Valuation schmaluation! I don’t need no dad gum bean counter telling me what my dealings are worth! … Said no one ever (except maybe one guy with an Airboat rental/alligator farming business whose muskrat leftovers were just gobbled up by his 86-year old bloodhound), but that’s beside the point.
The reality is, there are some very specific reasons your business may need to get a business valuation. Or perhaps, you need help coming up with a plan to maximize the value of your business? Hiring a credentialed professional can certainly help to attain your objectives in business or help you through some not-so-friendly court proceedings.
Here are 7 reasons to get a Business Valuation:
Change in business ownership- whether it be part of retirement/succession planning or a new partner coming on board
Merger or sale of business- how do you know if the price you’re being offered for the business is fair?
Going through a divorce- the court decrees all assets to be split, including your business. You’ll need to determine how much it’s worth before splitting it up
FUN! Seriously, all the kids are getting them. You don’t want to be the only business on the block without a certified business valuation, do you?
Before Hiring a Professional Please Consider the Following:
What do you need the business valuation for?
Does it need to be issued by a certified professional?
Should the matter move into the courtroom, do you have confidence in the valuator’s ability to testify?
These are just a few of the most common reasons you might need a business valuation. There are different levels of business valuation reports and they vary in price and in complexity. It is best to find out what is required before engaging a professional.