Business Valuation Is a White Hot Practice Area for Many CPAs
By James T. Budyak CPA/ABV, CFA, ASA
Business valuation has long been the single-track career choice of many appraisers, MBAs, and valuators. Now, however, many CPAs are seeing it as a lucrative way to add a specialty area to their practices.
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A business valuation practice specialty offers opportunities to develop business in emerging areas, such as intellectual property, securities, mergers and acquisitions, and stock valuations. It can include providing transaction-related opinions, including fairness and solvency-related services. With the abundance of multinational companies, many consultants find themselves studying businesses both domestic and international in nature.
It is a natural fit to add business valuation services to tax and other financial services that you are already performing for that company. With the FASB's financial accounting statements (FAS) 141 and 142, businesses are forced to comply with enhanced reporting regulations. Many companies that are not required to comply with FAS 141 and 142 still perform regular valuations of their intangible assets and equity.
Business valuation is also strong in estate, gift, and charitable work, as well as litigation and dispute-related work. And with implementation of the charitable contribution provisions of the 2006 Pension Protection Act, the skills of highly qualified, accredited appraisers are becoming even more in demand.
Because of the growth in this sector, firms are recruiting heavily for business valuators. However, in order to practice business valuation in today's market, you have to be highly skilled, educated and, most importantly, accredited.
For instance, my firm, Valuation Research Corporation (VRC), a full service, multidisciplinary firm with offices and affiliates in the U.S. and around the world, has numerous accredited valuation consultants and is always working to recruit well-educated, accredited valuators. A decade ago, there were people doing valuations who weren't accredited. Companies better appreciate the more stringent environment today, and they should actively promote staff to pursue continuing education and to obtain their credentials. There is just too much at stake.
A few organizations offer accreditation for business valuators. I am accredited by the American Society of Appraisers (ASA). Their members were instrumental in founding the profession of business valuation, and it has one of the oldest and most well-respected appraisal education and credentialing programs. The organization works hard to advance the profession by lobbying for congressional passage of the appraisal provisions of the Pension Protection Act and other appraisal reforms.
"We have seen impressive growth in ASA's business valuation membership over the last few years," said Line Racette, an Accredited Senior Appraiser of ASA who works at KPMG. "Our members' desire to earn senior-level accreditation status and to enhance their already outstanding professional expertise pushes us to create the highest level of education courses to meet the needs of even the top valuators in the field."
For CPAs interested in becoming accredited valuators, ASA has one of the toughest and most highly respected credentials in the field. Requirements include a series of basic valuation courses, demonstrated proficiency in the Uniform Standards of Professional Appraisal Practice (USPAP), and a peer review of two actual appraisal reports. Additionally, candidates must have five years of full-time appraisal experience to qualify for the Accredited Senior Appraiser designation. CPAs and individuals who achieved the CPA/ABV designation by passing a written exam have already met some of these requirements through the ASA equivalency program.
ASA has long been a leader in offering basic education to accountants and others who want to become certified in business valuation, and now, in order to keep up with the demand for highly skilled business valuators, ASA has launched a series of eight-hour, advanced-level seminars at sites around the country that build on the core business valuation courses designed for members as well as non-members. Each seminar is recommended for eight hours of continuing education credit. The following advanced seminars provide topical information on finance-related subjects.
Cost of Capital
Mergers and Acquisition Strategies and Techniques
Expert Witness Preparation and Testimony
The Valuation of S Corporations
Valuation for Financial Reporting FAS 141/142/144
Valuation Principles for Transfer Pricing
Valuing Intellectual Property
Valuing ESOP Shares
The following courses provide advanced theoretical and practical information.
Advanced Research for Business Appraisers
Developing Reliable Valuation Models
Discounts and Premiums
Real Options and the Value of Uncertainty
Statistical Characteristics of Common BV Databases
In 2008, courses and seminars will be held in the following cities: Chicago, the Washington D.C. Metro Area, Los Angeles, and San Diego. For a full list of courses, log on to www.appraisers.org/cavs.
There are many business valuation practitioners who are not accountants; however a growing number of accountants are becoming accredited because they realize that this specialty naturally goes hand in hand with their accounting practice. As a result, they are better able to offer a fuller range of services to their clients. There will also be a high demand for years to come for qualified business appraisers.
About the Author
Mr. Budyak is the vice president with Valuation Research Corporation and has more than 20 years of valuation experience. He specializes in allocation of purchase price engagements, fairness and solvency opinions, bankruptcies and restructurings, and litigation support. He has extensive experience with income tax and financial reporting audits and has been deposed on valuation matters. He has served clients in most major industries, has studied dozens of countries and has visited over 40 of them. He has authored numerous articles on valuation and is a regular speaker on valuation, tax-related topics, global due diligence, and country risk analysis. Mr. Budyak is an elected member of the American Society of Appraisers (ASA) Business Valuation Committee (BVC). He is a chartered financial analyst (CFA), an accredited senior appraiser (ASA), a certified public accountant (CPA), and he holds an Accreditation in Business Valuation (ABV).
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