1,000 Business Valuations Later, McDaniel Shares Important Insight With Columbus CEO
Ever wonder why business consultants continue to insist on you having a business valuation done on your company? Tim McDaniel, a valuations expert with Rea & Associates, says it’s because there is a pretty major disconnect between what a business is actually worth and what the business’s owner perceives their business to be worth. This is pretty scary when you consider how large an asset your business is compared to all the rest.
Columbus CEO featured Tim as a guest blogger in conjunction with a series of columns by family business leaders and advisers with information and ideas about topics unique to family businesses. In his article, Tim says there are major consequences to not knowing the actual value of your business.
“With a well-prepared business valuation report, you will be able to track your family business investment performance over time and identify and understand the key drivers that impact the value of your business,” Tim writes. “As you learn what drives business value, you can make the necessary changes to your business that will increase its value. With periodic valuations, you can measure your progress and you will have no surprises when it comes time to retire or sell your business.”
Check out the full article to gain insight into what you can do to increase your business’s value and find out what’s at stake when you fail to gather this information.