ERIC Number: EJ792332
Record Type: Journal
Publication Date: 2006
Reference Count: 5
Building Your Evaluation Business into a Valuable Asset
Hwalek, Melanie; Barber, Gregory J.
New Directions for Evaluation, n111 p41-49 Fall 2006
Determining what will occur with a consulting practice becomes a more pressing concern as an evaluator approaches the age of retirement. Typically independent consultants do not have the pension planning services readily available to evaluators in academic settings, governmental agencies, or large corporations. Without prompts such as automatic pay deductions that are available from human resource departments in larger organizations, evaluation entrepreneurs easily become financially at risk by not giving proper attention to building personal wealth soon enough or well enough. Even with an adequate retirement account, independent consultants may not realize that the service business that they worked hard to establish could put a very golden finish on a preexisting retirement nest egg. Much has been written about succession planning and about the valuation and sale of service businesses. This chapter provides a road map of changes that evaluators may want to make to their business in order to garner the best price when the day comes to sell, work part time, or have the company run without much of the owner's time or resources. The aspects of selling an evaluation business that are important to a prospective buyer are also outlined.
Descriptors: Evaluators, Retirement, Retirement Benefits, Consultants, Entrepreneurship, Long Range Planning, Salesmanship, Professional Services, Standards, Productivity, Quality of Working Life, Money Management, Debt (Financial), Contracts, Incentives, Politics of Education, Research Methodology, Documentation, Interpersonal Competence
Jossey Bass. Available from John Wiley & Sons, Inc. 111 River Street, Hoboken, NJ 07030-5774. Tel: 800-825-7550; Tel: 201-748-6645; Fax: 201-748-6021; e-mail: firstname.lastname@example.org; Web site: http://www3.interscience.wiley.com/browse/?type=JOURNAL
Publication Type: Journal Articles; Reports - Descriptive
Education Level: N/A
Authoring Institution: N/A