This procrastination around succession carries with it huge consequences. Planning a sale takes time–we usually say about two years from plan to fruition. And there’s a lot to do–from enhancing the value of the business, to a valuation, to navigating the due diligence by the buyer, to tackling the final negotiations on sale price.
The process can become nuanced and technical. The tax implications are steep and long-lasting–but taking action before the sale closes helps you control the process and protect yourself, your family, and your legacy.
My colleagues at BDO put together a handy guide to help business owners sell their business. It covers the main topics that you should get a handle on–plus it gives tailored tips for several key industries. You can download the new guide here.
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