Seven Tips Every Business Owner Should Know While Going Through a Divorce
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Even if it is a small business that is just you it might have a value and probably will need to be analyzed in terms of what income in produces to you.
Knowing that your business will need to be analyzed for a possible business value and for determining income that might be available for support is important. Be prepared for this analysis.
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The standards of value and methods of valuation are different in each state. Make sure you know this! Fair market value is frequently not the standard of value used.
Many business owners believe that if their company has little to no fair market value then there is no value to the business in divorce. In many states the standard of value is some sort of fair or investment value meaning that the business has value which probably is higher than fair market value. Find out the answer to this question as soon as possible.
P.S. A business is usually worth at least the book value or adjusted book value as shown on your balance sheet.
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Is any part of your business already your separate property?
If the business was owned prior to marriage or if separate funds were invested into the company during the marriage then you probably have some separate property interest in the company. This is also different in each state. Research this issue and make sure that you know your rights in terms of separate property interests in your company. If part of it is your separate property than that portion is usually not subject to division in the divorce.
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Get your accounting records as “cleaned up” and as accurate as possible.
It is way less expensive to hire a bookkeeper or a CPA to clean up your books and put together an accurate set of books before you provide those records in the divorce. If this has to be done by the forensic accountant or your business appraiser it will cost a lot more money and will take a lot of time.
It is a good idea to do this before the records are officially produced as part of the divorce so that you can anticipate areas of concern or inquiry.
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If there are skeletons in your closet disclose that at the beginning of the case.
It will save you time and money if you let the business appraiser/forensic accountant know about any issues with the accuracy of your books before they start their work. These are issues such as unrecorded income, personal expenses paid by the business, etc. If you don’t disclose and they find these inaccuracies then you could stand to pay a lot more in fees, and you may lose some credibility with the court or the parties in the process. (Don’t shoot the messenger—this is a good but sometimes unpopular tip!)
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Many business valuations will include an analysis of the fair wage for your services if you work in the business. Make sure that you give the appraiser an accurate, detailed list of all of the tasks that you do for the company.
In many of the valuation approaches that are used by appraisers the fair value of an owner’s services is an adjustment made when calculating the cash flow of the business. Generally speaking the higher the fair wage for your services the lower the value will be. Of course there are many other factors and considerations but this is an important one.
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Make sure the appraisers know the “good, the bad and the ugly” parts of your business.
The appraiser will most likely have to develop a capitalization rate for the cash flow of your business. So the appraiser will have to make a judgment call about some of the risk factors that may affect your business. Don’t over exaggerate but make sure that you let the appraiser know about the current risks associated with your business. If you have industry articles or publications that show some of these risks have those available for production.
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