A woman looking to retire said to author and valuation expert Tim McDaniel, "I need to sell my business for $2.5 million to support my country club lifestyle." The reality was that her business was worth $750,000. How could she have been so wrong? As McDaniel--a veteran of over 2,000 valuation engagements and dozens of M&A deals--knows all too well, most owners work in their businesses and not on their businesses. He has seen the look of surprise on client faces far too often: "It's only worth that much?!"
In the rush of day-to-day work and decisions, business owners sometimes forget that their business is an investment--and something they need to watch, nurture, and care for just as they would a valuable antique vase or painting. Know and Grow the Value of Your Business: An Owner's Guide to Retiring Rich shows readers how to develop the "investment mindset," value the business, bolster that value and maximize the return on their investment, and, finally, exit the business either through a sale to outside parties or by passing it on to family or other business insiders.
This information couldn't be more important: Typically, 60-80% of a business owner's wealth is tied up in the value of the business. This is their most important asset, but they usually guess at its value and have no concrete plan to increase it. That's why this book shows:
In short, this book helps business owners get the most for their business when they decide it's time to move on.
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