Paul Gregory, CPA, is a principal in Rea & Associates' Amherst, Ohio, office. He is responsible for assisting with the management of the office and generating new revenue by providing excellent client service. You can learn more about Paul here.
Andy Gelfand is the managing member of The Gelfand Group, an independent firm that provides investment banking services to entrepreneurs and privately-held companies. His experience includes advising on the sale of businesses, strategic acquisitions, valuations, and related corporate finance matters. Learn more about Andy here.
Are you ready to trade your business for retirement bliss?
Not so fast. There are a few critical pieces of the “selling process” to take into consideration if you have plans of selling your company for top dollar – or even preserving your legacy. If you haven’t started thinking about your exit planning strategy – now is the time to start.
Paul Gregory, a principal in Rea’s Amherst office, and Andrew Gelfand, senior vice president at Bruml Capital Corporation, join Doug on unsuitable on Rea Radio to explain how business owners can go about selling their business the right way. You’d be surprised to discover how much a little forethought, preparation, and expertise can pay off.
A lot of business owners will start talking to potential buyers way before putting they have all their logistical “ducks” in a row. It may feel nice to know that you have a buyer lined up, but this is actually the easiest way to ensure that you DON’T get top dollar for your business when they day comes that you decide to put your company up for sale.
Instead, the right way to go about preparing your company for sale is to seek out advice from service experts who specialize in your industry – like an accounting expert, a banker or an insurance agent who is considered an expert advisor in your service area or industry. In other words, step one is to do some tax and financial planning ahead of time, and talk to an expert if you really want to get the most bang for your buck, preserve your legacy and even set your employees up for success in the future through the incorporation of an esop.
If you’re considering selling your business, you want to learn more about succession planning, how to maximize your retirement or if you think that might be part of your retirement plan down the road, listen to this episode to learn:
- Why you need to continue focusing on your business throughout the planning and transaction process & how bringing in an expert can help you do this.
- What you should do before talking to potential buyers.
- The non-financial issues you need to consider when you are in the selling process.