By John Borrowman, CPC
Borrowman Baker, LLC, BV Staffing + Consulting
BV/LS practices across the country are challenged by finding and hiring talent in the 2 to 5 year experience range. Some practices housed inside CPA firms are dealing with this challenge by “test-driving” staff from the audit or tax department. The goal, of course, is to find someone who can make the successful leap into BV.
Remember, though, that business valuation is a business of judgment. Want evidence? Look at your deliverable. It’s called an opinion of value. The ability to exercise sound judgment is important at every level in your practice. If you’re thinking of transferring an employee from the audit or tax department, you can’t be too careful in assessing fit.
One of the pitfalls of the “test-drive” approach is its reliance on a certain level of self-selection by the audit/tax staffer. The “something-new-every-day” aspect of BV can look very attractive from the outside. While that may be enough to get your staffer interested in being part of your practice, it won’t be enough to keep her there.
Another is that you probably won’ t have a consistent and extended period during which you can observe this staffer’s work habits and ability to adjust to BV. You may not get any of the staffer’s time during busy season. And you may have to take second priority to other projects during the rest of the year.
The combination of these issues points to the importance of using an assessment to test for how well your staffer will operate in a business valuation environment. The Borrowman Baker BV Candidate Assessment is the tool you need. Why is that?
Audit/tax staff are trained in systematic thinking. There’s definitely a place for that in business valuation. At the same time, you want employees who will take a second look and maybe even follow a hunch. The staff you bring over from audit/tax will likely bring with them a grasp of methodical processes and a good task focus. Both are fundamental to BV. But, the work you’ll have them doing will require they be a self-starter and self-motivated.
The Borrowman Baker BV Candidate Assessment delivers insight you can’t get from simply observing the audit/tax staff at work on an engagement. It can give you a clearer understanding of the “fit” with BV, and can help you make smarter decisions about where to invest your time in the “test-drive” approach. A phone consult, included as part of the assessment, will give you what you need to make the best use of the assessment.
To use the Borrowman Baker BV Candidate Assessment to help you make smarter decisions, click https://www.borrowmanbaker.com/your-practice/assessments/.