When To Have An Appraisal Done On Your Insurance Agency
If you own an insurance agency, you might have an idea in mind of how much it is worth. However, you might have never had a professional appraisal done, especially if you never thought that this was necessary to do. As such, these are a few examples of times when you may want to have a professional appraisal done on your insurance agency.
You're Hoping to Find Investors
Your insurance agency might be doing well right now, but you may be waiting to gain investors so that you can get funding to help your business grow. However, you might need to be able to prove to investors that your agency is successful and that it will continue to be successful after they invest their money in it. Having an appraisal done and sharing the appraisal documents — as well as any business growth plans that you might have — with your potential investors can be a good way to convince them to get involved.
You Want to Sell Your Insurance Agency
You might have enjoyed running your insurance agency, but it may be time to move on. If you are thinking about retiring, for example, or are interested in moving on to running some other type of business, you'll want to be sure that you are paid a fair price if you are planning on selling your insurance agency. Having an appraisal done can help you get more interested buyers, and it can also help you ensure that you get an offer that is fair and reasonable for the amount of money and hard work that you have put into your insurance agency.
You're Filing Bankruptcy
If times have been hard for your insurance agency, then you might be thinking about filing bankruptcy. For example, you may think that filing for bankruptcy will actually allow you to save your insurance agency. Either way, you are going to need to share a lot of information about your business when you file, including how much it is worth. As such, it's important to provide accurate information if you want to avoid issues with your bankruptcy filing, so consider working with an insurance agency appraisal service. Then, you will know which numbers you and your bankruptcy attorney should enter when filling out your bankruptcy paperwork, and you can submit your appraisal paperwork when submitting all of your other bankruptcy documents.
For more information, contact a company like Insurance Agency Appraisal.