As a specialist in the financial analytical space, I work with hundreds of business valuation professionals, and let me tell you, 2017 was a rough year for my clients. More of my policy holders went out of business last year than ever before. Now, I care deeply about the viability and sustainability of my client’s professional firms, so I examined some of the possible reasons for this situation.
I’ve noticed that successful valuation practices tend to offer multi-professional services in order to diversify and stay competitive. With the rapid pace of technology change, evolving market forces and competition at an all-time high, it is harder than ever to run a business. For this reason, businesses are looking for more help from service professionals and tend to patronize firms that offer a wider array of services.
Business agility wins the day – dynamic practices and professionals are expanding services and experiencing growth while less dynamic firms are waning. Today more and more business appraisal firms are adding offerings to their inventory, such as: real estate appraisal, equipment appraisal, exit planning, mergers and acquisitions, and business brokering to name a few.