Thinking of Selling Your Business? It Pays to Plan Ahead
Posted on February 3, 2022
Retiring baby boomers will sell or bequeath $10 trillion of assets over the next two decades, according to most estimates. A large amount of these assets is held in more than 12 million privately owned businesses and more than 70% of these businesses are expected to change hands. For many baby boomers who own businesses, this may represent the largest single financial decision of their lifetime. Due to economic trends, COVID and other factors, the floodgates have already opened and businesses are selling at a faster pace than originally anticipated.
The Time is NOW.
As with many things in life it pays to start early. Business owners must make the transition from relying on business wages and profit distributions to living on a portfolio of liquid investments generated from the sale. More fortunate owners will also need to consider how to protect excess capital not needed for their lifetime from being depleted by an array of estate, gift, and income taxes. And of course, the question of domicile should be addressed to protect your assets.
The Naples Trust Company specializes in working with owners and families of privately-held businesses to make the most of their sale by ensuring you are partnered with a team of expert advisors to include: an investment manager and investment banker, mergers and acquisitions counsel, trust & estates attorney, a CPA, insurance specialist and others to include a company that handles the entire process of selling the business.
If you are considering selling your business within the next two years, contact us to talk over your future plans. As a trust and investment company we have a fiduciary duty to protect and help grow the assets on which you will rely. We would be pleased to assist in developing a strategy that works for you.
Contact one of our advisors to help find the answers by messaging through our Contact Us tab or call our office at (239) 774-4000.
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