LBM Finance and Development Week: The Importance of Understanding Valuation
The first step in your succession plan should be to invest in an independent, reliable, unbiased business valuation by a firm that understands the LBM industry. With the last two years of economic turbulence, having an objective value of your company provides the foundation for effective succession planning. Your business is likely your most valuable asset. Knowing the value of your business is imperative because it fuels important decision making like tax planning, funding your post ownership goals, and negotiating a sale price.