My name is Mark Goodfield. Welcome to The Blunt Bean Counter ™, a blog that shares my thoughts on income taxes, finance and the psychology of money. I am a Chartered Professional Accountant. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. My posts are blunt, opinionated and even have a twist of humour/sarcasm. You've been warned. Please note the blog posts are time sensitive and subject to changes in legislation or law.

Monday, February 15, 2021

New for business owners: Guide to Selling Your Business

Selling a business is one of the most important decisions any business owner can make. So, in a way it’s surprising how many leave the process not exactly to chance but at least to the relative last minute.

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.

The content on this blog has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The blog cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information on this blog or for any decision based on it.

Please note the blog posts are time sensitive and subject to changes in legislation.

BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.

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