Business succession planning is a long-term process and not an event. It is a topic that most business owners don’t think about until some life event occurs. Preparing a succession plan can ensure the right people inherit your business, operations continue to run smoothly, and owners are able to exit under fair circumstances. The WV SBDC can guide you through building a succession plan, selling your business, acquiring a new one or developing an exit strategy.
The WV SBDC knows how tough it is to make the leap when it comes to buying or selling a business. We can help you identify the basic components, essential information and considerations you should have when selling or buying a business or franchise.
Determining Business Valuations
A common question of business owners is how to determine how much your business is worth. Our business coaches can help you evaluate market data and assess your financial statements as you prepare for a formal valuation of your business. We can also help facilitate a connection to business certified appraisers and/or other community partners to allow you determine a fair market value for your business.
Developing an Exit Plan
Exit plans are necessary to secure a business owner’s financial future, but many don’ t think to establish one until they’re ready to leave. Having a solid plan in place helps ensure a successful financial future for both the owner and the business. Our business coaches can help you develop that plan and formulate solutions for potential hurdles you may face along the way.