In today’s economy, no one wants to spend money on something they don’t need today. So why do you need an estimate of your company’s value when you don’t expect to leave for several or many years?
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By TomHow much is my business worth? I’m uncomfortable with Mr. Schmerler’s answer: “…the price a Buyer offers you that you are willing to accept.” I feel a more complete explanation is: “A business is worth whatever the buyer, seller, and banker agree its worth.
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By TomThe process of selling a business, from the preparation of the marketing documents to obtaining a check at the closing table, usually takes about eight to twelve months. There are many steps involved in this process – so many steps that have to occur in a certain sequence – that many sellers are often surprised at the complexity. It’s sort of like elective surgery to correct a health problem. If you knew all the steps involved in the actual surgical procedure, you might not elect to go through with it. But, you keep your ultimate goal in mind, and just proceed through the steps – one at a time.
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By TomMany business owners have worked in and on their companies for so long that their lives have become unbalanced. They spend all their waking hours working, so: (1) they have no outside activities or hobbies, and (2) they can’t imagine themselves no longer working. And, when it’s time to sell (i.e. I’m burned out, my doctor says I’m too stressed from my work, my wife wants us to move closer to the grandkids, etc.), they make excuses for not moving forward with their lives.
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By Tom