In this episode of Blue Collar Wealth presented by Stone House®, join Bob Brown, CFP®, and Scott Stone-Managing Partner here at Stone House, as they discuss what you need to know about selling your small business. They’ll break down how to prep your business for sale, think through all critical steps, and give insights that will help you navigate the path of selling your small business with confidence and clarity.
We're breaking down the nitty-gritty of making a successful sale. We chat about finding tax-friendly ways to do it, getting the most value out of your business, and creating a reliable stream of retirement income once you step back. And, of course, that sweet feeling of security knowing you won't have to clock in every day.
Here's the deal - it takes some serious planning. We're talking about how to accomplish a sale in a tax favorable way and getting the max value for your business, so you can feel safe and secure in your retirement. This sale and transition isn't a quick fix; it usually takes at least six months to a year. So, carve out the time, get those accounting and legal docs in order, and assemble your dream team.
Speaking of teams, we discuss the importance of finding the right people to guide you through this journey.
Who Should Be On Your Selling-Your-Business Team?
Accountant
Lawyer
Business Consultant
Financial Advisor
An accountant will bring the expertise needed to value your business, and specialized professionals who appraise and sell businesses are invaluable resources for determining your business's worth. These appraisers possess a deep understanding of your industry, your business, and your financial records. And your lawyer will handle all of the legalities that come with selling your business.
Want to make your business extra enticing to potential buyers? Making yourself replaceable is key - that means teaching others in your company to do your job. Ever wondered how much it would cost to replace you? A business consultant can help you crunch those numbers.
We also dive into the equity value of your business, which is what most buyers are after. To make this whole process a smooth ride, you'll want an attorney, a reliable accountant, consultant, and a financial advisor in your corner. Why a financial advisor? Well, they're the ones who can help you figure out what to do with the value you're extracting from your business.
We, at Stone House, are equipped to handle the type of complexity that comes with the value of your small business. We specialize in helping our clients build financial security and that priceless peace of mind that allows for greater happiness in retirement. Request an appointment with a Stone House Advisor below to get started.
Thanks for watching!
We’ll be back next Wednesday with a new episode, so stay tuned.
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Disclosures:
Registration with the Securities and Exchange Commission does not imply that Stone House or its representatives have achieved a certain level of skill, certification or training or that the SEC approves of Stone House or its services.
5 сен 2024
