Few business owners relish spending money on something unnecessary. For most owners, hiring an expert to estimate the value of their companies falls into the unnecessary category. Thus, it is no surprise that owners typically respond to an Exit Planning Advisor’s recommendation to get an estimate of value for the company with some variation of, “Now? But I’m not planning to leave for years,” or “I built this company, so I know what it is worth better than any so-called expert.”
Before you join these owners and scratch business valuation off of your Exit Planning to-do list, consider the following five reasons why you should put an estimate of value at the top of your list.