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Re: New SBA rules

by Ron Seigneur

The SBA should be releasing one or more technical bulletins very shortly to clarify who will be qualified to do Q of Es for SBA lending purposes, effective Oct 1, and what must be covered. From what I learned yesterday from a panel I was on including three SBA lenders I do not perceive this to be a high risk service that might be a nice service line for us BVFLS folks to focus on if we have relationships with biz brokers and SBA lenders. The ASA conference next week, which can be attended virtually for either 2 days or one day has a nice session on doing Q of E studies btw. https://www.appraisers.org/asa-international-conference Just a piece of trivia Live Oak Lending is now fulfilling 80% of all SBA loans nationally. With Wells Fargo and Key Bank a distant 2nd and 3rd. Ron V-card<http://cpavalue.com/cfwebstore/email/Ronald%20L.%20Seigneur.vcf>| Web site<http://www.cpavalue.com/> | Bio<http://www.cpavalue.com/cfwebstore/index.cfm?fuseaction=feature.display&fea…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> [cid:image003.jpg@01DD4B4E.296B8EF0] Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file Thought for the quarter: "I used to have a handle on life, but it broke" - Anonymous Last quarters thought: "Choose to be optimistic, it feels better." - Dalai Lama [cid:image004.png@01DD4B4E.296B8EF0] [Diagram Description automatically generated] [cid:image006.png@01DD4B4E.296B8EF0] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image008.png@01DD4B4E.296B8EF0] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image009.jpg@01DD4B4E.296B8EF0] More info or to register at: https://events.aicpa-cima.com/CannabisConf From: Katie Gilden <Katie(a)fiskeco.com> Sent: Tuesday, September 22, 2026 4:18 PM To: Karen Kaseno <kkaseno(a)gagroup.com>; Ron Seigneur <ron.seigneur(a)cpavalue.com>; ERC List Serve <listserv(a)ercllc.net> Subject: RE: New SBA rules Yes - I had heard this as well!!!! Thanks for sharing, Ron! [https://designing.webmynehost.com/emailer/New-FISK/fiske-logo.png] [https://designing.webmynehost.com/emailer/fiske/fb.png]<https://www.facebook.com/FiskeAdvisory> [https://designing.webmynehost.com/emailer/fiske/insta.png] <https://www.instagram.com/fiskeadvisory/> [https://designing.webmynehost.com/emailer/fiske/linkdin.png] <https://www.linkedin.com/company/fiskeadvisory> Katie Gilden Partner / Chief Operating Officer Direct: +1 954.361.7910 Office: +1 954.236.8600 Visit:<https://fiskeco.com/> fiskeco.com<https://fiskeco.com/> [https://designing.webmynehost.com/emailer/New-FISK/bdo.png] Please Upload files securely here<https://exchange-taxpayer.safesendreturns.com/DropOff/6wd0000f00000> CONFIDENTIALITY NOTICE: The information in this message is confidential and may be legally privileged. It is intended solely for the addressee. If you are not the intended recipient, any disclosure, copying, or distribution of the message, or any action or omission taken by you in reliance on it, is prohibited and may be unlawful. Please immediately contact the sender if you have received this message in error. Thank you. From: Karen Kaseno via Listserv <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Sent: Tuesday, September 22, 2026 4:36 PM To: Ron Seigneur <ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com>>; ERC List Serve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Subject: [Listserv] Re: New SBA rules Well that is interesting! Thanks for passing that on, Ron! Karen PLEASE NOTE- The Kaseno CPA Firm, LLC was acquired by GA Group on August 17, 2026. All the same people- all of the same great service-just a new name! [Image] www.gagroup.com<http://www.gagroup.com/> [Image] <http://www.linkedin.com/company/great-american-group> Karen J. Kaseno, CPA, CVA, CFE, MAFF Managing Director Litigation Support Direct: (760) 753-7515 Email: kkaseno(a)gagroup.com<mailto:kkaseno@gagroup.com> 445 Marine View Avenue, Suite 300 Del Mar, CA 92014 [signatureImage][signatureImage] ________________________________ From: Ron Seigneur via Listserv <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Sent: Tuesday, 22 September 2026 13:27:03 To: ERC List Serve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Subject: [Listserv] New SBA rules The new SBA rules effective October 1, require a Quality of Earnings analysis for all SBA loans over $3 million by a credentialed expert. They have not yet announced who will be qualified to do these, but it might require a CPA and it will be a huge opportunity for those willing to do this type of work. Stay tuned! Ron Seigneur 303.980.1111 Sent from my Galaxy S21

Sept. 23, 2026

Re: art appraiser

by Ron Seigneur

Katie - I know there are a number of good fine art appraisers in ASA and I can post up an inquiry if you do not have an ASA in your shop to do so on ASA Connect. Ron V-card<http://cpavalue.com/cfwebstore/email/Ronald%20L.%20Seigneur.vcf>| Web site<http://www.cpavalue.com/> | Bio<http://www.cpavalue.com/cfwebstore/index.cfm?fuseaction=feature.display&fea…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> [cid:image001.jpg@01DD4B4D.3C833660] Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file Thought for the quarter: "I used to have a handle on life, but it broke" - Anonymous Last quarters thought: "Choose to be optimistic, it feels better." - Dalai Lama [cid:image002.png@01DD4B4D.3C833660] [Diagram Description automatically generated] [cid:image004.png@01DD4B4D.3C833660] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image006.png@01DD4B4D.3C833660] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image007.jpg@01DD4B4D.3C833660] More info or to register at: https://events.aicpa-cima.com/CannabisConf From: Katie Gilden via Listserv <listserv(a)ercllc.net> Sent: Wednesday, September 23, 2026 7:25 AM To: Karen Kaseno via Listserv <listserv(a)ercllc.net> Subject: [Listserv] art appraiser Has anyone worked with any good art appraisers for gift tax valuation purposes? Recommendations are greatly appreciated. Best, [https://designing.webmynehost.com/emailer/New-FISK/fiske-logo.png] [https://designing.webmynehost.com/emailer/fiske/fb.png]<https://www.facebook.com/FiskeAdvisory> [https://designing.webmynehost.com/emailer/fiske/insta.png] <https://www.instagram.com/fiskeadvisory/> [https://designing.webmynehost.com/emailer/fiske/linkdin.png] <https://www.linkedin.com/company/fiskeadvisory> Katie Gilden Partner / Chief Operating Officer Direct: +1 954.361.7910 Office: +1 954.236.8600 Visit:<https://fiskeco.com/> fiskeco.com<https://fiskeco.com/> [https://designing.webmynehost.com/emailer/New-FISK/bdo.png] Please Upload files securely here<https://exchange-taxpayer.safesendreturns.com/DropOff/6wd0000f00000> CONFIDENTIALITY NOTICE: The information in this message is confidential and may be legally privileged. It is intended solely for the addressee. If you are not the intended recipient, any disclosure, copying, or distribution of the message, or any action or omission taken by you in reliance on it, is prohibited and may be unlawful. Please immediately contact the sender if you have received this message in error. Thank you.

Sept. 23, 2026

art appraiser

by Katie Gilden

Has anyone worked with any good art appraisers for gift tax valuation purposes? Recommendations are greatly appreciated. Best, [https://designing.webmynehost.com/emailer/New-FISK/fiske-logo.png] [https://designing.webmynehost.com/emailer/fiske/fb.png]<https://www.facebook.com/FiskeAdvisory> [https://designing.webmynehost.com/emailer/fiske/insta.png] <https://www.instagram.com/fiskeadvisory/> [https://designing.webmynehost.com/emailer/fiske/linkdin.png] <https://www.linkedin.com/company/fiskeadvisory> Katie Gilden Partner / Chief Operating Officer Direct: +1 954.361.7910 Office: +1 954.236.8600 Visit:<https://fiskeco.com/> fiskeco.com<https://fiskeco.com/> [https://designing.webmynehost.com/emailer/New-FISK/bdo.png] Please Upload files securely here<https://exchange-taxpayer.safesendreturns.com/DropOff/6wd0000f00000> CONFIDENTIALITY NOTICE: The information in this message is confidential and may be legally privileged. It is intended solely for the addressee. If you are not the intended recipient, any disclosure, copying, or distribution of the message, or any action or omission taken by you in reliance on it, is prohibited and may be unlawful. Please immediately contact the sender if you have received this message in error. Thank you.

Sept. 23, 2026

Re: New SBA rules

by Katie Gilden

Yes - I had heard this as well!!!! Thanks for sharing, Ron! [https://designing.webmynehost.com/emailer/New-FISK/fiske-logo.png] [https://designing.webmynehost.com/emailer/fiske/fb.png]<https://www.facebook.com/FiskeAdvisory> [https://designing.webmynehost.com/emailer/fiske/insta.png] <https://www.instagram.com/fiskeadvisory/> [https://designing.webmynehost.com/emailer/fiske/linkdin.png] <https://www.linkedin.com/company/fiskeadvisory> Katie Gilden Partner / Chief Operating Officer Direct: +1 954.361.7910 Office: +1 954.236.8600 Visit:<https://fiskeco.com/> fiskeco.com<https://fiskeco.com/> [https://designing.webmynehost.com/emailer/New-FISK/bdo.png] Please Upload files securely here<https://exchange-taxpayer.safesendreturns.com/DropOff/6wd0000f00000> CONFIDENTIALITY NOTICE: The information in this message is confidential and may be legally privileged. It is intended solely for the addressee. If you are not the intended recipient, any disclosure, copying, or distribution of the message, or any action or omission taken by you in reliance on it, is prohibited and may be unlawful. Please immediately contact the sender if you have received this message in error. Thank you. From: Karen Kaseno via Listserv <listserv(a)ercllc.net> Sent: Tuesday, September 22, 2026 4:36 PM To: Ron Seigneur <ron.seigneur(a)cpavalue.com>; ERC List Serve <listserv(a)ercllc.net> Subject: [Listserv] Re: New SBA rules Well that is interesting! Thanks for passing that on, Ron! Karen PLEASE NOTE- The Kaseno CPA Firm, LLC was acquired by GA Group on August 17, 2026. All the same people- all of the same great service-just a new name! [Image] www.gagroup.com<http://www.gagroup.com/> [Image] <http://www.linkedin.com/company/great-american-group> Karen J. Kaseno, CPA, CVA, CFE, MAFF Managing Director Litigation Support Direct: (760) 753-7515 Email: kkaseno(a)gagroup.com<mailto:kkaseno@gagroup.com> 445 Marine View Avenue, Suite 300 Del Mar, CA 92014 [signatureImage][signatureImage] ________________________________ From: Ron Seigneur via Listserv <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Sent: Tuesday, 22 September 2026 13:27:03 To: ERC List Serve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Subject: [Listserv] New SBA rules The new SBA rules effective October 1, require a Quality of Earnings analysis for all SBA loans over $3 million by a credentialed expert. They have not yet announced who will be qualified to do these, but it might require a CPA and it will be a huge opportunity for those willing to do this type of work. Stay tuned! Ron Seigneur 303.980.1111 Sent from my Galaxy S21

Sept. 22, 2026

Re: New SBA rules

by Karen Kaseno

Well that is interesting! Thanks for passing that on, Ron! Karen PLEASE NOTE- The Kaseno CPA Firm, LLC was acquired by GA Group on August 17, 2026. All the same people- all of the same great service—just a new name! [Image] www.gagroup.com<http://www.gagroup.com/> [Image] <http://www.linkedin.com/company/great-american-group> Karen J. Kaseno, CPA, CVA, CFE, MAFF Managing Director Litigation Support Direct: (760) 753-7515 Email: kkaseno(a)gagroup.com<mailto:kkaseno@gagroup.com> 445 Marine View Avenue, Suite 300 Del Mar, CA 92014 [signatureImage][signatureImage] ________________________________ From: Ron Seigneur via Listserv <listserv(a)ercllc.net> Sent: Tuesday, 22 September 2026 13:27:03 To: ERC List Serve <listserv(a)ercllc.net> Subject: [Listserv] New SBA rules The new SBA rules effective October 1, require a Quality of Earnings analysis for all SBA loans over $3 million by a credentialed expert. They have not yet announced who will be qualified to do these, but it might require a CPA and it will be a huge opportunity for those willing to do this type of work. Stay tuned! Ron Seigneur 303.980.1111 Sent from my Galaxy S21

Sept. 22, 2026

New SBA rules

by Ron Seigneur

The new SBA rules effective October 1, require a Quality of Earnings analysis for all SBA loans over $3 million by a credentialed expert. They have not yet announced who will be qualified to do these, but it might require a CPA and it will be a huge opportunity for those willing to do this type of work. Stay tuned! Ron Seigneur 303.980.1111 Sent from my Galaxy S21

Sept. 22, 2026

Feedback on Valuation Firm - Scalar

by John Schumacher

ERCers, Do any of you have any experience with the quality of the work product coming out of a firm called Scalar? I think they are HQ's in Draper, UT. If so, I would be interested in a little bit of color if you were willing to share (e.g., robo shop like Carta or more than that). Happy to do via phone if that works better. I have never heard of them, but based on their website and their profile on LinkedIn, they are far larger than I was expecting. They have another office in Dallas, 2 offices in Argentina and an office in Israel. Thank you in advance. John John Schumacher, CFA Email: jcs(a)tfpov.com<mailto:jcs@tfpov.com> | Direct: 312.933.2148 True Financial POV, LLC

Sept. 22, 2026

Doctor / Dentist Compensation

by Stefanie Sollecito

Good morning, Wondering if anyone has access to MGMA 2025/26 data (or similar)? I'm looking for market comp for an ophthalmologist and dentist (different people) for a 3/31/2026 valuation date. Thanks! Stef [cid:image001.jpg@01DD3F93.8DCCE220]<http://www.sjsforensics.com/>

Sept. 22, 2026

LAST CALL: ERC- 2026 ERI Renewal

by Jamie Badger

All - following are the participants who have confirmed their renewal. 1. Charlie Burak 2. Leslie Dawson 3. Don DeGrazia 4. Jerome Johnson 5. Greg Kaseno 6. Ron Seigneur/Brenda Clarke 7. Sheri Fiske Schultz/Katie Gilden 8. John Schumacher 9. Stefanie Jedra Sollecito 10. Diane Womack 11. Clay Danielson If you are not on this list and want to be added, please reply to me ASAP. Once we have the list finalized, we will send invoices. Thank you, Jamie Badger JBadger(a)gfkcpa.com<http://JBadger@gfkcpa.com/> Direct Dial: (517) 664-9386

Sept. 21, 2026

Re: Rebuttal of no goodwill

by Dr. Michael Crain

The wild west of divorce. 1. Generally, in Florida, one side cannot have two experts testifying with the same opinions. I guess the second expert is either offering opinions mostly outside the first expert or replacing the first expert. Along this line, the lawyer should be asking the second expert narrow questions about what are her opinions and contrast them with those of the first expert. All of this is legal (rules of evidence) and not valuation. 2. “No reduction in value has been made for personal goodwill, if any.” A basis for disqualification outside of family law as the opinion is unhelpful to the trier of fact (rules of evidence). Not valuation. 3. “It does not appear that she has valued the business.” This is the second expert. Another basis for disqualification outside of family law as the opinion is unhelpful to the trier of fact. Not valuation. 4. “Can you fathom that, without valuing it, she will try to state that there is some goodwill and that it should be classified and bifurcated between enterprise and personal?” Nope. But it is family law and anything goes. All of this is really the lawyer’s problem, not yours. You could assist the lawyer by comparing the 2nd expert’s work to BV standards and BV practice literature. Dr. Michael A. Crain, CPA, CFA, ABV, CFE From: ERC listserve <listserv(a)ercllc.net> Reply-To: Jeffrey Denning <jdenning(a)markhamnorton.com> Date: Friday, September 18, 2026 at 12:59 PM To: ERC listserve <listserv(a)ercllc.net> Subject: [Listserv] Rebuttal of no goodwill BV and family law experts, I’m in a strange case and situation and would like some basic suggestion(s) after browsing details below: We provided a conclusion of value using an asset approach and NAV method for a small fabrication shop. Biz owns the real estate it occupies and has some fabricating and machining equipment. The subject biz is in a down cycle for the past 3 years. The marine and rec boating industry demand is down and their key customer is down worse. We found no goodwill, namely no residual income in our income approach and method. Standard is FMV and it’s for a Florida divorce. Other side has a rebuttal expert that has not issued a report. Their 1st Expert The primary opposing expert used an income approach with a sale-leaseback assumption and other wild normalizing adjustments that arrived at goodwill and then that expert did not classify or bifurcate the goodwill. Stated “No reduction in value has been made for personal goodwill, if any.” Apparently the rebuttal to our work from their 2nd expert is to try to supplement and/or rescue the first opposing expert. Their 2nd Expert She is providing deposition testimony on Monday. She is a reputable BV expert. It does not appear that she has valued the business. Can you fathom that, without valuing it, she will try to state that there is some goodwill and that it should be classified and bifurcated between enterprise and personal? Have you ever seen such a situation? How would you prepare the attorney to question the rebuttal expert re how she can classify and bifurcate goodwill if she hasn’t valued the business? And hasn’t interviewed the primary owner-operator? Any input will be appreciated, Jeff Jeff Denning, CPA, ABV Forensic Accounting and Valuation Services jeff.denning(a)creativeplanning.com<mailto:jeff.denning@creativeplanning.com> Direct: 239.433.5554 ext. 122 | Fax: 239.433.0127 creativeplanning.com<https://www.creativeplanning.com/> 8961 Conference Drive, Suite 1, Ft. Myers, FL 33919 [cid:image001.png@01DD477B.736F33C0] MarkhamNorton is proud to be part of Creative Planning. Click here to securely upload files.<https://exchange-taxpayer.safesendreturns.com/DropOff/004h004a5h000>

Sept. 18, 2026