Owners: What's my business worth?
Say you own a business. Maybe you’re thinking of selling. Know what it’s worth? Are you sure? Are you sure sure?
"Sixty-five percent of business owners don’t know what their value is,â€ says Scott Bushkie, president of Cornerstone Business Services in Green Bay. "I think that number is probably even low.â€
A number of factors contribute to why business owners don’t often have a solid idea of how much their company is worth including that they think they have the right information when they actually don’t.
"Most businesses, smaller businesses and mid-market ones, are caught up in the day-to-day issues of growing, putting out fires, working in the business versus on the business,â€ Bushkie says. "A lot of people have opinions about values and it’s blown out of proportion. I think there’s a lot of bad advice out there, and business owners don’t spend the time or the money to bring in a specialist to give them an accurate picture.â€