Does funding your retirement depend on the sale of your business? There are some factors you may not have considered that can affect its monetary value, including how ready it is to be sold and the timing of your exit.
First you’ll need to take steps to educate yourself – especially if you’ve never had your business valued before. A valuation can help you understand how a potential buyer might view your business and give you an idea of the potential payout you can expect when you exit. Succession and exit planning may seem like a simple process, but there are many different ways to transition your business to a new owner and several factors to consider in preparation for the transition. Regardless of when you wish to retire, the planning process should be started sooner rather than later. Having everything in place, including trusted advisors, will make identifying the right time to sell and moving forward that much simpler.
Read the full article on the Entrust Financial LLC blog featuring MPI Partner Tracey M. Jasey for three real-life illustrations presenting valuable tips to maximize a business’ worth.
For more information on navigating complex issues pertaining to business value and preparing to sell your business, contact Tracey M. Jasey.