Many families in Peoria, Illinois rely on a family business, sometimes a business they have been involved in since their own childhoods, for their income and livelihood.
Oftentimes, these businesses are successful enough to the point where the family has a great deal of net worth tied up in it and is therefore able to live quite comfortably.
Unless they are traded on the open market, which is actually relatively rare, putting an exact value on one's family business can be difficult since, after all, the market price of a business is much less certain than that of commonly available items like a box of detergent or even something like a car or stereo.
Still, having an idea of what one's business is worth is important should an Illinois resident be faced with the prospect of a divorce, legal separation or, in some circumstances, even in an informal breakup with longtime life partner. Incidentally, knowing the value of one's business can be helpful in other financial crises as well, and it even just a good idea in general to know how much one's asset is worth.
Getting an exact value on one's family business for property division purposes can be a complicated process. Since there may be a lot of reasons not to just sell, many people decide therefore to get the help of their attorneys, who will in turn likely work with other expert business appraisers or accountants.
The important thing to remember whenever putting a value on one's business is that a business is worth more than just the property it owns less what it owes on a given day. Many people think about a business as a semi-reliable stream of income, much like a less predictable annuity or pension. The question then is how much is willing to pay now for the privilege of earning income in future years. Of course, whether the investment is worth it depends on the overall health and prospects of the business.