About the time I completed my 1,000th business valuation, I started to notice two disturbing trends with my clients. The first was a major disconnect between the actual business value and the owner’s perception of that value. The second trend was that in most situations, the business owner’s largest financial asset was the company, but they did not view it as an actual asset or investment. My clients were spending a considerable amount of time and money with their investment advisor growing their stock and bond portfolios, while putting no effort into knowing and growing the value of their largest asset—their business.

About the same time, I read some articles by Chris Mercer, the CEO of Mercer Capital, discussing the concept that ...

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