Tips for Starting a BV Practice

Guidance is a click away.
BY BRADLEY H. MINOR

Business valuation is not an area of accounting to be entered into lightly. Statistics show there are many litigation claims against CPAs in the valuation area, mostly due to a misunderstanding of what services the CPA was to perform as part of the engagement and the CPA’s lack of formal training in performing valuations.

The Business Valuation Practice Management Toolkit is an excellent source for understanding what services generally are performed; it is available online to all BV/FLS section members. It includes chapters on marketing, product, sources of information, financial aspects, practice management (staffing) and quality control.

Obtaining solid training is the key component in mitigating risk. You can gauge your competence in business valuation by taking the AICPA Competency Self-Assessment Tool (CAT) https://www.cpa2biz.com/CPE/CAT.htm . The gap analysis the CAT provides will highlight your strengths and point out areas for improvement, so you can get the appropriate training to fill your knowledge gaps and lessen your risk.

Bradley H. Minor, CPA/ABV, CVA, ASA senior manager,
Blue & Co. LLC, Indiana, Kentucky and Ohio

PODCAST

What’s next for potential CPA licensure changes

A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.