{"id":4844,"date":"2021-04-25T08:18:17","date_gmt":"2021-04-25T13:18:17","guid":{"rendered":"https:\/\/hornvaluation.com\/?p=4844"},"modified":"2021-04-25T08:18:25","modified_gmt":"2021-04-25T13:18:25","slug":"anchor","status":"publish","type":"post","link":"https:\/\/hornvaluation.com\/anchor\/","title":{"rendered":"The Biggest Anchor to Avoid when Selling Your Business"},"content":{"rendered":"<p><\/p>\r\n<p>If you plan to sell your business in the next few years, you need to avoid one anchor above all&#8230;<\/p>\r\n<p style=\"text-align: center;\"><strong>Getting a value number in your head&#8230;<\/strong><\/p>\r\n<p>before you&#8217;ve talked to an expert. Why? Because once you have it, I find few can let loose of it\u2026even if they are shown a lot of proof that the number is too high. And then it\u2019s like the adult version of dreaming about a Christmas present that never arrives.<\/p>\r\n<p>I can\u2019t attribute this to a certain personality type. Whether it\u2019s someone smart or not so smart, hard-working or not, kind or rude, it doesn\u2019t seem to matter. The issue is getting fixated on a figure before talking to someone who can help you understand and quantify business value.<\/p>\r\n<p>By now, you may be asking, now you\u2019re going to tell me how to fix this right? I don\u2019t have a great answer but here are some of the warning signs.<\/p>\r\n<ul>\r\n<li>My friend sold their business for $_____. Surely, it\u2019s worth at least that!<\/li>\r\n<li>Our sales are $_____ and they\u2019ve grown by _____%. (Psst \u2013 Sales aren\u2019t cash flow).<\/li>\r\n<li>I need $_____ to buy the retirement home in _____ and live like _____.<\/li>\r\n<li>My equipment is worth $_____. (Are you walking away\u2026and what about the debt on the equipment?)<\/li>\r\n<li>I work hard so I deserve this.<\/li>\r\n<\/ul>\r\n<p>If any of these sound like you or someone you know, please don\u2019t ignore it. Reach out to me so I can help you understand how business value is determined and, more importantly, how to drive it up long before you get anchored to a value. If you want to understand this better, look at <a href=\"https:\/\/hornvaluation.com\/drive\/\" target=\"_blank\" rel=\"noopener\">The Four Things that Drive Business Value<\/a>.<\/p>\r\n<p>It\u2019s also a good idea to consider the possibility your business may not make you a millionaire or fully fund your retirement. Instead, start thinking about how you can have more fun by making small improvements one day at a time. That&#8217;s one of my goals with this blog.\u00a0<\/p>\r\n<p>Thanks,<br \/><a href=\"https:\/\/hornvaluation.com\/contact-me\/\" target=\"_blank\" rel=\"noreferrer noopener\">Josh<\/a><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>Sign up for this blog\u00a0<a href=\"https:\/\/mailchi.mp\/7a3317ea591d\/6q8fz5tqml\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a> if you want tools to increase the value of your business or want a refreshing view on business valuation from a recovering CPA. I\u2019m <a href=\"mailto:josh@jhorncpa.com\" target=\"_blank\" rel=\"noreferrer noopener\">Josh Horn, CPA, CVA<\/a> of\u00a0<a href=\"https:\/\/hornvaluation.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Horn Valuation<\/a>. I value businesses for growth and exits with a focus on HVAC and trade contractors. I also assist litigation and divorce attorneys as a business valuation consulting or testifying expert. My clients are business owners and attorneys. If you\u2019d like more information, email me at <a href=\"mailto:josh@jhorncpa.com\" target=\"_blank\" rel=\"noreferrer noopener\">josh@jhorncpa.com<\/a>, or call me at <strong>217-649-8794<\/strong>.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>I&#8217;m a licensed Certified Public Accountant (<strong>CPA<\/strong>) and <strong>credentialed in business valuation<\/strong>\u00a0(<strong>CVA<\/strong>). I&#8217;ve been a tax and business consultant in a top 100 CPA firm and a controller in a large international company. I&#8217;ve also valued and advised small family-owned and multimillion-dollar companies. You can connect with me here on <a href=\"https:\/\/www.linkedin.com\/in\/josh-horn-cpa-cva-0346975\" target=\"_blank\" rel=\"noreferrer noopener\">LinkedIn<\/a>,\u00a0<a href=\"https:\/\/www.facebook.com\/hornvaluation\/\" target=\"_blank\" rel=\"noreferrer noopener\">Facebook<\/a>,\u00a0<a href=\"https:\/\/twitter.com\/hornvaluation\/\" target=\"_blank\" rel=\"noreferrer noopener\">Twitter<\/a>, <a href=\"https:\/\/www.youtube.com\/channel\/UCSwtFpjSTwP8Ikdi7bZMc_Q?view_as=subscriber\" target=\"_blank\" rel=\"noreferrer noopener\">YouTube<\/a> and <a href=\"https:\/\/www.instagram.com\/hornvaluation\/\" target=\"_blank\" rel=\"noopener noreferrer\">Instagram<\/a>.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p><strong>&#8220;Once-in-a-lifetime events demand an expert.&#8221;<br \/><\/strong>\u00a0Josh Horn, CPA and Certified Valuation Analyst<\/p>\r\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>If you plan to sell your business in the next few years, you need to avoid one anchor above all&#8230; Getting a value number in your head&#8230; before you&#8217;ve talked to an expert. Why? Because once you have it, I find few can let loose of it\u2026even if they are shown a lot of proof &#8230; <a title=\"The Biggest Anchor to Avoid when Selling Your Business\" class=\"read-more\" href=\"https:\/\/hornvaluation.com\/anchor\/\" aria-label=\"Read more about The Biggest Anchor to Avoid when Selling Your Business\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":4859,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"generate_page_header":"","footnotes":""},"categories":[4],"tags":[37,90,127,35,44,125,163,128,383,45,92,93,46,94,40,38],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Biggest Anchor to Avoid when Selling Your Business<\/title>\n<meta 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