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How big is your retirement nest egg? It is impossible to say unless you know what your business is worth.
A valuation protects you from low-ball offers as well as unrealistic expectations. It also makes your business look more credible to buyers.
If one gets the business and the other(s) do not, knowing your business' value lets you treat them all equally.
To insure business continuity if one leaves or dies, the partners should have a buy-sell agreement pegged to the business' value and funded with life insurance.
Lenders and investors like third-party appraisals.
Do you have an estate tax issue or not? Impossible to say without a business appraisal.
Smart employers use stock options pegged to the business' value as "golden handcuffs" to retain key employees.
Having the business valued by a nationally respected appraisal firm makes negotiations much easier.
It is fun to know your business grew 25% more valuable last year. Having it valued regularly makes it possible!