Client Anticipates Selling Biz in 3 to 5 Years? Better Start Planning Now | Bank Investment Consultant

Small business owners shouldn’t wait until they’re ready to sell their businesses to execute what is likely to be the most important transaction of their lives. They need to plan for the sale years in advance, say advisors and industry experts.

“If you wait until the moment there’s a sale, you are caught off guard and you’ve not optimized your estates, you’ve not optimized your taxes, you’ve not optimized gifting,” said Michael Ott, head of U.S. Bank’s Private Client Reserve, the bank’s high-net-worth wealth management unit.

Jennifer Flickinger, a private bank advisor at Umpqua Private Bank who works extensively with small business owners generating up to $5 million in revenue, couldn’t agree more. “We always think that four years out is good,” she said.  “It gives you a chance to align what your business needs to look like in anticipation of the sale.”

A long time horizon allows advisors to help business owners take advantage of tax strategies that will minimize their federal and state taxes. "

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For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at info@buysellflbiz.com or 239.738.6227. Also, visit our Florida Business Exchange website at www.fbxbrokers.com and my personal website at www.buysellflbiz.com.