Mark Osborne says business owners should get a valuation ($800-$1,500) to know what their company is worth, then work with a financial planner to figure out how much cash they need from the sale to retire comfortably.
So, if I were you as a business owner, the first thing I would do is get a valuation. Everything starts with evaluation. And we started offering valuations because people needed an affordable option. It's $800, you know, $1,500, big deal. Right. But get a handle on what your number is or even a range of value. Get a baseline number on where you're at now. That's the first step of exit planning. The second step of planning for the sale of your business is we do a personal financial plan and we determine how much money you need to recognize from the sale of your business in order to meet your financial goals, right? If you're 70 years old, 65 years old, you want to retire, is that business going to give you enough money in order to support the lifestyle that you want? And so we recommend you get a personal financial planner involved.
How Can You Maximize Your Business Value Before Selling? with Randy Katz Video
