Table of Contents
Disputes involving Business Valuation are often complex and highly contentious. This is because all involved parties will often have personal and emotional attachment to the asset or business in question, and everybody will be desperate to receive as big a share of it as possible.
In such disputes, a Single Joint Expert (SJE) can provide invaluable advice and assistance for a number of reasons.
A SJE can act with impartiality and efficiency throughout a dispute, and their experience and knowledge can massively benefit both the case itself and everybody involved, often resulting in a speedier settlement.
This blog will discuss what is a single joint expert, and why instructing one can be so beneficial for your valuation case. It will outline the pros of a SJE, and how they can contribute to ensuring as fair a resolution as possible for all parties.
What is a Single Joint Expert?
A Single Joint Expert (SJE) is a legal professional, generally an expert in a field relevant to the despite, appointed by two parties (or the court) involved in some form of legal conflict. The purpose of a SJE is to act independently and use their expertise to provide an impartial assessment on the issue.
In many legal proceedings, both parties will hire their own expert who will oversee exclusively their side of the issue and look out for just their best-interests. However, in some situations it can be much more efficient (and more cost-effective) to appoint a Single Joint Expert. This is only a viable option though if all parties can come together and agree to it — so any particularly hostile disputes may struggle to agree when it comes to appointing a SJE. Often the Courts insist on instructing a SJE to save costs.
A Single Joint Expert’s role requires them to act in an unbiased and objective manner. They will aim to assist in the process and ensure that all parties grasp what is going on, and that they have an understanding of the technical and complex aspects of the process.
Your Single Joint Expert will also be on hand to analyse all relevant evidence and utilise them to support in the pursuit of a positive and fair outcome to the proceedings.
What are the Benefits of a Single Joint Expert in Valuation Cases
Valuation disputes will surround the need to determine the true value of an asset. A single joint expert for valuations can be massively beneficial to all parties. From increasing fairness and ensuring the process is as efficient as possible, to reducing costs and eliminating bias, there are a number of benefits to instructing a Single Joint Expert for Valuation Cases.
A Single Joint Expert for Valuation Cases’ primary benefits include, but are not limited to, the following:
A valuation case can surround large sums of money. This is particularly true for cases involving a successful business or a large estate. These cases involving significant amounts of money can quickly become contentious, with all sides wanting as large a cut as possible.
With all sides vying for a larger sum for themselves, a Single Joint Expert can help to unify the parties. With an unbiased mediator, everybody can be assured that they will not receive an unfair share.
A SJE’s duty is to ensure as fair an outcome as possible, and to never cater their outcome to suit any one party’s specific interests. This all but guarantees that any valuation is both as fair and unbiased as possible.
A valuation case will, more often than not, require lengthy periods of debate and contrasting opinions. A Single Joint Expert can help streamline the process.
This is as a result of eliminating the need for multiple parties to present their sides of the case, while also minimising the delays that can often occur while both sides present their findings against one another.
Eliminating potentially unnecessary meetings can speed up the process and allow for a much quicker resolution. A SJE can often be beneficial when it comes to getting both parties to come together by way of mediation or mutually beneficial negotiations.
As mentioned above, valuation often involves large sums of money. These cases surrounding significant amounts can often end up costing all involved eye-watering sums to hire multiple experts who, when pitted against one another, can result in slowing the proceedings, thus increasing the overall bills for everybody.
A Single Joint Expert’s fee will be split by all parties, making the entire process significantly more cost-effective. If all sides can come to an agreement to bring in a SJE, they would be agreeing to reduce their overall costs, often dramatically.
A SJE cuts the financial hit on all parties, while ensuring that everybody has access to the opinion and support of an expert.
More Consistency of Opinion
Valuation cases involving multiple parties can often get unimaginably complex when everybody hires experts of their own. Especially if all of these independent professionals arrive at conflicting valuations.
Having a SJE overseeing your case ensures that there is consistency of opinion at all times, as well as helping to encourage a much smoother resolution.
An Expert Overseeing
When seeking out a person to act as a Single Joint Expert, it is generally advised to select somebody with a high level of expertise in the relevant field for the case in question.
The main reason for this is that the impartiality and specialist knowledge of a Single Joint Expert will often ensure that their opinion carries that extra level of gravity in court. A judge will often lean on the opinion of a SJE thanks to their reliability and unbiased nature.
Therefore, any valuation presented can be seen as more credible due purely to who is presenting it
For Expert Assistance in Your Valuation Case, Contact Inquesta
As outlined above in our blog, instructing a Single Joint Expert during valuation disputes can be massively beneficial and bring a large number of benefits. Their unbiased nature, specialist knowledge, and cost-effectiveness are but a few of the large number of key advantages they have.
An Inquesta Forensic Accountant can play a vital role as a SJE in your case. We have the experience and expertise required to help avoid conflicting valuations, streamline the process from top-to-bottom, and generally play a crucial role in helping reach a fair resolution that suits as many parties as possible.
So whether you’re looking to value your assets or a business due to a divorce/matrimonial disputes or a disagreement with shareholders, consider the benefits a Single Joint Expert can bring. For more information about how Inquesta can help on your case, contact a member of our team today.