In this episode of Building Wealthy Habits, Randy, Laura and Jeremiah discuss the essential preparations needed for selling a business. They emphasize the importance of planning ahead, structuring the business appropriately, and understanding the personal dynamics involved in the sale. Real-life examples illustrate the consequences of inadequate preparation, while the speakers also touch on the significance of timing and personal financial planning post-sale. The discussion aims to equip business owners with insights to maximize the value of their business and ensure a smooth transition.
Key Takeaways:
Preparation is crucial when planning to sell a business.
Many business owners fail to plan adequately for a sale.
Structuring your business correctly can maximize its value.
Separating business assets from real estate can provide tax advantages.
Reviewing contracts and ensuring long-term agreements can enhance business value.
Intellectual property should be secured before selling a business.
Understanding personal goals is essential when preparing for a sale.
Timing the sale of a business can significantly impact its value.
Retirement planning should not be neglected during the sale process.
Your business should be viewed as a tool for future opportunities.
Reach out at contact@tricordadvisors.com
Connect with Jeremiah:
LinkedIn: https://www.linkedin.com/in/jeremiahjlee/
Email: Jeremiah@tricordadvisors.com
Connect with Laura:
LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/
Email: Laura@tricordadv.com
Connect with Randy:
LinkedIn: https://www.linkedin.com/in/rkbarkley/
Email: Randy@tricordadv.com
