The business valuation profession is “headed in the right direction” and is in “good hands” with the next generation of professionals, says Shannon Pratt (Shannon Pratt Valuations). Pratt, whose contributions to the profession are legendary, recently participated in a unique interview triggered by the 20th anniversary of Business Valuation Update, a publication he founded. The interview also includes the views of two other generations of valuation experts: Heidi Walker (Meyers, Harrison & Pia Valuation and Litigation Support LLC) and Sean Saari (Skoda Minotti).
Sage advice: “When I started, only a handful of people were doing valuation, and now it’s come to be recognized nationally as a profession,” says Pratt. “Some call it an industry, but I think of it as a profession, and I believe most people think of it that way.” Among his advice to the next generation of valuation experts is to always do a thorough job and not to “cut corners,” despite pressure from clients with a limited budget. Also, always be honest. “A valuer must maintain a reputation for integrity,” he says.
Pratt, who has influenced the lives of countless valuation professionals, was asked if there was someone who influenced him as a young man. He said that his doctoral professor at Indiana University was a big influence, telling him he was a “good conceptualizer, which was important,” says Pratt. “He believed in me.”
Special issue: The full interview is included in the October issue of Business Valuation Update (subscription required), which commemorates the publication’s 20th year as the voice of business valuation. It contains a slew of advice and reflections from a veritable who’s who in the profession. A rundown of the articles is included in BVWire, a free weekly ezine. This issue of BVU will be a real collector’s item—don’t miss it!