From the Chair

Abstract

The last time I wrote this letter, the world was a bit more normal. To say that we have all been dealing with unprecedented times is putting it mildly. The global economy, a pandemic, racial tensions and protests, political unrest, extreme wildfires, and more. Everyone has been affected. I do hope though that everyone has been healthy and safe and will stay that way until we are back to some stable level of normalcy whatever that might look like.That all said, I have been the Chair of the BVC for a little over a year now and have seen a lot of progress as ASA adjusts and moves forward. Our CEO, Johnnie White, did not know exactly what he was in for as he took the helm a year prior to this pandemic but he was on a path forward and has pivoted nicely to deal with all that has been thrown at him. ASA's forward progress is also not possible without the time and effort devoted to the BVC and ASA by its members to committees and subcommittees. If you are interested in volunteering in any way please reach out to me.Please support ASA by attending and urging others to do the same. A link to the conference is: https://www.appraisers.org/Education/events/asa-international-conference.Check out the ASA website for updates, news and links to other programs and course offerings.On June 5th the ASA Educational Foundation signed a publishing agreement with McGraw Hill to publish Shannon Pratt's 6th edition of Valuing a Business with the American Society of Appraisers. Through its Business Valuation Committee, ASA will collaborate with Dr. Pratt, one of the world's leading authorities on business valuation, to update and expand this landmark reference of valuation theory and practice through a combination of contributing authors.It is a distinct privilege to be the Chair of ASA's BVC at a time that we are able to take Shannon's long-standing, well-regarded treatise and make the ASA its new home, while providing a legacy for Shannon that will fulfill his wishes as a devoted member of ASA for decades.Over the decades, the book's unsurpassed explanations of all valuation issues have made Dr. Shannon Pratt's Valuing a Business the definitive text in the field, against which every other business valuation book is measured. ASA and its Business Valuation Committee are proud to have the opportunity to continue the legacy of such a world class text.The book is expected to be available in 2021.On June 9, 2020, ASA filed an amicus brief on behalf of the defendants in an ongoing employee stock ownership plan (ESOP) case, Lee v. Argent Trust. The case, which is pending in the United States Court of Appeals for the Fourth Circuit, involves the valuation of a company for purposes of an ESOP transaction, and the appropriate valuation approaches, methods, and techniques to be considered in the ESOP appraisal. The brief was in support of a successful motion to dismiss which was granted and was thereafter appealed by the plaintiff which prompted the need for the brief. Shortly after the ASA filed its brief the plaintiff withdrew its appeal. ASA was pleased to be represented in its amicus brief by attorneys Theodore M. Becker, J. Christian Nemeth, and Richard J. Pearl of the firm McDermott Will & Emery. ASA also had significant contributions of several members in helping to develop the brief.ASA is the gold standard in our profession. We need to continue doing the types of things described above in order to maintain that status. We also need to encourage all of our young professionals to get active in ASA to ensure the continuity of ASA into the future.STAY SAFE!I hope everyone has a strong, healthy and safe finish to 2020, Ken