COVID-19 Public Service Campaign | Staying in Business—First Quarter 2020
by Brien K. Jones, Chief Operations Officer and Executive Vice President
Almost as soon as the coronavirus crisis began to unfold and less than one week after the NBA announced a Utah Jazz star tested positive for COVID-19, suspending its season in response to the global pandemic, tectonic plates underneath Utah’s Salt Lake Valley and Great Salt Lake Desert quaked. We started our day, Wednesday, March 18, to a 5.7 magnitude earthquake. For us on the fourth floor of our Salt Lake City NACVA HQ, it felt like our world was falling apart.
If not for the quake that morning, NACVA HQ and its 30 employees would have continued our rapid-fire deployment of strategic crisis management, addressing online telecommunication, staff restructuring, and implementing an immediate work from home plan and policies. Safeguarding our health and the health of our loved ones was, and is, paramount. COVID-19 pandemic concerns were amplified by state and municipal emergency services springing into action that morning.
Within three hours of the quake rumbling beneath our feet, the entire staff was accounted for and safe. We closed our offices for the day but continued to focus on our necessary restructuring. A few days later, our entire staff had been relocated to work from home spaces. We are now fully functioning, carrying out essential member services, actively running credentialing training programs, and utilizing organization-wide process automation. Infused into our memories, we will forever associate the beginning of the coronavirus chaos with the day the earth shook around us.
The muscle behind NACVA’s global association and resource network is a company much like the core demographic of our membership—a small company run by a dedicated and talented team of professionals. When crisis hit NACVA, we hardly skipped a beat. Collectively we stayed the course. We stayed in business.
In these frantic, riveting, and unforgettable moments in time, bewildered by the speculative and evolving global pandemic, along with the unsettling economics, it has become crystal clear to me just how important it is that we stay focused and truly join together to wrestle down circumstances beyond our control. This applies to all of us; it is the only thing we can do if we want to survive. We must, as an association, band together to bring about positive impacts to the financial health and continuity of businesses in the U.S., and for the greater global economy.
Staying in business in these challenging times requires that you never lose sight of the foundations upon which the business is built, and that you listen and tune in to the needs of your clients/customers. Staying in business, now more than ever, requires that you provide unmatched resources and services, and make thoughtful and well-informed decisions. You must rely on your team. Do not work in a vacuum. Finally, staying in business means paying it forward, contributing to the benefit of your profession and the community.
What We Can Do
In that spirit, we have some positive news. NACVA is developing an expansive webinar series for members, business owners, and their advisors, entitled: NACVA’s COVID-19 Public Service Campaign—Staying in Business. It aims to:
- Enlighten the global business valuation community with continuing professional education, technical guidance, practical advice, and answers to difficult questions in light of what is now consuming the globe.
- Help members support Main Street businesses, and businesses of all sizes through the delivery of crucial, timely, and most particularly, relevant information and resources.
- Build and expand your global network of qualified experts and training services to help you sustain a solid practice now and in the aftermath of this global crisis. This webinar series includes:
Global Town Hall | COVID-19 Impact to Global Business Valuation and Appraisal
FREE EVENT | APR 8 @ 1:00 p.m. ET
Global panel of business valuation and appraisal experts providing technical guidance, practical advice, and answers to your questions. Produced in partnership with the American Society of Appraisers (ASA), Chartered Business Valuators Institute (CBV Institute), Global Association of Certified Valuators and Analysts (GACVA), National Association of Certified Valuators and Analysts (NACVA), and Royal Institution of Chartered Surveyors (RICS).
Note: This webinar is recorded and is available below.
Financial Triage for COVID-19©
FREE EVENT | APR 9 | APR 14 | APR 16 | APR 21 | APR 23 | APR 29 | APR 30 @ 12:00 p.m. ET
Leading global forensic accounting experts share three simple but powerful Excel tools to manage precious cash, increase diminished revenues, and focus scarce people resources during the COVID-19 pandemic. These tools support business continuity during the crisis and beyond.
Impact of COVID-19 to Business Valuation and Forensic Accounting | Expert Q&A Panel
FREE EVENT | APR 15 | APR 22 | APR 27 | APR 29 @ 2:00 p.m. ET
Q&A discussion by leading NACVA faculty, board members, experts and thought leaders regarding the global impact of COVID-19 on business valuation and forensic accounting. This session is aimed at identifying post-COVID 19 considerations and provide guidance on how to address valuation risks and uncertainties associated with the COVID-19 pandemic.
Forensic Accounting for Bankruptcy, Insolvency, and Restructuring
APR 22–24, 2020 @ 1:00 p.m. ET
This webinar series focuses on the theory, data, applications, and output relevant in dealing with troubled companies.
Financial Litigation Clinic: Bankruptcy, Insolvency, and Restructuring
MAY 11–15, 2020 @ 1:00 ET
Building off the prior webinar series, this series is a solid introduction to the laws, regulations, and administrative aspects of corporate bankruptcy, and culminates with financial forensics analysis in the context of the litigation environment.
Introduction to Business Valuation
FREE EVENT | APR 30 | JULY 16 | OCT 15 @ 1:00 p.m. ET
It is common knowledge that the most substantial asset in a business owner's portfolio is likely the business itself. Now, more than ever, every business advisor and business owner should have basic training in the fundamentals of valuing a business enterprise and what drives value growth.
Introduction to Financial Litigation
FREE EVENT | APR 30 | JULY 16 | OCT 15 @ 2:30 p.m. ET
Learn about the professional responsibilities and legal underpinnings necessary to provide credible financial forensics services/litigation support, along with an overview of the growth areas where financial forensics services will be in the greatest demand.
Business Valuation Essentials: The Advisor's Foundation for Valuing Private Business Enterprises
JUN 22–26 | AUG 24–28 | OCT 19–23 @ 2:00 pm ET
This essential training provides a thorough overview of the internationally recognized Core Body of Knowledge for Business Valuations and lays a solid foundation for financial professionals who aspire to provide superior services.
Impact of COVID-19 to Business Interruptions and Lost Profits
FREE EVENT | APR 28 @ 2:00 pm ET
Learn the foundations and fundamentals of the when, where, and how’s of business interruption/lost profits from some of the nation’s most effective business damages experts. This training includes: alternative approaches and methodologies, notable insurance policy provisions, foundational evidence, research sources, reporting guidelines, and proven strategies.
Topics to be Added
Dates and times forthcoming.
Coronavirus Aid, Relief, and Economic Security (CARES) Act | The CARES Act will provide direct financial relief to American families, support for small businesses and their employees, as well as help for hospitals and medical professionals who combat this virus.
Cybersecurity; more important now than ever
Economic Injury Disaster Loans (EIDL) | The EIDL Emergency Advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
Litigation in a Digital Environment
Reinventing Your Business and Value Enhancement
Visit www.NACVA.com/COVID-19 for continuous updates.
Please reach out to me at any time at BrienJones@NACVA.com or (800) 677-2009 for support.
Thank you to all of our members, my best wishes for good health.