John Borrowman, CPC
Borrowman Baker LLC
Business valuation is strengthening. Hiring is returning. The recession has changed the world for BV professionals, however. You would be smart to recognize how that change impacts you and your career.
There is one thing that hasn’t changed, and probably never will. That’s the fact that when you need BV talent that functions above a certain experience threshold in the hierarchy, the only place to find them is within the BV profession itself. That fact will continue to create demand for qualified professionals.
What appears to be different since the recession is the way that practice leaders are using those professionals.
One long-range impact we see is that employers are less willing to hire the professional who requires a high salary and who has not shifted from “doer” to “seller/doer” mode. This means that those professionals now operating at a manager level should be pushing themselves to generate revenue. The total dollars don’t necessarily need to be high. The key is to demonstrate that you understand the need to move in that direction and are making progress in doing so.
Another impact is the increased use of administrative and para-professional staff in performing tasks that were once the province of lower-level analysts. For those younger professionals, then, the challenge is to become more productive at a higher functional level. Maybe this involves handling more parts of an engagement. Maybe it involves learning to supervise the work of the para-professionals. The key is to increase your value or find yourself being made redundant.
Business valuation continues to be a sound career choice with great potential for the future. Like most career paths, though, it has been altered by the recession. Professionals who are intent on maintaining a strong career arc will recognize and adapt to those changes.
Everyone’s situation is different. Contact us for a confidential discussion of your own compensation and career options.