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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.

Why Make Your Business More Valuable Without You

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.

Fairness and Equity Among Family Members

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.

What You May Get Wrong About Business Valuations

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.