By some estimates, roughly 80% of typical small business owners net worth is tied up in their company. Yet, according to experts, most entrepreneurs have not taken the time to formally value their businesses.

“The value is the amount your business would be worth if you were to sell it to a third party,” says Mark Tepper, the president of Strategic Wealth Partners in Seven Hills, Ohio. Tepper, who specializes in working with small business owners, has devised a multi-step process for doing back-of-the-envelope valuations for his clients.

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