The United States is known for many things, but one of the things that it is proudly known for is the welcoming and nurturing culture surrounding small businesses. According to the U.S. Small Business Administration, there were approximately 30.7 million small businesses in the country in 2019. If you are like any of the millions of Americans who own a small business, it is likely your most important and most valuable asset. This can prove to be tricky when it comes to divorce. You must determine what you will do with your company, but before you do, you will have to determine what your business is worth.
Methods for Valuation
The easiest way to deal with a business is to sell it and split the profits with your spouse. This, however, is not typically the desired route since most of the time, the business is the source of income. If you want to keep your business, typically you will pay your spouse a portion of the value of the company, but to do that, you must first determine the actual value of it. There are three basic approaches to valuing a business:
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