When you’re passionate about your business, you work hard to keep it running, provide quality goods or services, make a profit, reach new goals, minimize risk, and retain your best employees.
It’s an incredibly rewarding experience, but it doesn’t come easy, and long hours are usually involved. Our founding Partners can attest to this. Jeff Sweat says, “Owning a business isn’t easy… we have learned to be patient and persistent.”
Earlier this week, we hosted a lunch & learn for local business owners at Calhoun’s on the River. (Educational events we host aren’t exclusive. Anyone is welcome!)
We discussed all the things that can impact the financial success of you and your business. Could your business survive without you or key employees? Do you have plans in place to allow the transfer of your business to the right person at the right time for the right amount? Do you know of strategies to use to help you recruit new employees? Have you ensured that you and your family can maintain your lifestyle once your leave your business?
Have you ever wondered what your business is worth?
There are many reasons why knowing your business’s worth is beneficial. Knowing a figure can help you if you’re planning on selling soon or if you need to update your estate plan. Knowing can help you plan accordingly and minimize taxes when transferring the money to heirs. More importantly, it can help you protect your life’s work if you become unable to work and want to ensure the company can operate without you. Valuations can be done by a range of outside professionals – CPAs, investment bankers, business brokers, and lawyers are a few examples.
That’s why we partner with the professionals at various places, including Principal™, to help business owners protect their business, their employees and their lifestyle.
If you have questions about how to implement a business succession plan, or want to explore ways to recruit, retain, and reward your business’s top talent, send an email to firstname.lastname@example.org or call us at (865) 226-9982. If you would be interested in attending events that we host like this, subscribe to our mailing list on the events page.
TVAMP is not affiliated with Principal™.