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Selling a Business?: Pre-Sale Planning at both the Business and Personal Levels

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Selling a Business?
Prior to selling their businesses, business owners are routinely advised to address important business issues related to the sale itself (maximizing the sales price, minimizing income taxes resulting from the sale, minimizing post-sale liability risks from the sale, etc.). Unfortunately, these same business owners are far less commonly advised regarding similarly significant issues at their personal level. As a result, these business owners and their families miss great planning opportunities to attain significant post-sale household level transfer tax savings, income tax opportunities and asset protection. Furthermore, sadly, these sellers also fail to acquire a clear vision of their after-tax personal finances on a post-sale basis.

So, well before an anticipated sale, savvy business owners should address the following opportunities with their advisors: (i) what pre-sale planning opportunities are available to lower my family’s post-sale exposure to estate, gift and income taxation?; (ii) what can I do to protect my family from post-sale lawsuits, divorces and general creditor issues? (iii) what will my personal (after tax) cash flow really look like after the sale? (v) what is the true effect from not being able to deduct expenses that were historically deducted (entertainment, travel, car expenses, cell phone, etc.)?; and (vi) have I developed a long-term financial plan to address estate taxes, income taxes, household cash flow and other financial issues? It is critical that these questions be asked and answered well in advance of a proposed sale by consulting with a qualified business and estate planning attorney, CPA and financial advisor.

If you are planning to sell your business, please call Kelleher & Buckley, LLC at 847-382-9130 or email us at to speak with one of our attorneys about pre-sale planning at both the business and personal levels.

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Pursuant to requirements related to practice before the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for purposes of (i) avoiding penalties imposed under the United States Internal Revenue Code or (ii) promoting, marketing or recommending to another person any tax-related matter.

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