Succession planning is all about planning your exit strategy and maximizing the value that the small business owner receives for their effort (which often amounts to years and decades of work).
It also protects the small business owner, family, and the business from any risk.
Learn the process and your options in 20 minutes!
Contact the Expert
Mike Hook
mike@intrepidlaw.ca
Business valuation is critical for all small business owners as there is a high probability that you will be needing to evaluate how much your business is worth due to needing a loan, going through a divorce, or selling your business either voluntarily or involuntarily.
When it comes down to it, the value of your business is the price that someone is actually willing to pay you for it. But if you are trying to put a dollar value on your business without this step or before this step, there are some things to consider;
1. Net tangible assets
2. Identifiable intangibles
3. Goodwill (transitioned and non transitioned)
4. Redundant assets
If you are selling your business, there are some great ways to increase the value of your small business. And there are some specific value drivers to be aware of.
If you are buying a business, there are some specific details you should be looking for and specific circumstances where you may buy a small business for a lesser amount.
Watch this video for all of the details.
Contact The Expert
Fabyelle Chevalier, CPA, CA
Manager – Financial Advisory Services
BDO Canada LLP
Direct: 705 726 6331 ext. 8523
fchevalier@bdo.ca
Like the Presentation? Valuation Presentation
Your small business exit strategy is one of the most important parts of running your business.
The reality is, if you want money quickly it is better to get a job than start a small business. Starting a small business helps you in the long run financially as you are building equity and value in your business year over year.
But the only way to get this equity and value out of the business is having a solid exit strategy that allows you to realize this.
There are 6 major exit strategies to consider;
1. Getting the most out your business now.
2. Liquidating your business which means selling all of your assets.
3. Selling your business to someone you know.
4. Being acquired by another business for a strategic reason.
5. Issuing shares publically and getting out of the business.
6. Create a family empire with a solid succession plan.
One of these should be selected and planned for. The video walks through these strategies, gives examples of how it has worked, and highlights the top tip for each exit strategy that you should be focusing on.
Contact Your Expert
info@smallbusinesssolver.com
Want the Slides? small business exit strategies.
