Planning to sell your business? Prepare for the expected and unexpected | Financial Post

For many entrepreneurs, their business is their biggest asset. So when retirement starts creeping up, many are already thinking about how to get the most from it, especially if they are not be passing it on to a family member.

If selling your business to an unrelated party is likely in your future, don’t delay planning. Taxes on the sale of a business can take a big slice out of the proceeds so it’s important to lay the ground work well in advance and keep as many options open as possible in structuring a divestiture. This first column in a series about selling a business explains how you can prepare.

To minimize taxes and get the most out of your investment, preparations should begin at least two years before you plan to sell. This gives you time to identify obstacles and opportunities and also allows you to consider the various approaches you can use. The approach you choose is often a major point of negotiation with an interested party, so you want to keep your options open.

Owner-managers generally choose either a share sale or an asset sale, depending on their situation.

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Planning to sell your business? Prepare for the expected and unexpected | Financial Post:

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.