From billion-dollar valuations to helping family businesses plan for the next generation, Enoch Xu, CPA, CA, CBV, CFA has built his career around some of the most complex decisions a business can face.
His work spans succession planning, tax reorganizations, financial reporting, complex financial instruments, transactions, and litigation, and his office team also happens to include Cashmere, a Bichon Frise with a very important client-facing role.
With a background in Mathematics and Accounting, Enoch was drawn to valuation because it gave him the opportunity to combine rigorous financial analysis with judgment, strategy, and real-world problem solving.
In this conversation, Enoch shares what drew him to the profession, why communication and empathy matter just as much as technical skill, and the advice he gives young professionals still figuring out where they fit.
1. You began your career in accounting and audit before moving more deeply into valuation. What drew you to valuation, and what made you decide to build your career in the field?
My path into valuation was a natural one. Like many CPAs, I found that my experience in accounting and audit gave me a strong foundation in accounting principles and financial reporting. What really drew me toward valuation was that my favourite audit areas always involved complex financial instruments, fair value, and impairment testing, areas that are very valuation-focused.
With a background in Mathematics and Accounting from the University of Waterloo, valuation gave me an opportunity to bring together quantitative financial analysis and qualitative judgment to solve complex business problems. The CBV Program of Studies felt like a natural progression.
The CBV designation gave me the opportunity to apply those skills to important decisions faced by business owners, auditors, and investors. I find it particularly rewarding to assist in the determination of value and help ensure fair outcomes for all parties involved.
2. Your work today ranges from helping family businesses with succession planning to transactions, financial reporting, and litigation. What do you think would surprise students and young professionals most about the range of work a CBV can do?
What is very surprising is how dynamic and interdisciplinary the CBV profession is. From the outside, valuation can sound like simply putting a value on a business. In reality, the scope of practice is remarkably broad, and there are many different areas in which a CBV can build a career. In a given week, a CBV in a professional services firm might be:
- Valuing complex financial instruments, including convertible debt, using advanced techniques such as Monte Carlo simulation;
- Acting as an independent expert in litigation matters, shareholder disputes, business interruption claims, or matrimonial proceedings;
- Advising on corporate tax reorganizations, succession planning, and estate transfers alongside legal and tax advisors; or
- Performing purchase price allocations and impairment testing under IFRS and US GAAP in connection with major corporate acquisitions.
CBVs are also active outside traditional professional services, including in equity research, investment banking, private equity, and pension funds.
For students, I think this breadth is one of the most exciting aspects of the profession. The CBV path can open doors to many different types of work, industries, and career environments. You don’t necessarily have to know exactly where you want to specialize when you start, as the profession gives you room to explore.
3. Valuation can seem very technical from the outside. Beyond financial modelling and technical knowledge, what skills have been most important to you in working with clients and building your career in business valuation?
While strong technical knowledge and financial analysis are fundamental to a career in valuation, two skills have been particularly important to me: communication and empathy.
- Communicating Complexity Through Clear Insights: A valuation analysis is only useful if the people relying on it understand the key assumptions, methodology, and conclusions. Throughout my career, I have worked with tax and audit partners, lawyers, business owners, and other professionals, and each audience has varying levels of familiarity with valuation. Being able to explain technical concepts clearly and practically is incredibly important.
- Empathy: Valuation engagements often arise during significant business or personal transitions, whether that is a sale, estate planning, corporate restructuring, or legal dispute. These situations can carry a lot of uncertainty and emotion. So, being able to listen carefully, understand different perspectives, and remain an objective and calm professional is essential. Ultimately, valuation is more relationship-driven than people might expect. Building trust and understanding the perspectives of the people you work with are important to both the quality of your work and your long-term success.
For students entering the profession, I would encourage you not to focus only on developing your technical skills. Learning how to communicate, listen, and build relationships will make just as much of a difference as you progress in your career.
4. You’ve worked on valuations connected to major business and personal decisions, from transactions to family businesses and legal disputes. Is there a particular type of engagement you’ve found especially rewarding, and why?
For me, complex tax reorganizations and multi-generational family business succession planning have been particularly rewarding. Founders can spend decades investing their time, energy, and personal capital into building a business. Being able to help them navigate a successful transition and pass that legacy on to the next generation is deeply meaningful.
I also enjoy how collaborative these engagements are. We often work in tandem with tax specialists, legal counsel, trust and estate practitioners, and the client’s CEO and CFO. Each professional brings a unique perspective based on their professional experience. As a CBV, my role is often to synthesize those perspectives and consider the valuation, tax, and legal implications; I also need to take into account the commercial objectives and the family’s long-term goals. The combination of technical analysis, collaboration, and lasting impact makes this type of work particularly fulfilling.
5. For a student or young professional exploring valuation, what advice would you give them about getting started and figuring out which area of the profession might be the right fit?
- Build a Strong Foundation and Get Involved Early: Develop a solid understanding of accounting, corporate finance, and taxation early in your career. At the same time, look for opportunities to apply what you are learning. For students, opportunities such as the CBV Institute Business Valuation (BV) Challenge can be a great way to gain practical experience. I have had the privilege of serving as a judge for the BV Challenge and marking the Membership Qualification Examination for many years, and I have seen firsthand how practical case competitions can sharpen analytical thinking, communication, and professional judgment.
- Seek Broad Practice Before Specialization: I would also encourage students not to feel that they need to specialize immediately. If you have the opportunity, try to gain exposure to areas such as financial reporting, tax reorganizations, transaction advisory, and litigation support. Each area requires a slightly different mindset. Litigation requires forensic rigour, M&A requires commercial intuition, and financial reporting requires close attention to regulatory requirements. Experiencing different types of work can help you understand both what you are good at and, just as importantly, what you enjoy.
- Pay Attention to What Energizes You: Finally, pay attention to the parts of your work that genuinely interest you. Do you enjoy deep quantitative analysis? Are you interested in the intersection of valuation and law? Do you enjoy meeting clients, understanding their businesses, and building relationships? Those clues can help guide your career path. You don’t need to have your entire career mapped out when you start the CBV program. Explore, ask questions, learn from the people around you, and be open to opportunities. Over time, you will get a much better sense of where your interests and strengths fit within the profession. I am a firm believer in doing work that you enjoy. A career is a long journey, so finding an area that keeps you curious and engaged is incredibly valuable.
6. #FunFact:
Our office receptionist is actually a Bichon Frise named Cashmere. Over the past six years, Cashmere has remembered every client who has walked through our doors and personally escorted them to the meeting room while seeking treats and pets. All of our staff and clients love working alongside Cashmere, even though he has not yet started the CBV program of studies!
