How much is your business worth? How much do you need it to be worth to support your retirement? Often business owners have a misperception of their business’ value and this leads to the business owner not being to leave their business on their terms. If you knew what your business was worth today, what would you do differently to increase its value and retire rich?
If you don’t know the current value of your business or what steps you can take to increase it, Tim McDaniel, director of business valuations, authored a book to help guide you. He helps 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: An Owners Guide to Retiring Rich, was released in March 2013 and it is designed to help you realize that you need to exit your business on your own terms. You can preview the book by reading chapter 2.
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 $30 million or less in revenue. Tim has helped nearly 2,000 of our clients with this very issue; he can help you, too.