TIMING IS EVERYTHING IN YOUR BUSINESS VALUATIONS. DON’T WAIT UNTIL IT IS TOO LATE!

If you’ve come across this article, you’re already wondering if now is the time to get a business valuation. Of course, it is – and we’re glad you’re here.

It is quite common that the majority of business owners do not know the true value of their company. It is also typical for a business owner to magnify their company’s worth, which, why not? After all, it is YOUR business..

KNOWING THE RIGHT TIME FOR A BUSINESS VALUATION…THE TIME IS NOW!

Most business owners consider having a business valuation done when they decide to sell the business; however, having an up-to-date business valuation on hand at all times should be a priority.

Like going to the dentist or taking care of your car, business valuations should be done frequently. Hopefully, your last dentist visit or oil change hasn’t been as neglected as your last business valuation. Your business is more than likely your most valuable asset, and you want to treat it that way. At a minimum, you want to at least have your business valuation done once a year.

A business valuation will essentially provide you with an audit of your business. The results will leave you inspired to start thinking about your succession plans and the goals you want to achieve to increase the value of your business.

The sooner you get a business valuation, the sooner you will be able to sit down as an owner and develop a strategic plan to make your business more valuable.

As a business owner, your strategic plan should keep in mind the following:

• Does this strategic plan increase revenue for my business?

• Does this strategic plan decrease my potential business risks?

• Does this strategic plan Increase my company’s growth rate?

By thinking of your business as your largest investment and focusing in on those three areas will only help you with setting your goals and getting to where you want to be with your business in the near future.

WHEN NOT TO HAVE YOUR FIRST BUSINESS VALUATION

Waiting until you are required to have a certified business valuation due to a legal scenario is potentially a bad time for a business valuation. Common situations include a death, an addition of a new owner, an exit of a partner or shareholder, and many more calamitous scenarios.

Be proactive with your business and know your worth.