There are many reasons to start a small business. They may include being passionate about the work, a desire to work for yourself, or a need to give something back to society. Successful business owners also want to retire using the money they generate from their business. In my case, this became the focus of my investment strategy. It wasn’t always, but this last “great recession” changed my mind.
Are you hoping to turn your small business into your retirement? Then you should know how to build goodwill! Goodwill is the amount of money someone will pay you for your business, over and above the value of the assets. It’s a big imaginary number that represents how well you run your business, and how safe a purchaser thinks your business is to buy.