The Trusted Resources You Need to Include as You Consider Selling Your Business
As you get closer to retirement, you may have your eyes set on the finish line. Dreams of travel, spending more time with family and friends, and tending to your hobbies keep you looking forward to that end goal. After all, you probably have spent decades giving your blood, sweat, and tears to grow and run your company. But planning your steps to that finish line is not a sprint – it’s more like training for a marathon.
It can take years to put all the pieces into place to ensure that the sale of your business is done correctly and that your retirement is as fruitful and fun as you dreamed it would be. It’s important to work with a trusted team of advisors to help get you to that finish line. With the right team of fiduciaries to guide you into the golden years, you can set yourself up for success.
In order to have a secure, comfortable retirement, you need to work with the following experts to guide you: an attorney, a financial advisor, a Certified Public Accountant (CPA), and a Business Broker.
Hiring an attorney will ensure that the contract with the buyer is carefully vetted, reviewed, and modified. The attorney will also help you understand your rights and what can be relegated as part of the sale of your business. Having a legal expert on your side will help make sure that your company is in no legal trouble and will curtail any risk of a potential lawsuit. There are many legal issues to consider when selling a business such as dividing property, handling debts, and distribution of profits, just to name a few. Navigating various legal documents and contracts is not something that anyone should do alone. Find yourself a qualified lawyer who specializes in succession planning to play this key role in your transition.
Enlist a financial advisor to create a plan that you can stick to as you approach the finish line. This expert will guide you through strategies to create a promising wealth roadmap. Typically, a financial advisor will perform a thorough income analysis and valuation of your business’ worth. Your advisor should be an expert in market conditions and sale structures which will give you the most beneficial approach to this important transaction.
A CPA can develop the best exit plan for you by examining your tax documents, market assessments, and financial logs. The CPA should understand each tax implication that accompanies a transaction of this sort, and they will work with you to make sure that you meet all tax obligations and don’t lose your company’s value post-sale to tax regulations. They are experts in knowing how tax implications affect both the seller and the buyer and will advise you to ensure your assets are protected.
Get help from a Business Broker who can help to consult through each step of this long and sometimes complicated process of selling your business. It is the broker’s main duty to assist owners in the sale of their business. Selling or buying a business is a heavy decision that has implications on nearly every aspect of your life. It is also a complicated process that entails help from many different experts, as we have discussed. A broker acts as the watchdog to ensure that each expert or your team of experts is working effectively and efficiently to achieve your goal.
Sunbelt is a leading broker for both small and large business transactions. With an expert, well-trained team of professional brokers, business owners are in great hands with Sunbelt. We are prepared to assist every step of the way and can ensure that owners receive top dollar when they sell. Contact us for a longer conversation about how we can help you.
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