The FVS Valuation Podcast

Demand for business valuation professionals continues to outpace supply, making hiring and retention a top challenge for valuation and forensic services firms heading into 2026. This episode explores business valuation hiring trends, talent retention strategies, AI's impact on early career valuation roles, and how firm consolidation is influencing the market. We also discuss why rebuilding the business valuation talent pipeline at the collegiate level is critical to the future of the profession. Continue reading to learn about key resources available at AICPA-CIMA.com to improve your valuation analyses. Guest: John Borrowman, CPC, President, Borrowman Baker LLC Host:  Nene Glenn Gianfala, CPA/ABV, Senior VP and Shareholder, Chaffe & Associates, Inc.   Please share your thoughts about the episode - click here to leave us a review   Want to get involved with future FVS conferences, committees, task forces, or the standing ovation program? Send a message to [email protected] RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links.  JOIN:  The FVS Engage365 Member Community to collaborate with fellow AICPA® members, exchange ideas, and shape the future of the profession together. AICPA 2026 Forensic & Valuation Services Conference Exclusive content available with AICPA FVS Section membership: Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content AICPA Model Business Valuation Curriculum Profession Ready Initiative - A research-backed CPA workforce readiness project focused on early-career skills gaps. Welcome to a career in forensic and valuation services The FVS Valuation Podcast archives Implementing AI in your Valuation Practice  Recruiting Challenges in BV: The Perfect Storm  Valuation in a Climate of Uncertainty LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS: Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at [email protected]    

Private credit is one of the fastest-growing areas in alternative investments, driven by tighter traditional lending and demand for higher yields. But its rise brings valuation challenges—limited transparency, non-standard pricing, and infrequent market activity. How can these assets be accurately valued? What risks might be overlooked? And how should investors assess performance and liquidity? Hear from a specialist tackling these questions, and explore AICPA resources to enhance your valuation analysis. Key takeaways  •    Industry economics and motivations of stakeholders and constituents •    Applications and limitations of formal valuation and accounting guidance •    Characteristics and valuation implications of payment-in-kind (PIK) features •    Looking beyond carrying values to assess debt instruments Continue reading to learn about key resources available at AICPA-CIMA.com to improve your valuation analyses. Guest: Susan DuRoss, Managing Director, Global Head of Valuation, Harvest Investments Host:  Howard Mah-Lee, CFA, CAIA, ABV, Senior Manager, AICPA Valuation Services Please share your thoughts about the episode -  click here to leave us a review   Want to get involved with future FVS conferences, committees, task forces, or the standing ovation program? Send a message to [email protected] RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links. UPCOMING:  Business Valuation School - Dec 1-5, Live online JUST MISSED:  AICPA FVS Conference, Oct 27-29, 2025  - you can purchase sessions and the handouts.  Please see here Accounting and Valuation guides from AICPA  If you are an AICPA-FVS Section member see below for free access to these guides •    Valuation of Privately Held Companies Equity Securities Issued as Compensation •    Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies Exclusive content available with AICPA FVS Section membership: Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content Private credit valuation in alternative investments | FVS webcast archive Valuation of Privately Held Companies Equity Securities Issued as Compensation Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies The FVS Valuation Podcast archives •    409A Valuations – What you Need to Know •    SAFEs, Convertible Notes, and Embedded Derivatives LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS: Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at [email protected]

In this episode, host Alex Partin and guests Serena Morones, David Harkins, and Kyle Wolf each bring their unique perspectives on Employee Stock Ownership Plans (ESOPs) and their critical role in succession planning for privately held businesses.  The conversation explores how ESOPs offer a compelling alternative to traditional exit strategies.  The panel brings together perspectives from business valuation experts and those with firsthand experience in ESOP-owned firms, offering practical insights for business owners considering this path. Key Takeaways: ESOPs as a Succession Tool: ESOPs provide a way for business owners to transition ownership to employees, maintaining company culture and values while offering liquidity and a gradual exit strategy. Business Valuation for ESOPs: The success of an ESOP partly depends on accurate, third-party business valuation, which determines fair market value for the transaction and ensures sustainability for both sellers and employee owners. Transparency and Engagement Drive Success: Companies that openly communicate ESOP benefits and valuation processes to employees foster a sense of ownership, improve retention, and create a more engaged workplace culture. Guests:   David Harkins, CPA/ABV/CFF, CFA, Mercer Capital Serena Morones, CPA/ABV, Morones Analytics Kyle Wolf, CPA/ABV, Stern Brothers Business Valuation Advisors Host:  Alex Partin, CPA/ABV, Mueller & Partin, PS Please share your thoughts about the episode - click here to leave us a review   Want to get involved with future FVS conferences, committees, task forces, or the standing ovation program? Send a message to [email protected] RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links.  AICPA Forensic & Valuation Services Conference, Oct 27-29, Aurora, CO, attend virtually for 1,2,or 3 days  Business Valuation School - Dec 1-5, Live online NEW RESOURCE Welcome to a career in forensic and valuation services - early-career guidance, built for you AICPA Employee stock ownership plans (ESOPs) resource center Journal of Accountancy articles : Employee ownership and taxes:  Why firms are choosing ESOPs What to know when you client is considering employee ownership   Exclusive content available with AICPA FVS Section membership: Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content Valuations performed for employee stock ownership plans (ESOPs) and FAQs  What every valuation analyst should know about employee stock ownership plans (ESOPs)  The FVS Valuation Podcast archives From Analysis to Testimony: Key Skills for a Career in Forensic and Valuation Services The Business Valuation Profession Enhancing Professional Growth through AICPA FVS Section Resources and Participation LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS: Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at [email protected]    

FVS Valuation subject matter experts Josh Shilts and Dave Consigli address current challenges encountered by professionals conducting valuations, emphasizing that these competencies remain fundamental — mirroring those required during the Covid period. Their discussion highlights several important insights: Embracing Economic Volatility: Ongoing economic uncertainty has become a constant factor, making adaptability essential for valuation professionals. Assessing Client Risk Management: It is critical to evaluate how clients are managing financial, operational, and strategic risks. The Importance of Industry Knowledge: In-depth understanding of industry dynamics remains vital. Composition and management of a company's workforce – especially in the context of generational shifts and the integration of AI. Guest: Josh Shilts, CPA/ABV/CFF/CGMA, Forensic & Valuation Services Director, Dean Dorton Host: David Consigli, Jr. CPA/ABV, CDFA, Partner, FAZ Forensics Please share your thoughts about the episode - click here to leave us a review   Want to get involved with future FVS conferences, committees, task forces, or the standing ovation program? Send a message to [email protected] RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links.  Check out early bird and special discounts for AICPA and FVS Section members, and ABV, CFF and CVFI credential holders AICPA Forensic & Valuation Services Conference, Oct 28-30, Aurora, CO, in person and online AICPA Expert Witness Skills Workshop, Oct 28-30, Aurora, CO,in person only Business Valuation School - Sep 8-12, Raleigh NC, in person only Business Valuation School - Dec 1-5, Live online Check out these free resources Statement on Standards for Valuation Services (VS Section 100) Disaster Relief Resource Center Tariff Resource Center Demystifying M&A Valuation Engagements - What Sellers (and Buyers) Need to Know Navigating Business Interruption Claims | FVS webcast archive Exclusive content available with AICPA FVS Section membership: Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content AICPA VS Section 100 subsequent event toolkit Considerations when valuing distressed or impaired businesses FAQs Providing Bankruptcy and Reorganization Services, Vol. 2: Valuation in Bankruptcy | FVS Practice Aid Calculating Lost Profits | FVS Practice Aid FVS Quick Reference Guide: Standards and Premises of Value The FVS Valuation Podcast archives Complexities Of Subsequent Events in Business Valuation Enhancing Professional Growth through AICPA FVS Section Resources and Participation Transparency in Private Market Valuations LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS: Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at [email protected]    

While it has been thousands of years since the Greek mathematician, Thales, developed the first known option contracts to corner the market for olive presses ahead of the annual harvest, financial instruments continue to proliferate in both type and complexity.   Faisal Lakhani of CBIZ Valuation Group specializes in advising clients in this area and shares his expertise to provide an overview to help us better understand what these instruments are, and how they are valued, including: Categories and classification of complex financial instruments Valuation approaches and methods Influence of market volatility, liquidity constraints, and broad macro-economic conditions on value Industry guidance resources available to valuation practitioners, auditors, and financial professionals Guest: Faisal Lakhani, CFA, ABV, Managing Director, CBIZ Valuation Group Host: Howard Mah-Lee, CFA, CAIA, ABV, AICPA Valuation Services Please share your thoughts about the episode - click here to leave us a review   Want to get involved with future FVS conferences, committees, task forces, or the standing ovation program? Send a message to [email protected] RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit  https://fvssection.libsyn.com/fvs to access the show notes with direct links.  Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies - Accounting and Valuation Guide the"PE/VC" guide FVS Section members click here for complimentary access non-FVS Section purchase  Valuation of Privately Held Companies Equity Securities Issued as Compensation the"cheap stock" guide FVS Section members click here for complimentary access non-FVS Section purchase  This podcast episode is part of the extensive resource library available from the AICPA's Forensic and Valuation Services Section, the premier provider of guidance, tools, and advocacy for professionals who specialize in providing forensics, valuation, litigation, and fraud services.  Visit us online, and if you're not already a member, consider joining this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content, including BRGonline, Daubert Tracker, and Merger Shark. LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS: Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at [email protected]