Most business owners decide to either sell or transfer their business once they start nearing retirement. After all, many business owners have a significant portion of their net worth connected to their business, making this transaction one of the best ways to fund their retirement.
When you maximize the value of your business before selling, you’ll be able to make more than what you originally paid for your business. This value maximization will help you secure enough money to fund your retirement.
Chris is a Certified Exit Planning Advisor and Vice President at Fort Pitt Capital Group. Chris has dedicated his financial advisory career to helping clients realize their financial goals. He has done this by developing expertise in portfolio analysis, business transfer planning, charitable giving, and estate planning. As a Certified Exit Planner, Chris creates plans for business owners to address their business, financial, and personal challenges and provide them with a clear path to an optimal outcome.
“Ultimately, if we can help identify and define what success means for our clients, then we can work with them to achieve the optimal outcome. The best results reduce risk and stress, enhance the value of the business, position the business to thrive, and provide the owners with the opportunity to write a second chapter that is meaningful and exciting for them.” – Chris Chaney
What Is the Business Advisory Group?
Fort Pitt Capital Group works with directly specialists including lawyers, CPAs, and business transition guides plus our in-house Certified Exit Planners, Accredited Investment Fiduciaries and more to form your. These professionals work together to help companies across the nation develop successful exit strategies. The group, consisting of a Certified Exit Planning Advisor (CEPA), business and tax lawyer, and business growth and transition advisor, offers their clients a holistic view of exit planning.
The Business Advisory Group provides a unique opportunity for clients to access the services of experts from different industries as one team, all related to strategic business exits. In addition, the Business Advisory Group has a comprehensive knowledge of succession planning, which is necessary for the multifaceted nature of business exits.
To establish a successful transition plan, the Business Advisory Group focuses on maximizing value and minimizing regret, an essential mentality as the value of businesses depends on their transferability. The Business Advisory Group helps companies form successful exit plans by critically analyzing all facets of the businesses, reducing risk, and developing and implementing succession plans.
Maximizing Value: The Key to your Best Exit
Your business’s value depends on several factors, ranging from your industry to your company’s growth potential. Buyers want to confidently purchase a business that’ll offer a smooth transition and deliver a return on their investment. When a business owner can show that their company operates efficiently, has a good plan, and is valuable, it becomes more appealing to potential buyers.
Before you try to maximize the value of your business, it’s important to start with a baseline estimate of what your company is currently worth. You can obtain your baseline estimate with:
A certified business appraisal.
A range of values or informal estimates from either an advisor, business broker or CPA.
Once you have your baseline, there are a few ways you can maximize the value of your business, including:
Work within a niche that understands the customers’ needs and desires and what motivates them to respond.
Maintain good relationships and a good reputation within your industry.
Keep your business growing and competitive.
Have diverse strengths.
Be aware of your business’s weaknesses.
Perform regular reviews.
Keep consistent, detailed records.
Seek guidance and advice from professional financial advisors.
While exit planning, remember that several decisions can decrease your value, such as focusing on driving revenue instead of margins or lowering profits to minimize taxes.
Start Maximizing the Value of Your Business Before Selling
For over 20 years, Fort Pitt Capital Group has provided the financial services our clients need to reach their goals. Whatever your needs and goals are, our team of in-house financial advisors will help you reach them through personalized services. You can expect to work with a team that’ll provide you with transparency, high standards, and exceptional service throughout the entire process.
The achievement of any professional designation should not be construed as a guarantee that a client will experience a certain level of results or satisfaction if Fort Pitt is engaged, or continues to be engaged, to provide investment advisory services.
Nothing on this website is intended to create an attorney‑client relationship between you and Michael Silverman or his law firm. An attorney-client relationship may only be established through direct attorney‑to‑client communication that is confirmed by the execution of an engagement agreement. The content of any communication sent to the Business Advisory Group with Mr. Silverman or his law firm will not create an attorney‑client relationship and the contents of such communication will not be considered confidential. Therefore, do not use this website to provide confidential information about yourself or a legal matter to Mr. Silverman or his law firm.
Chris is a Certified Exit Planning Advisor and Vice President at Fort Pitt Capital Group. Chris has dedicated his financial advisory career to helping clients realize their financial goals. He has done this by developing expertise in portfolio analysis, business transfer planning, charitable giving, and estate planning. As a Certified Exit Planner, Chris creates plans for business owners to address their business, financial, and personal challenges and provide them with a clear path to an optimal outcome.