Navigating the Exit - Tips to Sell Your Business
Podcast: Navigating the Exit – Tips to Sell Your Business
[00:01 – 09:30] Jeff Getty’s Insights on Business, Taxes, and Generational Shift
- Jeff Getty discusses Key’s Family Wealth Consulting Team and the busy year they had in 2021.
- He shares how he believes that there will be a tax change in the next few years, which will cause the sunset provisions to kick in and increase taxes for businesses.
- The biggest mistakes business owners make when selling their businesses are failing to fully grasp what the process looks like and overestimating the value of their business.
- To avoid these mistakes, business owners need to be educated on how the process works and understand their compensation before selling their businesses.
[09:31 – 26:54] Tax Planning Tips for Clients Selling Businesses
- When negotiating a purchase, it is important to understand the tax implications of the deal and to make sure that all relevant taxes have been accounted for.
- Jeff tackles how to reduce the tax burden on a business transaction.
- Serial entrepreneurs are more likely to engage in tax planning and structural changes before the sale. As a result, do a better job of building financials.
[26:55 – 35:35] Pointers to Successfully Navigate Your Exit
- Family offices are becoming a major player in the solar industry, and they are likely to continue to do so for the next 10 to 20 years.
- You need a CPA, and depending on the type of the deal, you may also need a business broker or investment banker to sell your business.
- If your business is heavy on intellectual property, you also need an IP lawyer.
[35:36 – 37:23] Closing Segment
- Strike up a conversation and work with Jeff Getty!
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