Four Moves Every Business Owners Needs To Make With A Business Will

Most people are familiar with the term ‘will’, but those that own a business often can’t make a distinction between having a personal will and a business will.   Far too often, a business owner has an unforeseen situation which could be a divorce, disability, or death. This leads to massive complications about the succession plan on what will happen with the business.  Does your partner want to work with your wife?  Are your children ready, willing, and able to take over the day to day operations of the business?  Will your family get the value of your business should you pass away?   Here are four moves every business owner needs to make when you put together a business will. Have a valuation method or a business valuation done within the business will. One of the questions that comes about if an owner passes away is determining the actual value of the business.  As a business owner, you never want someone ...

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What’s My Business Worth?

People start a business for all kinds of different reasons.  Some people start a business because they are fulfilling a lifelong passion to create a new product or service.   Others see a new business as a getaway from the grit and grind of corporate America to become their own boss.   There is also a group of people that look at a business as an engine to create cash flow, create a family legacy, and build substantial wealth.   Whatever reason tickles your fancy to start a business, at some juncture if the business has some success most owners ponder the question about what is the value of their business if they were to sell it to another individual.  Here are some smart money moves guidelines in thinking about how to value your business. Like any piece of real estate including your home, the valuation of a business in my opinion is part objective and part subjective.  At the end of the ...

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