Bringing a marriage to a close can be an emotional time. However, for Texas business owners, it is important to approach a divorce in as straightforward a manner as possible. Remaining focused on the tasks at hand can make it easier to navigate the property division process and emerge from divorce with a clear path toward a more fulfilling future.
A great place to begin is by obtaining a business valuation. Financial professionals can assist in determining the value of a business, no matter what type of business, diversity of assets or current financial standing. Owners can assist in the process by gathering as much documentation as possible, and being prepared and available to answer any questions that a business estimator may pose.
Just as no two businesses are exactly alike, no two will share the exact same business valuation strategy. Some businesses encompass vast real estate holdings and complex investments, while others may be far less complicated. Some businesses have tangible inventory and other objects that can be easily valued, while others may need to delve into the realm of estimating the value of market share, reputation and standing within a community.
When it comes to placing a value on a Texas business, it is never too soon to begin that process. Once a divorce is underway, obtaining a professional estimate of value should be a top priority. Armed with this information in hand, it becomes far easier to move forward in property division negotiations. That can make things far less stressful for both spouses and can lead to a swifter resolution.
Source: Forbes, “How Divorcing Women Entrepreneurs Can Get What They Deserve“, Kerry Hannon, Nov. 2, 2017