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MNP’s TAKE: Comprehensive planning and preparation are key elements for a successful outcome when selling a business. Once an owner has committed to selling their business, an important first step is obtaining a valuation to get an in-depth understanding of the true value the business. A professional business valuator provides an objective valuation assessment and highlights the major factors that can influence value. Without a thorough valuation, a business owner could find themselves in a situation where they expect too high a price for their business, which will reduce the chances of a completed sale or worse, sell their business for too little.
The valuation analysis will also help a seller assess a written offer and the impact of the terms which accompany it, giving a seller a sound basis to effectively respond since initial offers are often less than the seller’s expectations. Also, if an offer includes forms of consideration other than cash, a professional valuator can provide a valuation of that consideration as it can have a significant impact on the ultimate proceeds received. All things considered, seeking the support of a professional business valuator will give a seller the critical analysis and information needed to successfully negotiate a fair price for their business.
For more information on how MNP can help you gain perspective on the value of your business, contact us today.
BY MARTHA SPELMAN FROM BUSINESS2COMMUNITY
Some of us start a business knowing we eventually want to sell the business. And some of us just start a business. But down the line…a few or many years later…we think about “getting out,” retiring or moving on to something new.
There are different ways to “sell” your business — it could be a matter of passing it along to the next generation, selling it to one or more members of your staff or going outside the company for a merger with or acquisition by another company or outside investor.
While it may take a few months or a few years to sell your business, planning for that eventuality should start now. No matter who your buyer is, as the seller you need to get your ducks in a row.
On a side note, I think many business owners don’t want to sell their business because it’s been their life…they are very tied to it and once they sell, they’re not sure what they’ll do. Prepare yourself for this eventuality as well. Setting up yourself as a consultant, starting a new business or heading in to full-time retirement…all require preparation!
This article was written by Martha Spelman from Business2Community and was legally licensed through the NewsCred publisher network.
Related Topics:Valuations; Selling a Business
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