With ChatGPT 4o An AI prompt to help you create a financial plan. This last week, I presented an AI webinar for NACVA called “AI Prompt Engineering: How to Get Better Results from AI for Your Consulting Practice” I showed attendees all my favorite tricks and frameworks for getting the most from ChatGPT and other LLMs. Someone from the audience asked if AI could create a financial plan but I simply ran out of time to show her how I would do it. So this week, I am sharing a prompt you could customize to fit your needs with a…
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Managing Expectations of Sellers and Buyers Using the Right Standard of Value The author presents eight standards of value that a valuation analyst may need to consider and discuss with a client. Each standard has a different set of rules and the valuations can vary greatly. Valuing a business is an art – not a science – even though careful calculations are made to arrive at an appraisal of the business. The author also provides some insight regarding how these are used and how the valuation analyst can protect their client.
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Business owners contemplating retirement should obtain a business valuation to determine the value of the business and whether the other resources will provide financial security. The conversation and successful engagement also requires that the valuation analyst understand the owner’s motivating factors, or the qualitative information. Obtaining the right price is important, but holding out for a larger value and deeming all other values lower than that needed as a “deal breaker” can be self-defeating to the owner seeking financial security; there are other ways to obtain the security. Further, quibbling over a smaller amount can potentially undermine the long term…