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episode 21: why you aren’t ready to sell your business
On episode 21, why you aren’t ready to sell your business, Mark is rejoined by Tim McDaniel, CPA/ABV, ASA, CBA, principal and the director of business valuations at Rea & Associates to discuss how internal and external factors ultimately influence the future of your company’s cash flow and value. From the departure of key employees to a non-diversified customer base, as the go-to valuation expert in Ohio, Tim dives into a conversation about why business owners – especially if they are looking to sell – should always know the true value of their business. Furthermore, he stresses the importance of keeping your company “ready to sell” so, when valuations are high in a particular economic landscape, you will be poised to leverage the price of your business. As a business owner, one of the best things you can do is to understand what drives your company’s value and balance these factors with key determents. Furthermore, Tim explains why a solid management team is essential to ensuring the sustainability of your businesses and how to invest in (and continue to nurture) your human capital to realize a greater rate of return – and, ultimately, a stronger valuation.
Like what you’ve heard? Listen to episode 2: how to ruin thanksgiving dinner to hear Tim and Mark discuss the importance of buy-sell agreements.
articles & insight
Is Your Business Ready To Sell? – Are you wondering if you will be able to find a buyer for your business? Well, the good news is that there is likely somebody out there who is more than happy to take the business off your hands. The bad news is that they may not be willing to pay your asking price. Fortunately, there are actions you can take now to improve your business’s allure. Read on to learn more.
How To Protect The Value Of Your Business – Diversification allows us to protect ours from the lack luster performance of a few bad investments. Unfortunately, there is no simple way to do the same for your business, which is arguably your most important asset. Read on for six tips that will help you protect your business and put your mind at ease.
How To Choose A Business Exit Strategy – Regardless of whether you are looking forward to enjoying a well-deserved retirement or taking on a new career challenge, an exit strategy helps owners plan their ideal departures. There are only a few exit strategies available to Ohio business owners; and each will provide you with a different outcome – which is why you need to start researching and planning early. Find out what they are.
How Will I Know When I’m Ready To Exit My Business? – Why did you want to go into business in the first place? To make your own decisions? To take control of your destiny? Do you remember how much time and effort it took just to open for business? Well, now that you are operational, you can’t just count on cashing out whenever you feel like it. Your exit strategy takes as much thought and consideration as planning your grand opening – maybe even more. Read on.
Why Should I Know The Value Of My Business? – I have never known an entrepreneur whose goal it was to end up with less than they invested over the course of their company’s lifetime, and I’ve worked with many over the years. So I’m willing to bet that, like so many others, your ultimate goal is to maximize your business’s value in the hopes of going on to enjoy the retirement of your dreams. The first step in maximizing your business value is to understand its true value – not guess at it. Read on to learn more.
know & grow website
Want to learn more about Rea & Associate’s business valuation division? The Know & Grow website provides you with all the information you need, including helpful articles and insight to shine some light on the importance of working with business valuation experts. Learn more now!
know & grow your value book
If you don’t know the current value of your business or what steps you can take to increase it, Know and Grow The Value of Your Business: An Owners Guide to Retiring Rich, is a great place to start.
Through the pages of this book author Tim McDaniel will guide you to help you realize that your business is an investment – an asset that needs to be regularly nurtured and protected. Know and Grow The Value of Your Business is designed to help you realize that you need to exit your business on your own terms.
It’s best when you develop a thorough plan detailing your exit. Before you can do that, you need to understand what your exit options are along with the pros and cons of each option. Tim provides you with exercises to help you figure this out.
From succession planning to business valuations to exit strategies, this is a must-read for business owners who have businesses with $50 million or less in revenue. Tim has helped nearly 2,000 business owners with this very issue; he can help you, too.
Click here to read the official full transcript of episode 21: why you aren’t ready to sell your business.