Situation: Sam, a 28-year-old technology start-up owner, is recently divorced with a two-year-old child. Sam wants to ensure that he leaves his parents with enough money to enjoy their retirement and elder years, that whomever cares for his son has financial means of support, and that his brother receive a significant cash gift.
Solution: Believe it or not, Sam’s goals can be accomplished with a relatively simple testamentary trust. As opposed to a living trust that starts now and continues beyond Sam’s life, a testamentary trust is created upon Sam’s death. Aside from that, you can accomplish pretty much the same things in either vehicle.
Valuating a business can be an extremely complex process to say the least. Terms like EBIT, EBITDA, Net Income, multiples and more get tossed around by industry professionals but are meaningless to most business owners. There is a reason why there are professionals that have jobs where all they do is valuate companies. You are not alone in thinking that it is confusing. As a business owner though, it’s common to wonder what the value of your business is and how you can grow that value.
If you want to know the value of your business, pay for a valuation. Now there are a number of avenues to go to get a valuation from paying less than $100 to get a very generic valuation to paying thousands of dollars and getting a very accurate valuation. Really whether you can get by with very generic or you want very accurate or you want something in between is up to you and what you need the number for.
This is a just a quick video to let you know what our business practice, better known as The Business Law Group, is all about. We hope to have some more video blogs as well as traditional blogs that can help you plan for your business' legacy as well as your own personal legacy. Enjoy!
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