How to protect your business from a divorce proceeding
Many people enter marriages with a thought for living happily ever after with their partners, but more often than not, they end up disagreeing over assets in their divorce settlements. In fact, statistics show that almost six in every first marriage end in divorce, whereas the number is higher (about 70%) for second and third marriages. That means that as blissful as marriages are, it is good to ensure you have a backup plan to protect your interests from your partner in case you might split up years down the line. Whether you own an entire enterprise or a small stake in a company, here are a few ways you can use to protect your shares from your spouse before and during divorce proceedings.
Exploring formal and informal Business Valuations
An increasing number of business owners are realising the necessity of valuing their businesses regardless of their size. All business owners have, at some point, wondered about the value of their business. As long as you own an enterprise, time will come when you will have to either find out its legitimate value or get an expert to advise you on its estimated value. You will need to choose between getting either a formal or informal business valuation. That said, this guide helps you understand what both terms mean and the different times to apply either valuation.
Does your business partner need to leave your business for health reasons? Here’s what to do.
There is no question to the fact that leaving a business can be one of the most difficult choices you have to make. Whether it is as a result of personal issues, disagreements or even for health reasons, the journey through leaving your business partnership is likely not to be an easy one. However, your mental health and happiness are essential. With that in mind, staying in your business may be doing more harm than good. In case you feel like you do not want to continue working on your business, there are a few things you can do to help the dissolution process take a lesser toll on you, your partner and the enterprise you worked so hard to help build.
Are you a business owner looking for a change in your career or your life? A business valuation is a good place to start.
It is not surprising for the average person to want a change in career over seven times in their lifetime. Think of the number of times you switched career or even major options in your college life. For many, career or major changes have marked fulfilling turning points in their lives. For others, however, a change in career resulted in tears, frustration or regret. As such, it is critical that you get through a shift in your occupation with a plan. A full-proof method not only ensures your change in career is smooth but also enables you to excel in the profession you choose. Consequently, you can live a better life overall and fulfill your dreams. If you are a business owner, the leap is far greater since you leave an already-stable environment to an area you are not accustomed to. However, we are here to help. Here are some tips to kick-start your campaign towards a new career.
How to value your business to make sure you have the right level of insurance – you could be overpaying!
Insurance companies have been proved notorious for setting their customers higher premiums than they ought to pay. Every business owner knows the importance on keeping a company’s spending to a minimum. Spare revenue can be used to improve different sectors of your business or be saved in case of emergencies or short-notice needs. Unfortunately, overpaying on your premiums means you are denied the chance to make these savings. Clearly, this is a situation no owner wants to be in. Insurance firms base the rates they charge you on the value of your business. If you do not know your enterprise’s value, then there is no way you can know if you are paying the right rates. Here is how you can assess your business today and ensure you do not get overcharged for insurance services.
How to buy your Partner’s share of the business
Obtaining the equity your partner owns in your business can be a confusing or often difficult process. Perhaps your counterpart in the firm could have gotten an opportunity elsewhere that he wants to focus on or, as is also common, there has been a personal conflict, and the two of you cannot stand each other. Business partnerships could end for many reasons. Some of the endings to partnerships could be peaceful and lead to the best benefit of both flanks under the situation. Alternatively, some partnerships' endings involve pain, tears and a whole lot of lawsuits. Regardless of what kind of way the business ends, the tips below are necessary so as to ensure that you successfully buy out your partner.
How to sell your business to a competitor
Competitors for your already-established business can make great buyers. By purchasing your business, competitors will be able to gain immediate benefits. They already have the manpower and expertise to run your business. In most occasions, all they would require would be a slight change in the branding of your business, and they would be all set. In Western Australia, competition might be fierce, and you may want to sell your business while you are still at a profit. Alternatively, you may be retiring and need to sell your business. Whatever the reason is, the following tips can help you get a great deal on how to sell a business today.
5 Ways to Finance the Purchase of a Small Business
Purchasing a small business can help you quickly maximize on current market trends and earn a substantial profit. Additionally, buying a small business means the business’ foundation has already been set by its founder. The general groundwork regarding getting suppliers, transportation and inclusion of unprecedented costs into the business' budget have also already been done - how to buy a business
Business valuations when going through a divorce
You do not have to wait until the divorce goes through to start making settlement arrangements. Even if the share of the business you claim was under the other person’s name and you did not make direct financial contributions, you are still entitled to a piece of the ‘pie’ according to Australian law.
4 Things You Should Consider Before Selling Your Business
Ideally, you should make your decision three years prior, but this is not always possible. You will need to plan ahead and start gathering information from brokers that will attract prospective buyers. You can also do an independent business valuation. This early planning phase is viewed by some as an exit strategy. The duration it takes depends on a number of factors.