Choosing a Business Appraiser

 

Here is a checklist of some of the basic questions that you might have in selecting a business appraiser:

·Have you appraised businesses similar to mine in the past?
·Have you appraised businesses for the particular purpose that I need my business appraised for?
·If a partial interest is to be valued, does the business appraiser have the experience and know-
how to take on this assignment?
·What business appraisal organizations has the business appraiser taken classes from and what
designations does he/she have? What other related financial or professional qualifications does
the business appraiser have?
·If court testimony is likely to be needed, does the business appraiser have experience in providing
expert witness testimony?
·It is important for those seeking a business appraiser’s services to communicate any applicable
timeframes (i.e. court dates) and make certain that the business appraiser’s schedule does not
have any conflicts and that he/she can provide the needed services in a timely manner.
·What will this service cost and when is payment to be made? If an hourly fee is quoted, what is
the estimated amount of time that will be needed to complete the assignment?
·Who will be performing the business appraisal, will it be senior staff or more junior members of
the firm?  While more junior members may be well qualified to complete a particular assignment,
it is important to find out more information about the qualifications of those individuals and how
the senior staff will be working with them.
When you have narrowed down your selection to several finalists, it might be wise to ask for references (i.e. other clients, attorneys they have worked with, etc.) to assist in the final decision.