Valuation, Terms, and Funding for Business Succession
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Valuation, Terms, and Funding for Business Succession
One valley, three businesses, and three owners each wanting to step back from their businesses but each with a different set of challenges. All three have contributed to the employment and wellbeing of many households in the valley and in shining the light of Christ to those they have done business with. But now the thought of the future looms large and they wonder just how to proceed.
James, Richard, and Leon’s businesses all took time to develop over many years; therefore, their business successions will also take time to plan and implement. Since each of their situations is different, the valuation, terms, and funding must also be different for each.
Your own business succession can be a real blessing if you take time to identify your goals and needs, communicate with family and advisors, listen well to advice, and plan your numbers accurately.
GARY GARBER founded Garber Electrical Contractors in 1975; he is now retired except for a management advisory role since his son became the successor. He is from Eaton, Ohio, and serves as a workshop instructor and business advisor for Anabaptist Financial.
