It is so easy to pour your life into the business. You may even regard the business as your life, especially if you love the work and it is a family business to boot. Unfortunately, for many a business owner the life after the business seldom gets the attention and planning it requires.
Since the business is such an integral part of your personal wealth, and perhaps also of your family wealth, planning time is time well invested.
It can be tricky, too.
None other than The Wall Street Journal gave a few tidbits of wisdom on the topic of maximizing your business sale and the ensuing wealth in a recent article titled "How Business Owners Maximize Personal Wealth Selling Their Companies."
The article provides the three steps worthy of consideration, to wit:
- You must plan to put the business in the right place to be bought,
- You must plan to put the family and yourself in the right place to sell, and
- You must plan to come to the negotiation table ready to get what you need.
Because your business, your family and your life goals are unique, be sure you “measure twice (at least) and cut once” when it comes to this major event.
There are no mulligans you can use once the ink is dry and the money has changed hands regarding your business sale.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.