Last week I wrote about 2 sections your engagement letter might be missing – an understanding of the engagement and ongoing client communication. I hope my rationale for including them inspires you to add them to your engagement letter.
On to this week. I recently dropped my ABV credential. It’s not a big deal. But after 20 years of being an ABV, I felt that the credential wasn’t providing enough value for me. Of course, you may feel differently.
And if you’re new here, welcome aboard. This is what we do!
From James Clear (author of Atomic Habits): How long will you put off what you are capable of doing just to continue what you are comfortable doing?
Like many of you, I recently renewed my AICPA dues.
And I have gone from a CPA [slash] ABV [comma] CVA to a CPA [comma] CVA.
That’s right … I dropped my ABV credential.
Why on earth did I do that?
Hi. I’m Rod Burkert. And welcome to my Practice Development Corner, the place where business valuation professionals like you come to learn how to turn the practice they have into the practice they want.
First, let me make it clear that I have no beef with the AICPA, and I had no qualms when the AICPA offered the ABV credential to non-CPAs.
I have been an ABV credential holder since 1999.
That was the second year the ABV was offered.
But the fact is that I cannot recall ever getting an engagement because I had a specific valuation credential … or losing an engagement because I did not have a specific credential.
And as a CPA, I still must follow the AICPA’s Statement on Standards for Valuation Services – the same as if I were an ABV.
So my arrangement letters and reports are still going to say that I will … and did … comply with the SSVS.
I can even still say that I am in compliance with the recertification requirements for the ABV. Even though I am not an ABV.
Similar to me saying that I am in compliance with USPAP. Even though I am not an ASA.
The truth is I stopped putting my credentials on my official and unofficial business cards several years ago.
Why? Frankly, I just stopped caring about valuation credentials because:
- Clients and referral sources do not really understand them, and
- When everyone has a credential, they do not differentiate us.
Your mileage may vary if you work on a lot of litigation matters. I don’t.
Also, I was happy to save the renewal fees – $380 for the bundled ABV credential and FVS section membership.
Not a lot of money for sure, but as my father-in-law loves to say: It’s not what you make, it’s what you keep.
So that is this episode’s practice development news. Hopefully, it gives you some food for thought.
What do you think? Did I screw up … make a bad decision?
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