Why You Need To Know The Value Of Your Business Today Even Though Your Exit Is Years Away
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?
You don’t — if you fall into one of two groups:
“You’ve got to be very careful if you don’t know where you’re going, because you might not get there.” — Yogi Berra
It is not always easy to interpret Yogi. In this case, perhaps he is advising you to figure out just where you are headed in your business. As you near the time when you will leave behind the daily worries and stresses of business ownership, have you defined your successful exit?
Are you like many business owners?
A majority of closely held and family owned businesses will change hands within the next five years; but many Business Owners may not have taken active steps to transition out of ownership.
Again, if you are like many of our readers, the reasons for failing to plan may be:
