Sponsors and registrants were graciously presented to Goryeb Children’s Hospital on behalf of the Conference. Conference chair, Bob Solotist (pictured above) delivered the $1,500 check to the hospital.
Money will be specifically used to fund electronics and other such items for ill children hospital patients.
For many years the Conference has selected local charitable organizations to receive funds collected at the event as a way to give back and make a difference in the community.
ASA Real Property Discipline Committee Chair, Paul D. Roberts, recently participated in a panel discussion article on appraisal diversification for the Japan based publication Appraisal & Finance. The article was published in their March 2021 issue and was jointly arranged in collaboration with the Japanese Society of Independent Appraisers (JaSIA).
The efforts to publish the article is ongoing example of ASA’s commitment to providing value worldwide, especially in Japan. ASA has had a long history of providing education, credentialing and membership opportunities to Japanese valuers through JaSIA.
How to Share Information Online and Why It’s Essential in Business
Everything has gone digital. In today’s society, sharing important news is more efficient than ever. In fact, it’s only a click away.
What originated as a way to interact with friends and family, social media then took the world by storm when it was later adopted by businesses and professionals who wanted to take advantage of a popular new communication method to reach and network with other industry leaders.
With e-mail being one of the top communication tools used in business today, let’s start there.
What does it mean, ‘to share an e-mail’?
‘Sharing’ an e-mail means you are digitally copying the e-mail you received, and sending (sharing) it to someone in your social or professional network, instantaneously online. Sharing an e-mail allows you to easily forward information you get to those even outside of your e-mail contact list.
Where can I share an e-mail?
There are several platforms in which you can share information to, and we’ll cover a few of the major ones.
Twitter has a large user count and filled with practical tips, breaking news, and networking opportunities. It allows you to ‘follow’ and interact other experts in your field and they can also ‘follow’ you; Facebook, which also has a large user count, is great for viewing and sharing information through industry-related groups, and ‘liking’ and ‘following’ companies’ business pages and events; and Linkedin, most known for being the professional networking platform, is where you can ‘follow’ different businesses and professionals in your industry and share business, professional, and education news yourself. Being active in any or all of these platforms demonstrates credibility in your industry and provide a platform that highlights your achievements.
Suppose you receive an e-mail for an interesting ASA webinar that your peers would appreciate, or a POV course that college students and junior staff are required to take; or maybe you receive an e-mail or open our monthly newsletter containing important industry news or hot trends that you found interesting; share it directly onto one of your social networks– right from the e-mail itself!
*Not only are you promoting the class, but you are promoting ASA and its brand, your industry, as well as yourself as an industry resource using today’s top social and business networks.
Why is sharing e-mails so important?
Sharing information is what expands our network and building relationships, what binds us to others. Sharing information is a major way to build up a brand, and e-mail and social media are currently two of the most-used forms of communication.
Here are the top reasons why as a professional, sharing e-mails is crucial in today’s society:
Building your own brand as a professional individual. The more pertinent the information you share is, and the frequency you share industrial information, the more others will see you as a reliable, if not vital, resource in the industry.
Building the brand of ASA. Sharing ASA’s educational offerings or industry news helps solidify our place as the most preeminent association for appraisers. It’s imperative that ASA stays in front of this new world in this digital age.
Building the brand of your industry. With the younger generation entering the work force in such a technology-reliant environment, using the ‘sharing tools’ for these new-aged platforms is crucial in order to ensure the next generation not only knows the value and relevance of your industry, but has the information and education to ensure its ethics, values, and best practices are passed on, and shared on platforms they use to see.
Have you ever attended a conference and met some great people, and then later came across some information you thought they might appreciate? Share it!
Not only will you reach those you’ve met and already connected with, but you could also potentially reach their entire network as well. Thus, reaching a whole new network of people alike, to promote yourself and ASA to. The domino effect continues, widening and growing both your and ASA’s brand, while proving your industry’s relevance to the world.
How do I share an e-mail?
There are 2 simple ways to share an e-mail from ASA. At the top of ASA’s e-mails, you will see 4 social media icons under the View/Share Online link.
By clicking on one of the 4 icons, it will direct you to the respective social platform, with the e-mail link already added to your post. It will look something like this (example for Linkedin):
This screen allows you to share the e-mail via a ‘social post’, and choose if you’d like it to be visible to others, or if you’d rather share the e-mail as a private message, which is similar to an e-mail or text message.
(Once you post it, the digital copy of the e-mail can be viewed by clicking on the light blue, highlighted link towards the top of the screenshot)
Click on the option to choose if this is for the public or private eyes, and that’s it, you did it! You successfully gave your online presence a boost!
Another way is by clicking on the View/Share Online link, which opens up a new page that looks like this:
If you copy and paste the URL (shown highlighted) into an e-mail or onto a website, or use this technique to share it on social media, you are sharing a digital copy of that e-mail as shown on the right via an online link.
The power of social media is its ability to connect people from across the world; start bridging the gap by sharing ASA e-mails across social networks, while promoting yourself at the same time!
This month we would like to spotlight a few of the men and women of color who are making a difference in ASA and the appraisal profession.
Alvah T. Beander, is president of Melanin Art Appraisals, LLC. She has over 35 years of experience appraising African, African American and African Diaspora art, as well as being a court appointed expert. Her broad list of clients have included: collectors, auction houses, museums, universities, insurance companies, corporations and estate/divorce attorneys. Alvah is an active volunteer currently serving on multiple women, art, small business and diversity/equity/inclusion focused advisory boards, roundtables and working groups. She has been a member of ASA for 20 years and a past president of ASA’s Washington, DC chapter. Read more about Alvah here.
Curtis T. Johnson, ASA, is a managing director, FSO strategy and transactions at Ernst & Young, LLP. He has over 27 years of focused valuation experience within the financial services industry, including insurance, banking, and wealth and asset management, and has performed hundreds of purchase price allocations under US GAAP and IFRS. Curtis has mentored and developed future EY Strategy and Transaction leaders who started as staff and have risen through the ranks as high-performing professionals. He has actively participated in the hiring of women and underrepresented minorities on behalf of FSO Strategy and Transactions. He has been a designated member of ASA for 27 years and previously served on ASA Business Valuation Discipline Committee. Read more about Curtis here.
Genice R. Lee, ASA, is owner of Harvest Estate and Appraisal Services, LLC. She has over 17 years of experience as a decorative arts and antiques appraiser, consultant and presenter. She speaks with professional and community groups on personal property topics such as inventorying, adequate insurance coverage and downsizing. She has been a featured guest on Newsbreak with Renee Nash and Spotlight on Business with Taylor Thomas of WHUR 96.3 in Washington DC to discuss the appraisal industry. She was also a guest appraiser on the PBS television show Chesapeake Collectables for the 10th season. Genice has been a designated member of ASA for 15 years and a past president of ASA’s Washington, DC chapter. Read more about Genice here.
Michael Morgan, ASA, ARM-BV, ABV, CPA, is principal for Houston Valuation & Advisory, LLC. He has over 30 years of experience in strategic and financial consulting, business valuation, investment advisory, internal auditing, investigations and project management. Michael also is an expert witness and has given numerous presentations regarding business valuation, capital investment decision making using quantitative analysis and transaction advisory related to business acquisitions and divestments. He has been a designated member of ASA for the past five years and has served as a member on the board of directors of the ASA Houston chapter and is a current member of the ASA’s Diversity and Inclusion Task Force. Read more about Michael here.
Donald W. Osborne, ASA, is chief executive officer at Audrain, LLC. He is a classic car historian, author, consultant and writer who also shares his experience and knowledge with millions of viewers on television in his regular segments “Assess & Caress with Donald Osborne” and “Behind the Bowtie” on the internationally-distributed CNBC primetime show “Jay Leno’s Garage. Donald has been a designated member of ASA for 17 years and a past presenter for the Society’s Personal Property Discipline. Read more about Donald here.
ASA salutes these and other members of color who serve as an inspiration to the next generation of appraisers. For more information about becoming an appraiser and joining ASA visit www.appraisers.org/join.
About ASA
About ASA ASA is a world renowned and respected international organization devoted to the appraisal profession. As the oldest and only major appraisal organization representing all appraisal specialists, ASA is dedicated to providing the highest possible standards in all areas of ethics, professionalism, education and designation criteria, as well as fostering a fully inclusive Society and profession. Read more about ASA’s efforts to address unconscious bias and discrimination.
For more information about ASA, the ASA designation program, student membership, educational grants, or the Society’s free “Find an Appraiser” Referral System, visit www.appraisers.org or call (800) 272-8258.
We are one month into the year and I’ve continued to stay busy making appearances and issuing statements regarding the future of our profession.
In December I provided a CEO update entitled “Moving Forward Despite Pandemic” that was published in the ASA M&TS Journal, Volume 36, Issue 2, 3rd Quarter 2020. The past seven months have been a whirlwind of change as the world has moved to contend with the global COVID-19 pandemic. During this time businesses and sole proprietors have overcome many challenges, including: ever-changing health and safety guidelines, travel restrictions, stay-at-home orders, technology obstacles and a variety of profession-related issues, like: inspections, report disclaimers, business disruption insurance, etc. In the article, I shared a brief look at what experts see coming in the next year.
Additionally, I took to social media to spotlight the current pandemic’s devastation of associations and how such are locked out of essential relief, and petitions congressional leadership to include nonprofit associations and other 501c^ organizations in the PPP. You can donate to the COVID Fund, an effort to support the families of ASA member appraisers who have died from COVID-19.
In continuing our diversity and inclusion efforts, I coordinated the joint ASA, AI, ASFMRA, MBREA and NSREA Unconscious Bias Virtual Session for the Appraisal Profession on January 13. Over 3,000 registered. Recording and handouts are available online for complementary download.
To a similar effect, I issued comments on ASA’s efforts to combat unconscious bias in the residential real estate appraisal profession in an article in the Washington Post. “Any effort to uncover whether and to what extent aspects of the appraisal process may contribute to disparate impacts on minority communities must also include lenders, guarantors and secondary market participants as well, this is an issue that all contributors to the process must address.”
In case you missed the announcement, on 11/10 Woody Fincham, ASA, a residential real property appraiser from Palmyra, VA was the winning bidder of the ASA Educational Foundation first ever virtual auction for a private dinner with me at the Gordon Ramsay Burger during the International Conference at Planet Hollywood Resort & Casino, Las Vegas, October 24-26, 2021. Education is everlasting. To donate to ASA’s Educational Foundation fund click here.
To read other important news visit my Message from the CEO column on ASA’s Blog, or follow me on Twitter @johnniewhiteCEO and LinkedIn: http://www.linkedin.com/in/johnnniewhiteceo for more ASA updates.
Now is the perfect time to review your ASA membership investment and make the necessary changes to ensure a positive ROI. Take our brief poll to quickly analyze your current performance and determine possible enhancements. Simply answer the questions below, input your point value, total your score and review our performance chart.
How did you score? What changes can you make to better maximize your membership investment?
Want to learn more about how you can become a more active and engaged member? Contact our member service representatives at (800) 272-8258 or member@appraisers.org.
Valentine’s Day is the one ceremonial time of the year to profess and share your love with someone you care about. Let’s take a closer look at the top 5 reasons members love best about ASA, as indicated in a past organization wide survey.
#5: Networking
Members love the many networking opportunities ASA provides. Whether its participating in an organized group event, like at ASA’s International Conference or a local chapter function, using the Society’s Find an Appraiser online search tool to proactively reach out to other members or using the ASA Job Bank, ASA makes it easy to advance one’s career or receive client referrals.
#4: Representation
Members also love ASA’s dedication to protecting their livelihood through advocacy, like current efforts to end abusive conservation easement transactions and the push to support S.4751. Ensuring members have a voice in legislative and government affairs through the active and ongoing education and lobbying of lawmakers is a fundamental member benefit. ASA understands and has been doing this longer than any other valuation professional organization.
#3: Professionalism
ASA’s commitment to excellence though the highest standards, ethics and conduct is very important to members. As one of the Society’s primary objectives, ASA is continually working to ensure best practices, ethical conduct and professionalism on the part of its members and the greater ASA community. This also includes stepping up and taking a leadership role when societal issues intersect the profession, as with the development of COVID-19 pandemic resources, enactment of new non-discrimination policies and unconscious bias training.
#2: Education
ASA’s renowned education is globally recognized as the best of the best. Members continually indicate this as one of their top reasons for joining due to the depth of knowledge, proficiency, practically, specialty content and expert instructors offered by the Society’s National, Local Chapter and eLearning classes.
#1: Recognition
Being part of a globally recognized professional organization is the most important reason members love and choose ASA. Credibility, respect, peer acceptance and customer reliance were top explanations why. It’s also the reason more and more courts, banks, lending institutions, insurance carriers, estate attorneys, CPAs and others are recommending and hiring credentialed members with confidence.
Although there are many reasons why members love ASA these top 5 showcase the best. Be sure to share your love of ASA this Valentine’s Day. Tell a staff member, colleague, student mentee, referral source or customer “why membership matters” and “why they should become or hire a member”!
Important message from ASA Benefit Partner, Murray Insurance Associates.
Over the years we have been asked by Business Valuers about the necessity of purchasing Professional Liability (or E&O) insurance for themselves or their business.
The following reasons are the most prevalent in the purchasing decision.
The Insurance Policy Will Pay Defense Costs: This is the # 1 reason for purchasing E & O insurance – the policy is written to cover attorney defense fees which can easily run into the tens of thousands of dollars.
The Cost of Insurance is Relatively Inexpensive: Minimum premiums for a policy offering a $1,000,000 limit can start at just $2,000.
Low Deductibles:Deductibles for these policies typically start at $1,000 and can go as high as $10,000. The size deductible an insurance underwriter will offer is mostly based on the annual revenues of the firm or Business Valuer.
The Insurance is Requested From Clients and Attracts New Clients:A considerable number of Business Valuers are being asked in these litigious times to carry Professional Liability Insurance. It is often times requested by the customer or client prior to an engagement.
Protecting a Firm’s Assets From Losses:Another valid reason to purchase E & O insurance is to protect a firm’s assets from a settlement or litigation costs stemming from a claim or lawsuit. The smaller the firm, the more reason to purchase coverage.
Good Advice to Keep in Mind:
Claims Made: Policy Form: Most if not all professional liability insurance purchased is written on a “claims made” form. This means that in order for a claim to be covered, it must be filed with the insurance company during the policy term (or Extended Reporting Period).
Prior Acts: There will be a “Prior Acts or Retroactive Date” on the Declaration Page of the policy. Thus, claims involving an alleged “wrongful act” or “error” occurring prior to this date will not be covered. The “retroactive date” will typically be the date coverage was first purchased.
Defense costs erode the Policy’s Limit: When choosing what limit of liability you should purchase, keep in mind that claims expenses (ie, attorney fees) in addition to settlement payments will erode the policy limit. A claim well defended in litigation will likely mean the policy limit will be reduced for any other claims that have or will be made against the policy for the policy term.
Business Valuers seeking insurance often times have difficulty finding a policy that is affordable. That is why an affinity insurance program for members of the ASA has been established and Business Valuers will seek coverage through the program’s administrator, Murray Insurance Associates.
Murray is able to seek proposals from various insurance companies interested in offering proposals for Business Valuers. Murray will review all proposals and make recommendations on which policy offers the best coverage terms for the most competitive premium.
Jeff Gelburd is Vice President at Murray and has been offering Professional Liability Insurance to Business Valuation Appraisers since 1991. He and Patrick Dixon, Account Executive, currently administer an affinity program sponsored by the American Society of Appraisers offering this insurance protection for Business Valuation members. Anyone having questions or interested in coverage should contact Jeff at jgelburd@murrayins.com or Patrick at pdixon@murrayins.com.
