Episode 70 - Preparing to Sell Your Company

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.

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Connect with Jeremiah:

LinkedIn:   / jeremiahjlee  
Email: [email protected]

Connect with Laura:

LinkedIn:   / laura-lee-59a83610  
Email: [email protected]

Connect with Randy:

LinkedIn:   / rkbarkley  
Email: [email protected]

Information and ideas discussed are general comments and cannot be relied upon as pertaining to your specific situation, do not constitute legal/financial advice, and do not create an attorney-client or fiduciary relationship. Examples discussed are fictional. You should consult your own advisor/attorney and do your own diligence prior to making any decisions. Investments involve risk and the possibility of loss, including the loss of principal. All situations are different, and results may vary. Randy Barkley is a life insurance agent CA license # 0518567 and Jeremiah Lee is a California licensed attorney and is responsible for this communication. Advisory services offered through TriCord Advisors, Inc., a Registered Investment Advisory firm.