Several top business valuation thought leaders tell BVWire that, in terms of career advice, valuation analysts should develop a specialty, whether it be related to an industry or a particular type of valuation (such as lost profits, intellectual property, ESOPs, etc.).
“Find a niche where you can position yourself as an expert as early as you can in your career,” advises Rod Burkert (Burkert Valuation Advisors LLC). “The temptation is to say you can do all valuations,” observes Lance Hall (FMV Opinions). However, the profession has advanced to the point where being a generalist may not be the best idea. “Business valuation has become a true specialty,” says Gary Trugman (Trugman Valuation Associates). “It is not meant for the practitioner who wants to do a little of this and a little of that. When you’re sick, you go to a specialist—not the family doctor.” Specialization can also enhance the value of your services, as Hall points out: “Once you invest in specialization, it’s easier to differentiate your services and maintain higher fees.”