Business Valuation Firm Benchmarking Guide: 2023 Edition

November 2023 PDF, Softcover (103 pages)

Business Valuation Resources, LLC

Capture essential insights from more than 190 BV firms and refine them into a concise and easy to reference guide that focuses on different aspects of practice management and practice building. Propel your firm to the forefront of the BV profession and ensure that you have the most up to date data with sections on  Practice Performance; Staff Hiring, Promotion, Partner Requirements and Compensation; Billing and Fees and more. Make sure your firm has the information it needs to expand it's footprint in the BV profession with the all-new Business Valuation Firm Benchmarking Guide!

 

 

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Highlights of the report include: 

  • Take advantage of data compiled from 830 business valuation firm owners and over 1700 staff members

  • Reference insights on the value of niche firm specific expertise

  • Deep dive into firm revenue numbers that break things down to revenue per/owner, revenue per/full-time employee and more

  • Take a closer look at the fastest growing BV practice areas and the most profitable ones in 2023

  • Are your billing practices following industry trends? Examine engagement retainers, billing methods, rates, research costs and more

EXECUTIVE SUMMARY
        Firm Information
        Practice Performance
        Staff Hiring, Promotion, and Compensation
        Partner Requirements and Compensation
        Billing and Fees
        Marketing and Practice Development
        BV Operations
        Practice Expectations and Professional Concerns

Section I: FIRM INFORMATION

       1.1 Primary business of firms responding to survey
       1.2 Years in the business valuation profession
       1.3 Professional and staff employee counts
       1.4 Number of engagements completed

Section II: PRACTICE PERFORMANCE

       2.1 Revenues from business valuation activities
       2.2 Business valuation revenue per owner/partner
       2.3 Business valuation revenue per full-time-equivalent employee
       2.4 Practice profit margin
       2.5 Fastest-growing business valuation practice area
       2.6 Most profitable business valuation practice area
       2.7 Annual billable hour targets
       2.8 Utilization rates
       2.9 Realization rates
       2.10 Other practice performance measures
       2.11 Clients surveyed to determine a Net Promoter Score

Section III: STAFF HIRING, PROMOTION, AND COMPENSATION

       3.1 Staff benefits
       3.2 New-hire signing bonuses
       3.3 Staff shortages
       3.4 Staff compensation
       3.5 Trend of staff compensation increases
       3.6 Staff bonuses
       3.7 Factors considered when calculating bonus compensation

Section IV: PARTNER REQUIREMENTS AND COMPENSATION

       4.1 Partner promotions
       4.2 Partner departures
       4.3 New partner capital contributions
       4.4 Partner guarantees
       4.5 Partner/owner compensation

Section V: BILLING AND FEES

       5.1 Engagement retainers
       5.2 Billing methods
       5.3 Increase in billing rates
       5.4 Hourly billing rates by staff level
       5.5 Late fees, aka interest charges
       5.6 Recovering research costs

Section VI: MARKETING AND PRACTICE DEVELOPMENT

       6.1 Who has primary responsibility for your firm’s marketing?
       6.2 Marketing budgets
       6.3 Effect of expertise
       6.4 Sources of business valuation revenue
       6.5 Most effective marketing methods
       6.6 Networked firms
       6.7 Social firms
       6.8 Online marketing mostly works
       6.9 Other client communications
       6.10 Your most important practice-building initiative implemented in 2022

Section VII: BV OPERATIONS

       7.1 Private-/public-company transaction databases
       7.2 Cost of capital resources
       7.3 Industry data
       7.4 Discount support
       7.5 Guideline public-company tools
       7.6 Finding compensation information
       7.7 Reference and research budgets
       7.8 Staff training options
       7.9 Third-party valuation and report writing software
       7.10 Software for forensic accounting needs
       7.11 Outsourcing and offshoring
       7.12 Practice management software
       7.13 E&O/liability insurance
       7.14 Data security/cyber-risk insurance
       7.15 Virtual meeting platforms

Section VIII: PRACTICE EXPECTATIONS AND PROFESSIONAL CONCERNS

       8.1 Next-year revenue growth
       8.2 Next-year hiring plans
       8.3 Next-year staff compensation increases
       8.4 Next-year partner/owner compensation increases
       8.5 Next-year marketing budgets
       8.6 Biggest opportunity for firm growth
       8.7 Critical issues for your practice
       8.8 Critical issues for the profession
       8.9 Your most successful management practice implemented in 2022

APPENDIX: 2023 BUSINESS VALUATION FIRM BENCHMARKING SURVEY