Timing is critical. You need to start Staging your business today, even if you don’t imagine yourself selling for many years from now. And if you don’t want to heed our warning, realize that the best candidate to purchase your business may come knocking at your door before it’s ready to sell
John Warrillow emphasizes the importance of knowing the specific number that you want to make when you sell your business. He even stresses that you write the number down and put it into a sealed envelope. But why is doing this so important?
You began your business with nothing more than an idea. You created it, built it from the ground up, sacrificed to ensure its growth, and you steered it through all its ups and downs. After all this time, you’ve started thinking about your next chapter.
Did you know that less than 20% of businesses that are for sale actually close? You might be surprised by that statistic, because that means over 80% of businesses for sale never actually successfully sell. What is it that causes this?
While business valuations aren’t a complicated concept, understanding the methodologies can be difficult to understand. Keep reading to gain an understanding of 3 common business valuation techniques, what they mean, and when it may be appropriate to use in valuing your business.