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Why You Need an Up-to-date Business Valuation

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Things happen, in business as in life. Just as you should always have a resume ready, and you should keep your business plan updated, you should prepare a business valuation and update it every year.

Something could happen to you, like death or being disabled. 

You might be able to take advantage of an opportunity, like an unexpected opportunity to sell the business or do a joint venture

To add a new partner or LLC member to your business, or when a partner leaves, you will need the valuation to determine the buy-in or buy-out price. 

 You may be thinking about leaving the business. Getting a business valuation is one of the first steps in creating your exit strategy. 

To expand your business with a loan or new equity, you'll need a business valuation done. 

When a business disaster happens, it's too late to do a valuation, but having a pre-disaster valuation helps with insurance and getting back on track. 

Personal life changes like a divorce can also trigger the need for a business valuation. 

thebalancesmb.com

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