Business Owner Retirement

Today there are over 10 Million small businesses in the United States. The vast majority of these owners want to retire someday yet have no exit strategy! For many owners, the value they have in their business is their largest asset, yet many don't know what that asset is worth or what would happen if they decided to retire.

The most crucial planning element to any exit strategy is the valuation of the business. Owners who don't know the value, are at a huge disadvantage. Without a proper value, they can't sell it to a third party or negotiate a succession plan with a partner or family member. Under-valuing a business could leave a tremendous amount of wealth to someone else unintentionally. Yet, over-valuing a business causes problems too. New owners may not be able to get adequate financing or the debt load may force them into bankruptcy. A proper valuation is the cornerstone to any exit strategy.

Doing a valuation of the business does not have to be expensive. Business brokers can often provide "rules of thumb" on how to value a business at no charge. Business appraisal companies and SBA approved appraisers can do the valuation for a fee. Steer clear of CPA's or attorneys who want to do a valuation just "based on the numbers" A good valuation looks at comparable businesses in the industry. A new owner may value it much higher than "the numbers" would indicate due to many other factors such as location, strategic growth, or just a lifestyle choice for a retired executive.

If you or someone you know owns a business, take action toward your own exit strategy. Do a valuation or get a free "rule of thumb" valuation. If you don't know a business broker who will give you the free "rule of thumb" methods, call Keller Business Brokers LLC today!

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