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Only you can decide if your business is worth selling and that probably depends on more than money. How much your business is worth hinges on many factors, including the industry, the economic climate, assets and liabilities, revenue, and much more, some of which cannot be easily translated into dollar figures. Some things have value and are important to the sale of a business but are not easy to quantify.
A business may be worth a lot of money in theory but you can't sell without buyers. Conversely, even a new business that is relatively untested could get an offer. Maybe the buyer wants a ready-made set-up or your style. In order to determine whether the business is worth selling and how much it is worth, you have to get organized and creative.
There are different approaches to valuation from a financial perspective. The US Small Business Administration suggests the following three approaches:
How Sales Are Made:
It is impossible to say in the abstract which one will be right for your business or which, if any of the methods mentioned above will adequately account for all the factors that impact the value of your business.
It is most likely that the true value of your company can be determined by combining approaches. If you can get a sense of all of assets and liabilities, revenue, profitability, you will begin to have a feeling for what your business is worth.But business is strangely mystical even if it seems to be all about numbers. People may pay for the value you created by having an especially aesthetic salon or a particularly personable law office. You know what makes your business special and what you put into it, how long that took and how hard you worked.
Intangibles also go into the valuation and an expert will help you quantify all sorts of aspects of your business. Speak to an attorney about a total assessment.
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Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.