Of course family business owners want their firm to be valuable – to their family, their clients, and the community. The possibility of selling the business typically forces the owner’s hand in pinpointing its value, but it makes sense to think about this now and periodically thereafter no matter what direction your family business is headed. What specifically does the business value consist of, how is it identified, and how can value be increased? READ MORE
As a family business owner, your company’s future viability depends on several factors, including the value of your business. Your business may likely be the most significant asset of your estate, in terms of value for estate tax purposes and for business succession. So it may be wise to have your business valued sooner than later, to start dispersing that value to family members (children, grandchildren, etc.) or others. This will reduce the value of your estate, thus decreasing the tax burden when the business is eventually transitioned to the next generation.