As a business appraiser, your primary role is to provide accurate, supportable, unbiased valuations. But in today's competitive landscape, delivering high-quality work is not enough. To grow your practice and stay relevant, it is essential to build relationships with professionals whose clients regularly need valuation services, such as financial planners, accountants, attorneys, and business brokers.
The fact is that valuation work complements the role these third parties have with small business owners. They play a critical role in guiding their clients through significant business and financial decisions. At certain points, they will need a trusted valuation expert to support their work.
For example, financial advisors may require business valuations for succession planning, retirement strategies, or wealth transfer. Accountants often need independent valuation work for tax reporting, buy-sell agreements, or compliance-related matters. Attorneys rely on valuations in divorce proceedings, shareholder disputes, estate planning, and litigation support. Business brokers require accurate valuations to set listing prices and help both buyers and sellers negotiate fairly.
When these professionals require appraisal work for their clients, having a go-to expert like you adds value to their service and positions you as an indispensable partner. Working together with a mutual client builds credibility and trust. Over time, you will learn each other's working styles, communication preferences, and areas of expertise. Over time, by delivering accurate, well-documented valuations, they will be comfortable referring you to other business owners in the future.
Building these types of relationships will allow you to grow your valuation practice more efficiently by networking with a single contact for multiple engagements over time. Your client base says a lot about you. Being well-connected with respected professionals elevates your standing in the business community and valuation industry.
In summary, business valuation is a specialized field, but it doesn't operate in a vacuum. Proactively developing relationships with other small business consultants allows you to expand your reach while elevating the quality and value of your service. It's a win-win for everyone involved, especially the client.