Even if an appraisal firm is highly capable from a technical standpoint, they may come up with a value that is too high or too low because they do not have a strong working knowledge of the industry and the acquisition transactions that take place in it.
This is often the case within the engineering and construction (E&C) industry, as the appraisal methods commonly used by non-industry specific appraisers are difficult to apply to E&C firms because of the unique characteristics of businesses in this industry.