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Business Valuation: What to Look for in an Expert

You know you need a business valuation, but who should do it and how in depth should it be? Gilmore Jasion Mahler Partner Jeff Denning specializes in business valuation and says be aware that the IRS or a court of law will have some requirements when it comes to the valuation, and who does the work. He offers some ideas on how to go about choosing the right person for the job.

Who does a valuation for your business is one of several important questions as you begin to research the process. For more information, see GJM's video blogs How Do You Figure Out the Value of Your Business, Business Valuation: Lengthy Report or Not, and What is the Business Valuation Process. Learn more about Jeff’s expertise in business valuation and forensic accounting, and don’t forget to sign up for GJM’s free quarterly newsletter The Expert with a focus on business valuation and litigation support. Just click here for quick and easy sign up.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities

Business Valuation: In Depth Report or Not?

Do you need to figure out what your business is worth? If you’re looking into getting a business valuation, you have some decisions to make. Gilmore Jasion Mahler (GJM) Partner Jeff Denning specializes in business valuation and says you could pursue a detailed (possibly 100 page) report, or a less detailed report. Which one do you need? Jeff has some answers in our most recent video blog.

Learn more about Jeff’s expertise in business valuation and GJM's forensic services, and don’t forget to sign up for our free quarterly newsletter The Expert. It offers timely and helpful articles with a focus on business valuation and litigation support. Just click here for quick and easy sign up.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm's professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities

GJM Staff Announcements

Gilmore Jasion Mahler, LTD (GJM) has announced some key promotions and new staff members that strengthen the Firm and its leadership team. The promotions are effective January 1, 2019.

Judy Anderson Gilmore Jasion MahlerJudy Anderson and Matt Cavanagh are promoted to partner. Anderson, a Toledo native and graduate of The University of Toledo has been with the firm for 11 years. She has over twenty years of experience in public accounting and in the healthcare industry. A member of Gilmore Jasion Mahler’s healthcare and outsourced accounting group, she works with many of the Firm’s healthcare clients providing practice management and consulting services.  

Matt Cavanagh Gilmore Jasion MahlerCavanagh, a Bowling Green native and BGSU graduate, joined Gilmore Jasion Mahler in November of 2005. Also a member of the Firm’s healthcare team, Matt’s focus is healthcare services. His expertise is in ambulatory surgery centers, outsourced accounting, practice management and modeling.

“Judy and Matt are already valued members of our leadership team,” says Gilmore Jasion Mahler Managing Partner Kevin Gilmore. ”Their hard work and dedication have strengthened our healthcare specialty and the Firm as a whole. I’m thrilled to see them both reach partner level.”

Nikki Clement Gilmore Jasion MahlerThe Firm also announced some other key promotions. Partner Nikki Clement has been named managing partner of Gilmore Jasion Mahler’s Findlay office. Partner Mike Brough will lead growth efforts for the Findlay office. Nikki Clement's focus is the utilities industry. She specializes in accounting for regulated utilities.

Mike Brough Gilmore Jasion MahlerMike Brough works across a number of industries including manufacturing & distribution, government, and nonprofit operations.

Steve Miller is being promoted to senior manager. Both Ryan Avery and Ryan Emerson are promoted to supervisor and Nick Jackson is promoted to senior associate.

Earlier in the year, Diane Stretten and Mary Jo Pitzen were promoted to senior manager. Andrea Jennex moved up to supervisor in the GJM Findlay office. Ben Lochbihler was promoted to manager and Corey Selhorst, Lauren Grana and Clay Barron were all promoted to senior associate.

The Firm also brought on well over a dozen new employees in 2018 to further strengthen GJM’s administrative team and client service. They include Elijah Blackburn, Alyssa Essert, Alexandria Frances, Courtney Haas, Nicole Hartranft, Jennifer Henning, Dana Herr, Thomas Keyser, Jessica Knepper, Dylon Lause, Wendy Long, Tim Merkel, Madeline Mielcarek, Caleb Neeper, Joe Osentoski, Tina Rochowiak and Logan Sager.

“I couldn’t be happier with the staff we have in place headed into 2019,” says Gilmore. “When you have great people, great things happen. I’m excited to see what we can accomplish at a team.”

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

How Do You Figure Out the Value of Your Business?

It's easy to value a public company. Just refer to the stock price. But private businesses often need to rely on a valuation report from an expert to find out what their business is worth. Gilmore Jasion Mahler Partner Jeff Denning specializes in business valuation. He says a valuation is an in depth report that you might compare to a real estate appraisal, except it's for your business, not your house.

Learn more about Jeff's expertise in business valuation and forensics, and don't forget to sign up for GJM's free quarterly newsletter The Expert. It offers timely and helpful articles with a focus on business valuation and litigation support.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory and healthcare management. The Firm's professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

4 Things to Look for When Hiring a Business Valuation Professional

business valuation, jeff denning, gilmore jasion mahlerBusiness valuation is one of the most important financial decisions you can make for your business. Choosing an expert to work with should not be an impulsive decision. It is absolutely necessary to interview prospective business valuation experts to guarantee a high-quality, knowledgeable professional will handle your unique situation.

There are a few factors you should consider before committing to work with a business valuation professional.

  1. Not All Business Valuation Professionals Are Created Equal

The field of business valuation has grown substantially in the last decade. Unfortunately, with that growth have come several inadequate training programs, generic software systems, and mediocre appraisers. There are some valuation professionals who will tell you exactly what you want to hear to gain your business, without offering in-depth, comprehensive service. 

  1. Cost of Services

Costs associated with a business valuation can vary significantly. During the initial consultation, ask for an estimate of costs for your specific project. Receiving a verbal appraisal is more cost-effective than a written report. A written proposal will be much more expensive, but sometimes is the type of report a client will require. If a client is receiving an appraisal as part of litigation, costs climb even more. It is important to understand what type of appraisal you need and what type of appraisal you are willing to pay for.

Discuss costs upfront with the appraiser and be sure you are on the same page as to what the end product will be. Make sure the appraiser knows exactly what type of appraisal you need and be aware of low-cost appraisals, which can signify professional inexperience.

  1. Professional Designation

Business appraisers come from a variety of backgrounds and possess different experience. To verify the professional has adequate education in the field, ask for their credentials. There are five accreditation program designations that are considered top-notch:

  • ASA (Accredited Senior Appraiser)
  • ABV (Accredited in Business Valuation)
  • CVA (Certified Valuation Analyst)
  • AVA (Accredited Valuation Analyst)
  • CBA (Certified Business Appraiser)

If the professional does not have one of these professional designations, they should not be entrusted with your business.

  1. Ask When You Will Receive Your Appraisal

This is a question to weed out other potentially inadequate appraisers. Ask how long the appraiser will expect the process to take and the steps involved. They should not offer an estimate until they have visited the site, performed personal interviews, and performed a hands-on inspection of company records.

If they offer a quick quote created from their “professional opinion” or generic software, cross them off your list of potential appraisers. It is better to hire someone who is willing to take the time to do things properly, rather than hire someone who may be unqualified or underprepared.

If you are actively searching for a business valuation expert, feel free to reach out to me at 419.794.2000 for a consultation.

Jeff Denning, CPA, ABV, CFF contributed this blog. Jeff has over 20 years’ experience in the field. He is ABV certified, and has heavy experience in litigation. Jeff’s multi-industry experience will guarantee that you receive the best business valuation service, regardless of business type.

Learn more about Jeff’s expertise in business valuation and forensic accounting, and get a better understanding of the process of business valuation in this video explainer from Jeff.  You can also sign up for Gilmore Jasion Mahler’s free quarterly newsletter The Expert with a focus on business valuation and litigation support. Just click here for quick and easy sign up.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory and healthcare management. The Firm's professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities