Hiring an in-house team is more costly than your small business valuation firm can afford.
Enlisting an outsource firm isn’t your only option when you need business valuation help. You could also hire an in-house team.
The in-house option makes sense if you have a steady stream of valuation work coming in and the capital resources to get a team up and running. If you’re a smaller firm with narrower margins or a less-than-even workflow, on the other hand, creating an in-house group could be a dicier proposition.
This is because bringing on a new team takes time and money, especially on the front end. In addition to your new hires’ salaries and benefits, there are the time-consuming recruitment, vetting, and interviewing processes, and the potentially lengthy and labor-intensive onboarding and training periods. You’ll also need to be able to cover the team’s costs during the lulls in the workflow when there isn’t much for them to do.
For smaller firms and firms looking to remain flexible and nimble, an outsourced business valuation team might make more sense. Someone else will have taken care of the hiring process and onboarding and training, and when the valuation workflow ebbs, you’re not on the hook for covering the team’s costs — or you won’t be if you’re working with an outsource firm that can tailor its services to your changing needs.
(Reminder: As with any business transaction, make sure the outsource firm guarantees transparency and that you understand the terms of your contract.)
At Assurent Advisors, we strive to make outsourced business valuation services affordable without sacrificing quality and flexibility.