You need a change.
After owning the small gift boutique for the last 10 years, you are ready to move on to another career. Owning your own business was the perfect solution when your daughter was in both middle school and high school, but now that she is off to college, the business takes too much of your time. Although the shop brings in a decent income, making sure that your shop is open for all of your advertised hours limits your options.
From the weekends that you want to spend tailgating and attending the football games at your daughter’s college campus to the weekend trips that you like to make to the mountains, you find yourself wanting to have more flexibility. And while you can hire someone to work for you when you are out of town, that extra person cuts into your profits. After careful consideration, you have decided that it is time to sell the store and move to a job that provides you more flexibility.
Before you are able to sell, however, you know that you need to work with business appraisal services to make sure that you correctly prize this business that you have spent the last 10 years growing. It is not that the person who buys your shop will need to keep everything exactly the same, but you want to make sure that you have gone through the process of working with business appraisal services to make sure that you price the store in a way that you can show a profit. In addition to making a profit, though, you also know that if the business is not properly priced it will not sell.
Small business valuation tools make use of three different approaches to determine the value of businesses of all sizes: valuation asset approach, valuation income approach, and valuation market approach.
From the 21.1 million U.S. firms without employees to much larger companies, finding the proper valuation of your property can help you make a profit and increase the chance that your business is priced competitively and sells as quickly as possible. By using information about the recent sales of similar businesses, the business? earning power, as well as conducting a risk assessment process and determining the company?s assets, you can settle on a price that is competitive.