Who really needs a Certified appraisal?

The Often Overlooked ONGOING Value Of a Certified Business Appraisal (applies to all below)

Most business people think of appraisals as only necessary for the sale or purchase of businesses and their related assets. This is one true and valid purpose, but you can only buy, and then sell, the same business once. However, there is the too often overlooked ONGOING value that pertains to ALL business operators, day in and day out, throughout the life of a business.

That ongoing value of a Certified Business Appraisal is documented proof of value for insurance purposes!

Most business owners immediately insure a business and its assets upon purchase, or assume the existing policy of the former owner. In either case, most people allow any assessment, or valuation, of hard goods to be done by their "trusted" insurance company's own adjustor. Realize though, it is in the best interest of insurance companies to value your property as low as legally possible. They are in business to make money - just like you.

A Certified Appraisal of your Business and its Machinery and Equipment protects you from the calamity of finding too late that your well maintained mechanical assets were valued at " Blue Book" by your insurance company - even though they were well maintained, rebuilt and in "as-new" condition.

Business Appraisals done by a Certified Appraiser hold up in court and defend you against insurance company's self interest. A certified appraisal is insurance against your own insurer. In a court of law, it is not what you know - it is what you can prove. Testimony by McGinty Appraisers is considered "Expert Testimony" and could be the deciding factor that saves your business - even though you thought that was what your insurance company was for.

Periodic Re-appraisals may also necessary to avoid a seriously old Appraisal from being nullified by a judge. Contact our office for special rates on appraisal update "bundles" designed to provide you with complete, ongoing protection.

Estate Attorneys and Certified Planners

They need to know the value of the on going business and perhaps associated assets such as the machinery and equipment.

CPAs

CPAs would need to know the value of the ongoing business and definitely the value of the related M and E.

Bankruptcy Attorneys, Lenders and Leasing Companies

Bankruptcy Attorneys, Lenders and Leasing Companies would likely want to know only the value of the machinery and equipment. The business itself has no value for their purposes.

Business Owners and Tax Attorneys

A business owner wants to know the Value of his M and E in order to properly Insure the values and what the values are when he should file a claim.

A business owner or a tax attorney needs to know the value because of personal property tax.

Business Attorneys - Mergers

A business attorney, handling the value of his clients business for his client, as well as for the party they are merging with, would need certified appraisals.

For the valuation of the machinery and equipment there could be a need for a second specialist if the equipment fell out of the common venue of the average business appraiser.

Bob McGinty is qualified and certified in both areas.

Divorce Attorneys

Divorce attorneys are needed to declare the value of the husband's business - and, more frequently these days, the value of a wife's business as well.

Litigation Attorneys

In large suits where insurance cannot cover damages assessed by the court, a certified appraiser is needed for recovery of legal remedies.

In the event of a fire, storm, flood or other high damage value event a business owner would be in great shape had he had his business and assets valuated by a certified appraiser BEFORE the event.

The testimony of a certified appraiser is considered credible in a court of law. This, of course, protects you from your own insurance company's litigation attorneys, as well as the other party's attorneys in case of liability.

City, County and State Governments

City, County and State Governments need their M and E appraised Regularly to document the accurate value of their business assets for a variety of reasons, like insurance payouts. Value needs to be documented before an event involving claims.

The same applies to hospitals with large amounts of machinery and equipment.

IRS Requires an Independent third party USPAP Appraisal of machinery and equipment

The IRS requires an Independent third party USPAP Appraisal of the M and E to assess taxes due and/or assessment of worth to pay off their unpaid tax debts, etc