Relying on friends and colleagues for advice about your BV career is like the story…
John Borrowman, CPC
Borrowman Baker LLC
How long has it been – really – since you’ve given thought to the arc of your career in business valuation?
If you’re like most professionals, it’s hard to see the forest for the trees.
You put your head down. You work hard. And before you know it, another year has come and gone.
We talk to a lot of people who are just now putting their heads above water and looking around to see what the rest of the BV world might look like. Although this conversation is imaginary, it’s typical of the questions we hear.
Where are the jobs? Is there one market that really stands out?
Truth be told, BV jobs are everywhere. Because BV is everywhere. The strength of demand in a particular market is merely a function of its size. Demand is higher in Atlanta than in St. Louis; higher in Chicago than Atlanta; higher in New York than in Chicago.
So, if I wanted (or needed) to move to some out-of-the-way place, I could continue my career in valuation?
Allowing for trade-offs, yes. Naturally, your compensation in Grand Rapids, Michigan, won’t be it was in Los Angeles. But, then, neither is the cost of living. Generally speaking, the further away you get from major metro areas, the less likely you are to be doing sophisticated and complex engagements, or working with large clients. Maybe this doesn’t matter to you. Maybe it does. You’ll have to be the judge.
What other trade-offs are there?
Depending on where you are on the food chain, your value (translation: earning power) can drop in connection with a change in geography. If you’re responsible for revenue generation, for example, clients may or may not follow you. The obstacle could be geography, itself. Or, it could be that a new employer just doesn’t do that particular kind of engagement. Either way, compromise will be required.
If it was obvious that I am underpaid, and could improve my situation by moving, I might be more interested.
If the question is whether there are places where you could earn more than you’re making now, the answer is nearly always yes. But, the real question is: What are you willing to do to get it? How are you with working another five to ten hours a week? Can you relocate in pursuit of that better position?
Think about the concept of your “universe of opportunity”. The two drivers which have the most to do with the size of that universe are money and geography. The more flexible you can be in either – or both – the larger that universe, and the more likely you are to find a new position that will truly advance your career.
Chances are you feel that you’re in the right place for your career. Nine out of ten people we talk to confirm that in the conversation. Isn’t it worth your time in a phone call to make sure for yourself!