There are many situations where you need to understand the value of your business:
You want to buy a business.
You want to sell your business.
You want to sell your share of the business.
Someone has made an offer for your business.
You are considering taking on a partner or investor.
You want to retire and pass your business onto your family.
You are about to expand your business.
Regardless of the reason, knowing and completely understanding the value of a business makes sure you sell for the best price or ensure you don`t pay more than you need to acquire the business. Understanding the potential value range of any business will make you money.
The value of your business is the most empowering information you can have - it is the key to either realising that value or increasing the value.
An informed vendor is a profitable vendor. The more you know about how to value a small business the more appealing you can make your business to a potential buyer.
Once you know exactly what your business is worth, you can implement the best growth strategy and exit strategy to sell to the best buyer at the highest price.