While U.S. business owners agree that it’s important to have a transition strategy, between 40% and 60% of these same owners say they have no plan at all—even though many of them plan to transition within 10 years, according to an article. Of course, this is an opportunity for business appraisers, who should raise certain questions to prospects on the firm website, in client letters, or in marketing materials, to get the conversation going about BV issues. For example: Is having a transition strategy important for your future and the future of your business? When are you planning to transition? How much is your business worth? How do you know what it is worth? Which best describes your current transition plan? “Discussing the questions also gives you a chance to explain how you can help them increase the value of a business so that, when the time comes to sell or transfer, both the seller and the buyer will be happy,” says Mary Ellen Biery (Sageworks), the article’s author.
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