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3 Things to Remember About Third-Party Sales
Planning for your business' future can be difficult. This is especially true if you plan to sell your business to a third party. Here are three facts you may not know about third-party sales and some consequences you might face if you aren't aware of them.
Businesses that rely on their owners as the primary source of success are common. They’re also the most dangerous kind of business to own when you want to plan for the future of your ownership interest. Read more to learn why it is important to make your business more valuable without you.
Successful Planning Starts Much Earlier Than You Think
Many business owners believe they have plenty of time to create a successful plan for the future of their businesses. While each business is different and each owner has different goals, one thing is clear: You likely need to start your planning earlier than you think.
If you’re like many business owners, your business plays a large role in supporting your family’s lifestyle. As you plan for your business’ future, you may run into questions about how to treat family members fairly in your plans. This is especially crucial if you have children who work in the business and children who do not work in the business. As you address this issue, you may realize that what you consider fair is quite different from what your children and family consider fair.
Business valuations can guide you toward several answers about the future of your business. Perhaps most importantly, they can tell you where you are financially, which can guide you toward what you must do to get to where you want to be. Read the article to learn more about the importance of business valuation.
Welcome to The Virtus Monthly, a series of articles that will inform and address all things connected to create a successful financial future including optimizing value in your business, building business continuity, developing next level management and maximizing your future exit plan. Sign up to receive articles straight to your inbox.