5 REASONS WHY YOU NEED TO APPRAISE YOUR BUSINESS NOW
You know about how much your car is worth. Same with your house, or your child’s education, even the watch you are wearing.
If you are a business owner and you know how much most of your possessions are worth – but you don’t know the market value of your business — then you’re missing something terribly important.
Many business owners underestimate the value of their business and the value of a proper business appraisal. When asked why they still haven’t determined the proper value of their business yet, many business owners would say they are not yet ready to sell the company. But a company sale isn’t the only reason for a comprehensive business valuation. Here are a few reasons from the top of the list:
1. You need to protect your family and loved ones. We will all die someday, but if you do so unexpectedly or if you become disabled, a business appraisal will protect the significant people you leave behind. It will help your family stay on top of the company obligations and help you plan with them now whether they should sell or dissolve the company altogether.
2. You need to protect yourself. As a business owner, you’ve invested so much of your time building and
running your company’s operations. Knowing your company’s worth can keep it safe from bitter divorce proceedings, creditors, or any other predator who may want to take advantage of your business assets.
3. You need to know how long you still need to work. If you are like most business owners who count on the proceeds from the sale of your business to support your retirement, then you definitely need a good business appraisal. This will give you an accurate and realistic assessment of your business assets, and prevent you from falling into the dreadful trap of having an inflated sense of your company’s worth.
4. You have greater chances of getting approved for a loan. If you are thinking of expanding or acquiring assets and would need a loan to finance it, then a business appraisal will help you get approved at a competitive rate. A suitable valuation will show how much risk your company has. Provided your company is running well, banks should peg your risk as low – hence giving you better chances of getting financed.
5. The need to have an accurate estate plan. Your business worth represents a huge chunk of your own net worth. Is you are planning to draw up a will or you’d like to create an estate plan, it would be hopeless to do so without an accurate appraisal. This is of particular importance if you have children or any other family member who would like to take over your business in the future.
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