A recent report by Hymans Robertson Personal Wealth reveals that 90% of family business owners believe they understand the value of their business. However, only 32% have obtained a professional valuation recently, indicating a significant gap between owners’ confidence and verified knowledge of their business worth.
The report, titled *Protecting What You’ve Built: Family Business Resilience*, highlights this discrepancy and suggests that many family businesses may be operating without up-to-date financial insights. This gap could affect decision-making and long-term planning within these companies.
**Why this matters**
Accurate and current business valuations are crucial for effective succession planning, securing financing, and managing risks. Without regular professional assessments, family business owners might overestimate or underestimate their company’s value, potentially leading to missed opportunities or vulnerabilities in their business strategy.
Source: NewsData