Some underestimate how much a buyer may be willing to pay for a turn-key operation with consistent revenue, like a successful vehicle service/repair shop, says Arnett. When selling a business, owners are often surprised by what their businesses are really worth. Here are 6 suggestions to help you start planning to sell your business-and for what comes next. Many business owners put off this kind of planning, but it’s critical to think through your options years before you want or need to walk away so you put the pieces in place for your preferred exit strategy. "To realize the full value of this asset, you have to do some advanced planning around your own retirement needs and the legacy you want to leave," says Nathaniel Arnett, vice president of advanced planning at Fidelity Investments. At that point, you’ll want to ensure that you and your family receive the maximum benefit from your years of hard work. But all business owners will have to step aside someday-whether by choice or by necessity. When you’ve spent years running a business, it can be difficult to take a step back and view that company in the context of your overall financial plan. Consult with tax and financial professionals on managing the proceeds from the sale.Consider whether you have an internal successor or if you'll need to find outside buyers.A professional valuation is the foundation of your plan to sell your business.Business owners should develop an exit strategy years before they want or need to sell.
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