Any registered Business Appraiser ascribes to the IBA's(International Business Appraisers) Code of Ethics. As a business professional, Business Appraisals is in the fortunate position of being entrusted with highly confidential and sensitive personal and business, financial information, a high level of embedded trust and ethics are unstated and just accepted. Competence, skill, staying current and technically savvy and informed, aware of trends, market forces and influences, standards of practice, are assumed. Business appraisers will not take on cases they feel or are ill-equipped to deal with, have no necessary relevant experience, exposure, training and credentials. Diligent and detailed, business appraisers will focus on getting all relevant information, pertinent facts and it is standard practice to submit all formal appraisals in writing, documented form and should bear the signature of the business appraiser to make it legal, valuable and binding.
The IBA code of ethics also states that this document from the desk and hand of the business appraiser, should at the very least contain the following elements:
- A statement of purpose for which the appraisal was made and a definition of the estimated value.
- A description of the business or business interest being appraised.
- A summary of the facts upon which the appraisal is based.
- A description of the appraisal method(s) employed.
- A statement of the conclusions reached, together with any applicable qualifications or limitations on the conclusion.
- A statement of the assumptions and conditions applicable to the appraisal and to the conclusions reached.
- A statement that the business appraiser has no present or contemplated future interest in the business being appraised, or a full and complete description of any such interest that may exist
Business Appraisers are familiar with this practice and almost zealously protective of their professional values and ethics in the exercise of their duties. For more details on business appraisers and the best in the business, resources and services in your area etc., call on the experts: http://www.businessappraisals.com/