the Value of a Business Buyers look at earnings as a primary driver of value. There are many other factors such as strategic value, competitive position, branding, secret processes, and cost to duplicate. There are also many other factors, some not so evident or obvious, some intangible and some in the “good feelings” attitude about the business or its prospects. At the end of the day, it is sometimes hard ...

Perceived Value is the Driver Alan Weiss wrote a book titled Value-Based Fees, How to Charge - and Get - What You’re Worth. Even though the book was published more than fifteen years ago, it still offers pearls of wisdom for consultants today. One key takeaway involves recognizing the importance of perceived value, which should be the basis of the contractual relationship. Alan Weiss wrote a book titled Val ...

Here is How I Changed my Mindset Asking for a referral may seem egotistical and a bit self-centered, but it is also a good business practice. In this article, Rod Burkert shares two personal obstacles he overcame that kept him from asking for referrals and what changed his mind on this matter. When it comes to building a pipeline of work, referrals are the lifeblood of a BVFLS practice. So why did I feel so ...

Operational Finance—A New Way to View your P&L? Have you ever thought about your accounting systems as more than an expense, and how it may benefit you, above and beyond reporting numbers and forms? It can and should be more than an expense. In this article, the author discusses the potential insight gained by tracking the data. Books and records. Bookkeeping. Accounting. Tax returns and quarterly filin ...

Beyond the 40 Hours of CPE and Embracing Continuous and Mindful Learning The traditional requirement to account for 40 hours of CPE is often viewed as an annual hurdle. This mindset needs to change. This requirement is an opportunity to commit to continuous learning and improvement. In this article, the author identifies the impediments and opportunities to continuous professional and mindful development. I ...

Relative to “Those” Competitors Many BVFLS practitioners have a mind-set that presents a self-made obstacle to successfully marketing their professional services. In this article Rod Burkert shares three reasons he has observed that may explain why we, as professionals, struggle with pricing relative to “those” competitors and suggests ways to address those concerns of losing out on price. I want to go on r ...

Rethinking the Role of Your BD Team (Part II of II) In the November 2020 post, an alternative way to structure your firm’s BD efforts that relies less on a central “rainmaker,” and more on an integrated team. In this post, the focus is on how to execute the various activities involved in BD, such as hiring, outsourcing, or cross-training existing staff. For this exercise, do not get hung up on specific titl ...

Turning Traditional Business Development on Its Head (Part I of II) Business development (BD) used to be simple: do good work for existing clients, be active in your local community, and watch the referrals roll in. To be a successful rainmaker for a firm, all a professional needed was a little confidence, some networking skills, and perhaps the occasional educational presentation. But BD has changed, drive ...

Litigation and Non-Litigation FAQ Interpretations Initiative Business valuation/appraisal standards are promulgated by different business appraisal organizations. The NACVA’s Standards Board was formed to continually review the organizations standards and to ensure that the NACVA’s Professional Standards remain up to date, relevant, and relatively consistent with the standards of the other professional orga ...

Finance & Accounting for Lawyers, Second Edition, by Brian Peter Brining, JD, CPA BVR has just released Finance & Accounting for Lawyers, Second Edition, by Brian Peter Brining, JD, CPA. The purpose of this edition is to provide the reader, lawyers particularly, with a technical overview of accounting principles and methods so the knowledge can be applied in the practice of law. In the finance and v ...

The Marketing Funnel (Part II of II) In the August 2020 article, the author discussed five basic ways website planning and organization can result in sub-optimal results. In this article, the author drills down and looks at ways a website can fail to support a firm’s marketing funnel. The author explores the three key parts of the marketing funnel and shares where poorly designed websites come up short in e ...

Speaking Our Client’s Language How many times have readers started reading an e-mail from a colleague or peer with questions on a valuation you performed and been simply lost as to why they are asking? As you re-read the e-mail time and time again, you cannot understand where their questions are coming from. You feel confused, frustrated, and lost. In this article, the author proposes that we reflect on the ...

the Cost of Your Reference Library? Now, there is an abundance of print and online resources that have greatly improved both our report preparation efficiency and effectiveness. Simply put, we have access to better information and are more productive in our engagements. Certainly, clients benefit from that increased access and productivity, but it comes at our ever-growing out-of-pocket library expense. So ...

The Future is Here This article describes the background, concepts behind, and implications of blockchain technology deployment for commercial, governmental, and personal use. QuickRead readers are aware of proposals to move entirely away from cash (bills and coins) for daily transactions. Such a move is expected to create a major inconvenience for those without access to credit cards and basic banking serv ...

Five Ways Professional Services Websites Fall Short (Part I of II) Business leaders today know that how a firm’s website is planned and organized matters more than ever. What worked well enough five years ago to separate your firm from your competition may simply not work today. At Hinge, we audit hundreds of professional services websites a year—and we see many of the same mistakes repeated. In this articl ...

with “Pinkcast” Daniel H. Pink is author of six provocative works about business and human behavior. His website contains videos and newsletters. In this article, Rod Burkert describes how Pinkcast changed the way he marketed, and provides six reasons why BVFLS professionals may want to consider Pinkcast as a resource. Do you struggle putting pen to paper … figuring out what to say in a 300–900-word dispatc ...

to Convert Leads into New Business In this post, Dr. Frederiksen shares some thoughts on ways to use virtual marketing to increase visibility, communicate your expertise, and build engagement with prospects. In the age of COVID-19, these marketing techniques are essential to a firm’s survival. In my most recent post, I explained some key advantages of virtual marketing over more traditional approaches. In t ...

Here’s How to Land Them What is an aspirational client? How can valuation professionals find and engage them? In this article, Rod Burkert shares his insight and experience finding aspirational clients. Aspirational clients. Who are they? What steps does it take to land them? Why are they important to our practice growth? When we started our practices, we were happy with the clients we got because we needed ...

Marketing During COVID-19 and Beyond Over the past few months, COVID-19 has become a household word, and shelter-in-place orders have rocked the business world. Small wonder that the concept of virtual marketing and business development has jumped to center stage. Nearly overnight, thousands of professional services firms have begun scrambling to figure out how to replace the only marketing approach they ha ...

Seven Things You Can Do When You Have Nothing To Do You were humming along nicely … until the shelter-in-place orders hit. All cylinders were firing. You were busy! And now you are not … or not as. What do you do with the (hopefully temporary) lull? Panic? Or use the opportunity to systematically find more work? You were humming along nicely … until the shelter-in-place orders hit. All cylinders were firing ...