The assets of the Institute of Business Appraisers have been transferred to an investment partnership made up of its former rival, the National Association of Certified Valuation Analysts, along with valuation software developer ValuSource and some unidentified partners.
Financial details were not disclosed. The partners are bringing in an outsider to run the IBA: Howard A. Lewis, national program manager for valuation services for the Internal Revenue Service, who is retiring after 32 years with the IRS. He will also be a consultant for NACVA.
The deal is being described as a transfer of assets and not a straight acquisition, as none of the IBA's old liabilities will be assumed by the partnership. IBA, NACVA, ValuSource and another group, KeyValueData, planned the acquisition. Their plan provides for the continued involvement of some of the IBA's key advisors, the continuation of member resources and certifications, and the expansion of IBA's transaction database. ValuSource will be putting IBA's transaction database on the Web for IBA members to access.
Former executive director Michele Miles will remain on staff as operations advisor. IBA founder Ray Miles will be a technical advisor. "After 30 years of involvement with IBA, it was important to me to entrust the organization's future and our members' needs to someone with vision and enthusiasm," he said in a statement. "There simply couldn't be a better choice than Howard Lewis."
The IBA and NACVA will jointly sponsor education events. "The ability to assist the IBA in extending its education reach to new markets is tremendous," said NACVA CEO Parnell Black in a statement. "We are excited about a new educational partnership opportunity with IBA and anticipate that while preserving the benefits and characteristics of IBA and NACVA, this relationship will help the growth and success of both organizations."
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