Belated Thoughts on July 4th

The July 4th holiday for 2023 is now in the books, but it is still on our minds. Perhaps, for some, the meaning of July 4th is lost or is not on their minds.  However, the United States’ independence and the resulting Constitution have provided likely the greatest economic system in the history of the world.

Certainly those of us privileged enough to be in the valuation profession should be thankful to the Founding Fathers. It is this economic system that has allowed our profession to exist. A free market economy is what has allowed businesses to exist, and the baby boom has also been responsible for where we are at this time. There are ample businesses and assets to value to keep us all busy and prosperous. And that is likely to continue indefinitely into the future.

We have all migrated to this profession for various reasons. In my case, I got into it by accident. I had a partner in 1980 who needed me to take over a valuation litigation divorce case for personal reasons, and I immediately was attracted to the business of valuation. Fortunately, the attorneys for both sides saw some potential in me and engaged me in future cases. There is that free market at work again.

As others in the profession have said, I am bullish on the future of valuation! It is exciting and inspirational, in my view. Add in the litigation side of the equation and the excitement level goes up. I have been in the valuation profession for 43 years now, and I have never had a day where I regretted getting into it.

As President Calvin Coolidge said, “After all, the chief business of the American people is business. They are profoundly concerned with producing, buying, selling, investing and prospering in the world.”1 Business is fun, and it is great being able to make your living in a profession that you enjoy. I enjoin you all to promote our valuation profession to the younger generations and please give back. Help mentor and train others, and make sure to donate your time to the profession so that we maintain a healthy profession. Happy belated Independence Day to all of you! 

1 Often misquoted as “The business of America is business.”