![]() If you closed your business today, sold off all your inventory, collected on anything owed to you, and paid off anything you owe, that would be your book value. Here are the four most common ways to estimate the value of your business:Īlso known as net asset value or assets in receivables, valuing your business at book value is a common way to get the very minimum that your business is worth. You don’t want to undersell yourself, but you also won’t get too many bites from potential buyers if you’re selling your 10-day-old earring business for $5 million. The key thing is to make sure you’re estimating your numbers in the right ballpark. But those memories and long hours aren’t exactly going to help you calculate what your business is actually worth when it comes down to dollars and cents. That’s why it can be hard to figure out how much your business is worth, knowing that your blood, sweat and tears went into getting it up and running-not to mention profitable. What’s your business actually worth? Your business has been your dream and your “baby” since before you ever made your very first dollar. if you’re out sick, who can you trust to run the day-to-day or keep the finances straight? Keep the books clean as you go and you won’t have to scramble to get things in order if you ever decide to sell-or go on vacation. On the flip side, if you’re not keeping detailed and accurate records today, it’s going to be hard to review the books tomorrow (no matter who’s going to be doing it). Not only that, but if you run your business this way, you’re going to focus on building up your leaders and learning how to delegate. By having the mindset that the business will be someone else’s tomorrow, you’re going to make sure everything is in order. Why? Because you’re running it like you’re going to be gone tomorrow. ![]() And if that happens, there are just a few things you need to know: how to replace yourself well, how to determine what your business is actually worth, and how to make sure you sell it to the right person.Įven if you have no intentions of selling your business, go into each day and each opportunity like you’re selling it tomorrow. While you may not be looking to sell your business and take over as CEO or advisor of a giant corporation, it’s still good to know what might happen if someone approaches you with an offer to buy your business. ![]() But knowing how to sell a business successfully is something you just might want to keep in your back pocket. But not every businessowner has the dream of starting and selling off business after business after business (and that’s perfectly okay). In fact, it’s those humble beginnings that make business owners like you the heartbeat of this country. No business venture is too small-whether you’re working on a side business in hopes that it’ll turn into your full-time gig in a few years or you’ve launched a successful company by the straps of your boots. ![]()
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