With the many business appraisal firms out there, it is hard to choose the right one. You cannot just hire one because it is convenient to work with them. You should first scrutinise each one of the prospect firms out there in order to get an accurate valuation. Here are some helpful tips when choosing a business appraisal firm:
Consider Your Budget
Even though business appraisal services are expensive, do not just go for the cheapest option. Instead, analyse first what are your business needs and then align it with your budget.
Hire a Specialist
Ensure that the business broker is a specialist in valuing business. Do not just hire a CPA or a real estate agent because, although both can calculate the tax and actual value of properties, they do not have the expertise to business appraisals.
Ask about their Resources
When meeting the business broker, make sure to ask about the databases and resources to be used. They should have data about Singapore’s current economy status, reports on related industries and other reliable resources.
Discuss about their Valuation Methods
Make sure that they do not just stick with the three main approaches in value calculations. Ask about their other valuation methods and how it would be applied in their appraisals.
Choose an Industry Veteran
It is better to choose someone who has extensive experience in the industry. Veterans usually have vast knowledge and techniques in business appraisals and valuations.
Confirm their Turn-Around Time
Aside from asking about their turn-around time personally, you can also request referrals of previous customers from them. In this way, you would be able to confirm whether the said turn-around time is true.
It is important to choose the right business appraisal service. It will help you to gain a better understanding of your assets and how to utilise them.
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