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Retirement

Four Tips for Getting the Most From Your Life's Work

Your business is your baby, but the baby’s grown up.

It’s served you and your employees well. Your business has helped turn your passion and talents into income for you and your family, as well as your employees and their families.

But have you considered what comes next?

Has the thought of selling your business ever crossed your mind? Maybe you’ve thought of starting a new business, or a new chapter in your life. Even if you’re not 100% sure you actually want to sell your business, there are a few basic strategies to put in place now to help ensure you get full value.

  

  1. Consider transferring business income to your personal balance sheet over time.

This cash flow strategy helps in two ways: It builds your personal balance sheet, and may alleviate some of the pressure you may feel to get “top dollar” for your business.

  

  1. Think local.

According to the IBBA, for businesses valued up to $1 million, 51% of buyers come from a 50-mile radius; in 32% of these cases, buyers are found within 20 miles. For companies valued at $5 million and up, the net is a bit wider; buyers come from more than 100 miles away in 77% of cases.1

 

  1. Do some soul-searching.

Many owners believe they will sell their business to the first person who offers the right price. But once potential buyers start calling, sellers usually realize that they want more than money. For instance, if you have spent 30 years building a business, you may not be happy to sell it to someone who wants to rebrand it and put his or her name on the signs.

  

  1. Be realistic.

Many sellers know that being too optimistic about pricing can stall a deal, but they still make this critical mistake. In fact, it’s the top error made by sellers, according to IBBA’s survey, cited by 39% of business sale advisors. Again, consider a cash flow strategy for your business now that strengthens your personal balance sheet. It could relieve the pressure to get every last dollar, should you ever decide to sell your business.

 

1https://www.forbes.com/sites/groupthink/2014/04/24/three-ways-to-sell-your-business-for-top-dollar/?sh=3322e2c453a3


Guardian, its subsidiaries, agents and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.

Pub11528 2022-136889 Exp. 4/24

 

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

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Asghar Kazim

Securities products and advisory services offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. OSJ: 355 Lexington Avenue, 9th Floor, New York, N Y 10017- 6603, Phone # 212-541-8800. PAS is a wholly owned subsidiary of The Guardian Life Insurance Company of America® (Guardian), New York, NY.  United Wealth Group LLC is not an affiliate or subsidiary of PAS or Guardian. California Insurance License # 0C53306.  AR Insurance License #703269.

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