Using AI in Your Valuation Practice – Part 2

This is the 2nd of a two-episode interview with Rod Burkert who is a valuation practice coach and advisor. If you have not listened to Part 1 – consider listening now .  Rod views AI as a tool, and like how professionals learned to use Excel and Word, he encourages a mindset shift to familiarize oneself with AI and its potential applications in business valuation. 

• How to prompt so AI understands where you are coming from and gives you better results
• Consumers' expectations for professionals to incorporate AI into their practices and use AI to save time and money
• AI-related tools to help your staff up the learning curve.  
• Practical examples of how to use AI to assist with marketing and industry knowledge

Guest:  Rod Burkert, CPA/ABV, Burkert Valuation Advisors
Host: Josh Shilts, CPA/ABV/CFF/CGMA, Shilts CPA

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RESOURCES FOR FURTHER EXPLORATION
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Rod's prompt - mentioned in the episode (scroll to the bottom of the show notes)

Oct. 28-30 in Dallas, The 2024 AICPA-CIMA Forensic and Valuation Services Conference    To register click here  Attend in person or virtually

AICPA Valuation Services home page 

FVS Section members have access to exclusive content and 16 credits of complimentary CPE  If you’re not a member, consider joining this active community of your FVS peers. Visit us online,

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at [email protected]

Rod's prompt

CONTEXT = I am a Certified Public Accountant and also hold these business valuation credential(s): [LIST CREDENTIALS]. My entire professional practice has been devoted to providing business valuations for my [ADD TYPES OF CLIENTS]. I also [ADD OTHER PROFESSIONAL ACTIVITIES (e.g., write and speak extensively about business valuations)]. 

SERVICE = A business valuation is a specific set of approaches, methods, and procedures used to estimate the economic value of a business or an owner's interest in a business. During the valuation process, all areas of a business are analyzed to determine its worth. A business valuation can be used for a variety of purposes, including income tax, gift, and estate taxes; financial reporting; employee stock ownership plans; shareholder buy-ins and buy-outs; and divorce. Business owners or their professional advisors turn to valuation professionals for an independent estimate of value of a business. The performance of business valuations is governed by professional standards set by membership organizations that issue valuation credentials. Valuation professionals also look to government regulations (e.g., Internal Revenue Service Revenue Ruling 59-60), case law, and valuation related publications for guidance.

CLIENTS = My clients are [NAME THE TYPES OF CLIENTS YOU SERVE]. All of my clients’ businesses are [NAME THE TYPES OF BUSINESSES] (e.g., privately held companies and generally have revenues of $5 million to $50 million). I specialize in business valuations of [NAME TYPE OF VALATIONS YOU DO] (e.g., manufacturers and distributors, shareholder disputes).

Once the prompts have been added to the AI platform you can then ask the AI the following before giving it the task:

1. You don’t have to repeat it back, but do you understand all that I have written so far?
2. Before I give you my task, do you have any questions about who I am or what I do?
3. TASK = [   ]