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Business valuations can be complex, and the rules can be hard to pin down sometimes. There are many business valuation methodologies that can be employed, aimed at determining the value of the enterprise. They are usually prepared on the basis of a hypothetical arm’s-length sale to a ‘willing but not anxious buyer’ purchasing from a ‘willing but not anxious seller’, where the parties are acting in good faith, with good information at hand. This is known as a fair market business valuation. However, what is not immediately evident from this description is that the business (or enterprise) being valued only the assets required to operate the business going forward, not everything that’s on the balance sheet! These assets are often known as the operating assets or business assets. The only liability that would ordinarily be included in the valuation is trade creditors, and even then it is only included if it is lower than the trade debtors, so that the surplus of debtors over creditors provides the new owner access to working capital. However, most business sales (as distinct from share sales) are transacted on a basis of ‘no cash, no debt’, meaning that the assets included in the sale would be limited to items such as plant and equipment, inventory, motor vehicles (that are used in the earning of income), furniture, fixtures, and fittings. All other assets and liabilities would ‘stay behind’ in the hypothetical sale, and the seller would be responsible for extinguishing any debts and realising any assets themselves. This can add some complexity at the time of sale if any of the assets that form part of the sale are financed and are used as security for that finance. It is therefore critical that discussions are held with your accountant, solicitor, business broker, and your lender prior to the transaction to ensure that you are able to simultaneously settle any secured debts on the sale of the business. When determining the value of shares in an entity, the steps are slightly different, but start from the same point. Firstly, a business valuation is performed exactly as it is above, and then we work out how much goodwill (if any) that the business possesses, and then that gets added back to the balance sheet exactly as it is, including all of those surplus assets and liabilities that would not be sold with the business if it was sold separately. However, SMEs will often possess a bunch of related party debt or assets that need to be removed from the company before the shares are transferred to its new owner. In this case, those surplus assets and debts don’t just ‘get left behind’, they have to be extinguished or transferred out of the entity, before the shares are sold. It is this rationalised (or adjusted) balance sheet that sets the price of the shares. Again, this is where you need to talk to your accountant, solicitor, business broker, and lender(s). Debt is a complicating factor in business valuations and entity/share valuations but getting the right advice from skilled professionals can mean the difference between a smooth, profitable, easy transaction, and well… the opposite! Value My Business Now

Small to Medium Enterprises (SMEs) can take many forms; some are better suited to your needs than others. In an ideal world, the best operating entity structure for your business will be put in place before you’ve made your first dollar, but I think we can all agree that such an outcome is highly improbable.. The best thing a new business owner (or prospective business owner) can do, is to seek the advice of a skilful accountant to attain tailored advice on the entity structure that best suits their needs at the time, given their particular set of circumstances. Bearing in mind, of course, that the structure that suits you best today may not be the best structure in 5 or 10 years’ time. Restructuring is a thing for good reason! In some circumstances, a simple sole proprietorship may be sufficient (where you operate under your personal name), whilst others may call for a company. Still, others may require the shares in your company to be held by a trust for ease of distributing the proceeds of your business in the most tax-effective manner… perhaps you’d have a corporate trustee for that trust. Maybe you’d have multiple companies, with one owning the operating assets, one trading the operating business, and one employing your staff… You could have another entity owning the goodwill or any trademarks you’ve developed… and all of those can be held by multiple entities and trusts. You can add to this the potential of partnerships of individuals, partnerships of trusts, partnerships of companies, and we haven’t even talked about unit trusts yet… it gets complicated pretty quickly. And each layer adds complexity and compliance costs. Quite simply, the structure that is suitable for you is not necessarily suitable for someone else or for another business, and often structures evolve, and not necessarily in an orderly or even appropriate manner. So, restructuring your business, whilst sometimes an expensive exercise (when you factor in potential capital gains tax issues, advice, and compliance costs), it can be much more costly to do nothing. For example, suppose your business has been happily trading in a trust or company for some time, and you are looking to sell in a little over three years. In that case, it is probably a good idea to talk to your accountant to see whether you need to restructure your business now to avail yourself of potential capital gains tax concessions, that could save you anywhere up to $1 million in tax on the sale of the business. It really is worth a discussion with your accountant… Accountants are often under-utilised, with their services limited to helping businesses stay compliant and deal with emergencies. But they are capable of so much more if you simply avail yourself of their strategic and tax planning skill set. And when it comes time to value those businesses, entities, or shares so that the restructures are tax compliant, we will be there to help you and your accountant. We can help make the complex as simple as possible and arm you with the best information to make the best decision that suits you and your business. Value My Business Now

When it comes to assessing the value of accounting practices, the valuation process can often become a labyrinth of confusion, particularly when distinguishing between valuations of a business, an entity, and a book of clients. Ironically, accounting practices, which serve as trusted advisors in their field, are frequently valued using a shortcut methodology known as the Industry Rule of Thumb (IRT). The IRT methodologies are a common practice for valuing businesses or entities within a specific industry. Instead of relying on precise calculations, this approach draws upon past valuation experiences and estimations within the industry that have generally come about over many years. IRT valuations typically involve using relevant multiples tailored to the specific industry in which the firm operates. For instance, small to mid-sized accounting firms are often valued based on a multiple of their revenue (typically ranging from 0.7 to 1.2 times the revenue). In the case of accounting practices, the IRT valuation method is not really valuing the enterprise of the accounting firm but assessing the value of a bundle of fees generated by a group of clients, reflecting their annual revenue contribution. It is important to note that the valuation focuses on recurring revenue, considering it as an asset of the business or entity. Thus, the valuation process does not encompass the entire business itself. Different practices possess distinct costs and risk profiles and operate in various geographical locations, each with its unique economic influences, and by applying an IRT revenue multiple, the specific risks of the enterprise of operating that accounting practice are entirely ignored. The most appropriate approach to valuing an accounting practice should involve a methodology that captures future earnings after paying the operating expenses that it must incur to attain those earnings as well as factoring in the particular set of risks that the business faces. This can be achieved through the capitalisation of future maintainable earnings method, which incorporates a capitalisation rate tailored to address the specific risks associated with the individual practice. Navigating the intricate landscape of accounting practice valuation demands a delicate balance of expertise, insight, and a deep understanding of the industry. By harnessing the power of accurate valuation methods, businesses can comprehensively understand their value and make informed decisions for long-term success. So, whether you seek to value your accounting practice, navigate industry norms, or comprehend the true value of your client base, embracing effective valuation techniques will empower you to unlock the true potential of your accounting practice. Value My Business Now

A commonly employed approach to business valuations is the Capitalisation of Future Maintainable Earnings (CFME), which establishes the business’s value based on a multiple of its earnings. So, lets delve into the intricacies of earnings multiples and their significance in business valuations. The CFME methodology hinges upon estimating the business’s Future Maintainable Earnings (FME) and capitalising them at a suitable rate. This rate considers various factors, including the business’s outlook, risk profile, investor expectations, growth prospects, and specific (and often unique) attributes. Analysing comparable market data is crucial for effectively implementing this approach. Business valuations can therefore be heavily reliant on FME, which can be derived from measures of earnings such as Net Profit After Tax (NPAT), Earnings Before Interest and Tax (EBIT), or Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA). EBIT multiples can vary significantly based on industry, performance, and the relative risk associated with the subject business. Typically ranging from 0.8 times FME to well north of 5 times FME, EBIT multiples provide insights into the value of a business. In general terms, businesses with an annual turnover of less than $5 million often sell for less than 3 times EBIT, and those with a turnover below $1 million may struggle to achieve a 2 times EBIT multiple. As the turnover surpasses $5 million, businesses become more likely to attain multiples exceeding 3 times. Exceptional qualities that distinguish a business from its competitors are necessary to command a higher multiple. Of course, different industries exhibit varying earnings multiples, thus it is often difficult to compare businesses across differing industries. Some sectors witness higher multiples, indicating lower perceived risk, while others experience lower multiples, suggesting a higher degree of risk. Additionally, market dynamics and unique circumstances can lead to businesses being sold at bargain prices or premium valuations. Consequently, considering these factors is vital when determining an appropriate earnings multiple and conducting accurate business valuations. At its core, the earnings multiple reflects the inherent risk associated with a business’s ability to maintain its current profit levels. A higher multiple implies lower risk, indicating a greater likelihood of the business sustaining its projected earnings. Conversely, a lower multiple suggests higher risk and uncertainty regarding the business’s ability to maintain its profit level. Wrapping your head around earnings multiples and what they really mean is essential for understanding the intricacies of business valuation. The CFME methodology provides a robust framework for estimating a business’ value based on its earnings multiple. By considering factors such as business outlook, risk profile, growth potential, and industry-specific dynamics, analysts can accurately estimate FME and determine an appropriate capitalisation rate for the business in question. The take-away is this: the earnings multiple is an estimate of the level of risk exhibited by a particular business sustaining a particular level of profitability. Armed with a thorough understanding of earnings multiples, business owners and investors can make well-informed decisions regarding buying or selling a business. Value My Business Now

The term goodwill gets bandied about a lot in the business world, but I find it is often misunderstood. There are a few definitions, but generally only two of them apply in a business sense: the favour or advantage that a business has acquired especially through its brands and its good reputation the excess of the purchase price of a company over its book value which represents the value of goodwill as an intangible asset for accounting purposesSource: https://www.merriam-webster.com/dictionary/goodwill accessed 24 November 2022 Strangely enough, they are both correct… However, whilst goodwill does relate to the advantage enjoyed by a business due to its good reputation and brands (amongst other things), it does not have any value unless it satisfies the test set out in the second definition! If there is no excess in price (or valuation) over book value, there is no goodwill detected. So, one definition describes the nature of the beast and the other provides the accounting-based determination of how to recognise its presence. There seems to be a school of thought that a business must possess goodwill simply because it might own a pretty website, or maybe an Instagram following of 1000 people, has 5-star Google Reviews, owns a patent, or that its people possess some specialist knowledge or edgy haircuts. However, a business does not possess goodwill just because one or more of those (and many other) things are present. It doesn’t exist just because you think it ought to! Simply put, goodwill is the difference between the sales price of the business and the fair market value of its assets used in earning business income. Goodwill is a mathematical formula. The formula is simply telling you what a prospective purchaser would pay over and above the value of your assets to own the business… the difference is a measure of just how badly they want it! Unfortunately, many business owners get the wrong end of the stick when they try to work out what their business might be worth. For instance, I have seen many valuations where businesses are being valued by attempting to determine the value of goodwill and then adding that amount to the value of the assets of the business. This is in fact the direct opposite of how goodwill is calculated. Goodwill is intangible. You can’t touch it, see it, smell it… so how can you work out what it’s worth? The answer is surprisingly easy: you work out what someone would pay for the business, you work out what the value of all of the tangible assets are, and you take them away from that purchase price. What’s left is that murky, intangible thing that we call goodwill. You can’t even look at it for fear it will slink away… it is simply that mysterious. If the purchase price changes by even one dollar, so does the goodwill. If the value of the other assets forming a part of the sale changes, so does the goodwill… They are each intrinsically linked, and goodwill cannot exist independently of the other two. OK, so I have probably got a little too passionate about the definition of goodwill there. Anyway, moving on… I’ve lost count of the number of small business owners who have come to me asking to have their business valued and are surprised when I tell them that their business either does not possess any goodwill or that it is minimal. I’m not going to get into the nitty-gritty of how a business is valued or the various methodologies that can be adopted in valuing different businesses. This is neither the time nor the place. Instead, here are a few (general) home truths for why your business might not have any goodwill: If the business is mature and has a history of being unprofitable or highly volatile, it likely does not possess goodwill. Nobody wants to buy a business that they then have to put extra money into each year. If you are the business owner and do not draw a commercial salary for the work you do in the business, I will remove a commercial salary from the profit of the business. If there is now no profit, refer to Tip 1. No one should have to pay a multiple of their own salary to purchase a job. And no one wants to buy a business that does not make a profit. Telling me that the business could be profitable if the purchaser was to invest in marketing, change the business, or some other way of creating profit, you are likely telling me this because the business doesn’t make a profit. Refer to Tip 1. You are selling your business as it is right now, not some fantasy version of what the business could be under certain circumstances. If your business owns a patent, trademark, or other intellectual property but does not make a profit, refer to Tip 1. Sure, you might be able to sell the patent or trademark if it has some value to a third party, but the business doesn’t seem to be benefiting from it, and thus it does not possess goodwill. Just because there is a line item called goodwill on your balance sheet, does not necessarily mean that your business still possesses goodwill. The real question is does the business make a profit? If no, refer to Tip 1. Just because your business has allowed you to live a comfortable lifestyle does not mean that the business possesses goodwill. Often business owners have been pulling out way more from their businesses than they ought to, creating large shareholder loan accounts. Once again, does the business make a profit? If no, refer to Tip 1 You can’t expect to use your business as a vehicle for personal expenditure and tax minimisation and expect a valuer or prospective purchaser to ignore the financial results you have communicated to the tax office. Refer to tip 1. Obviously, there are exceptions to these ‘Tips’. For

As a business owner, sometimes there can be a bit of ego involved. The business is your baby, you built it, you’ve worked hard, and you are the backbone of that business. And there really is nothing wrong with that… except when it comes time to sell it. To understand how the value of the business can be affected by its reliance on the current owner you need only consider the proposition from the viewpoint of the potential purchaser. It’s basically like saying to them “I want you to buy this business at a premium price, but first I am going to fire the key employee before the sale’. Would you buy that business? I know I wouldn’t. Some businesses are completely unsellable because the business is entirely reliant upon the owner’s skill set, relationships with customers, knowledge of a particular product or service, or any other number of things that only the owner possesses. If it isn’t going to be left behind in the business once it is transferred to a new owner, why would they pay for it? Well, in short… they won’t. But the real kicker here is that reliance upon the owner does not just affect the value of the business in the open market, it also affects the business every day. The reliance upon one person in a business can impact the viability of the business itself. In some cases, an owner is the only person capable of signing cheques and processing payments, there is little if any delegation of key tasks, and as a result the growth of the business is hampered due to every complex decision needing to be reviewed and approved by the owner. This creates a bottleneck and means that the owner has to be involved at every step… and there is always a point at which that starts holding back the business. Having a strong, competent, empowered management team in place in a business means that any owner or prospective owner can confidently leave the day-to-day management of the business to the team. Its effect is twofold: It releases the owner from the day-to-day work whilst it also frees them up to start to work on business strategy to grow the business, and it significantly increases the value of the business due to the reduced risk caused by non-transferable owner expertise. So how do you grow that strong, competent, empowered management team that is going to make such a difference? Well, the owner first needs to determine what it is that they do every day. Once they work that out, the tasks that can be easily delegated to existing staff should be delegated! For more complex tasks they need to work out what their core competencies are so that they can find and hire new staff who possess those skills. For instance, they could include marketing, finance, sales, or technical staff. Finding the right staff can be tricky and time consuming. Sometimes it feels like you are paying someone else to do a job you could do faster and more efficiently and cheaper yourself. But stick with me… it is totally worth it! Once you have the staff, you need to mentor and train them so that they’re doing the job that you want them to do, and then actually delegate to them (and stop doing it yourself). The owner should then be a resource that the senior management team can turn to when they need guidance, rather than being the engine room of the business. When the time comes to sell the business, any prospective purchaser will see that the business can be operated without any owner involvement, and as such can be purchased as an investment at an arm’s length rather than as a prospective full-time vocation. When assessed by business valuer, the presence of a good management team is indicative of a lower transfer risk to a purchaser. Many business owners will read this article and think to themselves ‘that is all quite obvious’. But in the last 1,000 odd business valuations I have performed, I could count the number of businesses that operated without the owner working in the business on my fingers and toes. Value My Business Now

The price of a business valuation in Australia can vary significantly depending on factors such as the purpose of the valuation and the firm providing the service. Let’s examine the various types of valuations available and their associated costs, shall we? When it comes to business valuations, there are different options to consider. Starting with the most affordable, we have valuation calculations, or ‘appraisals’. These calculations serve basic purposes and are offered at a competitive price. But beware, anyone can provide this as a service, and they do not need to comply with the Australian Professional and Ethical Standard APES 225 – Valuation Services. You can secure an appraisal from a few hundred dollars to over $1,000 for a small business, depending upon who you engage. But a word to the wise – make sure they are qualified and reliable. BVO provides this service for $900 plus GST, and they are performed using many of the same metrics and analysis as our more advanced reports. Moving up the scale, we have full and limited scope valuations. These valuations are well-suited for complex scenarios like restructuring, sales and purchases, and tax requirements. The pricing for these valuations may vary based on the specific needs and intricacies involved. These services usually start at more than $3,000 plus GST to well over $10,000 plus GST.  For those seeking a more comprehensive assessment, Business Valuations Online (BVO) provides limited scope valuations at a fixed fee of $3,000 plus GST. As part of our service, we also offer a business valuation forecast dashboard. This unique tool enables business owners to easily recalculate their valuation by making hypothetical changes to key business factors, such as income forecasts, operational costs, and risk analysis. In certain cases, such as litigation for commercial or family law matters, court-based valuations become necessary. These valuations must adhere to the expert code of conduct and carry substantial weight in legal proceedings. The are often referred to as an “Independent Expert Valuation Report”. However, due to their intricate nature, court-based valuations typically start at a minimum of $5,000 plus GST and can surpass $100,000, depending on the complexity of the situation. BVO provide independent expert valuation reports, and will provide an upfront quotation before commencing your work. Our experts have provided expert valuation evidence in every applicable court jurisdiction in Australia, so you are in good hands. At BVO, we understand the importance of transparent and competitive pricing. Our aim is to deliver accurate and reliable business valuation reports without any hidden costs. With our expertise and affordable options, we cater to a range of valuation requirements. Whether you require a basic valuation calculation or a comprehensive assessment, our team is ready to assist you. Discover the true value of your business with our affordable business valuation services. Value My Business Now

Clean Bookkeeping is an essential aspect of running a business. It involves maintaining accurate financial records of all transactions, including income, expenses, assets, liabilities, and equity. But it also means keeping the finances of the business and the owners separate – or at ‘an arm’s length’. Whether it is needed either for restructures, a transaction, or even for a dispute, the extent to which the business is kept at an arm’s-length to its owners will have a direct and substantial effect on the business valuation. When two parties conduct business at an arm’s length, they are expected to act independently and make decisions that are in their own best interest, rather than being influenced by personal relationships or conflicts of interest. In the case of an owner and their business this can be tricky, but keeping separate finances is a step in the right direction to ensuring that the interests of the business and the interests of the owner are not confused. That means the finances should be free of non-business expenses so that when you look at the financial reports for the business, you are seeing the performance of the business alone, rather than a murky mixture of personal and business expenses all rolled into one. If a business was to pay for a spouse’s car, personal travel, renovations to the family home, and the like, a reduction in the saleable value of the business is inevitable. I have often observed businesses, where the owners have dipped into the till, and find themselves strapped for cash in leaner times, as they have pulled out available cash in times of plenty. The result is that the business struggles. Of the thousands of businesses we have valued over the years, we would estimate that less than 5% (or 1 in 20) of them have no personal expenditure running through them. This means we can easily look at the trading history and current financial position of the business without relying upon a bunch of adjustments that the client is telling us aren’t business related. These businesses are easy to value and desirable to a purchaser because the level of guesswork and reliance on someone’s approximation is vastly reduced, meaning that it is a less risky purchase. Some businesses (this time around 10%) treat their businesses like a piggybank; simply pulling money out left and right, paying for personal expenses with impunity, and accounting for it poorly. As an example, we had a recent client provide me with pages and pages of approximated ‘personal expenses’ that they wanted us to add back to the profit to provide its ‘real’ profitability. Nearly all of these adjustments were based upon their opinion, and if a buyer scrutinised them the seller would be hard-pressed to provide evidence to support their position. This would likely result in the purchaser not going through with the transaction or to vastly reduce their offer due to the perceived riskiness of the performance of the business. And would you blame them? We certainly wouldn’t. Here’s a test that you should apply to pretty much all the tips we give you:When faced with two businesses that you could buy that are pretty much the same – they have similar turnover, profit, and locations: one is doing X and the other is doing Y, which one would you pay more for. In the end, the mixture of personal and business expenses running through a business is a bit like muddying the water. As good as any business valuer is, they can only filter the water so much. It will never be completely clear and will be tainted to any prospective purchaser simply because of how muddy it was. They just don’t trust that it’s all clear now… Sometimes business valuations aren’t just about the easily quantified risks. It can simply be the perception of the risk in a potential purchaser that reduces their appetite to purchase, and thus they are less willing to spend money on the purchase, thus seeking a discount before the perceived risk becomes palatable to them. The takeaway from this: Don’t muddy the waters in the first place. Value My Business Now

Businesses are valued in a number of different ways; discounted cash flows, net tangible assets, and cost of creation, to name but a few. The methodology most often applied however, is the capitalisation of future maintainable earnings (CFME)… and with it comes the often-misunderstood capitalisation rate, usually applied as a multiple. Much like the Continuum Transfunctioner (as immortalised in the, some would say ‘ground-breaking’ movie “Dude, Where’s My Car?“), when it comes to the multiple applied in CFME valuations, “…its power is only exceeded by its mystery”. Many business owners regularly assume that the multiple should always and forevermore be 3, but rarely is this the case… the multiple is simply a misunderstood beast. When valuing a business, it is generally accepted (by us valuation boffins) that the discounted cash flow (DCF) method is the most accurate and reliable. In general terms, the DCF method calculates what all of the future income streams of a business are worth in ‘today’s money’ if received at the date of the valuation as a lump sum. This is done (in its most simplified form) by determining firstly, how long we can reliably measure those income streams into the future (usually in years), and secondly, determining what sort of discount rate to apply based upon the time-value of money and the relative risk of the business. The reason that this method is not the most regularly utilised by valuation professionals is that most SMEs don’t have cash-flow forecasts for the next 3 months, let alone the next 5 years… so what do we do instead? Enter the CFME valuation methodology. As long as the business/entity has been profitable for the last few years (and thus giving us some comfort that the business will remain profitable into the future), we can apply this methodology as a proxy for the DCF valuation. Instead of discounting each parcel of cash that the business is likely to receive into the future back to today’s value, the CFME methodology seeks to determine an approximation of the profits that the business/entity is likely to make into the future (usually by reference to profitability in the form of net profit, before tax and excluding interest in prior years), and then applying the multiple. The multiple represents a risk assessment of and for the business; it considers the industry, the turnover level, the relative financial performance of the business, insurance and credit risk, specific commercial risks, entity-specific risks, reliance upon key employees, owners or key customers, geographic risks, competitor risks, technology considerations… to name but a few. It is not simply 3*.For instance, in micro businesses (where turnover is less than $500,000), it is not unusual for the multiple to be less than 1, as the business depends entirely on a single individual. Essentially, the business sale would be a person purchasing a job.A business turning over less than $1 million is often traded for a multiple of between 1.5 and 2.5. It would need to be a business possessing some very special attributes in order to attract a multiple of 3 or more. Equally, a business in the turnover range of $1 million to $5 million would have to be quite special or be purchased for synergistic benefits to attract a multiple of 3 or more.Once a business turns over more than $5 million, making a significant (and relatively consistent) profit, with few operational risks, it is more likely (but by no means guaranteed) that the business valuation CFME multiple will approach or eclipse the mystical number 3.Like any specialist service, business valuation requires the systematic application of academic rigour within the context of sensible, commercial considerations. A one-size-fits-all approach is not only inappropriate; it can be misleading and potentially damaging. * Occasionally, through pure happenstance, the multiple might just happen to be 3… by accident Value My Business Now

Businesses that are valued on the basis of a multiple of their profit (or Earnings Before Interest and Tax) are being valued using the Capitalisation of Future Maintainable Earnings valuation methodology. This method places a value on a business by estimating the likely Future Maintainable Earnings (FME), capitalised at an appropriate rate which reflects business outlook, business risk, investor expectations, future growth prospects and other entity specific factors. This approach relies on the availability and analysis of comparable market data. The FME used in the valuation can be based on net profit after tax or alternatives to this such as EBIT or EBITDA. EBIT multiples can range from 0.8 times FME to over 5 times, depending upon the industry, performance, and relative risk of the subject business. However, for businesses that turn over less than $5 million per annum, around 80% of them that sell, do so for less than 3 times the EBIT (or profit), whilst businesses that turn over less than $1 million are lucky to sell for 2 times EBIT. Once businesses start turning over more than $5 million, they are more likely to reach multiples in excess of 3 times. To sell for more than that, the business needs to be doing something pretty remarkable to set itself apart from its competitors. Of course, some industries see higher and lower profit multiples and there will always be businesses that were sold at a bargain-basement price, whilst others were sold at a premium. When determining a multiple, it is important to remember what it represents: RISK. The higher the multiple the less risk that the business will continue to earn the profit level being multiplied. The lower the multiple, the riskier it is that the business will not maintain that level of profit. Value My Business Now