Starting a business valuation (BV) practice is taking a great leap into the unknown — you place a mortgage-sized bet on your own skills and effort. You rolled the dice on your ability to land projects, perform on them, and actually make a living doing it. And congratulations, you’ve succeeded!
But let’s unpack this journey a bit:- In reality, much of the perceived risk is just that – perception. When you were an employee, you were essentially performing the same tasks required to run a successful small practice. The transition, therefore, wasn’t so much of a gamble as it was a well-thought-out investment in yourself.
So here you are, the proud owner of a successful-ish small BV firm. What’s next?
It’s time to “Bet on Yourself” again.
Many practitioners we’ve spoken to express concerns about generating enough revenue to cover the costs of hiring additional staff. It’s a valid worry. Suddenly, you’re responsible not only for your own sales but also for sustaining an employee whose salary could range from $100-200k or more. The pressure is immense, and that is ASSUMING you can even find someone who can perform at the level necessary to support that salary.
But here again, the “bet” isn’t as risky as you think. This isn’t shoving all your poker chips into the pot or betting on “00” on the roulette table. Instead of going “all-in”, there are more measured approaches. Part-time employees offer a scalable solution. Alternatively, platforms like Assurent’s Talent Engine are provide access to even smaller increments of investment that expand with your scaling. So if your definition of success includes growth, then consider rolling those bones again. It might not be as risky as you think.