We’ve been reading the same news reports you have: that the jobs market, the housing market, and the general economy are all showing signs of “real” (if slow) recovery. But what about the BV market? Three years ago, during the steepest economic slide, we asked BV professionals to tell us how the financial crisis was impacting their hiring practices and growth plans. Most participants were adopting a cautious “wait and see” attitude. Several, however, glimpsed a few treasures amidst the turmoil. To wit:
- This is a great opportunity to hire talent if you also have the ability to wait this out and be poised for whatever comes next. Fantastic time to build infrastructure, create awareness in the marketplace, and get one's house in order.
- The economic downturn has created opportunities in both tax and dispute resolution. Financial reporting and tax assignments are increasing for both asset impairment and gifting. During stressful economic times, [shareholder] disputes and also divorce increase. The biggest problem is availability of qualified appraisers. We are actively engaged in a search for good people to add to our practice.
What have you been doing since the downturn? In our latest online survey, we’re asking BV professionals to tell us about their hiring (or hold) plans, and whether the economic lull provided time to improve internal processes and/or business development. What practice areas are now poised for growth, and which areas are on the wane? The survey won’t take but a few minutes to answer, and the results will give you (and your BV colleagues) a snapshot of the profession in these unpredictable times. To participate in the survey, click here. Look for the findings in the next issues of the BVWire.
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