Business valuation haggles, tax complexities, family disagreements, funding challenges, and legal wrangling are the inevitable right of passage when retiring from your business.
Your business will overcome the waves and spikes of Covid-19, with a business continuity plan. The ultimate goal of the plan is to save your business and preserve the wealth you have built over these years.
Most small businesses we know have made zero to minimal revenues since the lockdown started on March 15. But that has not stopped our obligations to pay rent, wages, utilities, and amounts owing to suppliers. Fortunately, the government is rolling out its plan to gradually reopen the economy. I emphasize gradual because the experts anticipate a vaccine in 18 to 24 months. So normal as we know it, and by extension, the revenue we have grown accustomed to, will likely not return until then. Which leads us to today’s question: How do I manage with less money?
Selling a business can be overwhelming. Whether you’re ready to sell soon or trying to grow your business for sale in the future, it can be challenging if there’s a gap between the actual value and what you believe your business is worth.