It’s a simple, straightforward question but also one that many business owners don’t know. That’s unfortunate because having an accurate idea of what your business is worth, through a business valuation, is key for a number of reasons, including:
- to better understand your business and its potential;
- to know the value of your largest asset in order to properly plan for your retirement;
- to ensure both your business and family are properly protected;
- to plan for the future of your business with a qualified succession plan;
- during buy/sell agreements with business partners;
- when you sell your business;
- when considering funding opportunities;
- when building a trust or creating an estate plan; and
- to prepare for taxable events, such as gifting or grants.
Knowing the true value of your business is critical to proper business planning and achieving personal goals. In the weeks to come, I’ll be writing a series of blogs on Mind Your Business that will be digging deeper into a number of topics around business valuation and why this is a topic that needs to be in the forefront for you as we head into the new year. Please view the video below for more information. And also feel free to contact me using the contact information below if you have any questions or want to know more.
Joseph Pilla is V.P. Advanced Strategies & Business Advisory Services for XXI 21st Century Financial 216-545-1781. Custom designed strategies for both individual & businesses through uses of; Business Valuations, Premium Financing, Business Succession/ Asset Protection/ Insurance/ Wealth Transfer/ Investment/ & Retirement Planning.
Registered Representative of and Securities and Investment Advisory Services offered through Hornor, Townsend & Kent, Inc. (HTK) Registered Investment Advisor, Member, FINRA/SIPC. 21st Century Financial is Independent of HTK. HTK does not offer tax or legal advice. 130 Springside Drive, Suite 100, Akron Ohio 44333. 330-668-9065