Let’s paint a picture of two very different scenarios when selling your business. As a business owner, you know the hard work and dedication it takes to make your dreams a reality. You have overcome countless obstacles along the way, made sacrifices of time and resources, and failed more times than you’ve succeeded…but through sheer will, perseverance and faith in … Read More
Does your Business Qualify for the Small Business Capital Gains Exemption?
Selling Your Business Doesn’t Mean You Qualify for the Small Business Capital Gains Exemption As a business owner, you may be aware that when you dispose of shares in your business, you could receive an exemption on all or a portion of the capital gains that ordinarily would be taxable. This is due to the Lifetime Capital Gains Exemption which … Read More
Don’t Worry, You Won’t Be Getting a Lump of Coal from Me This Year
I’m not a scrooge. But I’d be lying to say that I’m looking forward to Christmas. There are a lot of people who love Christmas. They embrace it. They get immersed in everything representing the Jolly Old Elf and its yuletide festivities. Friends come together to celebrate the season and the approaching New Year. Unfortunately, I’m not the only one … Read More
10 Ways to Build Wealth in Your Business To Fund Your Exit Strategy
Business owners work hard at perfecting their business to make a living, earn a profit and ultimately sell or transition the business to another group of owners or family members. At the end of the year, our income statements and balance sheets generally indicate whether we were successful. You work incredibly hard to streamline operations, manage costs and perfect processes … Read More
8 Clever Uses of Life Insurance by Business Owners
Very few people say they love buying or the process of purchasing life insurance. Who wants to discuss the eventual demise of oneself? Certain situations rely upon life insurance to create an insurgency of cash into a business when weathering the loss of a business owner. There are, however, clever uses of life insurance by business owners that are predicated … Read More
Business Owner Mental Health: Why we Prioritize the Bottom Line Over Bottoming Out?
I’ve been an Entrepreneur for 30 of the last 33 years of my working career. There are days that I love what I do and wouldn’t have it any other way, and there are days that I want to throw in the towel. There are simpler ways of earning a paycheck, but few jobs would give me the gratification I … Read More
What are the 5 Key Questions to Ask When Selling Your Business?
Whether you’ve been planning on selling your business since you started it, or you woke up one morning and said, “I’m done!”, there are some things that you need to consider before hanging a for sale sign on your shingle. It can be tough to let go of a business you’ve poured your blood, sweat, and tears into for years. … Read More
How Much Time Should you Allow for Selling Your Business?
I spoke with a business owner the other day, and he asked how much time he should allow selling his business. He had recently gone through the process of hiring a broker and felt like it needed to be shorter. I told him it depends on a few factors, but it typically takes 8-12 months to sell a business if … Read More
It’s Not What You Sell Your Business For, It’s What You Keep
There are many discussions these days about how much businesses are actually worth. You hear about companies being sold for tens or hundreds of millions of dollars, and it can be tempting to think your business is worth just as much. But many people don’t realize that the sale price isn’t nearly as important as how much you keep for … Read More
8 Most Common Mistakes When Selling Your Business
When you’re ready to sell your business, it’s essential to make sure you avoid common mistakes. It’s important to note that these mistakes are as much about psychology as methodology. Most of these mistakes happen when business owners don’t have a clear plan for how they want to sell their business. I’ve seen business owners wake up one day and … Read More