Meet Blue Sky Business Valuation. Elizabeth Petrie and Courtney Sparks White founded the valuation company in 2017. Blue Sky Business Valuation has been a Service Provider Member of the Conway Center for Family Business for over three years. We sat down with Courtney Sparks White to discuss the business and their involvement with the Conway Center.
Tell us about Blue Sky Business Valuation.
We value privately held businesses for many different reasons. For Conway clients and referrals, we are typically preparing valuations for estate planning purposes. That said, we also work with some clients on valuations for internal management planning purposes. Our expertise is not limited to certain industries, we have valued family-owned businesses in a wide variety of industries.
How do you do a Business Valuation?
When someone gets in touch with me, the first question is, why do you need the valuation? The “why” really drives the type of valuation that we recommend, and it will help us assess the turnaround time and documents needed. Really, our process is having that initial conversation, understanding what the scope of the project is, requesting documents, and then starting the valuation analysis.
Valuation is an iterative process – revolving around gathering, organizing, reviewing, and analyzing financial documents, gathering answers to questions for the business owners, and ultimately determining value.
There certainly are things that are very consistent among businesses, but everyone and every business has their own story. I love dealing with closely held businesses and working with owners to help solve their valuation puzzle. I love listening to people and figuring out how they got there, where they want to go, or maybe where they do not want to go. Whether dealing with estate valuations or more difficult processes like asset transition due to divorce, our approach is to make this an incredibly collaborative and beneficial process.
How did you first get involved with Conway Center?
Blue Sky Business Valuation joined the Conway Center, in part, due to a rich history with Emens Wolper Jacobs & Jasin Law Firm. By chance, I had discovered the Conway Center while working for a different Service Provider company earlier in my career. I attended events and developed an interest in Conway as a resource at that time. Membership has become a powerful tool, not only for us to help engage with clients but as a referral tool for the family-owned businesses we work with who might benefit from the programs and events.
How has Conway Center impacted your company?
It has been a really nice resource for our clients. When I get referrals, and they are fighting through some of the issues that I know Conway deals with, I appreciate having Conway as a resource. I was on a call just recently with a family business and we were discussing their valuation needs, and I said, ‘Have you looked at the Conway Center? Have you been engaged with it or attended any events?’ And they responded, ‘No, but you are fifth person who has mentioned it to us.’ So, the word is out about the benefits of the Conway, and as Service Providers we keep encouraging others to get involved!
Thank you to our friend Courtney Sparks White from Blue Sky Business Valuation for participating in this interesting and informative interview.
If you are interested in being featured on our News & Updates Blog or have any questions please contact lflint@familybusinesscenter.com