In episode 299 of Financially Simple, Justin goes over the Taxes involved when it comes to selling your business and how they can affect your Wealth Gap.
When it comes to selling your business, it’s a balancing act between the interests of the Buyer and those of the Seller, and negotiations are necessary to ensure a good outcome for both sides. In this episode, Justin looks at the Taxes involved at the time of sale of a business, and the approaches a Seller can take to minimize the costs.
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TIME INDEX:
01:23 - What is the True Value of My Business?
02:30 - Taxes at the Time of Sale
04:54 - Why Does This Matter?
06:40 - What is the After-Tax Value?
07:47 - Two Primary Types of Sale
09:50 - Tax Basis
11:05 - Capital Gains
14:09 - Alternative Routes
15:52 - IRS Rules
19:28 - So, What are You to Do?
22:18 - Summary
RESOURCES:
Financially Simple Educational Website
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
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BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or ac
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