Insider's Corner Q&A
IW: What challenge do you and Statesman Business Advisors face right now?
GRC: We live in an age of accelerated information exchange. As a result, economic changes occurring on either the national or global level must be quickly analyzed for their potential effect on our clients’ businesses. For both valuation engagements and M&A advisory engagements it is important to not just focus on what directly drives our client’s revenues, but to understand the broad industry drivers as well.
IW: How does IBISWorld help you overcome this challenge?
GRC: We use IBISWorld along with our own research to quickly identify industry trends. We are especially appreciative of the timely updates to their research reports. There are many providers of research data in the marketplace, but we’ve found that other providers’ data can be stale the day it is purchased.
We also find it very useful when conducting our first interview with a potential client if it happens to be in an industry that we have limited experience. It allows us to get “up to speed” so we can quickly add value to the client instead of the client taking time to train us.
IW: What do you foresee happening within your industry in the next year?
GRC: The valuation practice has been strong through the first and second quarters of 2011, especially as it relates to ASC 805 – Purchase Price Allocation engagements. We expect this trend to continue.
Being located in the Southwest US, we expect to see continued demand for companies servicing the up-stream and mid-stream oil & gas markets as well as the Gulf Coast petrochemical industries. Generally, middle-market merger & acquisition activity is up compared to the same period last year.
IW: Tell us something interesting about yourself:
GRC: I love what I do and find a lot of satisfaction in helping clients. In my off time I enjoy spending time with my family. I am married with one son who has just finished his freshman year of college at Texas Christian University. Mom and I are still getting use to being “empty-nesters” at such an early age.
Gary R. Canon, CVA, CPA, ABV, is Managing Director of Valuation at Statesman Business Advisors, a business valuation/M&A advisory firm serving mid-market, privately held companies in the Southwest, US. The company's valuation engagements include: estate tax & gift, ESOP, merger & acquisition and valuation for financial reporting. Its M&A advisory includes both buy-side and sell-side representation of middle-market companies across a wide spectrum of industries.
Note: Statesman Business Advisors is not a licensed CPA firm.
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