Business valuation professions know that attorneys are a prime source of new engagements, but other sources may not immediately come to mind. Victor Werley, founder of Pinnacle Advisors (Little Rock, Ark.) is a credentialed valuation expert, but his practice is mainly financial advisory, money management, business brokerage, bookkeeping, and other financial services. “I would say that a very overlooked source of potential valuation business is in the other areas of my practice,” he said during a recent webinar.

Good prospects: “If there are business brokers in your area, find them and get to know them,” he advises. “They need you to do valuation work.” As a broker himself, Werley says it’s helpful to be able to show clients a valuation from an independent source. Financial advisors are another good source of business. They typically have clients with high net worth most of which will either involve large pieces of real estate or privately held businesses. “I tell my financial planning clients that, if a private business comprises more than 20% of your net worth, you need to have that business valued every two years. That is just standard practice with my clients.” But you will need to explain to those financial advisors what valuation is, what it does, and why it is important, he notes.

Werley also suggests that valuation experts join associations of business owners but don’t just show up and expect to sign up new clients. “Educate them,” he advises, by doing presentations or writing articles.

One more idea: Werley has increased his valuation business by collaborating with another valuation expert with a solo practice, Ericka Heiser (Sioux City, Iowa). Their backgrounds and experience complement each other, so they have been collaborating on engagements that they otherwise would have turned away. Heiser’s business has increased also. You can learn all about their experience with this arrangement if you listen to a recording of their webinar, Collaborate With Valuation Professionals Who Complement Your Strengths to Better Serve Clients.