“When a great man dies, for years the light he leaves behind him, lies on the paths of men.”
Henry Wadsworth Longfellow (1807-1882)
In each generation, there are those few individuals who, by their talent, efforts and example, leave behind them a legacy which long survives their demise. Such an individual was Wallace R. “Wally” Stabbert, who passed away peacefully at the age of 86 on December 5, 2008 in Bothell Washington, surrounded by Eleanor – his wife of nearly sixty five years - his two sons, two daughters, ten grandchildren and 14 great grandchildren.
Among the many facets of Wally’s legacy are his nationally recognized contributions over three decades in advocating and supporting the development and success of small businesses throughout the United States. Foremost in those achievements was the instrumental role which Wally played in the growth and continuing success of the Institute of Certified Business Counselors (ICBC), which thrives today as one of the nation’s leading professional associations dedicated to enhancing the knowledge and professionalism of business advisors.
ICBC was founded on October 31, 1975, organized under the office of the Secretary of State of the State of California, with Arthur Hamel, Jr., Jane Hamel and, Patrick Calhoun as the first Directors. The stated specific and primary purposes of the new association were to: “unite those engaged in the sale of business opportunities for the purpose of developing high standards of professionalism among its members, to develop economic growth, to assist members in rendering better service to the public by creating a broader and more active market for business opportunities.”
Wally was involved with the Institute soon after its founding and, in 1978, he assumed the presidency of ICBC and worked diligently to increase the membership of CBC. In 1980, members thanked him for giving “essentially 100% of his time to CBC at great cost to him and little cost to [the organization].” By the time of the 1980 annual membership meeting in Denver, Wally’s leadership had helped the Institute achieve a membership roster of 624. In early 1988, Wally relocated to Oregon, where he relocated the ICBC office and continued his role as president of CBC.
Over the years, Wally continued to receive praise for his dedication and efforts with the ICBC, attracting members who were referred to as the “cream of the crop.” and it was widely recognized by the membership that it was Wally’s efforts in the mid to late 1980’s which “really made [CBC] blossom.” During his presidency, Wally developed several educational and professional development courses and materials, including an audio course, “Listing and Selling a Business”, which were made available to all ICBC members.
Wally was a nationally-recognized expert in the field of business appraisals and transactions and was featured in a 1985 article from the Houston Chronicle in which he provided five points a potential business buyer should consider. However, it may be Wally’s tireless advocacy on behalf of small business which best characterizes the national scope and sustaining depth of his influence. Wally persisted in promoting the benefits, virtues and importance to the US economy of a thriving small business sector.
In recognition of his efforts, Wally received an award in 1991 from the House of Representatives Small Business Committee which was bestowed “in gratitude for Stabbert’s dedication to the success of small business owners.” The Honorable Andy Ireland, in the House of Representatives, commended Wally for his “typical energy, honesty, and perseverance” as well as for giving “countless enterprises across the country the advantage of his insight, knowledge, and experience.”
Wally maintained long standing relationships with several Congressional Committees and Sub-Committees, including the House and Senate Small Business Committees and was on a first name basis with the Congressional leaders and Senators who chaired those important small business policy committees and their staff. In 1997, Wally traveled to Washington D.C. to participate in the Senate’s Small Business Survival Committee meeting and was a “go to” for arranging small business and academic experts to testify before those committees’ hearings.3
In May of 1993, Wally was appointed chairman of the membership committee of CBC. He continually urged members throughout the years to attend conferences and educational seminars, as well as encouraged members to provide data to industry transaction databases, e.g., Pratt’s Stats, not only to promote the CBC but also to ensure transparency in the business appraisal field. In addition to devoting his time to the CBC, Wally also provided his own capital to further the growth and goals of the organization.
Wally served as president of CBC until 1998, when he accepted the position of Chairman of the Board, and recommended that the Board of Directors be increased from five to seven members – thereby expanding their regulatory capacity. In this new capacity, Wally persisted in encouraging involvement of members in ICBC activities while continuing to serve as a mentor and promote the professional development of the members of the ICBC.
Throughout his involvement with CBC, board members several times expressed an “enduring appreciation and gratitude for the efforts of [their] longstanding leader and member, Wally Stabbert”. Acknowledging Wally’s significant and foundational contributions to the Institute, the ICBC Board created the “Wally Stabbert Leadership Award” to be conferred on members who have significantly contributed to the Institute and the profession.4
Following his retirement, Wally was presented with the Master Certified Business Counselor award in 2005 by long time ICBC members Shannon Pratt and Ray Hanson, former president of CBC.
Above the desk in Wally’s office hung a large lithograph of a soaring eagle emblazoned with words that epitomize his outlook on pursuing and achieving the status of a professional leader, “Excellence is the result of caring more than others think is wise; risking more than others think is safe. Dreaming more than others think is practical and expecting more than others think is possible.” Everyone who encountered Wally soon observed the extent to which he cared, learned how much he risked, and marveled at the dreams and expectations which drove his extraordinary contributions to his profession and his community.
The magnitude and importance of all of Wally’s achievements, his network of colleagues and business and political connections, and his significant role in the world of small business policy will certainly long be admired. Wally Stabbert was a consummate professional - always ethical, always passionate and energetic in his promotion of ICBC and always proactive in his advocacy of the capital formation and transactional consulting profession. However, it is, perhaps, other aspects of Wally’s influence which will always be remembered and be most treasured - Wally was always available and enthusiastically willing to extend a helping hand for a colleague when they needed it.
Wally Stabbert was my friend and he was a friend to countless others who sought his counsel, mentorship, support and assistance in building their careers. Thank you, Wally. You will not be forgotten.
Farewell! if ever fondest prayer
For other’s weal avail’d on high,
Mine will not all be lost in air,
But waft thy name beyond the sky.
- Lord Byron (1788–1824)
1 - June 3, 1989 memo from George Abraham, Past ICBC Volunteer President
2 - ibid
3 - e.g., Wally Stabbert arranged for the author of this article to testify before the "Entrepreneurship in America: Focus on Capital Formation," Committee on Small Business Field Hearing, United States Senate, 104th Congress, 1st session (April 12, 1995), regarding the extension of small business loan guarantee lending capacity of the Small Business Administration
4 - The author was the proud recipient of this award in 2001.