Valuation on vacation

Spring is finally in the air and soon it will be time for lakeside picnics, outdoor barbecue sessions and poolside lounging.

And, while we’re all grateful to finally be seeing the sun after a particularly long, gray winter season here in the Mahoning Valley, summer is also the perfect time for something a tad more serious.

Summer is the ideal season in which to assess your personal and / or professional financial situation.

Because, what is typically considered the off-season for accountants, auditors, wealth and financial advisers, business advisers and valuation specialists, it is also likely an ideal time for you to take stock of your private or business worth.

After the rush of the busy time leading up to tax day, many folks tend to put thoughts of taxation, estate and retirement planning and business expansion / successor-ship strategizing away with the winter coats and boots for another year.

This may not be wise.

Because, believe it or not, summer IS the time to think of tax preparation, as well as contemplating a myriad of other blueprinting, analysis and conceptualization scenarios for various private and business growth and / or transition opportunities.

This is especially true given that the professionals in this particular field of expertise have more time to be able to assist their clients with special projects and strategic planning during the summer months than they do, say, just before April 15.

Therefore, it is prudent to consider three crucial questions right now:

1) Do you know how much your business is worth?

2) Do you have an exit strategy for your company?

3) Do you know how to avoid unnecessary tax burdens when planning for the sale or transition of your business operations?

If you don’t know the answers to any of these questions; or worse, if you’ve never considered what the responses should be, now is the time.

Knowing the true market value of your investments, including arguably the largest investment you have made – your business – is paramount in planning for the financial stability of your future whether it includes a merger, sale, expansion, inheritance or other type of official transaction.

Remember, each decision you make could have a tremendous ripple effect on the balance of your finances, including your resulting tax obligations.

Be sure to speak to a credentialed, professional business valuation specialist to help you plan for your future and that of your business with accuracy and insight.

Then, get out there and enjoy some fun in the sun!

Bianco is an accredited senior appraiser, certified business appraiser, certified financial planner and certified public accountant accredited in business valuation. She resides in Brookfield with her husband and three sons.