Like a gourmet chef that must know the type and quantity of ingredients and appropriate cooking instructions, an appraiser needs to know what assets are going to be valued, and the purpose of the appraisal to quote and execute the assignment correctly and efficiently.
Appraisers want to develop long-term client relationships and are diligent in trying to understand the scope and purpose of every appraisal assignment. An appraiser’s ultimate objective is to provide a work product that answers specific questions that are applicable to the purpose (reason) of the appraisal. Included below are two reasons why a comprehensive understanding of the scope is important to both the client and the appraiser:
Time is money! Intelligent business people want excellent service and a quality work product that facilitates the purpose of the service while managing costs. Appraisers recognize this, and in so doing endeavor to work with their clients to accurately scope all assignments in order to provide both service and quality efficiently. Having an accurate understanding of the scope and purpose of the valuation project at the time of engagement results in clients maximizing all aspects of the service provided. As the old adage says, “Failing to plan, is planning to fail”!
AccuVal provides a broad range of valuation, advisory and asset management solutions that contribute to growth or help ensure survival. We appraise the business enterprise and shareholder equity; bonds; intangibles and intellectual property; machinery and equipment; inventory; real estate and accounts receivables in over 100 industries worldwide. Learn more at www.accuval.net.