A New Year’s Message from Sunbelt

As 2022 comes to a close, the team at Sunbelt Business Advisors Southwest Ohio is reflecting on everything we’re grateful for, and our clients and trusted partners are at the very top of the list.

Together, we’ve made it through the past 12 months and a continued period of economic uncertainty. We’ve overcome challenges related to the pandemic. And while we close the book on the past year, we remain focused on the future and ensuring our clients are in the best position to yield strong returns in 2023.

Sunbelt Business Advisors believes the next year holds tremendous potential for business owners considering transferring ownership to the next generation. 2022 was our busiest year yet, and we anticipate the same for the foreseeable future.

The new year ahead gives us the opportunity to renew our focus on the future and take proper steps to shore up the value of our business. Here are five quick tips as you make your New Year’s resolutions and plan for the future:

• Get a clear picture on the current value of your business – including having an official equipment appraisal and business valuation. If you own commercial real estate, have a real estate appraisal, too.
• Review and update your business plan to ensure it is relevant and applies to your plans. Make sure your sales and expense projections are realistic.
• Complete a SWOT analysis – evaluating your strengths, weaknesses, opportunities, and threats. Be honest in your assessment and look for opportunities to maximize your advantages and reduce your shortcomings.
• Analyze your position within your business and identify team members you can groom to take a greater leadership role when the time is right. Consider whether you need to educate, train, or mentor them.
• Deepen relationships with your key advisors. Your attorney, accountant, banker, and financial advisor are key partners as you grow and guide your business. Make sure your advisors are aligned with your plans and available to help with any transitions.

Sunbelt Business Advisors is ready to help you prepare for the future. Whether you’re just embarking on this journey and considering your options, or you’re ready to sell your business and reap the rewards of your hard work, we are here to help.

We’re grateful to be your trusted partner and wish you and yours good health, much happiness, and tremendous prosperity in 2023.