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Financial Exchange (FEC) recommends qualified, *independent Professional Appraisal and Valuation firms". 

Financial Exchange does not accept compensation for appraisals or valuations.  Contact FEC for assistance.


* FEC consultants recommend a professional business valuation and/or property appraisal.  We believe the broker-agent and the appraiser-valuator should not be the same or associated entity. Although an appraiser-valuator may have the most honorable intentions, one could question of the integrity of the appraisal or valuation if an associated entity or agent was compensated by the sale or transfer of the appraised business or property.  

See: (New Addition-page under construction 3-12-2003)  American Society of Appraisers (ASA) "Principals of Appraisal Practice and Code of Ethics, Unethical and Unprofessional Appraisal Practices 7.3 Disinterested Appraisals" ; Uniform Practice of Professional Appraisal Practice,  "USPAP 2003 Ethics Rules" is the ethics standard for the Accredited Review Appraisers Council (ARAC) and other professional appraisal entities; Institute of Business Appraisers "Code of Ethics", Rule 1.a. 

For your protection of appraisal/valuation integrity ask a prospective appraiser/valuator if she or he adheres to these professional ethics.


*An OBJECTIVE NARRATIVE REAL ESTATE APPRAISAL and/or OBJECTIVE PROPERTY APPRAISAL by a licensed and experienced Professional Real Estate Appraiser (experience with comparable subject properties preferred).


*An OBJECTIVE BUSINESS VALUATION by accredited CBV or CBA, or an equivalent experienced Professional.

Why does a business owner need an Professional objective appraisal or valuation?


1) Sale, purchase, lease or merger

2) Financing & Bonds

3) Financial and Estate Planning

4) Legal decision

5) Retirement, illness, death, family situations or a new venture


1) Depreciated replacement value

2) Comparable sales value

3) Income value


A CBA or CBV utilizes EBIDA (cash flow) formulas to value the business operation less property. 

One should know one's business's value by an objective professional. Generally, there is too much time and money invested to speculate about value.

Financial Exchange Corp. consultants will assist clients and the experienced Appraiser or Valuation Professional.

Contact Financial Exchange Corp. for a FEC approved Professional Appraiser/Valuator list.


Protecting Your Interests
An appraisal can be key to protecting your interest in many financial dealings. When there is a question as to the value of your property, there's also a risk involved.

Value oriented risks may include:

A professional appraiser helps you manage your interest by providing a well developed and documented unbiased estimate of value upon which you can base your financial decisions.

Appraisals are used for:
Appraisals are used for many purposes. Some common uses of appraisals are:

Mortgage Lending
Most mortgage transactions involve an appraisal. Generally, financial institutions will only approve a mortgage after contracting for an independent appraisal to document the value of the property which serves as collateral for the loan.

Donations and Insurance
Art donated to a museum is often appraised to establish the appropriate tax deduction for the donor. Also, furniture and fixtures, gems, fine art and other valuables are often appraised to identify appropriate insurance coverage.

Pension and investment fund managers, corporations and other investors generally require professional appraisal services prior to acquiring investment real estate, art or other property.

Property Tax
Ad Val Orem appraisals or assessments are conducted by many jurisdictions to establish real estate taxes.

How Does An Appraiser Estimate Value?
Appraisers are taught to estimate value by following three recognized approaches to value.

Sales Comparison Approach
Compares similar, recently sold properties (homes, farms, machinery, jewelry) to the property.

Income Approach
Estimates what a prudent investor would pay for the property base on the income the property produces.  Business appraisers and valuators specialize in this approach utilizing cash flow, earnings before interest taxes, depreciation and amortization (EBITDA) and capitalization rate.  Since many businesses have no ownership of real property the income approach dictates a specialist in this valuation method.

Cost Approach
Estimates the cost to replace or reproduce the property being appraised. See Business Appraiser - Valuator.

Through consideration of results of the analysis conducted, an appraiser then develops a final estimate or opinion of value.

Appraisal: A Profession of Professional
There are many specialties in the appraisal profession. Just as expertise or specialty is important in selecting a doctor or attorney, the same is true in selecting a professional appraiser.

Real Property Appraisers
Appraise all types of real estate including residential, commercial, rural, urban and agricultural properties.

Personal Property Appraisers
Perform appraisals of antiques, decorative and fine arts, residential contents and collectibles.

Machinery and Equipment Appraisers
Appraise industrial equipment, aircraft, computers and high-tech machinery, agricultural chattels and public utilities.

Jewelry Appraisers
Appraise diamonds, other gems and antique or contemporary jewelry.

Business Appraiser-Valuator
Appraise public and private corporations and partnerships, trademarks and copyrights.
Business valuation professionals provide independent unbiased opinions of value for businesses and business interests of all sizes, from small proprietorships, such as medical practices, to large multinational corporations. They also value specific intangible business assets such as patents, trademarks, employment agreements, copyrights, securities and goodwill. These professional appraisers prepare merger and acquisition studies, employee stock ownership plan feasibility analyses and other similar financial studies. They may be involved in appraisals performed for estate and gift tax returns, buy-sell agreements, securities litigation, equitable distribution in matrimonial matters and many other purposes.

Value all types of real estate, machinery and personal property for governmental tax purposes.

Choosing a Professional Appraiser
It is important for consumers of appraisal services to exercise care in selecting a valuation expert. In the case of real estate appraisers in the United States, current good standing as a State Certified or Licensed Appraiser should be verified. In engaging an appraiser, you may want to consider the following:

Affiliation with a professional association
You may wish to look for an appraiser who is affiliated with a non-profit professional association which requires on-going education and adherence to generally accepted technical and ethical standards. Most associations offer special designations for professionals who have demonstrated a higher level of education, experience and dedication to the profession.

Look for an appraiser who has experience in appraising properties similar to yours by reviewing his or her job-history, resume or other qualifications material.

Check references or recommendations from financial institutions, insurance companies, museums, and government bodies for whom the appraiser has performed appraisal services. Also, the recognition the appraiser has received for professional activities is often an important criterion for selection.

Independent Objectivity

For your financial health search for the professional appraiser who has no affiliation with property sales entities or appearance of gain by the appraiser or his/her associates.

Setting the Highest Standards:  The Mark of  a Professional Appraiser
A key question to ask prior to engaging an appraiser, is whether or not her or she performs services in compliance with the current annual edition of the Uniform Standards of Professional Appraisal Practice (USPAP).

USPAP, published annually by the Appraisal Standards Board of The Appraisal Foundation, is the generally accepted set of standards of professional appraisal practice in North America. In addition, many professional appraisers in Europe, Central and South America, and Asia are also beginning to practice in compliance with USPAP.

In the United States, USPAP is recognized by state real estate appraiser licensing agencies, Federal bank regulatory agencies and many other Federal, state and local authorities.

Selecting an ethical appraiser who complies with USPAP is the consumer's best assurance that he or she is working with a professional who will provide quality services.

Any concern regarding the work of an appraiser should be reported. Contact the professional association(s) to which the appraiser belongs and, in the case of real estate appraisers in the United States, state appraiser licensing agencies for more information. These groups investigate complaints and assess disciplinary measures where wrongdoing is confirmed.

Independence, high standards and quality services are the marks of the professional appraiser!



Kenneth Wheeler DBA

Financial Exchange

2401 Bay Street

Sarasota, FL 34237-8116


310 Northeast Ewing Street

Grimes (Des Moines), Iowa 50111


Phone: 888.618.9681

or 515.309.1538 

Fax:  888.898.6009


Information Request Form

K. B. Wheeler Member

Greater Des Moines Partnership


Financial Exchange is a non-incorporated entity

or, complete and submit the  

Information Request Form.



One's property of value inevitably transfers ownership, with or without one's wishes.  

Prepare now to save your family wealth.  Ken Wheeler


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August 10, 2012
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