Like any small business owner, you want to know how much your business is worth. Once you receive an estimate, the next question may be, “how was this calculated?” A multiple is a number you would use when calculating the value of a business.
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Due diligence is the process where the buyer has an unveiled look at the business you’re selling to investigate it from the inside so that they can make an objective decision about your business, and make a buying decision or not.
Most small business owners aim to sell their business someday. According to a PNC Bank survey, 78% of owners plan to sell their business to fund between 60% to 100% of their retirement.
Data also suggests that many businesses close due to personal reasons such as illness/injury, age, or selling the business.