A client recently approached our firm to help him with the sale of his business. He had worked a number of years at his current profession and was ready to take a break and focus on his woodworking hobby during retirement.
He assumed the time and effort he had put into growing his company would translate into value. Unfortunately, what he did not realize was he had neglected to address the very issues that would have added the most value to his business.
A realization like this can have a significant affect on a business-owner’s exit timeline. Our client went back to work.
Instead of selling his business, our client realized he needed to go back to work. With a little advanced planning he could have met his timeline for sale and retirement.
Have you ever wondered what your business was worth? How you could add value? If you are like most business owners you probably have but were too busy running your business to actually sit down and put together a plan to help you get the most out of it.
Oftentimes business owners invest heavily in their businesses instead of a 401(k) or other retirement plan. This means the business owner’s retirement security is entirely or at least very heavily dependent on the value of his/her business at the time of retirement.
Terry, Lockridge & Dunn, Inc. can provide real planning services that will help you address the important issues affecting the value of your business today and help you enhance the value for the future. We have worked on hundreds of business sales and we know what is important in the eyes of a buyer. We can use this knowledge to give you an advantage when it is time to transfer your business.
Do not be like our client who had to delay his retirement because he failed to plan properly. You have a goal when you want to retire and we want to help you get there. The first step is determining the value of your business and the next is figuring out how to maximize that value going forward.
Feel free to give us a call at 319-364-2945 to set up an appointment to discuss your retirement dreams and how we can help get you there.