Transitioning out of a business begins with an understanding of baseline value. Not knowing the value of their largest asset is one of the biggest mistakes business owners make in their financial and business planning.
Often a business owner finds the process of determining value to be a point of frustration and confusion. This frustration is often caused because of the many methodologies utilized to compute value: income, market or asset value approach. In addition, there are various types of values utilized for different purposes. Do you need to know what the fair market value (FMV) of your business is? Open market, asset value, investment value?
Understanding value helps an owner understand if their financial goals can be met upon exiting the business and helps in planning to mitigate taxes.
Legacy Partners clears up the confusion in establishing the value of your business. We partner with business valuation experts who understand the complexities of each individual business.