Know the True Value of Your General Contracting, HVAC or Plumbing Business
March 22, 2018
If you own a general contracting, HVAC or plumbing business, it’s important to know its true value, not only when you are looking to sell your business, but as part of your overall financial management of it. The following are some of the important reasons to know what your business is worth at any given time. Consider that:
- Having an accurate business valuation is essential for obtaining loans from banks or other financial institutions; finalizing partnership and buy-sell agreements; and perhaps, most importantly, personal estate planning to insure the financial security of your family upon your death.
- If you are typical of most contractors, your business accounts for a significant part of your net worth. Knowing what your firm is worth can help you make informed financial decisions.
- When you analyze your family's needs for life insurance, your business value should be included in the assets necessary to provide income to your family in case of your death. An accurate business valuation will help to ensure that the life (and business) insurance you purchase is sufficient.
The value of your business is critical to decisions that affect your financial health. Our firm can provide you with an accurate valuation of your business and professional guidance to help your business succeed. Contact us today to get your questions answered.