Owning a company or leading an organization can be grueling, uncompromising and unrelenting; but it can also be rewarding, inspiring and liberating. As you move forward in your career, much of your success will be measured by how well you were able to mitigate risks and manage full-blown crises.
Fortunately, you don’t have to wait for disaster to strike to earn your stripes and secure your legacy. By taking time to identify your business’s most vulnerable areas today you not only gain the insight needed to quickly and efficiently address troublesome issues as they arise, you may be able to employ some successful preventative measures.
Do You Have What It Takes?
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Are You Serious About Mitigating Risk?
If you want to receive top dollar for your company, you must take your responsibility to mitigate risk seriously. In a nutshell, your efforts will look a little something like this:
- Identify your business risks.
- Quantify how each risk factor impacts your business’s value.
- Develop strategies and action plans to reduce the risks you’ve identified.
- Rank each risk factor by priority.
- Get to work.
And while identifying a plan to mitigate risk in your business can seem daunting, don’t allow yourself to believe that you have to tackle the project alone. Leaning on a business valuations expert for guidance can help you formulate a plan of action. And since they’ve gone through the process before, they will be able to see risk factors that may have eluded your original analysis. Email Rea & Associates today to speak with a member of our BV team today. And remember, the sooner you bring in a team of trusted advisors to help position your company for sale, the better.
By Paul Weisinger, CPA/ABV, CVA, CEPA (Cleveland office)
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