Jennifer Lynch is a highly qualified expert witness in forensic and investigative accounting. As a Chartered Professional Accountant (CPA), Certified Management Accountant (CMA), Certified Fraud Examiner (CFE), Certified Forensic Investigator (CFI), and Chartered Business Valuator (CBV), she offers a broad range of services to her clients.
With extensive experience providing expert testimony in numerous trials, Lynch draws on her strong business acumen and an MBA from the Schulich School of Business. She specializes in forensic accounting and fraud examination, offering expertise in personal injury damage quantification, insurance claims, matrimonial disputes, and fraud investigations for a diverse clientele.
How has the CBV designation supported your career development?
I started my CBV journey later in my career, after I had already established my forensic accounting practice. I founded Lynch & Associates about 13 years ago, and I earned my CBV a few years back. The designation has been invaluable in expanding my practice. Before, I offered forensic accounting and fraud examination services, but now I also provide business valuation services. This has allowed me to be a more well-rounded consultant for my clients. For example, in cases of matrimonial disputes where I might have been hired to investigate and calculate the equalization of property, with the CBV designation I can also provide an opinion on the fair market value of any business involved. The designation has opened up more avenues and broadened my scope of expertise.
Can you share a particularly challenging yet interesting valuation analysis that made you realize you had chosen the right career path?
One case from last year really stands out. I was hired by a client with five profitable businesses who was in the midst of a divorce. He needed a business valuation report for these businesses as well as a guideline income valuation report for himself and his soon-to-be ex-spouse. To complicate matters, there was also a fraud investigation component, as he suspected her of transferring money from his businesses. We had to prepare nine reports, and after sending out the drafts, there was significant pressure from the client and his lawyer to adjust the valuation numbers to their advantage. They wanted us to shift from a going concern basis to liquidation, which would have been completely against CBV standards, especially since these were well-established, profitable businesses. I held firm in maintaining the ethical and professional guidelines, and while I faced some financial loss when they didn’t pay the rest of the retainer, it was a powerful reminder of the importance of standing by your principles. In the end, another CBV provided a similar report to mine, and the client came back to me asking to use my original work. It solidified for me that this career requires not just expertise but also integrity.
What differences do you see in your current role as compared to previous roles?
In my previous roles, I focused primarily on forensic accounting and fraud examination, working mainly with lawyers. Since earning my CBV, I’ve noticed a shift in my client base. While I still work with family lawyers, more clients now reach out to us directly for business valuations and guideline income reports, especially in matrimonial disputes. Another key difference is that, in addition to formal reports for court cases, I’m often hired as an advisor to review other CBVs’ reports or to provide preliminary opinions. So, my role has expanded to include more consulting and advisory work, especially with clients from the general public, which has been an interesting and rewarding evolution.
Do you have any tips for people looking to become a CBV?
It took me several years to earn my CBV designation, and balancing a full-time job with studying is challenging, especially if you have a family. My first piece of advice is to set realistic goals based on your personal situation. If you have a demanding job and young kids, trying to finish in two years may not be realistic. Break your studies down into manageable goals, like taking one course at a time and setting aside specific time on weekends to study. Also, if you don’t have an accounting background, it may be helpful to find a mentor or tutor, especially as the final CBV exam can be tough.
#FunFact
Despite the seriousness of my work, I like to balance it with something completely different in my personal life. I’m into Muay Thai boxing and dancing! I also love adventure, and one of my biggest accomplishments was climbing Mount Fuji in Japan last year. It was much tougher and more dangerous than I expected, with heavy winds and rain as we climbed to the top in the dark. But it was all worth it to see the sunrise at the summit—an experience I’ll never forget!