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Adjust your rent appropriately if it makes sense in your tax planning structure . That way you are setting the stage for a buyer to come in and evaluate your business based on what they think it will look like in their hands .

SOURCE : © ADOBE STOCK - JADE MAAS / PEOPLEIMAGES . COM a potential buyer over those items . If you pay unusually high ( or low ) rent for your business , that ’ s another thing you want to normalize prior to the sale . Adjust your rent appropriately if it makes sense in your tax planning structure . That way you are setting the stage for a buyer to come in and evaluate your business based on what they think it will look like in their hands .

From where we sit , on average , deals take six to eight months on average to complete . Recasted statements and normalizing will give you a rough idea of what your business might be worth to a third party . Your accountant can also help you determine your “ walk away ” money after paying taxes and paying the advisors who help you on the transaction . That ’ s going to give you a good number to work with before you implement any tax-mitigation strategies . The key is to do all these things before you go to market . If you don ’ t do these things before you go to market , they become negotiating items . You don ’ t want to be surprised by a lower-than-expected offer after it ’ s too late to back out .

So , start your planning at least six to eight months before you approach any buyers . Clean financials are key . For each discretionary dollar that ’ s buried in your financials , that ’ s $ 2 to $ 4 less in your final offer .

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3 . ESTATE PLANNING Estate planning is not an area that people like talking about , but it ’ s essential for protecting your wealth , your family , and your business for generations to come . It doesn ’ t matter if you ’ re 30− or 90−years young , estate planning is very important for all individuals . As mentioned earlier , our current administration discussed reducing the lifetime tax exemption on gifts and estates by half ( from current levels of $ 12.92 million for individuals or $ 25.84 million for married couples as of 2023 )– i . e ., the amount you

Estate planning is not an area that people like talking about , but it ’ s essential for protecting your wealth , your family , and your business for generations to come . It doesn ’ t matter if you ’ re 30- or 90-years young .

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