CEO's Message—Fourth Quarter 2022 | Always Leading and Never from Behind

Always Leading and Never from Behind

 

Parnell Black, MBA, CPA, CVA

An incredible opportunity is opening up for members aspiring to be at the forefront of our profession. The Executive Advisory Board (EAB) has recently approved the establishment of a new board, the Leadership Initiative Board (LIB). Its purpose is twofold: 1) to explore new theory and methodology for the profession; and 2) to take a lead role in making NACVA’s voice heard in the regulatory and legislative community where the interests of our members are concerned.

Here is the overview of the LIB:

Leadership Initiative Board (LIB)
NACVA is a global leader in supporting the providers and users of business valuation and financial litigation services. It is the LIB’s purpose to be proactive keeping NACVA on the leading edge of thought leadership in these disciplines. The LIB works with the representative communities; those being: the user, judiciary, legal, legislative, and academic communities to merge thinking between all parties who have a voice in the disciplines of business valuation and financial litigation. The LIB will reach out to professionals within these two disciplines to encourage input, identify ways to advance industry knowledge, and gain cooperation from all the parties who have a vested interest. The ultimate goal is to enlighten practitioners with knowledge of a theoretical or practical nature, providing greater support and value to practitioners, and assert influence within the representative communities.

Knowledge can be acquired through research, professional dialogue, surveys, and analytical studies. The results of the LIB will be communicated in the form of industry reports, white papers, position papers, or in a series of articles, or other EAB-approved communication efforts. If and where applicable, the information presented should be newsworthy and supplemented with other Board-approved communications to the press or appropriate legislative authority.

On the legislative front, the board, through research and monitoring activity, provides insights, guidance, and expertise for all matters related to regulations from the government (at the state and federal level), and from those imposed by bodies who are influential within the disciplines we support. The board supports the EAB by setting priorities and making policy direction recommendations on how to handle issues that affect the Association and its members. By being proactive in recognizing critical issues in the ever-changing business valuation and financial litigation disciplines, the LIB is expected to also identify opportunities to develop and promote Association action and involvement.

Regulatory and influential organizations to watch include: Internal Revenue Service (IRS); U.S. Small Business Administration; U.S. Tax Court; State, Circuit, and District Courts; Department of Labor; Appraisal Foundation; U.S. Securities Exchange Commission (SEC); Financial Accounting Standards Board (FASB); Public Company Accounting Oversight Board (PCAOB); American Institute of Certified Public Accountants (AICPA); American Society of Appraisers (ASA); International Valuation Standards Council (IVSC).

The LIB's structure is as follows:

1. Initially, participation is open to our entire membership. Interested members need to apply via letter or e-mail to the NACVA CEO at Parnell1@NACVA.com. The EAB, however, will prequalify applicants and establish the final composition and term limits set for the initial board, which will consist of nine voting positions.
2. The LIB will hold monthly meetings where ideas will be explored, debated, and defined with action steps outlined, assignments given, and deadlines established. It is imperative, however, that all members participate in each meeting to assure continuity and efficiency.
3. The LIB Chair will initially be assigned by the EAB. The Chair will coordinate with and manage over board members in the execution of their assignments. In subsequent years, the Chairperson will be selected by the board members.
4. We anticipate projects will run in one-year cycles, meaning if a project is expected to take more than a year, it should be scaled back or parsed into smaller pieces to assure continuity given board members rotate off each year.
5. Annually, the board will meet face-to-face to plan out their year.
6. Two or more EAB members will be assigned as liaisons to the board.

The LIB reports to HQ and the EAB.

The LIB will officially begin serving the Association June 1, 2023. We hope to have it formed by the end of March 2023 so we can begin preparing our agenda for the June 1, 2023 to May 31, 2024 fiscal year. Any member interested in being on this board should send their expression of interest to me at Parnell1@NACVA.com and copy Melissa Cardwell at MelissaC1@NACVA.com; please include your Curriculum Vitae. Candidates will be evaluated and selected by the EAB, who will determine the composition and terms new members will serve. Going forward, starting with our 2024 elections, a number of the nine positions on the board will be elected by the members and the others assigned by the EAB; the number of elected versus assigned is yet to be decided.

Please send your expression of interest and CV to Parnell1@NACVA.com and copy Melissa Cardwell at MelissaC1@NACVA.com, and please do so by January 31, 2023.

Thank you.

Parnell Black, MBA, CPA, CVA
Chief Executive Officer, NACVA