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Our valuation team is comprised of certified and designated experts, some with over 30 years of experience, in the industry who service both national and international market segments. This level of experience allows us to consistently provide our clients with exceptional customer service. Along with a solid and honest work ethic, we provide a superior product always compliant with the standards and guidelines of USPAP. Their experience qualifies us to meet the requirements of the Appraisal Foundation, Internal Revenue Service, Lending Institutions and Courts of Law around the country. We work with companies of all sizes, tailoring our expertise to their individual needs.
A business valuation or appraisal is the independent and unbiased process of determining a supportable opinion of the value of a business, business ownership interest, security or intangible asset as of a specified date.
Our valuations are performed by qualified, professional appraisers experienced in all aspects of business valuation and business transfers. Our valuations are performed in compliance with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation (USPAP) as well as the Business Appraisal Standards of the Institute of Business Appraisers. Compliance with industry standards ensures that proven peer-reviewed valuation methods are used to develop defendable opinions of value. Through participation in teleconferences and annual valuation conferences, our appraisers stay abreast of developing valuation issues and related court cases.
Sooner of later every business owner needs a reliable company valuation for one or more of a variety of reasons: •Business Sale •Financing •Shareholder Agreement •Shareholder Disputes •Divorce •ESOPs •Estate Planning •Insurance Claims •Gift Taxes •Litigation •Mergers •Partnership Buyout •"C" Corp. to "S" Corp. conversion •Allocation of Purchase Price •Valuation Reports
•Business Valuation Report – A formal summary report that is used primarily for non-litigation situations. This restricted-use abbreviated report is typically all that is needed for determining the selling price of a business or assisting in establishing a buy-sell agreement between partners/shareholders. •Business Appraisal Report – This formal comprehensive report is suitable for litigation support and review by third parties such as the IRS. The report explains in a step-by-step manner what was done and how the value was derived.
•Market Methods - utilizes several different databases of market comps including Pratt Stats, Institute of Business Appraiser’s, Bizcomps, Business Broker’s of Florida, and the MidMarketComps database. Multiples of discretionary earnings are used as well as other cash flow multiples.
When applicable, sophisticated statistical techniques such as data modeling and linear regression analysis are also used with the market method to provide superior results.
•Income Approach - Single Period Capitalization Method or Multiple Period Capitalization Method (DCF Model)
•Adjusted Book Value Method with Excess Earnings
•Public Company Guideline Method - used for larger companies
•Analysis of prior sales of stock of the company
If you are unsure about which report is right for your company, call today to speak to one of our Business Valuation Consultants and they will review which report is right for you and your company based on the specific needs of your company.
Business/Asset Valuations for Financing - Increasingly, lenders require an independent business valuation prior to approving a business loan or a credit line.
Sale of a Company - Determining the value of a business is the first step in the process of selling a business. A formal valuation performed by an experienced business appraiser will determine the fair market value of your company. A valuation will prepare you to respond to buyer concerns by addressing your company’s value and risk drivers. It will also identify sources of value and areas of your business that can be improved. In addition, knowing the fair market value of your business will prepare you to be a better negotiator.
Exit Strategy Planning - Most business owners do not plan ahead for the time when they will decide to sell their business. Often when they make up their mind to sell, the business isn’t worth what they had hoped; or isn't even be marketable. Don’t wait until a few months before you plan to retire to find out whether or not your company is marketable at a price acceptable to you. Nationally, only 20% of small to medium sized companies listed for sale actually sell. You don’t want to be part of the other 80%.
Unfortunately, ownership transfers are not always voluntary. Often, an unforeseen event, such as the owner’s death, forces the transfer of ownership. Your business planning should begin well in advance of your planned exit from the business; and, it should address both voluntary and involuntary transfers. Your planning should actually begin on day one! A formal valuation with annual updates should be one of the most important tools and an integral part of on-going strategic planning and/or exit strategy planning. Don’t leave your spouse or heirs in the position of having to make the biggest business/financial decision of their lives (i.e., the transfer of your ownership interest) without accurate information as to the fair market value of your ownership interest.
Buy/Sell Agreements - If your business has more than one shareholder, a valuation is required to establish fair market value of the business to determine equity distribution when specified “trigger events” occur. Also, the valuation enables life insurance requirements (funding mechanism for your buy-sell agreement) to be more accurately determined and updated as required.
Estate and Gift Tax - Estate tax returns require an independent valuation as of the date of death. Gifting of closely business interests requires an independent valuation of the business at the time of ownership transition.
Employee Stock Ownership Plan - There are numerous financial and tax reporting situations that require qualified, independent valuation services. Examples include when the company issues stock options or transfers or sells equity interests. A valuation is required for the company to properly report related compensation expense; and, for the recipients to accurately report income.
Litigation Support - A business valuation is often needed to establish economic damages in commercial litigation proceedings; or, to determine equitable distributions in shareholder disputes.
Insurance Purposes – Increasingly, insurance companies require appraisals be done on equipment and/or businesses that are insured.
Intellectual Property Valuation - In today's increasingly complex and highly regulated business environment, the accurate and complete valuation of intellectual property is essential.
Foreclosures – A machinery and equipment appraisal or business valuation is almost always necessary during a foreclosure of a business to determine the fair market value of all assets.
Divorce/Estate Settlements - A business is typically the largest joint marital asset and the most difficult to value. A business valuation will either be court appointed or voluntarily engaged, to facilitate an equitable distribution settlement.
The scope of our FINANCIAL VALUATION services includes:
Mergers & Acquisitions Valuation
Shareholder Liquidity Services
Bankruptcy & Restructuring Valuations for
Corporate Transaction Services
Intellectual Property Services
Tax Related Services
Accounting/SEC Review
We provide a broad and diverse range of appraisal solutions. We can provide services to this list of property types.
Property Types
•Commercial - office, retail
•Apartments (5+ Units)
•Mixed Use
•Medical Facilities
•Industrial / R & D
•Manufactured Home Parks
•Land - Commercial, Industrial, Residential, Subdivided, Acreage, Open Space, Contaminated/ Stigma
•Car Wash Facilities
•Convenience Stores
•Gas Stations
•Restaurants
•Hotels/Motels, Resort, Bed & Breakfast, Timeshare Conversion, Timeshare Units
•Senior Housing - Skilled-Nursing, Assisted-Living, Congregate Care, Alzheimer, etc.
•Shopping Centers
•Hospitals, Assisted Living Facility
•Other Special Purpose - Student Housing, Charter Schools, Restaurant/ Bar/ Nightclub, Movie Theater, Church, University/ College, Day Care, Greenhouse/ Nursery, Outdoor Advertising Sign, Lumber Yard, Veterinary Clinic, Kennel, Bank Branch, Auto Dealership, Pay Parking Garage/ Lot, Corporate Headquarters, Historical Register
Large numbers of properties can be appraised on both an individual basis and/or as a whole.
We appraise commercial property for a variety of purposes including:
•REO / foreclosure asset evaluation
•Property tax assessment review and appeals / abatements
•Discounts to partial interests for lack of control (DLOC) & marketability (DLOM)
•Expert witness testimony / litigation support
•Dispute resolution (divorce / partnership dissolution / zoning issues)
•Arbitration / Mediation
•Defaulting CMBS assets
•Divorce proceedings
•Estate Settlement
•Prospective valuation
•Retrospective valuation
•Portfolio valuation
•Sale or asking price determination
•Financial reporting (ASC 805, 820, 360)
•Buy / sell agreements
•Divestitures
•Eminent domain / condemnation
•Loss in value estimate due to contamination and other detrimental conditions
•Price allocation (business value or goodwill, real property, personal property)
•Estate planning, gifting, estate settlements, probate
•Land utilization studies
•Retrospective dates of value
•Determination of investment value based on client's investment criteria
•Partial & fractional interests (shares in partnerships, LLC's, ground leases, etc.)
•Financing / refinancing
New Tax Law
New Tax Law - The Tax Cut and Jobs Act, 12/22/2017 Good News - 100% Bonus Depreciation for 20 years-life segregated property classification can be allowed for the property placed after September 27, 2017.
Bonus Depreciation:
100% Bonus Depreciation for the less than 20 years-life segregated property classifications (i.e. 5-years, 7-years, 15-years) can be allowed for the property placed after September 27, 2017.
The Act extends and modifies the additional first-year depreciation deduction for qualified depreciable personal property by increasing the 50% allowance to 100% for property placed in service after September 27, 2017, and before 2023. After 2022, the bonus depreciation percentage is phased-down to 80% for property placed in service in 2023, 60% for property placed in service in 2024, 40% for property placed in service in 2025, and 20% for property placed in service in 2026.
Example - Actual Case I Performed
14-Story Office Building
Purchase Price - $37,170,000
Improvements Basis (for Cost Segregation) except Land - $30,985,316
After Cost Segregation
5-year life class - $5,888,901
(19.01% of the improvements basis)
7-year life class - $154,563 (0.50%)
15-year life class - $324,665 (1.05%)
Total eligible for 100% Bonus Depreciation at the first year (5, 7, 15 years class combined) under the new tax law:
$6,368,129
If under the old tax law prior to 09/27/2017, apply the double-declining balance method, the first year (5, 7, 15 years class combined), the depreciation will be:
$2,432,923
That is the increase of depreciation benefit of $3,935,206 at the first year.
Assuming a tax bracket of 37% for married filing jointly over $600,000, additional tax savings will be $1,456,026 depending on the individual or entity's tax situation.
Take a huge tax deduction by doing the Cost Segregation. Under the alternative depreciation system, as modified by the Act, the recovery periods for nonresidential depreciable real property, residential depreciable real property and qualified improvements are 40 years, 30 years and 20 years, respectively.
The Act extends and modifies the additional first-year depreciation deduction for qualified depreciable personal property by increasing the 50% allowance to 100% for property placed in service after September 27, 2017, and before 2023. After 2022, the bonus depreciation percentage is phased-down to 80% for property placed in service in 2023, 60% for property placed in service in 2024, 40% for property placed in service in 2025, and 20% for property placed in service in 2026. The bill removes the requirement in current law that the original use of qualified property must commence with the taxpayer. Thus, immediate expensing applies to purchases of used as well as new items.
Something called cost segregation may help owners of commercial real estate save significantly on their federal income taxes. The primary goal of a cost segregation study is to identify all construction-related costs that qualify for accelerated income tax depreciation. Small or large, your business can save money with a cost segregation study, typically many times the amount you invest. The Benefits of Cost Segregation We perform a detailed analysis of your commercial property for the purpose of identifying all of the construction related expenses that can be depreciated over 5, 7 and 15 years. The result of our study is the accelerated depreciation of these deductions, reducing your tax liability and increasing your cash flow.
The Benefits of Cost Segregation (applicable to prior to 09/27/2017)
Cost Segregation is a tax planning tool that determines how quickly an owner should be depreciating the property on his income taxes — five years, seven years, 15 years, 27.5 years or 39 years. The Internal Revenue Service allows owners of commercial properties to accelerate depreciation on their real estate, which will result in reducing the property owner’s taxable income levels. A cost segregation study is an in-depth analysis of the costs incurred to build, acquire or renovate a real estate holding.
Hotel/Motel, Gas Station/ Car Wash, Industrial/ Warehouse Building, Apartment, Office Building, Grocery Store, Restaurant, Retail, Nursing Homes, Golf Course, Auto Related, Leased Tenant Improvements.
Any commercial/investment real property placed into service since January 1st, 1987 may benefit from a Cost Segregation Study (CSS):
Critical timing is when the property was placed into service by the current owner / taxpayer, not when the building was originally constructed.
•New construction, including renovation, remodeling, restoration, or expansion to an existing building
•Property acquired via purchase
•Property acquired via inheritance
•Property which received step-up in basis
•Major leasehold improvements
Certain types of buildings benefit from a CSS more than others. Those are the types of buildings that tend to contain:
•More specialty plumbing, electrical, HVAC system, etc.
•Higher amount and quality of personal property
•Extensive land improvements
Classification from real property to land improvements and personal property: Examples of Qualifying Properties:
» Airports
» Apartment Buildings
» Assisted Living Facilities
» Automobile Dealerships
» Bank Branches » Casinos
» Cinemas
» Day Care Facilities
» Department Stores
» Distribution Centers
» Fitness Centers
»Food Processing Facilities
» Funeral Homes
» Gas Stations
» Golf Courses
» Grocery Stores
» Hospitals
» Hotels/Motels
» Industrial Facilities
» Laboratories
» Manufacturing Facilities
» Marinas
» Medical Centers
» Medical Facilities
» Mixed-Use Facilities
» Nursing Homes
» Office Buildings
» Parking Lots
» Pharmaceutical
» Physician Practices
» Public Utilities
» Research Facilities
» Retail Centers
» Resorts
» Restaurants
» Shopping Centers
» Sports Facilities
» Storage Facilitie
» Warehouses
Property Type Basis Reallocation
Apartment Buildings 20 - 50%
Office Buildings 10 - 40%
Restaurants 10 - 40%
Hotels 15 - 40%
Light Manufacturing 15 - 40%
Heavy Manufacturing 25 - 70%
Grocery Stores 15 - 50%
Retail Facilities 15 - 40%
Warehouses 8 - 30%
Processing Plants 15 - 40%
R & D Facility 20 - 50%
The maximum improvement that can be made to the property without having to meet the FEMA Flood plain criteria is 50% of the value of the improvements.
If the cost of improvements or the cost to repair the damage exceeds 50 percent of the market value of the building, it must be brought up to current building codes including floodplain management standards. Thus, many property owners opted to do the renovation or damage repair not to exceed the 50% threshold. Most jurisdictions adopted the rule of 50% of the market value of the existing building improvements in the case of additional renovation, repair, or damage mitigation.
We can help assist you with your Substantial Improvement or 50% FEMA Rule Appraisal. The purpose of a 50% FEMA Rule is to promote redevelopment at or above the base flood elevation. In order to overcome this issue, one must determine the depreciated value of the improvements or the actual cash value (ACV) of the structure. Land value is not considered. Local building departments require a 50% FEMA Rule Appraisal or as it is often referred to an Actual Cash Value Appraisal of the improvements to determine if the scope of work on the commercial or residential property will be a Substantial Improvement.
That means an existing building must meet the requirements for new construction. People who own existing buildings that are being substantially improved will be required to make a major investment in them in order to bring them into compliance with the law.
"Substantial improvement" means any construction, rehabilitation, addition or other improvement to a structure, the total cost of which equals or exceeds 50% of the market value of the structure before the start of construction of the improvement.
The cost of the project means all structural costs, including
• all materials
• labor
• built-in appliances
• overhead
• profit
• repairs made to damaged parts of the building worked on at the same time
In common parlance, market value is the price a willing buyer and seller agree upon. The market value of a structure reflects its original quality, subsequent improvements, physical age of building components and current condition.
However, market value for property can be different than that of the building itself. Market value of developed property varies widely due to the desirability of its location. For example, two houses of similar size, quality and condition will have far different prices if one is on the coast, or in the best school district, or closer to town than the other—but the value of the building materials and labor that went into both houses will be nearly the same.
For the purposes of determining substantial improvement, market value pertains only to the structure in question. It does not pertain to the land, landscaping or detached accessory structures on the property. Any value resulting from the location of the property should be attributed to the value of the land, not the building.
Items to be included
— All structural elements, including:
— Spread or continuous foundation footings and pilings
— Monolithic or other types of concrete slabs
— Bearing walls, tie beams and trusses
— Floors and ceilings
— Attached decks and porches
— Interior partition walls
— Exterior wall finishes (brick, stucco, siding) including painting and moldings
— Windows and doors
— Re-shingling or retiling a roof
— Hardware
— All interior finishing elements, including:
— Tiling, linoleum, stone, or carpet over subflooring
— Bathroom tiling and fixtures
— Wall finishes (drywall, painting, stucco, plaster, paneling, marble, etc.)
— Kitchen, utility and bathroom cabinets
— Built-in bookcases, cabinets, and furniture
— Hardware
— All utility and service equipment, including:
— HVAC equipment
— Plumbing and electrical services
— Light fixtures and ceiling fans
— Security systems
— Built-in kitchen appliances
— Central vacuum systems
— Water filtration, conditioning, or recirculation systems
— Cost to demolish storm-damaged building components
— --- Labor and other costs associated with moving or altering undamaged building
components to accommodate improvements or additions
— --- Overhead and profits
Items to be excluded
— Plans and specifications
— Survey costs
— Permit fees
— Post-storm debris removal and clean up
— Outside improvements, including:
— Landscaping
— Sidewalks
— Fences
— Yard lights
— Swimming pools
— Screened pool enclosures
— Detached structures (including garages, sheds and gazebos)
— Landscape irrigation systems
"Substantial damage" means damage of any origin sustained by a structure whereby the cost of restoring the structure to its before damaged condition would equal or exceed 50 percent of the market value of the structure before the damage occurred.
Two key points:
• The damage can be from any cause—flood, fire, earthquake, wind, rain, or other natural or human-induced hazard.
• The substantial damage rule applies to all buildings in a flood hazard area, regardless of whether the building was covered by flood insurance.
An independent appraisal by a professional appraiser. The appraisal must exclude the value of the land and not use the “income capitalization approach” which bases value on the use of the property, not the structure.
We can Help!!
We have helped numerous cases of 50% FEMA Rule Appraisal or "SUBSTANTIAL IMPROVEMENT" COST APPRAISAL MARKET VALUATION. One of cases was the national Fortune 50 Company want to renovate a distribution facility that the cost of renovation was about $9.5 million that the existing building value should exceed more than $19 million in order to proceed without meeting the new building codes. One of other cases was the hotel closed down and an investor wants to renovate spending $12 million to place one of the national brand hospitality franchise that the existing building value should not exceed more than $24 million.
We can help to justify and meet with the local building "50% FEMA Rule Appraisal" or "substantial improvement" compliance.
Find out more calling David Hahn at 972-900-5540 or email at david@starvaluation.com.
Replacement Cost Valuation method (opposed to the conventional cost approach) is used to determine the cost to rebuild properties in the case it gets completely destroyed by a fire, hurricane or other disaster.
The Replacement Cost (in conventional appraisal theory) is defined as
“The estimated cost to construct, at current prices as of the effective appraisal date, a building with utility equivalent to the building being appraised, using modern materials and current standards, design, and layout”.
However, the definition of insurance replacement value is different:
"The cost of replacement of all improvements to a property which could conceivably be destroy."
In summary, Replacement Cost is the actual cost to replace an item or structure at its pre-loss condition.
Relevant cases for Replacement Cost:
1. For insurance coverage purposes, the insurable value of the property is the replacement cost new of the building improvements only, with no land value, depreciation or site improvements. Developer's profit is not considered.
2. HOA requirements - Homeowners' Association for condominium, townhouses, planned unit development must be re-evaluated within certain interval period.
3. Value of the improvements for certain renovations - Many jurisdictions state that new renovation improvements to a total property cannot be made beyond 50% of the actual value of the improvements.
1. Obtain a complete working drawings or perform the inspection of the property taking measurements, photos and notes on the major components that make up the property.
2. Utilize the professional commonly recognized software that calculates the building cost based on condition, quality, and zip code.
3. In addition to the building cost estimates, other site improvements including parking and landscaping are added if they are required.
4. If necessary, tenant-interior improvements that is permanently fixed to the building (specific to the special use such as the lodging, medical, office) is estimated.
5. Once all calculations and findings are compiled, the professional replacement cost appraisal report can be presented.
The Replacement Cost does not count any land value. The purpose of replacement cost is for the use for insurance coverage. The replacement cost is not same as the market value.
When the Cost Approach is utilized to arrive the market value indication, the concept of accrued depreciation (not accounting concept, rather value loss) must be analyzed.
Accrued depreciation is then subtracted from the cost new estimate to quantify the contributory value of the subject improvements.
Accrued depreciation is defined as:
“the difference between an improvement’s reproduction or replacement cost and it’s market value of the date of appraisal”
Accrued depreciation can be caused from physical, functional or economic sources. Physical depreciation is basically the diminished utility of the physical components of the structure. In other words, the older the improvements, the less remaining life the improvements have. Functional obsolescence is a loss in value due to a poor design, over-improvement or outdated structural components.
Functional obsolescence can be either curable or incurable. An item of depreciation is considered to be curable if it is economically feasible to correct as of the date of appraisal. If the item is not economically feasible to correct, it is considered to be incurable depreciation. Economic obsolescence is a loss in value to the subject’s improvements that are caused by factors outside of the subject’s boundaries.
The scope of work is to appraise the improvements "as-is" without the underlying land value.
Distinction:
Flood Value - includes foundation
Casualty Value (Fire, Wind) - excludes foundation and about 15% of plumbing and electric.
In most cases, the following are not part of the scope of work: Demolition, Debris Removal, Depreciation
- The application of depreciation is an insurance internal decision applied by the insurance carrier in a payout scenario (Actual Cash Value vs. Replacement Cost Value).
- The difference between new construction and reconstruction is approximately 15% of an industry standard.
- "Up to code" is the replacement of the structure under consideration of current building codes in the local jurisdiction.
- The scope does not consider any market forces of Highest and Best Use.
- Conventional cost approach deducts depreciation and includes the site.
- An insurance appraisal requests the reconstruction value of the improvements as-is with like-kind material, no consideration of depreciation and the exclusion of the underlying land value.
a substantial material loss due to FIRE, FLOOD, THEFT, or other CATASTROPHE including the Economic Damages, this loss is inevitably followed by a downturn in sales and increase in running costs.
These consequential losses are covered by your BUSINESS INTERRUPTION POLICY. These losses are invariably complicated to present and it is therefore recommended that you utilize the expert services for the following reasons.
The latter two coverages are typically offered as extensions of the business interruption coverage, subject to additional premium for each.
Business interruption claims, by their very nature, present a basic challenge: How does the insured determine the "actual" loss sustained? Simply stated, the actual loss sustained is most often defined as what the company would have earned had the loss not occurred, less what it actually did earn.
The amount the company "would have earned had the loss not occurred" is essentially retroactively forecasted. This requires a methodology that looks at what would have happened in normal times and conditions during the period of loss. The methodology may incorporate many factors, including, but not limited to, the following:
Developing a reasonable and supportable projection of lost revenues is a key to developing a solid business interruption claim.
We can prepare the reasonable and supportable damages valuation for the business interruption and business income loss.
Agricultural Concerns
•Farm Equipment •Fertilizer Distributing Equipment •Livestock •Winery & Vineyard •Hay Production
Aviation & Marine Industries
•Airplanes/Aviation Equipment •Barges/Tugs •Boats/Vessels
Commercial Services
•Chemical Processing •Coating Companies •Commercial Bakeries •Dairy and Ice Cream Plants •Food Processing •Graphic Arts Companies •Material Testing •Painting Companies •Printing Companies
Construction Equipment & Vehicles Dealers
•Construction Equipment •National & Local Car Dealerships •Trucking Companies
Contracting Companies
•Excavation Contractors •Fire Sprinkler Companies •Flooring Contractors •General Contractors •Paving Contractors •Petroleum Specialists •Plumbing Contractors •Pre-stressed Concrete Forming •Stone Contractors •Utility Contractors
Environmental Services
•Fertilizer Manufacturing Equipment •Soil Remediation Equipment •Wastewater Treatment Facility
Industrial Manufacturing
•Bag Printing & Manufacturing •Boiler Fabrication & Repair •Door Manufacturing •Injection Molding •Metal Production •Tank Fabrication
Timber & Lumber Industry •Lumber Manufacturing •Milling Companies •Pressure Treated Lumber •Woodworking Companies
Hotel/Apartments and Entertainment Businesses
Oil and Gas Participants
Logistics/Distribution
Transportation Companies
Hospital and Healthcare Facilities
Retail & Wholesale Distribution
Technology Research & Development
General Office Buildings
Commercial Buildings
Education Facilities
Resort Communities
Country Golf Clubs
David Hahn, CVA, MAFF, ASA, CM&AA, CCIM, MBA, has been in the Business Valuation, Cost Segregation Study/ Purchase Price Allocation Study, Renewable Energy Company Valuation, Capital Assets Valuation, Commercial Real Estate Appraisal, and other valuation appraisal practices since 1985. He is a principal of Alpha Appraisal Consulting Group, specializing in both intangible and tangible property types such as business, real, personal, contractual, intellectual and fractional properties. The firm provides solutions for, and in tandem with, Attorneys, CPA's, Financial Advisory Groups, Governments, Lending Institutions, Corporations, Individuals and others within the realms of Forensic Economics, Property Tax Consulting, Forensic Accounting, Real Estate, Intellectual Property, Trust & Estate and Business Transfers and M&A along with others requiring valuation solutions. He ia an expert in Calculation of Economic Damages in the areas of: Business Lost Profits and Intellectual Property.
He provides solvency opinions when lender requires for financing highly leveraged transactions as well as bankruptcy & restructuring proceedings. He is current on the Gift & Estate Tax Valuation. He is an avid practitioner in the Fair Value Financial Reporting not only meeting the FASB requirement, but also meeting the IFRS. He is a Certified Commercial-Investment Member (CCIM) and provides services for Cost Segregation Studies and Commercial Real Estate Appraisals associated with Going-Concern Intangible Value (he is a State Certified General Real Estate Appraiser).
· Economics, Appraisal, Valuation, & Consulting practices in multi-disciplinary assets including business, real estate, and fixed assets since 1985.
· Certified Business Valuation Analyst (CVA) credential from the (NACVA)
· Certified Commercial Investment Member (CCIM)
· Certified Merger & Acquisition Advisor (CM&AA)
· Master Analyst in Financial Forensics (MAFF) credential from the National Association of Certified Valuation Analysts (NACVA)
· Accredited Senior Appraiser designation of the American Society of Appraisers (ASA)
· Member of the American Academy of Economic and Financial Experts (AAEFE)
· Hawaii State Certified General Real Estate Appraiser #CGA-1171
· Certified Mediator (Finished 40-hours Training)
· Certified Auctioneer (Finished 80-hours Training from Missouri Auction School)
· Association of Insolvency & Restructuring Advisors (AIRA) - member
· Certified Mediator, completion of Mediation Training Course Approved by the Association for Conflict Resolution, Trainer: Brigid Duffield, Esq
· Alliance of Merger & Acquisition Advisors - member
· American Bankruptcy Institute - member
· College Instructor's Credential - Business & Real Estate Instructor Certified through THE TRAIN THE TRAINER program - CCIM Institute
· Taught USPAP, Commercial & Business Appraisals, Financing, Commercial Investment, more than 5,000 classroom hours since 1985.
· Competent Toastmaster (CTM) certificate from Toastmasters International
· B.S. in Industrial Technology/Computer Science, Minor in Business - San Jose State University - 1981
· Control Data Corporation, San Jose, Business Systems Analyst, 1981-1983
· Lockheed Missiles and Space Company, Systems Analyst, 1983-1985
· Executive MBA - 1983 . USC, Public enterprise cost/benefit analysis graduate course, 1993
. UCLA Executive Management Program certificate - 1995
· Doctoral Studies, Public Administration, University of La Verne, 1995-1998
. U.S. Army veteran - active duty for 3 years - honorable discharge, 1979
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