Business valuation: Understanding and improving the profession

Author's Biography

Steve Choi is RICS’s Global Director of Business Valuation. He is based in New York City and works within the International Standards team to ensure that policies, quality assurance and forward-looking strategies support RICS members to deliver global standards across the valuation profession. With 17 years’ experience in performing high-end valuation of businesses, business interests, and intangible assets for transactions, tax and financial reporting and other strategic purposes, Steve has extensive expertise in complex transaction advisory services associated with purchase price allocations, asset impairments, buy/sell agreements, divestitures, private equity and restructuring transactions. He has worked with clients in numerous industries including diversified industrial products, medical devices, pharmaceutical, biotechnology, consumer, retail, technology, and media and entertainment. Steve is currently working on the Fair Value Quality Initiative in the USA as part of a drafting committee responsible for developing the mandatory performance framework, which will be used for any professional who provides fair value measurements for the purpose of public interest reporting. Previously Steve was employed with Ernst & Young LLP for about 13 years. He has also held positions with KPMG LLP and a boutique consulting/valuation firm. Steve holds a Master of Business Administration in Accounting from St. John’s University and a Bachelor of Engineering from Hofstra University.

Becky Thomson is the Associate Director for the UK Valuation Professional Group based at RICS HQ in London. As part of the Professional Groups team she sits on a number of valuation boards and groups whose function is to shape industry best practice, maintain professional standards and develop guidance and information for members. Becky has a commercial valuation background, but comes to RICS from Northumbria University where she was a Principal Lecturer in Real Estate and Director of International Development for the faculty of Engineering and Environment. Previously she worked in practice for Colliers International as an associate director in the healthcare valuation team, and she has experience of valuing a variety of care businesses from learning disability facilities to secure mental health units. However, the majority of her healthcare experience relates to elderly residential care homes and domiciliary care. She has also worked in valuation for Christie + Co and asset management for UK Land Estates Ltd. Becky is a past chair of RICS Matrics North East and has always had an active role with RICS at both national and local level. She is proactive in promoting the ever-diversifying property profession, and is passionate about attracting new members to RICS, particularly from the specialist valuation sectors.