If you were asked right now, would you be able to correctly estimate the value of your business? Whether you're a part of a corporation, a partnership, or just a sole proprietorship, it's vital that you have an idea of what it's worth, which is why the professionals at Zoellner Garten & Co. in Cincinnati, OH, will explain the basics of business appraisals.

There are plenty of reasons to want a business valuation, besides just selling a business or transferring its ownership. Maybe you're in the midst of estate planning, tax reporting, or drafting employee stock ownership plans, or stating a value for shareholder buy-sell agreements. Whether you're donating to charity and want to qualify for deductions or conducting business planning for the future, it's hard if not impossible to do without a business appraisal so you know where you are now - the first step in figuring out how to get where you want to be.

Business appraisals are also required under less favorable circumstances, like shareholder disputes, pending litigation, divorce, or death. Whatever the purpose, the expert handling your valuation should be informed, so they can help you make the best decision possible.

The true market value of a company is found in more than just its balance sheets. Numerous documents are needed for thorough business appraisals, including tax returns, inventory lists, liabilities, profit and loss statements, descriptions of products and services, and information about intangible assets. You may also be asked for copies of any projections formulated during business planning.

Formal business appraisals can be a powerful tool, especially if you're planning on transferring ownership or selling a business in the near future. To improve your company's value over time, try to reduce business risks, increase your cash flow, and strengthen your growth prospects.

Regardless of your upcoming plans, it's always important for a business owner to know their company's value. In fact, it's a good idea to schedule business appraisals every other year for an updated value estimate that's reliable. If you're buying or selling a business, Zoellner Garten & Co. will assist you. Their business planning and valuation services are available in Cincinnati, Dayton, and throughout Northern Kentucky. Give them a call today at (513) 852-2400, or visit their website to learn more information.