P. Dermot O'Neill is the latest recipient of NACVA’s Thomas R. Porter Lifetime Achievement Award, which recognizes a member’s exemplary character, leadership, and professional achievements. In an interview in the current issue of Business Valuation Update, O’Neill talks about what he sees as growth areas for business valuation.
“Litigation and divorce are growth areas and one of the reasons I sense is that many of the ‘dabblers’ are getting weeded out,” says O’Neill, whose practice is located in Glen Mills, Pa. “The CPAs who primarily did accounting and tax work but also valuations on the side have found that it is not something you dabble in. But this has created some pricing pressures because clients are looking for the lower fees that the dabblers charged. There are also opportunities related to the fact that the baby boomers are retiring, so there will be some growth in valuations for that market as they sell or gift their businesses to family members.“
What to do: For those without experience in these areas, getting your foot in the door could be tough. O’Neill says that one idea is to represent the nonpropertied spouse in a divorce matter who typically doesn’t have the funds to pay a retainer or your regular fee. “You don’t take the engagement for free but you charge what the client can afford,” he says.
For the full interview, see the February issue of Business Valuation Update (subscription required).
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